Business

Disco To Recover N1.3bn Debt – official

Published

9 years ago

April 14, 2017

The Management of Eko Electricity Distribution Company Plc (EKEDCP) has said that over N 1.33 billion was yet to be collected from customers for their bills in March.
Its Chief Executive Officer, Mr Oladele Amoda, disclosed this during a stakeholders’ consultative forum with Lekki customers in Lagos yesterday to rub minds on how to address payment of electricity bills.
Our source reports that the forum is tagged “prompt payment of electricity bills to enhance effective power supply’’.
Amoda, who was represented by the company’s Chief Operating Officer, Mr Sam Nwaire, said that the company recovered N4.8 billion payment out of N6.1 billion owed by customers for March.
He said that the company was still battling to recover over N.13 billion debt being owed by customers for the month, adding that such huge debts had affected the company’s major projects.
According to him, energy supply to the company from the national grid has increased from 150 megawatts to 300 megawatts in the month.
“This has boosted effective power distributions to customers but yet majority of the customers refused payment.
“In spite of the quantum of supply distributed to customers in the Month of March, large numbers of customers were yet to turn out for payment.
“We have equally recorded over N6.5 billion energy consumed by customers for the month of April but we are yet to compute the final payment chats and outstanding customers debt profile since the month is still running,’’ he said.
Amoda said that the 20 per cent compensation promised to offer anyone who reported energy theft by unscrupulous elements was yielding good result.
He said that the company recorded high rate of customers who came to report those engaging in such act.
According to him, we have received over 10 people who came to report those who are by-passing meters.
“A task force has been set up to inspect houses of consumers and impose a penalty of N1m on anyone caught in energy theft.
“The company would henceforth commence effective prosecution of energy theft suspects and also publish their names in the national dailies.
“We appeal to our customers to avoid engaging in by-passing the meters because it’s criminal and punishable under Electricity Regulation Code of Conduct Act,’’ he said.
On metering, Amoda said that the company had commenced deployment of the first phase of over 600 free pre-paid meters to all Eko disco’s district area.
He said that the company would ensure that over 140,000 free pre-paid meters are installed in every district areas before the end of the year while appealing to residents to ensure prompt payment of their bills.
The Eko disco boss said that about seven suspected vandals were arrested in various locations of its operations and were facing prosecution.
He said that one of them was caught at Thomas Street in Surulere area of Lagos when he was caught in the act by a security guard in the area.
The EKEDCP helmsman said that the suspect was caught trying to cart away 4core/70mm cable at Eko Club sub-station.
He urged communities to be vigilant and guard against activities of vandals in their area, adding that the company would work hand in hand with the police to ensure that the suspects and others would be duly prosecuted in the court.
Amoda said that the measure became necessary against the backdrop of over N1 billion lost to various forms of electricity theft and vandalism in the zone.
He said that electricity materials, such as cables and wires, had either been stolen or vandalised within its operations.
He said some areas where equipment vandalism had been rampant included Apapa, Mushin, Ikoyi, Ajegunle and FESTAC of Lagos State.
According to Mr. Amoda, equipment such as 300KVA and 500KVA are being destroyed in Eko Disco monthly.
“Vandalism of electricity installations in the areas has become a problem, and within the past four months, the unit has recorded further acts of vandalism of nine transformer substations,” he said.

Business

Customs Seek Support To Curb Smuggling In Ogun

Published

3 days ago

February 13, 2026

The Tide

The Nigeria Customs Service(NCS), Ogun 1 Area Command, has solicited support in fighting smuggling and other economic crimes at the Nations border.

The Area Comptroller, Olukayode Afeni made the appeal in an interview with Newsmen in Idiroko, Ogun.

The comptroller stressed the need for the public to provide timely and reliable information to the Service, saying noting that fighting smuggling is a collective effort

“I urge the general public to join hands with NCS by providing timely and credible information that would help toward suppressing smuggling and other economic crimes.”

“Together, we can build a prosperous nation where compliance is the norm, and criminality has no place,” he said.

Afeni reiterated the command’s commitment to combat smuggling, and facilitating legitimate trade, as well as generate revenue for national development.

Chinedu Wosu

Business

IFAD: Nigeria Leads Global Push For Youth, Women Investment In Agriculture

Published

3 days ago

February 13, 2026

The Tide

The 49th Session of the International Fund for Agricultural Development (IFAD) Governing Council has concluded in Rome, with Nigeria taking a prominent leadership role in advancing global agricultural development priorities, particularly strategic investment in youth and women.

The biennial meeting, themed “From Farm to Market: Investing in Young Entrepreneurs,” underscored the growing recognition of young people as critical drivers of job creation, innovation, and inclusive economic growth across global food systems.

The session opened with the election of Nigeria’s Minister of Agriculture and Food Security, Senator Abubakar Kyari, as Chairperson of the IFAD Governing Council.

Having previously served as Vice Chair, his emergence as Chairperson reflects the strong confidence reposed in Nigeria by Member States, recognising the country’s constructive engagement and leadership in promoting global food security.

In his acceptance remarks, Senator Kyari expressed deep appreciation to Member States for the trust placed in him, pledging to serve with humility, diligence, and a strong commitment to improving the livelihoods of rural women and men across the world.

Addressing delegates during the session, the Chairperson emphasised that prioritising youth and women in agriculture is key to unlocking economic opportunities, accelerating innovation, and driving inclusive growth.

He noted that such investments would ultimately strengthen global food systems while helping to reduce hunger and poverty.

Senator Kyari also commended President Bola Ahmed Tinubu for placing food security at the centre of Nigeria’s national priorities.

He noted that Nigeria’s leadership role at IFAD aligns with the President’s directive to boost agricultural productivity, expand economic opportunities for youth and women, and build resilient food systems capable of withstanding climate and market shocks.

The Minister further praised the IFAD Nigeria Country Office, led by Country Director Ms Dede Ekoue, for translating global development commitments into measurable outcomes for rural communities.

He highlighted the office’s role in strengthening agricultural value chains, empowering youth and women, and improving resilience among smallholder farmers nationwide.

Business

Expert Tasks FG On Food Imports To Protect Farmers

Published

3 days ago

February 13, 2026

The Tide

The Federal Government has been urged to balance consumer protection with farmers’ sustainability by ensuring timely food imports, input subsidies expansion and price stabilisation mechanisms to secure investments across the agricultural value chain.

An agriculture expert, Dr Fatai Afolabi, gave the advice at a forum organised by the Plantation Owners’ Forum of Nigeria (POFON), in collaboration with the Oil Palm and Other Oil Seeds Value Chain, themed ‘Current Government Food Strategy, the Concomitant Effects and Implications for Food Security in Nigeria’, and held in Lagos, Wednesday.

Afolabi cautioned that the recent food import policies, while easing consumer prices, could undermine local farmers and long-term food security if not carefully managed.

He noted that Nigeria’s food system was navigating an exceptionally difficult period, marked by inflationary pressures, climate variability, insecurity in major food-producing regions, and rising energy and logistics costs.

He said the Federal Government’s decision to temporarily relax restrictions on selected food imports was understandable, noting that the market had responded swiftly with a reduction in prices of major staples.

However, the convener observed that while the policy had brought much-needed relief to consumers, it posed significant challenges for local farmers and agriculture value chain investors.

“While output prices have fallen, the cost of producing food in Nigeria remains stubbornly high.

“Farmers continue to contend with expensive fertilisers, rising transport costs, costly improved seeds and agrochemicals, limited access to affordable credit, poor electricity supply, weak road infrastructure, and inadequate storage and processing facilities, which result in significant post-harvest losses.

“This situation, where farmers sell produce at declining prices while production costs remain elevated, has created widespread distress across agricultural ecosystems,” he said.

Afolabi said the effects were being felt across all segments of agriculture, with rice farmers among the hardest hit.

He said reports from producing states indicated that about 3,500 rice farmers were considering exiting rice cultivation after incurring estimated losses of over N93 billion.

He added that cassava farmers were selling produce at prices that barely covered harvesting costs, leaving them unable to recover their investments.

According to him, vegetable and edible oil producers are also under pressure as imported vegetable oil brands reduce demand for locally processed alternatives.

He added that cocoa farmers continue to battle price volatility in international markets amid rising domestic labour and maintenance costs.

Afolabi noted that tree crops such as oil palm and cocoa, which require long gestation periods, were particularly vulnerable to sudden market disruptions that undermine investor confidence and discourage new investment.

He said the effects extended downstream to agro-processing and value addition, with soybean farmers supplying vegetable oil processors experiencing reduced demand and lower prices.

He said the development threatened not only farm incomes but also rural employment and agro-industrial growth, raising concerns about national food security.

According to him, sustained losses could force farmers out of production, increasing Nigeria’s dependence on food imports and exposing the country to global supply shocks, foreign exchange pressures and long-term vulnerabilities.

Afolabi cited India and the Netherlands as countries offering useful lessons in balancing consumer protection with farmer sustainability.

He said India deploys food imports strategically during shortages, while complementing them with strong domestic support systems.

He added that the Netherlands, despite being one of the world’s leading agricultural exporters, supports farmers through input subsidies, tax incentives, affordable energy, strong cooperatives, and close integration with research and extension services.

He said agricultural students in both countries also benefit from subsidised tuition, transportation and meals, as well as grants and start-up support for farm enterprises.

“This approach ensures generational continuity and innovation in the agricultural sector,” he said.

Afolabi said Nigeria’s current food import policy could play a stabilising role if complemented by deliberate measures to protect local producers.

He recommended carefully timed imports to avoid peak harvest periods, strengthened price stabilisation mechanisms, aggressive subsidies for critical farm inputs, and support for agro-processors to remain competitive.

He also called for clear communication of policy intentions to reassure farmers that import measures were strategic and temporary.

“Food imports should function as a strategic shock absorber rather than a permanent market feature.

“Government should develop and publish a national crop production and harvest calendar for major staples and align import decisions with documented supply gaps.

“Affordable food and profitable farming are not mutually exclusive goals. With thoughtful coordination and sustained support for farmers, Nigeria can achieve both,” he said.