Business
Commissioner Blames Aging Infrastructure For TCN Woes
Lagos State commissioner for Energy and Mineral Resources, Biodun Ogunleye, has said many parts of Nigeria’s power transmission network are outdated and require substantial investment for upgrade and maintenance.
Ogunleye, who disclosed this in an interview with The Tide’s source in Lagos, while reacting to the frequent grid collapses that plagued the country in 2024, noted that the country’s national grid collapsed 14 times between January and December 2024.
Ogunleye noted that the collapses were partly due to insufficient funding, which hampered the execution of critical infrastructure projects.
He also noted that delays in acquiring right-of-way for new transmission lines, as well as issues like vandalism and theft of transmission equipment, disrupt power supply and escalate operational costs.
To enhance the Transmission Company of Nigeria’s (TCN) capacity and efficiency in 2025, Ogunleye emphasised the need for prioritising investment in grid expansion and modernisation.
He also recommended the implementation of advanced grid automation technologies to improve system reliability and efficiency.
The Commissioner added that the Nigerian power sector faced numerous challenges in 2024, which impacted the reliability and affordability of electricity.
He specifically cited unreliable gas supply to gas-fired power plants as a major issue affecting the power value chain.
Looking ahead to 2025, Ogunleye proposed a combination of technological and community-based solutions to improve the security of critical power infrastructure.
He suggested deploying advanced surveillance systems, such as AI-powered CCTV cameras, to monitor infrastructure and detect suspicious activity.
Other solutions include using smart grid technologies for remote monitoring, real-time fault detection, and faster responses to incidents, as well as employing drones for aerial surveillance.
He also recommended organising public awareness campaigns on the importance of protecting infrastructure and collaborating with community leaders to promote vigilance.
Ogunleye also stressed the importance of addressing estimated billing and ensuring wider metering coverage in 2025.
He urged a focus on meter installation in underserved areas, as well as regular calibration and maintenance of meters, alongside enforcing regulations to ensure compliance.
These measures, he said, would improve billing accuracy, reduce disputes, and enhance customer satisfaction.
To improve the efficiency of Distribution Companies (DisCos) in 2025, Ogunleye recommended a comprehensive approach, including timely tariff reviews and the introduction of performance-based regulations.
He advised DisCos to expand their networks, prioritise maintenance, and enhance customer service.
Reflecting on 2024, Ogunleye noted that Nigeria’s power sector had made significant progress but continued to face persistent challenges that hindered its full potential.
He said that while installed generation capacity had increased, actual power generation remained below its potential due to factors such as gas supply issues, transmission and distribution bottlenecks, and operational inefficiencies.
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Business
Withdrawal, Deposit Fees Changes From May 1, 2026 Still Stands – CBN … Declares 5 Banking Services Free
The Central Bank of Nigeria (CBN) has said that the announced changes in fees attached to several everyday banking services, scheduled to take effect on May 1, 2026 has commenced.
The changes are contained in the apex bank’s revised Guide to Charges by Banks and Other Financial Institutions, which outlines consumer-focused reforms designed to improve transparency and reduce the burden of banking fees nationwide.
According to the document, which was signed by Dr. Rita Sike, the CBN’s Director of the Financial Policy and Regulation Department, the new changes affect account reactivation, ATM withdrawals on own bank networks, and virtual card issuance.
Following the changes made by CBN, the five key banking services affected by the CBN’s update are in account reactivation and closure, under which banks are no longer allowed to charge customers for reactivating dormant accounts, while account closure also remains free.
The second change is that banks will now be required to provide monthly statement of account to their customers at no cost, and also ensure better access to financial information.
However, requests for printed statements outside the agreed standard format attract a maximum fee of N20 per page.
Thirdly, the CBN has introduced small inter-bank electronic transfers to promote digital payments and micro-transactions.
The implication is that, henceforth, transfers from N0 to N5,000 are free, transfers between N5,000 and N50,000 will attract a maximum fee of N10, while transfers above N50,000 are capped at N50.
The fourth change in the CBN update is in the use of own bank’s ATM (On-Us Transactions).
Here, withdrawals made from your bank’s ATM (on-us transactions) are free. Non-cash transactions, such as intra-bank transfers carried out at these ATMs, also attract no charges.
The fifth change is in virtual cards and PIN management in which banks are now required to issue virtual cards at no cost. In addition, PIN-related services, including PIN re-issuance and resets, are free for all customers.
The document further said the new charges guide, which aims to boost financial inclusion and reduce banking costs, updates the 2020 version to better align with current market realities, particularly the growing reliance on digital payments and mobile banking.
Binani Air has announced the commencement of sales tickets on Monday, describing the development as a milestone that will improve the aviation sector and create jobs for the people in Nigeria, as head of its scheduled inaugural flight operations starts May 10, 2026,
In a statement issued by the head of corporate communications of the new airline, the move marks a significant milestone in the aviation sector.
She said this announces the transition from vision to operation as the airline moves closer to welcoming its first passengers on board.
Quoting the Chief Executive Officer of Binani Air, Aminatu Dahiru Chiroma, the Corporate communications officer said,”the commencement of ticket sales represents more than just access to flights. It reflects the airline’s readiness to deliver a new standard of air travel in Nigeria.
“Opening our ticket sales is a defining moment for us. It is the point at which our commitment becomes real for the travelling public. From this moment, we are not just preparing to fly—we are preparing to serve.
“Built on the principles of reliability, safety, and respect for passengers’ time, Binani Air enters the market with a clear focus on consistency and operational discipline.
“The airline is committed to delivering a travel experience that is both seamless and reassuring, particularly in a sector where trust remains critical.
“Passengers can expect a streamlined booking process, responsive customer engagement, and a service culture designed to prioritize comfort and professionalism from the very first interaction”.
Chiroma said as anticipation builds towards the inaugural flight, Binani Air invites travellers, corporate partners, and stakeholders to be part of this defining journey, one that seeks to reshape expectations and restore confidence in Nigerian aviation.
She said “bookings are available via the airline’s official website (www.binaniair.com) and authorised travel partners from 12 noon of 4th of May 2026.”
The Dangote Group has dismissed as false and malicious publication alleging that its President, Aliko Dangote, distanced himself from fellow businessman Tony Elumelu.
In a statement issued by the company, the Group said it never made such claims and described the report as baseless and a deliberate misrepresentation of facts.
The statement was signed by the Group Chief Branding and Communications Officer of Dangote Industries Limited Anthony Chiejina.
The company also refuted assertions that the development of the Dangote Petroleum Refinery & Petrochemicals was financed through personal borrowing from friends.
It maintained that such claims are entirely inaccurate, stressing that Dangote does not fund projects through informal personal lending arrangements.
Addressing speculation about a fallout between Dangote and Elumelu, the Group clarified that both men maintain a longstanding and cordial relationship.
The statement further expressed concern over what it described as a growing trend of fabricated statements and the unauthorised use of Dangote’s name, image, and likeness in AI-generated advertisements and misleading content, warning that such actions could amount to fraud and reputational damage.
The company warned individuals and platforms involved in spreading false information to desist immediately, noting that it would take appropriate legal action where necessary.
The Dangote Group reiterated its commitment to maintaining high standards of integrity while continuing to promote industrialisation, economic self-sufficiency, and sustainable development across Africa.
Nkpemenyie Mcdominic, Lagos
