Business
No Bill, No Electricity Payment, Consumers Threaten DISCO
Some electricity consumers in Adeleye Aparadija Community in Ado-Odo/Ota Local Government Area of Ogun State have threatened to stop payment of the monthly electricity charges unless they were given bills.
They told our correspondent in Lagos that about 96 houses in the community were paying monthly charges into an account allegedly created by Ibadan Electricity Distribution Company (IBEDC).
A landlord at Ola-Oluwa Street, Alhaji Shehu Tijani, said that few consumers in the community were receiving monthly bills, while many others were paying directly into this account without bills.
Tijani said that all efforts made by the Community Development Association to ensure that all houses were given bills by IBEDC proved abortive.
He said consumers had resolved that they would no longer pay charges unless they receive their monthly electricity bills like others.
“Enough is enough; we cannot continue to pay our money into any account any longer.
“IBEDC should treat us like other consumers; we want our data to appear in the system like others.
“How do we know whether the money we pay enter genuine account or not.
“We want them to give us our monthly bills even, if prepaid meters are not available,” he said.
Also, Mr Alidu Ahmeed, a resident at Mubau Street, said that consumers in the community had been paying into this account for over two years without receipts.
Ahmeed said, “We are only being careful; because, if another management comes tomorrow and ask us for evidence of payment, what do we say.
“We cannot justify all the money they have been collecting from us all these years, because there are no receipts to back up the payment.
“We believe that only residents, who are collecting monthly electricity bills, are the ones they are charging for energy consumption, while our money goes to an unknown account,” he said.
In his comments, Mr Julius Adewole, a landlord in Ifelodun Street, urged IBEDC to enumerate consumers in the community, saying that only the
billing method would put their minds to rest.
“You can imagine two people paying money, when one received receipt, other will go empty handed, it is injustice.
“We do not want a situation in which at the end of the year they will bring bills that will cover all the energy that we have consumed,” Adewole said.
Reacting, Mrs Angela Olanrewaju, the Head, Corporate Communications of IBEDC, said that the account was created for consumers in the unit to remit their monthly charges.
Olanrewaju said there was no fraud about it, adding that consumers in the area were paying the money into the IBEDC substation account in the area.
She said that their monthly electricity bills would be ready by the end of November.
Business
FIRS Clarifies New Tax Laws, Debunks Levy Misconceptions
Business
CBN Revises Cash Withdrawal Rules January 2026, Ends Special Authorisation
The Central Bank of Nigeria (CBN) has revised its cash withdrawal rules, discontinuing the special authorisation previously permitting individuals to withdraw N5 million and corporates N10 million once monthly, with effect from January 2026.
In a circular released Tuesday, December 2, 2025, and signed by the Director, Financial Policy & Regulation Department, FIRS, Dr. Rita I. Sike, the apex bank explained that previous cash policies had been introduced over the years in response to evolving circumstances.
However, with time, the need has arisen to streamline these provisions to reflect present-day realities.
“These policies, issued over the years in response to evolving circumstances in cash management, sought to reduce cash usage and encourage accelerated adoption of other payment options, particularly electronic payment channels.
“Effective January 1, 2026, individuals will be allowed to withdraw up to N500,000 weekly across all channels, while corporate entities will be limited to N5 million”, it said.
According to the statement, withdrawals above these thresholds would attract excess withdrawal fees of three percent for individuals and five percent for corporates, with the charges shared between the CBN and the financial institutions.
Deposit Money Banks are required to submit monthly reports on cash withdrawals above the specified limits, as well as on cash deposits, to the relevant supervisory departments.
They must also create separate accounts to warehouse processing charges collected on excess withdrawals.
Exemptions and superseding provisions
Revenue-generating accounts of federal, state, and local governments, along with accounts of microfinance banks and primary mortgage banks with commercial and non-interest banks, are exempted from the new withdrawal limits and excess withdrawal fees.
However, exemptions previously granted to embassies, diplomatic missions, and aid-donor agencies have been withdrawn.
The CBN clarified that the circular is without prejudice to the provisions of certain earlier directives but supersedes others, as detailed in its appendices.
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