Business
FG Raises Hope Of Electricity Consumers …To Roll Out 3million Prepaid Meters
More than three million pre-payment meters are to be rolled out under the Federal Government’s intervention programme, Mr Babatunde Fashola, the Minister of Power, disclosed in Lagos on Sunday.
The intervention followed the incapacity of Electricity Distribution Companies (DISCOs) to meter all the houses of consumers across the country.
Fashola, who is also the Minister of Works and Housing, told newsmen that the government had in 2003 awarded contract for the meters but they were not supplied.
“In 2003, the government awarded a contract for three million meters but they were not supplied.
“I inherited it, they were in court and I am trying to take it out of the court so that we can settle and start the supply,’’ he said.
The former Lagos State Governor said that, metering houses in the country was facing some challenges as there was no accurate database of actual consumers in the country.
Fashola said, “There is a database of six million households; it is a faulty base because we have more than six million households in the country.
“There are four types of consumers – R1 (poorest consumer), R2, R3 and maximum demand consumers — and they are not on the same plan.
“DISCOs need to go into these houses, do an audit to determine the type of meters to install.
“If you have a wrong meter, you will pay wrong price or bill. A meter is both a safety device and a measuring device, it can under read or over read or cause fire if not properly installed.
“But essentially, the DISCOs must provide meters, it is only fair and let the consumer manage his consumption and billing system because he has a meter.’’
On the challenges facing the nation’s power sector, Fashola, who described the problems as man-made, identified planning, way of life and human behavioural problem as some of the intractable issues.
Others are power wastage, building of houses in difficult terrain without approval, lack of conservation culture and energy theft.
“Some people will put on a 70 or 120-watt bulb as security light for 24 hours, including the daytime when they do not need it and it is because they have either stolen the energy or bypassed their meters.
“They are robbing DISCOs of huge sums of money as they may not be able to pay back the energy they bought for distribution,’’ the minister said.
Our source gathered that electricity consumers pay N25,000 (official), N35, 000 (fast-track) for a single phase meter, while the three-phase models go for N50,000 and above.
Consumers have complained of down payment for several months or a year for the meters without being supplied by DISCOs which has exposed consumers to the user-unfriendly estimated billing system or “crazy’’ bills.
In Ghana, prepayment metering was introduced in 1994 and the importation of the meters cost Ghana Government 99.2 million dollars in 2015.
Business
Agency Gives Insight Into Its Inspection, Monitoring Operations
Business
BVN Enrolments Rise 6% To 67.8m In 2025 — NIBSS
The Nigeria Inter-Bank Settlement System (NIBSS) has said that Bank Verification Number (BVN) enrolments rose by 6.8 per cent year-on-year to 67.8 million as at December 2025, up from 63.5 million recorded in the corresponding period of 2024.
In a statement published on its website, NIBSS attributed the growth to stronger policy enforcement by the Central Bank of Nigeria (CBN) and the expansion of diaspora enrolment initiatives.
NIBSS noted that the expansion reinforces the BVN system’s central role in Nigeria’s financial inclusion drive and digital identity framework.
Another major driver, the statement said, was the rollout of the Non-Resident Bank Verification Number (NRBVN) initiative, which allows Nigerians in the diaspora to obtain a BVN remotely without physical presence in the country.
A five-year analysis by NIBSS showed consistent growth in BVN enrolments, rising from 51.9 million in 2021 to 56.0 million in 2022, 60.1 million in 2023, 63.5 million in 2024 and 67.8 million by December 2025. The steady increase reflects stronger compliance with biometric identity requirements and improved coverage of the national banking identity system.
However, NIBSS noted that BVN enrolments still lag the total number of active bank accounts, which exceeded 320 million as of March 2025.
The gap, it explained, is largely due to multiple bank accounts linked to single BVNs, as well as customers yet to complete enrolment, despite the progress recorded.
Business
AFAN Unveils Plans To Boost Food Production In 2026
-
Politics4 days agoEFCC Alleges Blackmail Plot By Opposition Politicians
-
Business4 days ago
AFAN Unveils Plans To Boost Food Production In 2026
-
Sports4 days agoJ And T Dynasty Set To Move Players To Europe
-
Business4 days ago
Industrialism, Agriculture To End Food Imports, ex-AfDB Adviser Tells FG
-
Politics4 days ago
Datti Baba-Ahmed Reaffirms Loyalty To LP, Forecloses Joining ADC
-
Politics4 days ago
Bayelsa APC Endorses Tinubu For Second Term
-
Business4 days ago
Cashew Industry Can Generate $10bn Annually- Association
-
Entertainment4 days agoAdekunle Gold, Simi Welcome Twin Babies
