Business
Electricity Consumers Lament DisCos’ Exploitation Amid Service Failures
Electricity consumers in Nigeria are increasingly frustrated with the poor services provided by electricity distribution companies (DisCos), describing their experiences as exploitative. Common complaints include delays in accessing prepaid meters, requests for bribes, and illegal disconnections.
An anonymous employee of the Abuja Electricity Distribution Company (AEDC) reported that customer service in the Bwari Area Council is severely lacking, with officials often extorting customers without adhering to proper verification processes before meter installation. Despite regulations, some communities have faced illegal disconnections even when customers have prepaid meters, leading to protests that were met with police intervention.
Residents across Nigeria have echoed similar sentiments, particularly regarding overbilling practices and persistent power outages. For instance, in Samaru-Kataf, Kaduna State, residents have endured weeks without power due to vandalism while still receiving high fixed electricity bills. They expressed frustration that despite paying around 8,000 naira monthly, they often lack functioning meters and face growing debts for unprovided services.
The Nigerian Electricity Regulatory Commission (NERC) recently fined all 11 DisCos a total of N9.11 billion for overbilling customers. This fine was a response to widespread non-compliance with billing regulations. The AEDC was fined N1.69 billion for its practices, with other DisCos receiving substantial penalties as well.
Moreover, allegations of extortion persist, with reports of residents having to pay bribes to avoid disconnections. AEDC’s Head of Marketing, Adefisayo Akinsanya, denied claims of installing fake meters, asserting that all deployed meters are certified and urging customers to avoid illegal channels for obtaining them.
Despite completing the National Mass Metering Programme and installing over 100,000 meters, residents remain dissatisfied with service consistency. Following a shift to higher tariff bands, many consumers feel burdened by increased costs without a corresponding improvement in service quality.
Consumer advocacy groups are calling for legislative investigations into the DisCos’ practices, citing persistent issues with tariff increases and non-compliance with regulatory directives. They argue that the DisCos’ actions undermine consumer rights and contribute to growing economic burdens on households already struggling with high living costs.
NERC has mandated that DisCos must enhance their service delivery and adhere to service-based tariffs, with new penalties for non-compliance aimed at ensuring accountability. The ongoing dissatisfaction underscores a critical need for systemic reforms in Nigeria’s electricity sector.
Business
Shehu Sani Criticizes World Bank Over Nigeria’s Economic Outlook
Former Kaduna Central Senator Shehu Sani has criticized the World Bank for worsening Nigeria’s economic difficulties. In a post shared on X, Sani accused the institution of projecting that Nigeria’s hardship would extend for another 15 years before the country could reach a better economic future. He questioned how many Nigerians would be left to enjoy that future, and how many African nations the World Bank has successfully helped to prosperity.
Sani’s remarks follow the World Bank’s latest *Africa’s Pulse* report, which forecasts that the Nigerian Naira will be among the worst-performing currencies in Sub-Saharan Africa by August 2024. The report placed the Naira’s decline alongside that of the Ethiopian Birr and South Sudanese Pound.
Business
HIG: Building Trust and Driving Innovation in Nigeria’s Insurance Market
Heirs Insurance Group (HIG) recently announced impressive financial results for the 2023 fiscal year, marking significant growth across all key metrics. The Group’s Gross Written Premium (GWP) surged by 59.3%, from N19.9 billion in 2022 to N31.7 billion in 2023. This remarkable performance underscores HIG’s resilience and operational efficiency, further solidifying its position as one of Nigeria’s fastest-growing insurance firms.
Heirs General Insurance (HGI) saw a 77% increase in GWP, reaching N12 billion in 2023. HGI’s profit before tax (PBT) also rose by 203%, reflecting the company’s effective cost management. Similarly, Heirs Life Assurance (HLA) reported a 71% GWP increase and a staggering 395% rise in PBT. Both companies have demonstrated a strong commitment to customer satisfaction, disbursing billions in claims.
Beyond financial success, HIG actively engages in corporate social responsibility (CSR) projects, contributing over N100 million to education, community development, and financial literacy. With plans for future expansion and innovation, HIG is poised to remain a key player in Nigeria’s evolving insurance market.
Business
Wike Urges Nigerians to Pay Taxes for Improved Social Services
Federal Capital Territory (FCT) Minister, Nyesom Wike, has called on Nigerians to fulfill their tax obligations, emphasizing that government revenue is essential for delivering social services. Wike made this appeal during the inaugural Abuja Business and Investment Summit, held in Abuja on Wednesday.
Speaking on the summit’s theme, “Optimising Investment Through Partnerships,” Wike stressed the importance of collaboration to generate investment opportunities. He dismissed the misconception that the government does not need revenue, explaining that taxes are crucial for funding public services.
Wike reiterated that both investors and the government must benefit from such partnerships, ensuring that both parties “go home smiling” through a fair exchange of services and taxes.
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