Business News

NERC Begins N50,000 pre-paid meter scheme

Business News – The Nigeria Electricity Regulatory Commission, NERC has commenced the N50, 000 new pre-paid meter scheme, under the Credited Advance Payment for Metering Implementation (CAPMI).

The NERC in a statement made available to Vanguard also mandated Electricity Distribution Companies, (DISCOs) across the country to commence full implementation of the scheme.

According to Dr. Sam Amadi, Chairman, NERC, CAPMI provides a platform for willing customers to pay the cost of the meter into a dedicated account jointly managed by the DISCO and meter Vendor/Installer, adding that once payment has been effected, the customer will have their meter installed within 45 days, by an accredited Vendor/Installer. Read more…

PHCN blames transmission station fire on defective transformers

The management of PHCN Ikeja Electricity Distribution Company has said that the fire incidence that occurred at the Ikeja West Transmission station was as a result of some defective transmission transformers.

Mr. Chris Akamnonu, the Chief Executive Officer of the zone made the clarification at the weekend during the media briefing in Lagos.

It will be recalled that on Tuesday, May 14 at about 11 am, fire gutted a power transmission station based in Ipaja, a Lagos suburb, causing fears of likely blackout in Ikeja and its environs.

“We deem it fit to inform the general public most especially our customer within the axis not exercise any panic about any power outage due to the fire incidence, as adequate measures have been put in place to ensure no place within the axis is left out of supply. Read more…

Advertising Contributes over N300bn To Nigeria Economy

Business News – The Association of Advertising Agencies of Nigeria (AAAN), has said that the advertising industry contributes over $2 billion (over N300 billion) to Nigeria’s economy as it rolls out red carpets in celebration of the Association’s 40 years anniversary.
The president of AAAN, Bunmi Oke, said while announcing the association’s achievements in the last 40 years that the industry’s contribution to the economy is more in intangible assets.
According to Oke, members of the association has built and championed great brands, stating with confidence that multinationals still strongly rely on Nigerian agencies most of whom are of international standard for brand building.
“All key brands are in Nigeria and it is the advertising industry that has been growing them. An economy is as vibrant as the products and the products are as dynamic as the advertising industry”, she said Read more…

US ‘should act’ on China intellectual property theft

The United States should consider curbs on Chinese investment or even offensive operations against hackers to address the growing toll from intellectual property theft, a report said.

The 11-month study led by high-ranking former US officials said that theft of software and other US-developed products was costing the American economy more than $300 billion each year — as much as the United States sells to Asia. Read more…

Oil & gas cargo: NASS directs NPA to maintain status quo

The disagreement over lifting of oil and gas cargoes between the management of Nigerian Ports Authority (NPA) and the Concessionaires in Eastern ports has caught the attention of the National Assembly as it has directed the NPA to maintain the ‘status quo’ in its dealings with the operators.

The disagreement stems from the restriction placed by the NPA on the kind of cargoes that can be received at the ports in the east by the terminal operators.

While the ports located in Lagos seemed to be operating without any hindrance, this is not the case with those in the east as one of the operators, Integrated Logistics Services Nigeria Limited (INTELS) claimed its terminals are the only ones given statutory approval to receive what it called “oil and gas cargoes” to the consternation of other operators, particularly Ports and Terminal Operators Nigeria Limited (PTOL). Read more…