Business
Eko DisCo sells 60% stake to Transgrid Enerco

Eko DisCo sells 60% stake to Transgrid Enerco
Transgrid Enerco Limited has signed a share purchase agreement (SPA) with Eko Electricity Distribution Company (Eko DisCO) to acquire a 60% equity stake in the DisCO, Nigeria’s second-largest electricity distribution company.
Transgrid Enerco Limited was formed by North South Power Company Limited (NSP), Axxela Limited, and the Stanbic IBTC Infrastructure Growth Fund (SIIF).
The agreement was signed on Tuesday January 21, 2025, and the transaction will be completed in April 2025.
Reports earlier this month indicated that West Power and Gas Ltd (WPG), the parent company of Eko DisCo, was close to selling its entire stake after the North-South Power, Axxela, and Stanbic Infrastructure Fund consortium won the bid to acquire it.
It was stated that the bid to acquire Eko Disco started a year ago. While the amount in the deal was not stated, it is believed to be in excess of $200 million according to this news report.
Two of the companies — NSP and Axxela Limited — that formed the Transgrid Enerco consortium are in the Energy sector.
The NSP which owns Shiroro Dam will get direct control and insight into Eko DisCo’s operations enabling it to have a clear scope of the company’s cash flow distribution.
While Eko Disco meets remittance obligations to the market, the inability of other DisCos to meet these obligations means that power-generating companies like NSP do not get their full payments.
This acquisition allows NSP to have better control of how the company collects payment and perhaps influence other DisCos to employ more efficient payment collection tactics.
A similar deal occurred in 2023 when a Transcorp-led consortium — owners of Ughelli Power Plant — acquired 60% majority stake in Abuja DisCo.
Business
N’Assembly approves N14.3tn for debt service out of N45.9tn 2025 budget

N’Assembly approves N14.3tn for debt service out of N45.9tn 2025 budget
The National Assembly on Thursday passed N45.9 trillion as budget for the 2025 fiscal year, setting aside N14.317 trillion for debt servicing.
Both chambers of the assembly agreed to jerk up the budget by N719.5bn over what the executive submitted for approval.
President Bola Tinubu had initially proposed a N49.7 trillion budget but later revised it to N54.2 trillion before seeking legislative approval.
A breakdown of the N14.317 trillion total debt servicing showed that N7.191 trillion is for domestic debts (including Ways and Means), N6.749 trillion is for foreign debts, and N377.299 billion is for sinking funds to retire maturing promissory notes.
Newstrends discovered from a document of the Federal Ministry of Finance that Nigeria’s total debt as of the second quarter of 2024 “grew in naira terms to N134.3 trillion ($91.3 billion) from N121.7 trillion ($91.5 billion) in Q1 2024, driven mainly by exchange rate devaluation.”
Apart from debt service, the approved budget also showed N3.645 trillion for statutory transfers, N13.64 trillion for recurrent expenditure, and N23.963 trillion for capital expenditure (development fund), with a fiscal deficit put at N13.08 trillion.
Under the statutory transfers, National Judicial Council gets N521.626 billion, Niger Delta Development Commission gets N626.533 billion, South East Development Commission gets N140 billion, North West Development Commission gets N145.607 billion, South West Development Commission gets N140 billion, South-South Development Commission gets N140 billion and North Central Development Commission gets N140 billion.
The Universal Basic Education Commission gets N496.842 billion, National Assembly gets N344.853 billion, Public Complaint Commission gets N14.460 billion, Independent National Electoral Commission gets N140 billion, National Human Rights Commission gets N8 billion, North East Development Commission gets N240.988 billion while Basic Health Care Provision Fund gets N298.421 billion, respectively.
From the recurrent (non-debt) expenditure, Presidency gets N111.094 billion, Ministry of Defence gets N2.510 trillion, Ministry of Police Affairs gets N1.226 trillion, Ministry of Interior gets N658.586 billion, National Security Adviser gets N335.975 billion, Ministry of Education gets N1.159 trillion, Ministry of Youths gets N442.271 billion, Ministry of Foreign Affairs gets N286.887 billion, Information and National Orientation gets N75.887 billion, among others.
Under the Capital expenditure, Presidency gets N144.485 billion, Ministry of Defence gets N604.917 billion, National Security Adviser gets N316.864 billion, Secretary to the Government of the Federation gets N155.812 billion, Ministry of Agriculture and Food Security gets N1.201 trillion, Ministry of Finance gets N892.939 billion, Ministry of Works gets N2.045 trillion, Ministry of Water Resources and Sanitation gets N578.398 billion, FCTA gets N229.625 billion, Ministry of Education gets N953.931 billion, Ministry of Health and Social Welfare gets N1.154 trillion, Ministry of Humanitarian Affairs and Poverty Alleviation gets N291.548 billion, among others.
Under the Multilateral/Bilateral loan funded projects, Ministry of Power receives N1.307 trillion; Ministry of Interior, N400.630 billion; Ministry of Communications, Innovation and Digital Economy, N400.630 billion; FCTA N235.369 billion; Ministry of Finance N236.657 billion; Ministry of Agriculture and Food Security, N208.466 billion; Ministry of Education, N193.098 billion; Ministry of Health and Social Welfare gets N56.489 billion, among others.
Business
MTN apologises, says 200% data price increase a mistake

MTN apologises, says 200% data price increase a mistake
MTN, Nigeria’s largest telecom operator, has issued a public apology to its customers following widespread complaints about a sudden 200% increase in the price of its popular 15GB data package.
The price increase, which requires internet subscribers to pay N6,000 for a 15GB weekly data plan, a 200% increase from the previous N2,000, surprised many customers and sparked fury on social media on Wednesday.
In a message posted on social media on Thursday, MTN acknowledged its customers’ unhappiness in an informal, conversational tone and sought to address the rising anger among users who had become accustomed to the previously given low prices.
The message read, “To our 15G digital bundle lovers. You are vexed. We know. We know how upsetting it must have been to suddenly wake up to a 200% increase on your favorite digital bundle.
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“We could share several reasons and provide explanations, but omo, all that one is a story. We don’t cast. We get it and admit it. Let’s just say it was a mistake.”
MTN extended its apologies by imploring consumers not to be unhappy, adding, “In this love season, don’t stay furious with us. Kindly forgive and forget. You are important to us, and we will never stop showing you that. Let us continue our relationship.
“Thank you for your understanding.”
For the time being, only MTN has raised its tariffs, but Airtel and Globacom are anticipated to follow suit after the Nigerian Communications Commission approved a 50% tariff increase in January.
However, the Nigeria Labour Congress (NLC) has slammed telecommunications companies’ execution of a 50% pricing hike, seeking an immediate reversal.
MTN apologises, says 200% data price increase a mistake
Business
TikTok returns to US app stores weeks after Trump delays ban

TikTok returns to US app stores weeks after Trump delays ban
The TikTok app returned to the Apple App Store and Google Play Store in the United States on Thursday.
It comes weeks after President Donald Trump delayed banning the app until at least April 5.
The Trump administration has reportedly assured companies responsible for app stories that they would not be fined for distributing or maintaining the Chinese app.
TikTok did not immediately comment on the move.
Trump optimistic about TikTok The Biden administration had required TikTok’s Chinese parent company, ByteDance, to find an approved buyer for its US operations or face a ban by January 19.
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However, shortly after Trump was sworn in in January, he signed an executive order to push back the ban by 75 days until April.
This delay also meant that companies that operated app stories would not face penalties for keeping TikTok available for download.
US: What do Americans think about the looming TikTok ban?To view this video please enable JavaScript, and consider upgrading to a web browser that supports HTML5 video
In response to reporters’ questions on Thursday, Trump said the ban could potentially be delayed again in future.
“I have 90 days from about two weeks ago, and I’m sure it can be extended, but let’s see, I don’t think you’ll need to,” he said.
It was not immediately clear what Trump was referring to when he said “90 days,” as his executive order pushed back the ban by 75 days.
TikTok was the second-most downloaded app in the US last year, clocking more than 52 million downloads according to intelligence firm Sensor Tower.
TikTok returns to US app stores weeks after Trump delays ban
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