Business
Electricity: BPE set to unbundle, sell transmission company
The Bureau of Public Enterprises is looking at a suitable model to unbundle the Transmission Company of Nigeria, its Director-General, Alex Okoh, has said.
He said this on Thursday during a webinar tagged, “Financing Public-Private Partnership to Boost Infrastructure Delivery in Nigeria,” chaired by Minister of Finance, Budget and National Planning, Ahmed Zainab.
In 2013, Nigeria privatised the power sector with the distribution (DisCos) and generation (GenCos) sub-sectors sold to core investors.
Nigeria has 13,000 megawatts of installed electricity-production capacity, only about 4,500 megawatts is dispatched to the grid daily, in part because of dilapidated transmission infrastructure.
“Currently, we are looking at various strategies at reforming TCN,” Okoh said.
“That’s the only segment of the power value chain yet to be reform by BPE. We have privatised or reform generation and the PHCN legacy on generation companies and downstream privatisation.
Okoh said the BPE is considering unbundling TCN operation into components — operator and business sides.
“These are the models we are looking at, in strong collaboration with the minister of power. The next stage is the unbundling of the system itself…on whether to unbundle along regional lines or business disco franchise area,” he added.
He also said, “Very soon, we will approach the council on privatisation on what best works.”
Managing Director of the TCN, Usman Mohammed, had cautioned against reclaiming the DisCos because this would send a wrong signal to foreign investors.
Finance minister Zainab Ahmed said the government was ready and willing to discuss and inculcate viable suggestions from stakeholders.
“The webinar is to hear directly from you (stakeholders) on what areas government can invest in and deliver value for money.
“President Buhari is committed to developing the country’s infrastructure and urging local and foreign investors to invest in Bureau of Public Procurement projects in Nigeria.”
The TCN, one of the 18 companies unbundled from Nigeria’s defunct Power Holding Company (PHCN), manages the electricity transmission network and it is wholly owned and operated by the government.
Business
Top 5 crypto apps that work with Nigerian Bank accounts
Top 5 crypto apps that work with Nigerian Bank accounts
Nigeria is the number one country by crypto adoption in Africa and the second largest in the world.
Cryptocurrency is a revolutionary idea in the country and resonates well with the country’s large demographic of young people.
Despite mixed signals from the Nigerian authorities as regards crypto regulation, the sector is still thriving in the country and cryptocurrency is fast becoming an everyday means of transaction.
Earlier this year, Nigerian authorities led a crackdown on crypto entities accusing them of currency manipulation and other unregulated activities.
The highlight of the era was the prolonged dispute between Nigerian authorities and Binance Limited which led to the detention of a Binance executive for 7 months.
The crackdown led to an investor flight in the crypto space with Binance closing down its Peer to Peer feature and Kucoin and OKX pulling out of the Nigerian market.
The investor flight led to a shortage of crypto apps that the Nigerian crypto community can use for their day-to-day transactions.
Despite the vacuum, some crypto apps and resources are filling in the gap in the market while ensuring a smooth experience for Nigerian traders and crypto enthusiasts.
Some of these apps work with Nigerian banks making their services more tailored and relative to the Nigerian end user.
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In this Nairametrics article, we are going to look at the Top 5 crypto apps that directly work with Nigerian bank accounts
Yellow Card
Yellow Card is a pan-African crypto exchange that allows users to buy, sell, and Trade cryptocurrencies. The crypto exchange supports Nigerian Banks in its services and users can sell their crypto assets and withdraw them in Naira into the Nigerian banks.
The exchange has an instant transfer feature where sold cryptocurrencies can be sent to your Nigerian bank account directly. This makes for convenient use amongst Nigerian and African users.
Quidax
Quidax is another cryptocurrency exchange that supports Nigerian bank accounts. The exchange allows users to buy cryptocurrencies with Nigerian bank accounts.
This process occurs via Bank transfers or a Quidax Bank Account number which is usually the User’s bank account number.
Quidax is one of the two crypto exchanges to receive a full license from the Nigerian Securities and Exchange Commission under Emomotimi Agama.
Busha
Busha is a cryptocurrency exchange platform that allows users to buy and sell cryptocurrencies with the naira. The Indigenous crypto exchange supports Nigerian bank accounts for payouts.
Busha Users can make deposits to Merchant’s Nigerian Bank accounts through their Naira wallet on the platform.
Busha is the second of the two crypto exchanges to receive a full license from the Nigerian SEC.
Local Traders
Local Traders is a P2P crypto exchange platform gaining some popularity in the Nigerian crypto space. The platform offers over 750 payment options including traditional Nigerian bank accounts.
Nigerians using the platform for P2P transactions can send money directly to their Nigerian Bank accounts through Bank transfer and Paystack.
The P2P sector in Nigeria took a hit following the discontinuation of Binance Naira P2P. platforms like local traders are filling the void.
Koyn
Koyn is a crypto app that facilitates the sale of major cryptocurrencies like Bitcoin, Litecoin, Ethereum, and Tether. The app is gaining ground in the Nigerian crypto market due to its ease of use.
The crypto app supports Nigerian bank accounts and readily converts crypto naira which can be easily withdrawn to Nigerian bank accounts.
The app has a dedicated rate calculator which varies according to the given market price for the day.
Koyn is patronized mostly by Nigerians who don’t want to go through the hassle of direct P2P.
The crypto industry in Nigeria is still lagging in much-needed infrastructure to meet up with the demand in the Nigerian market. This is partly due to an unclear regulatory framework from relevant Nigerian authorities for investors and crypto end users in the country.
The issuing of Full licenses to Busha and Quidax marks a significant step forward in the Nigerian crypto space as regards regulation and its role in creating an enabling environment for growth.
Top 5 crypto apps that work with Nigerian Bank accounts
Railway
Nigerian railway adds extra train to Friday, Saturday trips on Lagos-Ibadan route
Nigerian railway adds extra train to Friday, Saturday trips on Lagos-Ibadan route
The Nigerian Railway Corporation (NRC) has announced the introduction of additional train trips on its Lagos-Ibadan Train Service (LITS) route, exclusively for Fridays and Saturdays.
This initiative increases weekend trips from two to three, offering commuters greater travel flexibility.
The announcement, made via the NRC’s official X (formerly Twitter) handle on Tuesday, revealed that the new Lagos-to-Ibadan trip will depart at 1:40 pm, complementing the existing schedules of 7:45 am and 4:00 pm.
For the Ibadan-to-Lagos route, the additional trip is set for 10:50 am, joining the regular departures at 8:00 am and 4:30 pm.
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“Catch our extra Friday & Saturday train trips on LAGOS – IBADAN TRAIN SERVICE (LITS).
“LAGOS to IBADAN:
“•Times: 7:45am, 1:40pm, 4:00pm
“IBADAN to LAGOS:
“•Times: 8:00am, 10:50am, 4:30pm,” NRC’s tweet read in part.
This tweet by the Nigerian Railway Corporation further noted that the new schedule complements the existing Sunday-to-Thursday trips, which remain unchanged with departure times at 8:00 am and 4:00 pm from both Lagos and Ibadan.
This move by the NRC to expand the schedule is aimed at accommodating increased demand, particularly during weekends, and providing greater flexibility for commuters traveling between Lagos and Ibadan.
The move is expected to ease travel pressures and improve convenience for passengers on one of Nigeria’s busiest rail routes.
Travelers are encouraged to take advantage of the additional services and book tickets early via the e-ticketing website. to secure their spots, especially as the Lagos-Ibadan rail route continues to grow in popularity.
Nigerian railway adds extra train to Friday, Saturday trips on Lagos-Ibadan route
Business
NNPCL to deliver 12 CNG stations, LNG mini plants
NNPCL to deliver 12 CNG stations, LNG mini plants
Mele Kyari, Group Chief Executive Officer (GCEO) of Nigerian National Petroleum Corporation (NNPC Ltd), has stated that the company has finalised plans to deliver 12 Compressed Natural Gas (CNG) Mother Stations and Mini LNG Plants as part of efforts to increase the existing 1.6 billion cubic feet of gas supply for the domestic market.
In a statement issued on Monday, the NNPCL’s Chief Corporate Communications Officer (CCCO), Olufemi Soneye, quoted Kyari as saying this at the opening ceremony of the 42nd Nigeria Association of Petroleum Explorationists (NAPE) Annual International Conference and Exhibition, themed “Resolving the Nigeria Energy Trilemma: Energy Security, Sustainable Growth, and Affordability,” held in Lagos.
He said, “The energy trilemma is a profound responsibility we shoulder as stewards of Nigeria’s energy future. NNPC Ltd is working tirelessly to improve our supply chain, develop new refining capacities and expand our retail network.”
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He added that the NNPC Ltd is set to collaborate with private refineries to ensure affordable and sustainable petroleum products supply, naira-for-crude transactions as parts of efforts to stabilise the naira as well as regulate forex markets which he said will bring about expansion of gas infrastructure such as the Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline and the Obiafu-Obrikom-Oben (OB3) Gas Pipelines projects and the development of cleaner energy alternatives, such as Liquiefied Natural Gas (LNG) and Compressed Natural Gas (CNG).
He continued, “Currently, NNPC Ltd supplies over 1.6 billion standard cubic feet (bscf) of gas per day to the domestic market through infrastructure we either own outright or operate with partners. This distribution network is entirely managed on NNPC Ltd.’s balance sheet.”
While reacting to the claims that national oil company is sabotaging the efforts of domestic refineries, the NNPCL boss said the NNPC Ltd is part-owners of the Dangote Refinery describing it as an investment and strategic move aimed at strengthening domestic fuel supply across the country.
NNPCL to deliver 12 CNG stations, LNG mini plants
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