Business

Energy theft: Ikeja Electric threatens immediate legal action

Published

8 months ago

July 22, 2024

Energy theft: Ikeja Electric threatens immediate legal action

Electricity Distribution Company, Ikeja Electric Plc (IE), at the weekend warned that offenders caught in the act of energy theft will be immediately charged to court. The company emphasised that the era of merely imposing loss of revenue (LOR) penalty alone on offenders is over, as it will now enforce the full weight of the law against offenders.

The company made this announcement at its July Stakeholders Forum, a monthly enlightenment meeting aimed at educating its customers about the company’s activities and laudable initiatives to foster improved service delivery.

IE’s Head of Corporate Communication, Kingsley Okotie, lamented the increase in energy theft, especially over the last three months following implementation of the reviewed tariff on Band A feeders. He noted that the company and the entire electricity value chain cannot survive if theft goes unchecked.

“The theft is massive and the company cannot guarantee meeting customer expectations if this ugly trend continues. Ironically, some perpetrators believe that if they haven’t been caught, there are no consequences. This is false and we must change the narrative,” he said.

Okotie stated that for the Nigerian Electricity Supply Industry (NESI) to survive, all stakeholders must fight in unison against theft, as pilfering of electricity hinders the stability of the sector. He emphasised that whatever happens to the Distribution Companies (Discos) affects the entire NESI.

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Speaking on strategies to curb theft, the company’s spokesman hinted that the whistleblowing platform is a very effective way for customers and well-meaning Nigerians to report incidents anonymously. He added that the platform is managed independently of the business, ensuring customers identity remain anonymous and highly confidential.

To reinforce the company’s commitment, IE, he disclosed, is incentivising whistleblowing by rewarding those who report any illegality and theft of electricity. Persons who submit verified reports on Non-Maximum Demand (Residential & SMEs) offenders will get up to 10 per cent of the reconnection fee paid by the offender while for Maximum Demand (Commercial & Industrial) offenders, whistle-blowers will get up to five per cent of the reconnection fees paid by the offender.

He further explained that energy theft is a criminal offence under the Electricity Act, attracting a sentence between six months to three years imprisonment. Interfering with meters or the works of licensees carries a sentence of three years imprisonment.

“Ikeja Electric can, under the law, prosecute people and companies for the criminal offence of energy theft. In line with regulations stipulated by the Nigerian Electricity Regulatory Commission (NERC), the NERC Order on unauthorized access, meter tampering, and bypass allows Discos to disconnect customers illegally connected to their network. Reconnection is only possible after offenders have paid for the loss of revenue by paying back-bills established by the Disco, along with reconnection costs and administrative charges,” Okotie warned.

In a related development, the Eko Electricity Distribution Company (EKEDC) has taken steps aimed at recouping over N100 billion it has lost to energy theft and vandalism within its network. The utility also confirmed that it has dismissed about 20 staff members found to be involved in illegal activities and collaborating with customers to tamper with electrical equipment, while also threatening to prosecute residents caught engaging in energy theft and illegal connections.

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The EKEDC Acting Chief Executive Officer, Mrs. Rekhiat Momoh, made this known at its Customer Engagement Forum with customers from the Orile Business District, including Sanya, Orile, Ikate, Doyin, Coker, Aguda, Thomas Animashaun, parts of Eric Moore, TEXLON, Passat, parts of Alaka, Itire and Kernel.

Momoh, who was represented at the engagement by the EKEDC’s Chief Customer Experience Officer, Mrs Catherine Ezeafulukwe, regretted that energy theft and vandalism have been persistent issues plaguing the service delivery to all its network especially under the Orile District, causing significant financial losses and posing safety risks.

“The loses we incur as a result of energy theft and vandalism runs into several billions of Naira. This is why we are taking the campaign against energy theft and vandalism seriously because it is negatively affecting our bottom line and also our customers.

“Energy theft often prevents us from providing efficient service because it affects our facilities and infrastructure, impacting how consumers get electricity. Of course, we pay for energy whether it is distributed to customers or stolen, leading to billions of Naira in losses.

“Our debt profile is about N100 billion and our collection efficiency hovers around 87 to 89 percent despite buying energy at 100 percent from the Bulk Electricity Traders. We usually have around 15 to 18 percent outstanding debt that we struggle to offset in the energy market,” she revealed.

“We have a zero-tolerance policy for any staff reported and confirmed to have been involved in this act.

“We will sack them because we do not want such attitudes within our organization. If you know any of our staff indulging in energy theft or collaborating with customers to do so, EKEDC will not hesitate to dismiss them.

“In the last six months, we have dismissed over 20 staff, with many still being probed for their involvement in illegal practices,” Momoh said.

Energy theft: Ikeja Electric threatens immediate legal action

Related Topics:Energy theft Ikeja Electric

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Aviation

Aviation workers threaten nationwide airports shutdown over Customs officer assault

Published

2 days ago

March 25, 2025

Trends Admin

Aviation workers threaten nationwide airports shutdown over Customs officer assault

Aviation unions have announced plans to shut down airports across Nigeria starting March 31 in protest against the failure to remove a customs officer who allegedly assaulted the Director of Aviation Security at the Federal Airports Authority of Nigeria (FAAN).

In a joint statement signed by Ocheme Aba (NUATE), Frances Akinjole (ATSSSAN), and Abdul Rasaq Saidu (ANAP), the unions condemned the repeated physical assaults on FAAN staff, vowing not to tolerate such incidents any longer.

The unions also called on the government to urgently reduce the number of customs officers operating within the aviation sector, aligning with global best practices. They warned that if their demands are not met, they will proceed with the nationwide shutdown, potentially disrupting air travel and operations.

The statement reads: “Considering the enormity and frequency of physical and psychological assault on the staff and management personnel of FAAN, of which there is no end in sight, we are compelled to inform the management of the unwavering determination of our unions to cause the establishment of a clear framework of mutual respect among FAAN staff and the security agencies operating at the airports.

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“Consequential sanctions are in place which guarantee the safety and human rights of FAAN staff. We shall direct all the workers to withdraw from the airports with effect from March 31, 2025, pending when such protocols are established.

“The recent assault on no less a personality than the Director of Aviation Security of FAAN is one too many, which leaves a taste too bitter to swallow. It is our sincere hope that our demand in the above respect is well met to avoid the industrial conflagration that will ensue in the absence of acceptable remedial actions.”

In response, Abdullahi Maiwada, the spokesperson for Customs, stated in a recent release that the disagreement between FAAN officials and officers of the Nigeria Customs Service (NCS) stemmed from a miscommunication over equipment movement and seating arrangements.

Aviation workers threaten nationwide airports shutdown over Customs officer assault

Business

SEC announces stricter measures to protect investors

Published

3 days ago

March 24, 2025

Trends Admin

Director-General of SEC, Dr. Emomotimi Agama

SEC announces stricter measures to protect investors

The Securities and Exchange Commission (SEC) has reaffirmed its commitment to protecting investors in Nigeria’s capital market by cracking down on fraudulent activities.

According to the Director-General of SEC, Dr. Emomotimi Agama, operators engaging in unscrupulous practices will face strict penalties as the Commission prioritizes safeguarding investor interests.

“So, clearly for us, it is getting people to understand that there is no hiding place anymore for anybody that has the intention to defraud Nigerians and to defraud anybody that is investing in this market,” Dr. Agama stated, emphasizing the Commission’s zero-tolerance policy.

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Dr. Agama highlighted that the Investments and Securities Act (ISA) 2007 serves as the framework for securities regulation in Nigeria, ensuring that market operators adhere to high ethical standards.

He emphasized the importance of the “fit and proper person’s test,” which requires operators to meet specific regulatory criteria to maintain their licenses.

“This is because the very ethics of regulating or registering a securities market operator is in the principle of the fit and proper person’s test,” he explained.

“What you have been seeing most recently by the revocation of licenses, the suspension of operators and our follow-up to operators that are not registered with the SEC is only a tip of the iceberg as to what we intend to do this year.”

Dr. Agama assured stakeholders that the SEC will leverage its regulatory powers under Nigerian law to deter fraudulent activities, noting, “We believe strongly that a protected investor is a powerful investor.”

SEC announces stricter measures to protect investors

Business

Bitcoin rises above $86,000 as crypto market gains momentum

Published

3 days ago

March 24, 2025

Trends Admin

Bitcoin rises above $86,000 as crypto market gains momentum

Bitcoin and other leading cryptocurrencies extended their gains on Monday, buoyed by positive investor sentiment despite concerns over upcoming U.S. tariffs and key economic data releases later this week.

As of 7am WAT, Bitcoin rose 3.2% to $86,590, while Ethereum gained 2.3%, trading at $2,047.

The global cryptocurrency market capitalization increased by 2.94% in the past 24 hours, reaching $2.84 trillion.

Other notable performers included XRP, Cardano, and Dogecoin, which posted gains of 3%, 2%, and 3.8%, respectively. Chainlink, Avalanche, Hedera, and Stellar recorded growth ranging from 3% to 10%.

“Bitcoin is holding above $86,000, registering a 3% gain today. The key resistance level to watch is $86,700; a breakout could pave the way for $90,000,” said Vikram Subburaj, CEO of Giottus.

Bitcoin’s market capitalization surged to $1.727 trillion, with dominance rising to 60.73%. Its 24-hour trading volume soared by 93% to $18.2 billion, while stablecoin transactions accounted for 94.74% of total crypto trading, reaching $57.58 billion, according to CoinMarketCap.

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Solana Outperforms Peers Amid Positive Market Sentiment

Solana (SOL) emerged as a standout performer, surging over 7% in the past 24 hours to trade above $139.

The rally was fueled by reports suggesting that President Trump’s April 2 tariffs may be more targeted than initially feared, easing market concerns.

Weekend rumors indicated that the tariffs might include country exemptions and non-cumulative charges on metals, contributing to improved sentiment across global markets.

The Federal Reserve’s projections for two rate cuts this year further supported risk assets, with the central bank describing potential tariff-induced inflation as “transitory.”

BitMEX co-founder Arthur Hayes expressed optimism about Bitcoin’s trajectory, stating, “The Fed’s policy orientation could help Bitcoin achieve $110k before it retests $76.5k.”

Solana’s momentum aligns with unprecedented acceptance rates. DeFiLlama reported that Solana’s total value locked (TVL) reached 54.87 million SOL, its highest level since June 2022. Ali Charts revealed that a record 11.09 million addresses now hold SOL, underscoring growing adoption.