Business

Pre-Paid Billing: Ikeja Electric begins 24 hours metering initiative

Published

3 years ago

April 27, 2022

prepaid meter

Ikeja Electric Plc says it is set to offer willing customers a one-day metering initiative, where they can complete their Know Your Customer (KYC) and get metered in 24 hours.

The electricity Distribution Company said the move was part of its efforts to accelerate installation of prepaid meters under the Meter Asset Provider (MAP) scheme.

The programme which is being done in collaboration with MOJEC International Ltd. began Tuesday at the Ikeja Electric’s Shomolu Business Unit for customers in Ilupeju, Oworo and Igbobi areas of Lagos State.

NERC has approved N63,061.32 as the cost of a single phase meter while a three phase meter cost N117,910.69, including Value Added Tax.

Head Corporate Communications, Ikeja Electric, Felix Ofulue, said it was to ensure that customers who were willing to make payments for their prepaid meters were metered as quickly as possible.

Ofulue explained that the MAP scheme provides a platform for customers who want to make payment to ensure that their premises are metered within a very short time.

He noted that the Federal Government (FG) had initiated the National Mass Metering Programme (NMMP) to install free prepaid meters to customers in order to bridge the metering gap in the country.

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“However, Ikeja Electric has completed phase zero of the programme and while awaiting the commencement of the next phase of this Mobile MAP Programme will serve as alternative for customers who are willing to make payment for meters under the MAP scheme.

“So, we advise customers to take advantage of the initiative by Ikeja Electric and MOJEC to get metered because we are ready to ensure that the process is done and completed within 24 hours,” Ofulue said.

He also warned customers to shun energy theft and meter bypass.

Ofulue stressed that anybody caught engaging in such nefarious activities would be dealt with according to the regulations governing the electricity sector.

On her part, Group Managing Director, MOJEC International Holdings, Chantelle Abdul, aid the Mobile MAP scheme was aimed at bringing the metering process closer to people’s doorsteps.

Abdul said: “We want to ensure that people get metered in 24 hours after completing the process and making payments for their categories of meters.

“They don’t need to wait for 10 days as stipulated by the Nigerian Electricity Regulatory Commission (NERC).

“The MAP scheme is for customers who can afford to pay for meters and don’t want to wait for the NMMP which is the free metering programme.

“We will be going to several places. In fact, Shomolu is our first stop but not the last stop. We are going to set up in other business units under Ikeja Electric network within the next few weeks.”

She noted that the importance of metering in the electricity supply industry could not be overemphasised.

Abdul said: “MOJEC has set itself to provide meters to the end users because metering is critical to both the consumers and the electricity providers.

“I believe that metering create a trust between the consumer and the electricity Distribution Company and helps to shore up revenue collection efficiency.

She said to kickstart the programme, the company had set aside about 10,000 prepaid meters for customers under the Shomolu Business Unit.

Abdul added that over 100,000 meters would be installed across the Ikeja Electric network in the coming weeks.

“You can be rest assured that there is a surplus and availability of meters and customers should not allowed themselves to be exploited to make additional payments to get metered,” she said.

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Railway

Lagos Rail Mass Transit part of FG free train ride – NRC

Published

23 hours ago

December 21, 2024

Trends Admin

Lagos Rail Mass Transit part of FG free train ride – NRC

The Nigerian Railway Corporation (NRC) has disclosed that the Lagos Rail Mass Transit (LRMT) trains are included in the Federal Government’s free train ride initiative for the Christmas and New Year celebrations.

The LRMT, which currently includes the Phase 1 Blue Line Rail and the Phase 1 of the Red Line Rail, operates under the Lagos Metropolitan Area Transport Authority (LAMATA).

This announcement was made by Ben Iloanusi, the Acting Managing Director of the NRC, during an interview on NTA News TV on Friday, following the launch of the initiative earlier that day.

While Iloanusi stated that Phase 1 of both the Blue Line and Red Line Rail projects are part of the program, LAMATA has yet to confirm this inclusion.

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Iloanusi outlined the other routes benefiting from the scheme, which include the Lagos-Ibadan Train Service, Kaduna-Abuja Train Service, Warri-Itakpe Train Service, Port Harcourt-Aba Train Service, and the Bola Ahmed Tinubu Mass Transit in Lagos. Notably, little was previously known about the Bola Ahmed Tinubu Mass Transit service until this disclosure.

“Let me mention the routes where this free train service is happening. We have the Lagos-Ibadan Train Service, we have the Kaduna-Abuja Train Service, we have the Warri-Itakpe Train Service, we have the Lagos Rail Mass Transit trains, we have the Port Harcourt-Aba Train Service, and we have what we call the Bola Ahmed Tinubu Mass Transit, which is also in Lagos,” he stated.

Iloanusi provided operational updates, stating that passengers nationwide can access free tickets online or, for those unable to do so, at train stations where they will be profiled and validated.

He noted that passengers using NRC-managed services (excluding the Lagos Rail Mass Transit) should reserve tickets via the official website, www.nrc.gov.ng, with a valid ID required. He also advised travelers to plan, arrive on time, and bring valid identification.

Lagos Rail Mass Transit part of FG free train ride – NRC

Business

NNPC denies claim of Port Harcourt refinery shutdown

Published

23 hours ago

December 21, 2024

Trends Admin

Port Harcourt refinery

NNPC denies claim of Port Harcourt refinery shutdown

The Nigerian National Petroleum Company Limited (NNPCL) has denied claims in media reports that the newly refurbished Port Harcourt refinery has shut down.

The national oil company denied the claim in a press release issued by its Chief Corporate Communications Officer, Olufemi Soneye, on Saturday.

Soneye said the claim was false and urged Nigerians to disregard it. He stressed that the Port-Harcourt Refinery is fully operational.

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The statement read, “The attention of the Nigerian National Petroleum Company Limited (NNPC Ltd.) has been drawn to reports in a section of the media alleging that the Old Port Harcourt Refinery which was re-streamed two months ago has been shut down.

“We wish to clarify that such reports are totally false as the refinery is fully operational as verified a few days ago by former Group Managing Directors of NNPC.”

He noted that preparation for the day’s loading operation is currently ongoing, and added that claims of the shutdown are “figments of the imagination of those who want to create artificial scarcity and rip-off Nigerians.”

NNPC denies claim of Port Harcourt refinery shutdown

Business

CBN permits BDCs to buy up to $25,000 FX weekly from NFEM

Published

2 days ago

December 20, 2024

Trends Admin

CBN Governor, Olayemi Cardoso

CBN permits BDCs to buy up to $25,000 FX weekly from NFEM

The Central Bank of Nigeria (CBN) has granted Bureau de Change (BDC) operators temporary permission to purchase up to $25,000 weekly in foreign exchange (FX) from the Nigerian Foreign Exchange Market (NFEM).

This move, detailed in a circular dated December 19, 2024, is designed to meet seasonal retail demand for FX during the holiday period.

The circular was signed by T.G. Allu, on behalf of the Acting Director of the Trade and Exchange Department.

The arrangement will be in effect from December 19, 2024, to January 30, 2025.

Under the directive, BDCs may purchase FX from a single Authorized Dealer of their choice, provided they fully fund their accounts before accessing the market.

Transactions to occur at the prevailing NFEM rate

The transactions will occur at the prevailing NFEM rate, and BDCs are required to adhere to a maximum 1% spread when pricing FX for retail end-users.

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All transactions conducted under this scheme must be reported to the CBN’s Trade and Exchange Department.

The circular read in part:

“In order to meet expected seasonal demand for foreign exchange, the CBN is allowing a temporary access for all existing BDCs to the NFEM for the purchase of FX from Authorised Dealers, subject to a weekly cap of USD 25,000.00 (Twenty-five thousand dollars only).

This window will be open between December 19, 2024 to January 30, 2025.

“BDC operators can purchase FX under this arrangement from only one Authorized Dealer of their choice and will be required to fully fund their account before accessing the market at the prevailing NFEM rate. All transactions with BDCs should be reported to the Trade and Exchange department, and a maximum spread of 1% is allowed on the pricing offered by BDCs to retail end-users.”

The CBN assured the general public that PTA (Personal Travel Allowance) and BTA (Business Travel Allowance) remain available through banks for legitimate travel and business needs.”

These transactions are to be conducted at “market-determined exchange rates” within the NFEM framework.

This initiative reflects the CBN’s strategy to stabilize the FX market and manage seasonal surges in demand.