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Ikeja Electric: Oshodi community decries consistent overestimated bills

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Ikeja Electric: Oshodi community decries consistent overestimated bills

…As Badagry residents laud Reps. for passing bill, criminalizing estimated billing***

The Taiwo, Wahabi, Larinde Community Development Association (CDA) in Oshodi area of Lagos State has decried the overestimated bills that Ikeja Electric (IE) has been serving them, just as Badagry residents on Wednesday lauded the House of Representatives on the passage of a bill, criminalising estimated billing of consumers by Electricity Distribution Companies (DISCOs).

The CDA also tasked the distribution company to supply the community with prepaid meters to avoid the consistent overestimated bills being charged, insisting that the Ikeja Electric deliberately denies them pre-paid meters so as to continue the extortion in the area.

The Vice-Chairman of the association, Chief Ololade Agoro, highlighted on Wednesday that the community had been experiencing the crazy bills syndrome for the past 14 months.

“The monthly bill is now becoming unbearable for the consumers: a bill of N7,000 in June 2018 has risen to N10,000; and that of N10,000 has gone up to N15,000.

“Occupants of a two-bedroom apartments used to pay N20,000 per month but that has suddenly jumped up to N30,000 without any reason for the increment.

“For Ikeja Electric to bill an apartment about N100, 000 within three months is outrageous,’’ he said.

According to him, the community is responsible for the expenses and maintenance of the transformer installed within the community whenever it is faulty.

Agoro said that the area was not enjoying adequate power supply adding that the ‘crazy’ bills charged by the company were not justifiable.

Also, Mr Kayode Lemo, the Secretary of the association charged IE to expedite actions regarding the supply of prepaid meters to the community to curb the continued overestimated bills issued to its residents.

Lemo also charged the distribution company to do a downward review of all overestimated bills before it would issue prepaid meters to the members of the CDA.

“The residents cannot pay for what they did not use; and to avoid that, IE should do a downward review of the past overestimated bills.

“It should also regularise all charges before new meters are supplied to the community.’’

The secretary said that at a meeting the community held with IE officials, the community underscored the need for IE to reduce the billings to cover between December 2018 and January 2019.

“This will allow residents to pay off the arrears easily occasioned by previous ‘crazy’ bills from July to November 2018.

“We agreed to start a joint reading and capturing of energies consumed by every household. That will be done by one or two members of the community’s executive and the IE officials.

“But the readings to ascertain the energies consumed by our community members from the transformer were only carried out only in January 2019 by the IE officials alone,’’ he said.

When contacted, Mr Felix Ofulue, the Public Relations Officer (PRO) of IE, said that the reason why the bills were increased was as a result of increase in power supply to the area.

Ofulue noted that because of the development, IE had to jack up the charges to be paid by each household in the community.

Meanwhile, residents of Badagry, Lagos State on Wednesday commended the House of Representatives on the passage of a bill, criminalising estimated billing of consumers by Electricity Distribution Companies (DISCOs).

The residents said that the bill would end of years of arbitrary billing and extortion of electricity consumers by DISCOS, if passed into law.

The House of Representatives had on October 3 passed the bill which says issuance of estimated billing will attract either a one-year jail term or a fine of N1 million or both.

The proposed law would also compel a distribution company to provide prepaid meter to an applicant within 30 days, while barring the DISCOs from disconnecting the consumer after the 30-day period within which meter should be installed.

Also read:  Provide meters, eliminate estimated billing now- NLC tells NERC

The Electric Power Sector Reform Act (Amendment) Bill 2018, presented in the Eighth National Assembly by Hon. Femi Gbajabiamila, then as Majority Leader, was re-presented in July 2019.

Mr. Samson Akpata, the Supervisory Councillor for Education and Tourism, Badagry Local Government, described the passage of the bill as a welcome development.

“I wish to commend our Honourable Speaker for being consistent and in touch with the downtrodden.

“Ripping off Nigerians through estimated billing is a financial crime and thank God the House is coming to the rescue of poor electricity consumers from the unscrupulous practice by Discos.

“We can’t wait to see the end of this obnoxious estimated billing regime,” he said.

Akpata said the law would wake up DISCOs from their slumber and treat consumers as kings.

Mr Ebenezer Kuponu, Chairman, Badagry Community Development Committee (CDC), also commended the House of Representatives for passing the bill.

According to him, the step will stop DISCOs from extorting innocent consumers through estimated billing.

“We have seen the worst here in Badagry in the hands of Eko Electricity Distribution Company (EKEDC); they give us crazy bills every month without power supply.

“They only give us supply at the end of the month when their officials are out to serve us crazy bills.

“The following day, they will come with their ladder to disconnect us from the pole.

”Funnily enough, we will have to pay additional N2,000 connection fee to get connected back after we have paid the bill.

“The whole thing is frustrating but thank God, the crazy bill is gradually coming to an end.

“We are imploring the Upper Chamber to follow suit and ensure the bill becomes law,” he said.

Mr Idowu Jimoh, a staff of Public Complaints Commission, Badagry, urged the Senate to also pass the bill, appealing to President Muhammadu Buhari to speedily assent to the bill when presented to him.

Jimoh said government should not only ensure that the bill becomes law, but also see to its implementation to save the consumers.

Mrs Chinyere Olorie, a restaurant operator in Badagry, said that EKEDC gave her N6,000 monthly bill without regular supply.

“I have applied for prepaid meter without getting any for years,” she said.

 

 

 

Economy

N672Bn: Sell-offs in Dangote Cement, MTN, Others Push Equity Down By 1.23%

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Stock Market Gains N18bn; FTN Cocoa Processors, Prestige Assurance lead Losers’ Chart 

…Dangote Cement, Conoil lead losers table

Selloffs in the shares of Dangote Cement, Conoil, and MTN Nigeria, among others, on Friday, dragged the equity market’s performance indices down by 1.23 percent to close the week’s trading sessions.

Specifically, investors lost N672 billion or 1.24 percent, as the market capitalisation, which opened at N54.707 trillion, closed at N54.035 trillion.

The All-Share Index also lost 1.24 percent or 1.228.32 points, to settle at 98,751.98, as against 99,980.3 recorded on Thursday.

Consequently, the Year-To-Date (YTD) return on the index dropped to 32.07 percent.

Selloffs in Dangote Cement, MTN Nigeria,  Fidelity Bank, Sovereign Trust Insurance, and Nestle made the market performance negative terrain.

Analysis of the market activities showed trade turnover drop when compared to the previous session, with the value of transactions down 22.01 percent.

A total of 367.62 million shares valued at N6.78 billion were exchanged in 9,168 deals, compared to 542.95 million shares valued at N8.70 billion exchanged in 9,650 deals posted previously

Meanwhile, Dangote Cement and Conoil led the losers’ table by percentage terms of 10 each to close at N135, and N90.90 per share respectively.

MTN trailed by 9.96 percent to close at N200.70, Thomas Wyatt Nigeria lost 9.78 percent to close at N2.03, while Sovereign Trust Insurance shed 6.52 percent to close at 43k per share.

On the gainers’ table, The Initiative Plc and FTN Cocoa Processors led by 10 percent each to close at N1.98 and N1.65 per share respectively.

Juli Plc followed closely by 9.97 percent to close at N3.75, Champion Breweries Plc gained 9.94 percent to close at N3.76 and PZ Nigeria rose by 9.93 percent to close at N33.75 per share.

On the activity table, Transcorp led in volume with trade of 57.00 million shares valued at N792.05 million, while Access Corporation sold 31.77 million shares worth N667.8 million.

United Bank of Africa (UBA) traded 28.50 million shares valued at N674.07 million and Fidelity Bank transacted 28.07 million shares worth N297.65.

Also, First City Monumental Bank(FCMB) sold 27.92 million shares worth N227.22 million.

However, market breadth closed positive with 43 gainers and eight losers on the trading floor

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Economy

Equity Market Recovers, Investors Gain N390bn

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Stock Market Gains N18bn; FTN Cocoa Processors, Prestige Assurance lead Losers’ Chart 

…Sunu Assurances, CWG Plc lead the losers’ table

The Nigerian equity market on Thursday recovered from its three sessions losses, making investors to gain N390 billion.

Improved buy interest in the shares of Guaranty Trust Holding Company(GTCO), Zenith Bank, FBN Holdings, NEM Insurance, Juli Plc, among other top traders, pushed the market performances up.

Specifically, the market capitalization, which opened at N54.317 trillion, gained N390 billion or 0.72 percent and closed at N54.707 trillion.

The All-Share index also rose by 0.72 percent or 714 points to close at 99,980.3 points, compared to 99,266.02 recorded on Wednesday.

Consequently, the Year-To-Date return rose to 33.71 percent.

Stock Market Gains N18bn; FTN Cocoa Processors, Prestige Assurance lead Losers’ Chart 

Analysis of the market activities indicated that trade turnover settled higher relative to the Wednesday 5 session, with the value of transactions increased by 49.27 percent.

The market breadth closed positive with 35 gainers and 19 laggards on the trading floor.

On the gainers table, GTCO, NEM Insurance, Juli and United Bank of Africa(UBA) led in percentage terms of 10 each to close at N36.60, N6.60, N3.41 and N22.55 per share, respectively.

ALSO READ: NAFDAC NATIONAL STRATEGIC ACTION PLAN: Partners With Pharmaceutical Supply Chain Stakeholders

Champion Breweries also gained 9.97 percent to close at N3.42 per share.

On the other hand, Sunu Assurances led the losers’ table by 10 percent to close at N1.17, followed by Eterna Plc by 9.81 percent to close at N14.25 per share.

CWG Plc trailed by 9.76 percent to close at N9.55, Morison Industries Plc shed 9.58 percent to close at N1.51 and Cadbury Nigeria lost 9.52 percent to close at N19 per share.

A total of 542.95 million shares valued at N8.70 billion were exchanged in 9,650 deals, compared to 396.23 million shares valued at N5.83 billion exchanged in 10,549 deals posted on Wednesday.

On the activity table, UBA led in volume and value with 93.71 million shares traded in deals worth N2.07 billion, Transcorp followed with 54.08 million shares traded in a value of N692.19 million.

Japaul Gold Group sold 34.33 million shares worth N65.77 million, Sterling Nigeria transacted 28.49 million shares valued at N129.15 million and Fidelity Bank sold 27.09 million shares worth N270.74.

Meanwhile, market breadth closed positive with 35 gainers and 19 laggards on the trading floor.

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Economy

NGX Opens Week Weakly, As Market Sheds N1.82trn

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Stock Market Gains N18bn; FTN Cocoa Processors, Prestige Assurance lead Losers’ Chart 

 …MTN and Dangote Cement lead the Losers’ Table 

Transactions resumed on the Nigerian Exchange Ltd. (NGX), on Monday, on a negative posture with the market indices declining by 3.15 percent due to selloffs.

Specifically, the market capitalisation which opened at N57.849 trillion, shed N1.82 trillion or 3.15 percent to close at N56.028 trillion.

Similarly, the All-Share Index(ASI) also dropped by 3.15 percent or 3,330 points to settle at 102,393.23, compared to 105,722.78 achieved on Friday.

As a result, the ASI Year-To-Date (YTD) return fell to 36.94 percent.

The market was dragged down due to selloffs in the shares of MTN Nigeria, Dangote Cement, and Zenith Bank.

On the losers’ table, MTN and Dangote Cement led in percentage of 10 each to close at N247.50 and N686.70 per share, respectively.

NGX Group trailed by 9.76 percent to close at N22.20, NEM insurance dropped 9.74 per cent to close at N6.95, while Tantalizers lost 9.52 percent to close at 38k per share.

On the contrary, Juli Plc led the gainers table by 9.52 percent to close at N1.61.

Dangote Cement followed with an increase of 8.64 percent to close at 88k per share.

Sunu Assurances garnered 6.74 percent to close at N1.90, while ABC Transport gained 6.67 percent to close at 96k per share.

Nigerian Aviation Handling Company Plc (NAHCO) also appreciated by 5.86 percent to close at N30.70 per share.

On the activity chart, Guaranty Trust Holding Company (GTCO) led with a trade of 28.85 million shares valued at N1.13 billion.

Also, Transcorp sold 20.14 million shares worth N275.93 million, while Access Holdings traded 15.90 million shares worth N359.5 million.

FBN Holdings sold 15.87 million shares worth N450.74 million and Zenith Bank transacted 15.84 million shares valued at N568.04 million.

Analysis of the market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 7.58 percent.

Meanwhile,  273.85 million shares valued at N7.44 billion were exchanged in 9,688 deals, compared to 342.52 million shares worth N8.05 billion in 8,395 deals on Friday.

Meanwhile, the market breadth closed negative with 36 declining stocks and 16 that appreciated.

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