Business

Ikeja Electric releases new prepaid meter prices

Published

1 year ago

August 8, 2025

875 Views

Ikeja Electric has released updated prices for prepaid meters, which take effect from August 6, 2025. The revised rates cover both single-phase and three-phase meter types and are inclusive of VAT.

The revised rates were announced on the disco’s official X account on Friday.

The company announced that “MBH Power Ltd’s one-phase costs ₦135,987.50, while the three-phase costs ₦226,825.00. Turbo Energy Ltd’s one-phase costs ₦145,608.75, while the three-phase costs ₦236,903.13.

“Aries Electric Ltd’s one-phase costs ₦145,125.00, and the three-phase costs ₦258,000.00. Mojec Asset Management Company Ltd’s one-phase costs ₦135,718.75, and the three-phase costs ₦226,825.00.

“Paktim Metering Nig. Ltd, the one-phase meter costs ₦137,600.00, while the three-phase meter costs ₦233,275.00. Holley Metering Ltd’s one-phase meter costs ₦133,854.03, three-phase meter costs ₦219,497.09.

“CIG Metering Assets Nigeria Ltd’s one-phase meter costs ₦150,500.00, New Hampshire Capital Ltd’s one-phase meter costs ₦133,300.00 and the three-phase costs ₦231,125.00.”

The electricity distribution company noted that the prices are “valid subject to meter availability,” adding that the changes are part of its effort to ensure customers have access to up-to-date information on meter procurement.

The company also assured customers that the new pricing reflects the latest approved rates for meter providers under its Meter Asset Provider scheme.

Business

Naira Exchange Rates Wednesday, August 12

Published

15 hours ago

August 12, 2026

OCHEFA

14 Views

BLACK MARKET RATES

US DOLLAR (USD) Buy ₦1,422 Sell ₦1,428

GREAT BRITISH POUND (GBP) Buy ₦1,885 Sell: ₦1,910

EURO (EUR) Buy ₦1,590 Sell ₦1,610

CANADIAN DOLLAR (CAD) Buy ₦1,020 Sell ₦1,080

SOUTH AFRICAN RAND (ZAR) Buy ₦75 Sell ₦90

UAE DIRHAM Buy ₦350 Sell ₦370 CHINESE YUAN Buy ₦190 Sell ₦205

GHANA CEDI (GHS) Buy ₦95 Sell ₦110

WEST AFRICAN CFA Buy ₦2, 300 Sell ₦2, 400

CENTRAL AFRICAN CFA Buy ₦2,150 Sell 2,250

AUSTRALIAN DOLLAR Buy ₦800 Sell ₦900

Commercial Bank Exchange Rates

Fidelity Bank

Currency Sell

USD / NGN ₦1370.00

GBP / NGN ₦1869.7

8EUR / NGN ₦1604.54

Sterling Bank

Currency Buy Sell

USD / NGN ₦1350.00 ₦1370.00

GBP / NGN ₦1803.95 ₦1871.77

EUR / NGN ₦1537.93 ₦1601.81

ZAR / NGN ₦82.28 ₦86.99

Official CBN Exchange Rates

US DOLLAR (USD) ₦1,364.90

GREAT BRITISH POUND (GBP) ₦1,842.61

EURO (EUR) ₦1,575..50

SWISS FRANC (CHF) ₦1,684.02

JAPANESE YEN (JPN) ₦8.57

CHINESE YUAN (CNY) ₦202.34

WEST AFRICAN CFA (XOF) ₦2. 40

WEST AFRICAN UNIT ACCOUNT (WAUA) ₦1,858.53SAUDI RIYAL (SAR) ₦363..60

SOUTH AFRICAN RAND (ZAR) ₦84.31

Business

Naira Exchange Rates Tuesday, August 11

Published

1 day ago

August 11, 2026

OCHEFA

37 Views

BLACK MARKET RATES

US Dollar (USD) Buy ₦1,423 Sell ₦1,428

Great British Pound (GBP) Buy ₦1,890 Sell: ₦1,910

EURO (EUR) Buy ₦1,600 Sell ₦1,620

Canadian Dollar (CAD) Buy ₦1,020 Sell ₦1,080

South African Rand (ZAR) Buy ₦75 Sell ₦90

UAE Dirham Buy ₦350 Sell ₦370

Chinese Yuan Buy ₦190 Sell ₦205

Ghana Cedi (GHS) Buy ₦95 Sell ₦110

West African CFA Buy ₦2, 300 Sell ₦2, 400

Central African CFA Buy ₦2,150 Sell 2,250

Australian Dollar Buy ₦800 Sell ₦900

Commercial Bank Exchange Rates

Fidelity Bank

Currency Sell

USD / NGN ₦1370.00

GBP / NGN ₦1869.78

EUR / NGN ₦1604.54

Sterling Bank

Currency Buy Sell

USD / NGN₦1350.00 ₦1370.00

GBP / NGN ₦1800.68 ₦1868.46

EUR / NGN ₦1539.16 ₦1603.07

ZAR / NGN ₦82.44 ₦87.16

Official CBN Exchange Rates

US Dollar (USD) ₦1,360. 14

Great British Pound (GBP) ₦1,838.50

EURO (EUR) ₦1,571. 10

Swiss Franc (CHF) ₦1,680.85

Japanese Yen (JPN) ₦8.56

Chinese Yuan (CNY) ₦201.61

West African CFA (XOF) ₦2. 40

West African Union Account (WAUA) ₦1,864.27

Saudi Riyal (SAR) ₦362.22

South African Rand (ZAR) ₦84.07

Business

NAICOM Revokes Nigeria Reinsurance’s Licence, Freezes Operations Over Capital Shortfall

Banire directed banks, financial institutions, policyholders and members of the public not to honour any instruction relating to the company except those issued by him or persons expressly authorised by him.

Published

6 days ago

August 6, 2026

OCHEFA

64 Views

The National Insurance Commission (NAICOM) has revoked the operating licence of Nigeria Reinsurance Corporation for failing to meet the statutory Minimum Capital Requirement (MCR) and appointed Senior Advocate of Nigeria, Dr. Muiz Banire, SAN, as Receiver/Provisional Liquidator to wind up the company’s affairs.

The appointment took effect on August 3, 2026, following the cancellation of the company’s certificate of registration by the insurance regulator.

In a public notice dated August 4, 2026, Banire said NAICOM appointed him, in exercise of its statutory powers, to oversee the receivership and liquidation of Nigeria Reinsurance Corporation (RR-002).

In the notice, the company’s licence was revoked after it failed to comply with the prescribed Minimum Capital Requirement applicable to its category of licence within the stipulated compliance period, in accordance with the Nigerian Insurance Industry Reform Act (NIIRA) 2025 and other extant laws, regulations and guidelines.

Banire said his appointment authorises him to immediately trace, recover, secure and take possession of the company’s assets, collate and settle its liabilities in line with the NIIRA 2025, liaise with NAICOM on matters relating to the liquidation, and submit periodic reports to the Commission.

Source: ThisDay