Business
JUST IN: FCCPC Engages DisCos Over Unistar Prepaid Meters Phase-Out
The Federal Competition and Consumer Protection (FCCPC) is actively engaging key stakeholders, including the Nigerian Electricity Regulatory Commission (NERC), Nigerian Electricity Management Services Agency (NEMSA), and the eleven (11) DisCos regarding the phase-out of Unistar prepaid meters.
In a statement on Tuesday, seen by Ohibaba.com, Ondaje Ijagwu Director, Special Duties (& Strategic Communication) FCCPC, said that pursuant to sections 17(j), (l) (s), 116 (2), 124, 125, 138 and 155 of Act (FCCPA) 2018, the Commission is addressing the ongoing concerns surrounding the phase-out of Unistar prepaid meters by Ikeja Electric Plc and other electricity distribution companies (DisCos), following widespread consumer complaints.
The statement reads: “Recent announcements by Ikeja Electric indicated that the Unistar prepaid meters, first deployed over a decade ago, will no longer be supported from November 14, 2024, due to technological upgrades and the Token Identifier (TID) rollover issue.
The FCCPC has observed rising anxiety among consumers over potential financial burdens, particularly whether they will be required to cover the cost of replacement meters.
Further concerns relate to the possibility of consumers being placed on arbitrary estimated billing during this transition, which would violate existing rules.
These concerns have been worsened by insufficient communication from the DisCos about the phase-out process, leading to uncertainty and distrust.
In line with its mandate to protect consumers and promote fairness in the Nigerian marketplace.
“The goal is to make the metering process transparent and accountable while protecting consumer interests.
The FCCPC is initiating discussions with Ikeja Electric and other stakeholders to clarify the phase-out process and ensure that DisCos bear the cost of replacing phased-out meters, without imposing extra charges on consumers.
The Commission will also work to ensure that DisCos comply with regulatory guidelines, preventing consumers from being unfairly charged or placed on estimated billing. Additionally, the FCCPC will ramp up consumer education on their rights, especially regarding metering and electricity billing, to prevent exploitation.
The FCCPC is committed to preventing any disadvantage to consumers during this meter upgrade.
This intervention is in line with President Bola Tinubu’s “Renewed Hope” agenda, aimed at ensuring fair treatment for Nigerian consumers and access to essential services like electricity.
The Commission will continue to advocate for Nigerian consumers and ensure that service providers, including DisCos, act in a consumer-friendly, fair, and transparent manner.”
Business
Dangote at IPO Listing, Charges Public,”I don’t want to be called richest man in Africa”
“I don’t want anybody again to call me the richest man in Africa. I want to be called the wealthiest man in Africa so that I can create wealth for others,” he said.
The trading floor of the Nigeria Exchange Limited (NGX) is agog this morning as billionaire industrialist,Aliko Dangote, declared opened trading activities for the day.
“I don’t want anybody again to call me the richest man in Africa. I want to be called the wealthiest man in Africa so that I can create wealth for others,” he said.
Dangote made the remarks on Monday while sounding the gong at the Nigerian Exchange (NGX) in Lagos to formally launch the Initial Public Offering (IPO) of Dangote Petroleum Refinery and Petrochemicals.
The billionaire businessman said the IPO provided an opportunity for investors to participate in what he described as a transformational phase for Nigeria and Africa’s economies.
“Today, we are not merely offering shares. We are offering an opportunity to participate in the transformational chapter of not only Nigeria’s economy, but Africa’s economy,” Dangote said.
He urged Nigerians to deepen the capital market and promote wider ownership of wealth.
“Together, let us deepen our capital market. Together, let us create prosperity through ownership. Together, let us build a stronger Nigeria. Together, let us ensure prosperity for Africa,” he said.
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SOUTH AFRICAN RAND (ZAR) ₦82.24
Business
Dangote Refinery’s IPO Officially Opens Today On NGX
Speaking on the significance of the IPO, President and Chief Executive of Dangote Industries Limited, Aliko Dangote, said:“Today marks the beginning of a new chapter in the history of Dangote Refinery and, indeed, in the economic future of our nation…”
Dangote Petroleum Refinery & Petrochemicals FZE today announced the commencement of its Initial Public Offering (IPO) to the investing public.
The offer will be formally launched at a ceremony on the trading floor of the Nigerian Exchange (NGX) Limited in Lagos.
The IPO, which opens today, September 14, 2026, consists of 4.1 billion new ordinary shares offered at N525 per share, with a minimum subscription of 10 shares valued at N5,250.
The offer is expected to remain open until October 13, 2026, subject to the terms outlined in the Prospectus. The transaction is targeted at retail, institutional, and eligible African investors, reinforcing Dangote Refinery’s commitment to broadening ownership and deepening participation in Nigeria’s capital market.
The public offer is expected to raise approximately N2.15 trillion, making it one of the largest equity offerings ever undertaken in Africa.
The proceeds will support the Refinery’s long-term growth plans, operational expansion, strategic investments, and the creation of additional value for shareholders and stakeholders alike.
Speaking on the significance of the IPO, President and Chief Executive of Dangote Industries Limited, Aliko Dangote, said:“Today marks the beginning of a new chapter in the history of Dangote Refinery and, indeed, in the economic future of our nation. This offering is about more than raising capital; it is about creating an opportunity for ordinary Nigerians, Africans, and investors across the globe to participate directly in one of the most transformative industrial projects ever built on the continent.
We established this refinery to transform Africa’s energy landscape, create jobs, conserve foreign exchange, and unlock shared prosperity. With this IPO, we are extending that vision by democratising ownership and ensuring that millions of people can benefit from the value being created.”
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