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MAN Warns Against Supply of 1.250 million Substandard Smart Energy Meters To DisCos By Foreign Firms

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By Ocheneyi Alli

The Manufacturers Association of Nigeria (MAN) has warned that a repeat of supplying substandard energy meters by foreign companies to the electricity distributions companies (DisCos) is about to happen again, as the contract prices and terms fixed by the Transmission Company of Nigeria (TCN) doesn’t favour local meter manufacturers.

In a document, titled ‘ The National Mass Metering Programme (NMMP) Phase 11 World Bank Funded Scheme For The Supply and Installation of 1.250 million Smart Energy Meters To Eleven Electricity Distribution Companies In Energy BID: DREP-PPI, CREDIT NO: 9206-NG, PROJECT ID NO: P172891′, MAN said : ” We are deeply concerned over the impending displacement of local meter manufacturers and assemblers in the downstream of the power sector in the process of government’s implementation of the NMMP Phase II World Bank funded supply of 1.2 million smart energy meters.

” The advertised financial requirements and the technical specifications by the Transmission Company of Nigeria (TCN) appears to be skewed against local manufacturers as they are outrageously stringent and negate the CBN guidelines for the implementation of National Mass Metering Programme (NMMP).

This is a federal government’s intervention in power sector to accelerate energy meter supply in the country to bridge the metering gap and ought to be in sync with our overall national economic development objectives.

The financial requirements and the technical specifications laid down by the Transmission Company of Nigeria (TCN), has sidelined the local meter manufacturers from participating in the implementation of the contracts.

Segun Ajayi-Kadir, the Director-General of MAN, said : ” We warn that this portends grave danger for the power sector as we may be witnessing a repeat of the ugly scenario in 2012 when local manufacturers were sidelined in the meter supply and the nation was greeted with supply of substandard meters supplied by the foreign companies that were awarded the contract that were later removed from the network.”

He notes that despite the capacities and the track records of the local meter manufacturers and assemblers across the country (the like of Momas Systems Nigeria Limited; Mojec International Limited, etc) in the energy contracts executions , again they are being displaced in the implementation of the NMMP Phase 11 contracts by the TCN.

He notes for instance , that local manufacturers deployed and installed a total number of 611,231 energy meters across the country between January 2019 till 31st January, 2021.

This is corroborated by the report of the Regulatory Agency, the Nigeria Electricity Regulatory Commission, NERC, under the Meter Assets Provider (MAP) initiative of the federal government.

Also, they deployed  and installed 1million energy meters across the country under the phase zero of the National Mass Metering Programme (NMMP).

This is under the Federal Government intervention aimed at increasing the metering rate to eliminate the inglorious and arbitrary estimated billing and strengthening the local meter value chain, as well as creating jobs.

Of course, this has also helped in reducing collection losses and increasing financial flows to achieve 100% market remittance obligations of the Discos and improving network monitoring capability and availability of data for market administration and investment decision making.

It should recall that our members have been denied the opportunity to fully execute the contract for the supply and installation of 4 million energy meters under the Phase 1 of the NMMP scheme.

This was due to the unrealistic terms that arbitrarily fixed the contract prices extremely and far below the approved regulatory prices of energy meters in the country.

Additionally, the contractual term of payment after the supply and installation of the meters have not been adhered to, thereby jeopardizing the financial capabilities of our members that participated in the scheme.

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Algiers-Abuja direct flights begin April 6

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The Ministry of Foreign Affairs on Wednesday, announced the launch of Air Algérie’s inaugural direct flight service from Algiers to Abuja, set to begin on April 6, 2025.

This is said to strengthen the diplomatic and economic ties between Nigeria and Algeria.

According to a statement signed by the Acting Spokesperson for the Ministry, Kimiebi Ebienfa, the new route, which is the result of the Bilateral Air Services Agreement between the two countries, will be operated by the national carrier, Air Algérie, using a Boeing 737 aircraft.

This new service is expected to boost connectivity, encourage tourism, and facilitate trade and investment between Nigeria and Algeria.

“The Ministry of Foreign Affairs is pleased to announce the commencement of Air Algerie’s inaugural direct flight service from Algiers to Abuja, scheduled for 6th April 2025.

“This historic development marks a significant milestone in the growing diplomatic and economic relations between Nigeria and Algeria.

“It is pertinent to state that it is the implementation of the Bilateral Air Services Agreement between both countries, which culminated in this successful venture,” the statement read in part.

The inaugural flight is expected to carry the Charge d’Affaires of the Nigerian Embassy in Algiers, Nigerian community leaders, and representatives from the Algerian government.

The Federal Government has extended congratulations to Air Algérie and offered its full support to ensure the success of the new service.

With affordable fares and Algeria’s proximity to Europe, the flight also offers Nigerians a convenient gateway to Europe, enhancing Nigeria’s position as a regional hub for business, tourism, and transit.

The statement added, “The Federal Government of Nigeria, through the Ministry of Foreign Affairs and relevant aviation authorities, extends its warm congratulations to Air Algerie and assures all necessary support to ensure the success and sustainability of this new service.

“We believe this initiative will further strengthen the longstanding friendship between Nigeria and Algeria, while opening new opportunities for mutual growth.

“The affordable fare structure and the proximity of Algeria to Europe would also provide Nigerians with a convenient gateway to Europe, thereby enhancing Nigeria’s position as a regional hub for business, tourism, and transit.”

The ministry encouraged citizens and businesses to take advantage of this new connectivity to explore opportunities for trade, tourism and cultural exchanges between the two nations.

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FG borrows N13.21trn from World Bank in 20 months

The country’s debt profile has hit N142 trillion, according to data published by the Debt Management Office (DMO).

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The World Bank has approved over N13.21 trillion ($8billion) as loans for different developmental projects for President Bola Ahmed Tinubu-led federal government in the last 20 months,

Daily Trust analyses of the various loans indicated that they were targeted at several interventions in various sectors of the economy with three fresh loans amounting to $1.1 billion approved between Friday and yesterday.

The country’s debt profile has hit N142 trillion, according to data published by the Debt Management Office (DMO).

The 2025 budget of N54.99tn has a debt service component of N14.32tn and N13.64tn for recurrent expenditure.

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Women make up 15% of 288 new billionaires in 2025

One of the most striking trends among the newcomers is the high percentage of self-made billionaires.

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The newcomers come from 33 countries and territories, marking a significant rise from the 265 additions made in 2024.

Forbes’ 2025 World’s Billionaires list has welcomed a record 288 new billionaires, pushing the total number of billionaires to 3,028 globally.

This group, which includes entrepreneurs, investors, and heirs, is collectively valued at nearly $680 billion, averaging $2.4 billion per person.

The newcomers come from 33 countries and territories, marking a significant rise from the 265 additions made in 2024.

The United States remains the dominant force, contributing the most new billionaires with 103 additions this year.

Among the top names is Marilyn Simons, widow of quantitative hedge fund founder Jim Simons, whose net worth is estimated at $31 billion.

She stands alongside Lyndal Stephens Greth, the daughter of oil magnate Autry Stephens, who holds $25.8 billion following her father’s passing in 2024.Germany ranks second in terms of new entries, with 37 individuals joining the list, including Johannes von Baumbach. At 19 years old, he becomes the youngest new billionaire globally, with a fortune of $5.4 billion.

Along with von Baumbach, 14 other heirs to the Boehringer Ingelheim pharmaceutical empire also made their debut on the list.China and Hong Kong together contributed 32 new billionaires, with jeweller Xu Gaoming being one of the notable additions, valued at $8.2 billion. India saw 17 new billionaires, while Russia accounted for 15.

One of the most striking trends among the newcomers is the high percentage of self-made billionaires.

Of the 288 newcomers, 196 (approximately 70%) built their wealth from the ground up, rather than inheriting it.

The wealthiest self-made newcomer is Saudi Arabian entrepreneur Sulaiman Al Habib, whose fortune stands at $10.9 billion. Al Habib’s success is a notable achievement as Saudi Arabia has seen a resurgence of billionaires on the list for the first time since 2017.

Alexandr Wang, the 28-year-old co-founder and CEO of Scale AI, is the youngest self-made billionaire this year, valued at $2 billion.

(BusinessDay)

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