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

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.
Business
FG collected N6.9 billion mining fees across Nigeria in Q1 2025 – Dele Alake
Alake disclosed this via his official X page on Monday.

The Minister of Solid Minerals Development, Dr. Dele Alake, has announced that in Q1 2025, the federal government collected N6,957,826,200 in mining fees across Nigeria.
Alake disclosed this via his official X page on Monday.
“I am pleased to share some exciting developments in the mining sector; in the first quarter of this year, the Federal Government collected an impressive N6,957,826,200 in mining fees and registered 118 new private mineral buying centers,” he stated.
Source: Nairametrics.
Business
The Untapped Wealth in Inherited Family Lands: Turning Ancestral Property into Profitable Real Estate Investments in Nigeria by Dennis Isong

In Nigeria, we often hear things like: “That land in the village belongs to my grandfather.”
“Our family land has been there since I was a child.” “We just leave it there. Nobody touches it.
“What if I told you that the land you inherited from your father, grandfather, or even great-grandmother might just be sitting on gold — not literal gold, but real estate potential that could start making you money today?
Let’s break it down.
1. The Emotional vs Economic Value of Inherited Land
Many families in Nigeria attach deep emotional and cultural value to ancestral land.
It’s a symbol of roots, heritage, and continuity. But while emotions are valid, leaving valuable property to gather bush and termites does not honor the legacy — it stagnates it.
Ancestral land should not just be a memory bank; it should be a financial engine.
2. Common Myths That Keep Family Lands Idle
Let’s address the biggest myths: “It’s just bush, what can I do with it?” That bush is someone’s dream site for a school, farm, event center, or warehouse.
“We don’t want to sell our heritage.” Who says you must sell it? You can lease, rent, or build and still retain ownership.
“There’s a land dispute in the family.”
Then resolve it. Land conflict delays wealth. Engage a legal mediator and document ownership properly.
“It’s in the village, nobody will rent there.” These days, villages are turning into towns. Many urban workers are relocating to semi-rural areas because of cost and quiet.
People now work in the city and sleep in the village.
3. Real Possibilities:
What You Can Do With Inherited Land
Let’s talk about how to transform that “useless” land into profit:a) Agribusiness Lease
If you don’t have money to farm it yourself, lease the land to an agro-entrepreneur. Nigeria’s food needs are rising, and farmland is gold.b)
Event Center or Open Space Rental
Got family land with space? Flatten it, clear it, fence it, and start renting it out for weddings, parties, and church crusades.
Rural areas love open-air events.c)
Build Low-Cost Housing for Rent
Build a few 1-bedroom bungalows or mini-flats.
People are moving to outskirts like Ikorodu, Mowe, and Ifo. Affordable housing is in demand. d )
Warehouse or Storage Facilities
Urban traders need warehouse space in cheaper locations. Rural lands close to main roads are perfect for this.e)
Instead of leaving the land idle and arguing over it during Christmas family meetings, why not take charge and begin something that creates cash flow?
Partner with Developers
You bring the land, they bring the money. A good joint venture agreement can turn idle land into profit-yielding property while you still retain your rights.
4. Legal Steps You Must Not Ignore Before you do anything, please make sure of the following:
Proper Documentation: Make sure the land has a Deed of Assignment, survey plan, and preferably a Certificate of Occupancy or Governor’s Consent if within a government-acquired zone.
Family Agreement:
If it’s a family land, gather everyone and get a written agreement to avoid “wahala” later.
Registered Company (Optional): Consider registering a business to manage the land, especially if you’re building rentals or leasing. Get a Lawyer: Never cut corners.
A good property lawyer will save you stress, especially for joint ventures or leasing contracts.
5. True-Life Example: From Bush to Blessing.
Mr Tunde inherited a 2-acre land in Ilaro, Ogun State. For 10 years, it was just a yam farm.
In 2022, he cleared it, fenced it with blocks, built a borehole, and put plastic chairs under canopies. He started renting it out as an event ground. Today, every Owambe weekend earns him 100k-200k. All from “just family land.” Imagine that.
6. From Liability to Legacy
Family lands can move from being a burden to being a blessing.
Instead of leaving the land idle and arguing over it during Christmas family meetings, why not take charge and begin something that creates cash flow?
Think of it this way: Instead of telling your children, “This land belongs to your grandfather,”
You can say: “This property feeds our family today, and will feed yours tomorrow.”
7. Final Thoughts
It’s time to change our mindset. Not all real estate investment starts with buying new land. Sometimes, the land has already been given to you — free of charge.
The true investment is in your vision.Don’t wait till that land becomes an illegal dump site or is taken over by “omo onile” drama.
Begin today. Inspect it. Clear it. Value it. Use it. Your next real estate breakthrough might be hiding in your father’s backyard.
And if you ever need someone to help you inspect, plan, or connect you to builders, surveyors, or developers… you know who to call — Me, the real estate preacher with a sprinkle of bush-to-business miracles!
Business
CBN warns BDCs, banks to tighten compliance on anti-money laundering, counter-terrorism regulations

The Central Bank of Nigeria has warned licenced Bureau De Change Operators and financial institutions in the country against violating its anti-money laundering and counter-terrorism financing framework.
The apex bank issued this warning in a circular signed by its director of compliance department, Amonia Opusunju on Thursday.
CBN vowed to impose sanctions on BDC operators who failed to adhere to its regulatory framework.
“BDC operators are reminded that they are required to fully comply with the provisions of the Money Laundering (Prevention and Prohibition) Act, 2022; the Terrorism (Prevention and Prohibition) Act, 2022; and the Regulatory and Supervisory Guidelines for Bureau de Change Operators in Nigeria, 2024,” CBN said.
“Any other relevant laws, regulations, and guidelines issued by the CBN and Nigerian Financial Intelligence Unit (NFIU).
“All BDCs are advised to ensure that their operations, staff training, transaction monitoring, and customer onboarding procedures are always fully compliant with applicable requirements,” the apex bank said.
Similarly, CBN also urged all financial institutions in Nigeria to tighten compliance with both domestic and international sanction lists, including the United Nations Consolidated Sanctions List and the Nigerian Sanctions List, in line with the Terrorism (Prevention and Prohibition) Act 2022 and others.
“Financial institutions are required to maintain a robust and dynamic sanctions compliance framework that enables them to identify and respond promptly to updates or changes across all applicable sanctions lists; prevent the use of their systems and platforms for transactions involving designated individuals or entities; conduct real-time screening of customers, transactions, and beneficial owners; and file appropriate reports with the Nigerian Financial Intelligence Unit and notify the CBN, where necessary,” the circular partly reads.
Recall that on February 27, 2024, the financial regulator approved the sale of foreign exchange (FX) to BDC operators, reversing its decision to halt FX sales to the BDCs in 2021.
Meanwhile, on February 6, 2025, the apex bank introduced new regulations limiting BDC operators to purchasing a maximum of $25,000 per week from a single bank.
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