Economy
Government Vows To End Estimated Billing In Lagos
Government Vows To End Estimated Billing In Lagos
Government vows to end estimated billing In Lagos. The Lagos state government has promised to bring an end to estimated electricity billing to relieve residents suffering inflated electricity charges.
The government also promised to tackle other challenges plaguing the state’s energy sector.
Gov. Babajide Sanwo-Olu made the promise at the Lagos Commodities and Futures Exchange meeting held at the Muson Centre, Onikan, Lagos, on Friday.
The meeting had the theme: “Building a Competitive Electricity Marketplace: Strategies to Attract Investments and Boost Confidence in the Lagos Electricity Market Using the Capital Market”.
The governor was represented by his deputy, Dr Obafemi Hamzat.
Mr Sanwo-Olu re-affirmed his administration’s commitment to ensuring that Lagos would become a model for electricity market transformation in Africa.
He emphasised the importance of creating a competitive, reliable and investor-friendly electricity market.
According to him, the essence is to make sure that everybody has power and reduces the amount of money spent on generators.
“By so doing, the environment is clean. It is a win-win situation for all,” he said.
The governor said that, to achieve the goal, the state government was implementing policies to encourage private sector participation.
He added that the state would improve regulatory oversight and build investor confidence in the Lagos electricity market.
Mr Sanwo-Olu added that the government was committed to creating an enabling environment which would encourage investments in power infrastructure and renewable energy solutions.
The governor said that, with the Lagos State Electricity Law in place, the government was taking decisive steps to decentralise power generation in order to achieve transformation in the sector.
He added that such would boost private sector participation and foster a more dynamic and efficient energy marketplace.
“We will introduce new meters to eliminate estimated billing and provide accurate electricity charges.
“We will leverage the capital market to finance large-scale energy projects through instruments such as energy bonds, power purchase agreements, and electricity derivatives,” he said.
Mr Sanwo-Olu urged financial institutions, investors, policymakers and other stakeholders to work collaboratively in leveraging the capital market for energy sector growth.
He said: “By implementing these strategies, our aim is to build a competitive, reliable and sustainable electricity marketplace that serves the needs of the people and businesses.”
Earlier, Biodun Ogunleye, the state commissioner for energy and mineral resources, unveiled plans to revolutionise the state’s energy sector.
Mr Ogunleye said that the Clean Lagos Electricity Market initiative was designed to eradicate blackouts across the state.
Mr Ogunleye outlined a multi-step approach, including establishment of robust market institutions, to achieve the goal.
The commissioner noted the need to deploy cutting-edge tools, enhance value chain delivery capacity and attract new investments.
According to him, a key component of the strategy is construction of five energy hubs aimed at significantly boosting power capacity.
Mr Ogunleye emphasised the importance of collaboration among the government, the private sector, individuals and other stakeholders to ensure equitable power distribution across geographical areas and demographics.
“The state government is committed to ensuring that power capacity goes up drastically in the state as the government is building a total of five energy hubs.
“We, therefore, call on the private sector, individuals and other stakeholders to support the government in its bid to create and ensure that power supply is well-distributed irrespective of geographical areas,” he said.
Lagos
Emomotimi Agama, director-general, Securities and Exchange Commission (SEC), said the collaboration among capital market operators, government agencies and development finance institutions was crucial for unlocking the full potential of market-based financing for the power sector.
He was represented by the organisation’s executive commissioner, operations, Bola Ajomale.
He urged regulators, policymakers, investors, market operators and other stakeholders to deepen collaboration and leverage the capital market as a catalyst for transforming Nigeria’s electricity sector.
Mr Agama gave the assurance that SEC would continue to implement policies which would foster a stable and efficient market, ensuring that investors and issuers would operate in a well-regulated and secure environment.
Eid-el-Fitr: NRC Sets To Run Three Lagos–Ibadan Train Trips Monday
Eid-el-Fitr: NRC sets to run three Lagos–Ibadan train trips Monday. He assured passengers of NRC’s continued commitment to safe, reliable, and efficient rail services.
This was contained in a statement issued on Friday in Lagos by NRC chief public relations officer, Callistus Unyimadu.
He said the additional trip was in response to high passenger turnout during the Eid-el-Fitr travel period.
“The extra trip is aimed at easing passenger movement and providing more travel options for commuters returning after the Eid-el-Fitr celebrations.
“Under the schedule, departures from Lagos (Mobolaji Johnson Station, Ebute Metta) will be at 7.45 a.m., 1.40 p.m., and 4.00 p.m.
“From Ibadan (Obafemi Awolowo Station, Moniya), trains will depart at 8.00 a.m., 10.50 a.m., and 4.30 p.m.,” he said.
Mr Unyimadu assured passengers of NRC’s continued commitment to safe, reliable, and efficient rail services.
NRC Sets To Run Three Lagos–Ibadan Train Trips Monday
He advised travellers to arrive early, comply with ticketing and security procedures, and plan their journeys.
“The corporation appreciates the continued patronage of its services and wishes all passengers a safe and pleasant journey,” he added.
UBA, BII Sign Letter Of Intent To Explore Trade Finance Collaboration Across Africa
United Bank for Africa (UK) Limited (“UBA UK”) and British International Investment plc (“BII”), the UK’s development finance institution and impact investor, announced that they have signed a letter of intent to develop trade finance collaboration opportunities.
The proposed initiative aims to expand access to trade and working capital facilities for businesses operating across Africa.
Access to trade finance remains one of the most significant structural constraints on African trade. Businesses, particularly small and medium-sized enterprises, are frequently unable to secure letters of credit, guarantees, and supply chain finance on commercially viable terms, limiting their capacity to export and import competitively. This trade finance gap is estimated by the African Development Bank to be over USD 80 billion annually.
To help close this gap, UBA UK, the London subsidiary of UBA Group, Africa’s Global Bank, will leverage its deep relationships across the Group’s 20-country African network to originate and structure trade finance transactions. While BII, with a mandate to support productive, sustainable, and inclusive growth across Africa, can support transactions that might otherwise fall outside conventional commercial appetite.
“The signing of this letter with BII represents a landmark moment for UBA UK and for the UBA Group’s global ambitions. As the Group’s hub for Trade Operations, UBA UK is uniquely positioned to connect African businesses with the international financial system. Working alongside BII, we can extend that capability further — mobilising capital where it matters most and helping to close the trade finance gap that holds back so much African potential,” said Lok Mishra, Chief Executive Officer, UBA UK
“British International Investment is committed to catalysing private sector growth across Africa, and trade finance is a critical enabler of that growth. We welcome the opportunity to collaborate with UBA Group, whose pan-African network and deep institutional relationships can help advance our ambition to expand access to trade and working capital finance, particularly in frontier markets,” Chris Chijiuitomi, Managing Director and Head of Africa
The announcement builds on growing momentum around intra-African trade facilitated by the African Continental Free Trade Area (AfCFTA), which entered into force in 2021 and represents one of the world’s most significant trade integration initiatives. Both institutions have identified the operationalisation of AfCFTA as a priority catalyst for a trade finance facility, with UBA UK’s network across major AfCFTA economies offering a basis for supporting businesses navigating the emerging continental market.
This also complements the UK Government’s broader engagement with African economic development, including commitments made at the UK-Africa Investment Summit, and reinforces the City of London’s role as a leading international finance centre for Africa-focused capital mobilisation.
Future cooperation remains subject to further assessment, due diligence and the completion of internal approvals by both parties.
ABOUT UNITED BANK FOR AFRICA (UK) LIMITED
UBA UK is the London-based subsidiary of United Bank for Africa Plc, one of Africa’s leading financial institutions with operations across 20 African countries, the United Kingdom, the United States of America, France, and the United Arab Emirates. UBA UK serves as the Group’s hub for Trade Operations, providing a comprehensive suite of trade finance, treasury, and correspondent banking services to institutional and corporate clients worldwide.
UBA
ABOUT UNITED BANK FOR AFRICA GROUP
United Bank for Africa is one of the largest employers in the financial sector on the African continent, with 25,000 employees group-wide and serving over 45 million customers globally. Operating in twenty African countries, the United Kingdom, the United States of America, France and the United Arab Emirates, UBA provides retail, commercial and institutional banking services, leading financial inclusion and implementing cutting-edge technology.
ABOUT BRITISH INTERNATIONAL INVESTMENT
British International Investment is the UK’s development finance institution and impact investor. The organisation invests in businesses in developing countries to improve people’s lives and help protect the planet. BII’s work targets the underlying causes of poverty and the climate crisis, helping countries break free from aid dependency for good.
Between 2022-2026, at least 30 per cent of BII’s total new commitments by value will be in climate finance. BII is also a founding member of the 2X Challenge which has raised over $33.6 billion to empower women’s economic development.
The company has investments in over 1,600 businesses across 66 countries and total net assets of £9.87 billion. For more information, visit: www.bii.co.uk | watch here. Follow British International Investment on LinkedIn, Bluesky and X.
Eid-el-Fitr: President Tinubu Felicitates Muslims, Urges Renewed Unity, Patriotism
Eid-el-Fitr: President Tinubu felicitates Muslims, urges renewed unity, patriotism. Mr Tinubu called on Muslims to reflect on the spiritual lessons of Ramadan.
The president urged them to renew commitment to national unity, peaceful coexistence, and service to humanity as they celebrate the festival across the country on Friday.
This is contained in a statement issued by presidential spokesperson, Bayo Onanuga, on Thursday in Abuja.
Mr Tinubu called on Muslims to reflect on the spiritual lessons of Ramadan, noting that the holy month teaches discipline, sacrifice, compassion, and devotion to God and humanity.
He said: “We have a lot to draw from the noble lessons of Ramadan, especially at a time like this.
“We must continue to abide by the virtues of piety, selflessness, perseverance, kindness and compassion beyond this period.”
The president emphasised the need for Nigerians to remain united across religious and ethnic lines, stressing that national cohesion remains vital for sustainable peace and development.
He urged Muslims to extend acts of kindness and charity to the less privileged, irrespective of religious or ethnic background, in line with the enduring values of Islam.
Mr Tinubu noted that such gestures would strengthen social bonds, promote inclusiveness, and reinforce the spirit of brotherhood that defines the Nigerian society.
The president also called on religious leaders to use the occasion to offer prayers for peace, stability, and economic prosperity across the country.
Tinubu
He expressed optimism that with collective efforts, Nigeria would overcome its challenges and achieve lasting progress for the benefit of all citizens.
Mr Tinubu wished Muslims a joyous celebration, praying that the blessings of Ramadan would bring renewed hope, strength, and guidance to individuals, families, and the nation.
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