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NERC Hikes Electricity Tariff

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Sam Amadi, chairman of NERC,
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An amended ‘special’ Multi Year Tariff Order to be known as MYTO 2.1 officially took off Wednesday. Essentially, from yesterday, electricity tariff went up.

However, because service delivery has not improved significantly, the Nigerian Electricity Regulatory Commission (NERC) has announced that distribution companies will not increase tariff for R1 and R2 (residential) consumers for six months. Other categories of customers would, however, witness an increase in what they pay for electricity.

Sam Amadi, chairman of NERC, told some journalists in Abuja Wednesday that the increase is premised on the verified losses that the DISCOs were facing and the new price of gas, which took off this month.

Amadi said: “The implication of the increase in losses level is that the tariff will go up because the cost of distributing power will increase.

“Each of the distribution companies will, however, design a tariff on how to recover their revenue because what NERC has done is to insist that they will not increase tariff for R2 customers for six (6) months.”

He further explained: “Essentially from today (yesterday), the tariff should be up but what is happening now is that they are going to lose money for the next six months because of that caveat.

“We have taken a regulatory policy to say that they will not increase the tariff of residential consumers for the next six months until there is an improvement in service delivery and this is bitter for them because they will not recover that money for that six months but they have accepted it, finally, as a sacrifice they have to make.

“The bottom-line is that tariff should have increased for everybody from January 1, 2015 going by the increase in the cost of doing business; increase in gas price, new loss levels but because of the commitment that NERC has made to ensure that consumers are not exposed further to increased cost until there is some improvement, we have frozen the increment for six months for residential consumer but they will administer their tariff to other consumers but the residential consumers are given special consideration.”

He noted: “There has been an ongoing long-running review of the MYTO. Basically, the tariff is reviewed every six months in what we call minor review. The minor review however coincided with a special review which is based on the fact that when the new owners took over, there was an agreement that there will be a review of the ATC & C (Aggregate Technical, Commercial and Collection) losses, which is simply to say that the new owners bought their assets with an understanding with the BPE (Bureau for Public Enterprises) and which NERC recognised that when they come, they will have an opportunity to validate the losses level which the BPE projected and upon which they bought the assets.

“The implication is that when they did the review and together with NERC it will be verified and use the loss level to get for them a much more reflective tariff because tariff is based on many factors which one of them is loss.”

He added: “So, if we had projected that the loss level in the industry is 30 per cent, it means that 30 per cent of revenue in the industry will be lost but if suddenly it becomes 50 per cent, the implication is that we have underpriced the losses and therefore the tariff will be reviewed.

“When we were privatising, there was some lack of credibility with the data that was put forward and the agreement was that there was no need to argue and that when they come in, they conduct independent study of the loss levels and verify with NERC who will put it back through a special tariff review if the study is ascertained to be credible. That is why it a special review and not our normal six months review because this is based on one of the recognition of the agreement that they have to confirm that losses are as we projected. The commission has now accepted those losses level and it is now to put it into the tariff.

‘‘The new tariff that is announced is a review of the MYTO to factor the losses that are now different based on verification and studies, factor the new price of gas which has changed; basically, those are the two major components for now.

“We approved an amended MYTO tariff which means that issued a new tariff order that continues with the framework of the tariff but now shows that for the remaining of the five years period, the figures are now different but we have not factored some changes like exchange rates and inflation.”

NERC said, however, that the new tariff had an implication for take-off date for a disciplined electricity market by January 1, 2015.

A separate statement announcing the tariff in Abuja NERC explained that with the commencement of MYTO 2.1, the Commission would now progressively hold electricity distribution, transmission, generation companies as well as other market operators to the terms and conditions of their licences.

Amadi said: “It is expected that the take-off of MYTO 2.1 will bring about improved service delivery as distribution companies are now expected to implement their investment plans for metering and strengthen their networks in line with their bid documents.”


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First Trustees to Host 8th Islamic Estate Planning Clinic in Abuja

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First Trustees, a subsidiary of First HoldCo Plc., and a leading provider of trust solutions for individuals, corporates, and government institutions, is proud to announce its 8th Islamic Estate Planning Clinic, scheduled to take place on February 7, 2026, in Abuja, Nigeria.

This highly anticipated forum is designed to educate and empower participants on structuring Islamic wealth transfer in today’s evolving world. The Clinic will provide practical guidance on how to secure and preserve legacies in accordance with Islamic principles, ensuring that wealth is managed and passed on responsibly across generations.

The event is being hosted in partnership with The Metropolitan Law Firm and will feature an esteemed lineup of speakers, including: Professor Isah Ali Pantami, Former Minister of Communications and Digital Economy; Professor Adam Abubakar, ESQ, Professor of Islamic Banking and Finance, Yobe State University; Professor Dauda Abubakar, Founder and Director, Dawood Research Institute; HE Aisha Babangida, Chairperson, Better Life Program for the African Rural Woman; Ummahani Ahmad Amin, Managing Partner, Metropolitan Law Firm; Barrister Mohammed Yunusa, Partner at The Metropolitan Law Firm; Ismail Rufai, Managing Director/CEO, One17 Financial Services Limited; Mutiat Olatunji, Al-ameen Trustees Limited; and Rotimi Obende, Head, Private Trust, First Trustees Limited.

Together, these thought leaders will share insights on the importance of Estate Planning within Islamic law, highlighting strategies for safeguarding family wealth and ensuring continuity.

First Trustees remains committed to providing innovative trust solutions that help clients preserve their legacies while staying true to their values.


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Nigeria’s Data Privacy Economy Hits ₦16.2bn – NDPC Commissioner

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Nigeria’s data privacy ecosystem has generated an estimated ₦16.2 billion in less than two years, according to the National Commissioner of the Nigeria Data Protection Commission (NDPC), Dr Vincent Olatunji.

Nigeria’s Data Privacy Economy Hits ₦16.2bn - NDPC Commissioner

NDPC

Speaking during a virtual press conference at a capacity-building engagement held at the Marriott Hotel, Ikeja, Lagos, Olatunji said the figure reflects the growing importance of data protection in Nigeria’s digital economy.

He noted that the Commission’s initiatives have created jobs, boosted compliance, and strengthened trust in digital transactions.

Olatunji explained that Nigeria’s journey in data protection began in 2019 with the establishment of the NDPR framework, which later evolved into the NDPC.

Since then, the Commission has focused on building awareness, strengthening compliance, and creating a robust ecosystem that integrates technology, collaboration, and sustainability.

He highlighted Nigeria’s active role in the Network of African Data Protection Authorities (NARPA), stressing that the country has emerged as a continental leader in privacy regulation.

In December 2025, the NDPC won the Picasso Award as Africa’s most outstanding data protection authority, a recognition he said underscores Nigeria’s growing influence in the global privacy space.

Responding to questions from journalists, Olatunji assured that the Commission is committed to protecting the rights of data subjects, including the ability to correct or ratify personal details on government platforms.

He urged citizens to report violations to the NDPC for immediate intervention.

On concerns about international data transfers, particularly agreements involving Nigeria and foreign governments, Olatunji said the Commission would continue to monitor such arrangements to safeguard national interests and ensure compliance with data protection laws.

He concluded by stressing that data privacy is central to Nigeria’s future economy, calling for sustained investment in human capital, technology, and regulatory frameworks to build trust and confidence in the digital space.


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How Plot to Topple Tinubu was Uncovered, Foiled

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A covert intelligence operation coordinated by the Army Headquarters and the State Security Service (SSS) helped thwart a deadly plot to overthrow President Bola Tinubu’s government and assassinate key political figures, PREMIUM TIMES can authoritatively report.

How Plot to Topple Tinubu was Uncovered, Foiled

Multiple senior administration insiders said the plot began to unravel in late September 2025 after an unnamed military officer with direct knowledge of the coup contacted the Olufemi Oluyede, then Chief of Army Staff.

The officer reportedly disclosed the scheme, saying he feared being implicated as an accessory to treason if he failed to alert authorities.

Our sources said around the same time, the SSS independently gathered intelligence indicating that some serving army officers were plotting to “destabilise the government and undermine Nigeria’s democracy.” An official familiar with the matter said Oluwatosin Ajayi, director-general of the SSS, personally briefed Mr Oluyede on the findings.

Faced with converging intelligence from multiple sources, the two security chiefs agreed to act swiftly. A wide-ranging but discreet joint operation was launched by the army and the SSS, with coordinated arrests planned across different parts of the country to neutralise the coup’s masterminds and other collaborators.

On 30 September 2025, as President Tinubu travelled to Imo State for an official visit, unaware of the plot to depose and possibly assassinate him, the joint operation went into effect. The sweep led to the arrest of the alleged principal architects of the coup, alongside other military and civilian suspects.

Emmanuel Undiandeye, chief of Defence Intelligence (CDI), and the then Chief of Defence Staff, General Christopher Musa, were subsequently briefed.

Mr Undiandeye was then requested to detain the suspects in the underground holding facility of the Defence Intelligence Agency.

Following the initial arrests, President Tinubu was formally informed of the foiled plot. A visibly shaken president immediately ordered the cancellation of the 1 October National Independence Day parade. He also approved the constitution of a special investigative panel, which later led to additional arrests. The investigative panel was led by General Undiandeye.

One of the detained soldiers later escaped custody but was rearrested by SSS operatives in Bauchi, a military insider said.

Meanwhile, a retired officer identified as General Adamu and a former governor, Timipre Sylva, accused of bankrolling the coup plotters, remained at large.

Tinubu later fired and retired General Musa, then Chief of Defence Staff, as well as the chiefs of the navy and air force. My Oluyede was appointed CDS and promoted to the rank of General. Weeks later, Mr Musa returned to government as Minister of Defence.

In a statement issued on 4 October, the Defence Headquarters said the arrested officers were being investigated for “indiscipline and breach of service regulations.”

It added that preliminary findings suggested the officers’ grievances were linked to “career stagnation and failure in promotion examinations.”

Despite mounting evidence and a series of detailed reports by PREMIUM TIMES and other media outlets, the military repeatedly denied that a coup plot existed.

In an 18 October statement, the Defence Headquarters described the probe involving the 16 arrested officers as a routine internal investigation aimed at maintaining discipline and professionalism within the armed forces.

However, on 26 January, the military publicly acknowledged for the first time that officers had indeed plotted to illegally overthrow President Tinubu’s administration. It announced that those indicted would be arraigned before a military judicial panel.

According to the Defence Headquarters, the investigation was “comprehensive” and conducted in line with established procedures, examining “all circumstances surrounding the conduct of the affected personnel.”

It said the findings revealed “a number of officers with allegations of ‘plotting to overthrow the government,” describing such conduct as ‘inconsistent with the ethics, values and professional standards required of members of the Armed Forces of Nigeria.”

“Accordingly, those with cases to answer will be formally arraigned before an appropriate military judicial panel to face trial in accordance with the Armed Forces Act and other applicable service regulations,” the statement added.

In an earlier report, PREMIUM TIMES quoted sources with direct knowledge of the investigation as identifying top officials allegedly marked for assassination. They include President Tinubu, Vice President Kashim Shettima, Senate President Godswill Akpabio, and Speaker of the House of Representatives, Tajudeen Abbas.

“There are other people targeted,” one source said. “But those are the key targets.”

The plotters also planned to detain senior military officers, including the service chiefs. “They did not want to kill them,” the source added.

According to the sources, the conspirators intended to assassinate the political leaders simultaneously. “They were waiting for a day when all of them would be in the country,” one official said. “Wherever they were, they would be assassinated.”

The sources said the plotters relied on informants within the Presidential Villa and around the officials slated for elimination.

“They have people inside the Villa who monitor the movements of these officials,” the source said. “The plan was to kill them at the same time and install a military government.” (PREMIUM TIMES)


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