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Business News

Only 1.6 million consumers are using prepaid meters in Nigeria

a total of 6,081,958.65 Mwh of electricity was consumed in Nigeria in Q2 2018.

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Prepaid Meters

The National Bureau of Statistics (NBS) has released the Power Sector Report for the second quarter of 2018. The report which shows energy generated, sent out, consumed and load allocation indicates that power stations in Nigeria generated a total average of 81,561Mwh of energy in Q2 2018.

According to the report, Nigerian daily energy generation during the period under review peaked at 98,573Mwh on April 18, 2018. Energy generation by Therma (otherwise known as gas) stations peaked at 77,010 Mwh on the same April 18, 2018. On the other hand, Nigerian hydro stations attained a peak of 22,858 MWh in Q2 2018 on June 28, 2018. Also, Nigeria’s lowest daily energy generation in Q2 2018 was 52,074 MWh of energy attained on June 9, 2018.

Meanwhile, the report also shows that the total number of Nigerian consumers with Prepaid Meters (PPM) in the second quarters of 2018 stood at 1.62 million. This shows an increase of 1.59% from 1.59 million customers in the previous quarter of Q1 2018.

Out of the 1.62 million prepaid-metered customers in Q2 2018, Benin Electricity Distribution Company (BEDC) accounted for the highest number of customers with 282,868, which is the same number of customers they also metered in Q1 2028. They are closely followed by Abuja Disco with 270,918 metered customers and Ibadan Disco with 254,261 in that order. The least total number of metered customers during the period under review was recorded by Yola Disco with a total of 37,329 customers.

The NBS report also revealed that a total of 6,081,958.65 Mwh of electricity was consumed in Nigeria in the second quarter of 2018. Leading the pack of the load participants was Ikeja Electric which consumed 859,531.24 Mwh of energy. Ibadan Disco, Abuja Disco, Eko Disco and Benin Disco followed in that order with 827,946.70, 823,137.70, 780,551.14 and 610,142.41 MWhs respectively.

In the same vein, the Multi-Year Tariff Order (MYTO) percentage load allocation in Q2 2018 shows that Ikeja Electric Disco got the highest percentage load allocation of 15%. Ibadan Disco came second with load allocation of 13%, while Abuja Disco is third with 11.5%. Eko Disco is next with a load allocation of 11%. Yola Disco with 3.5% has the least percentage load allocation of electricity in the second quarter of 2018.

Estimated Billing vs Prepaid-meter Billing

With just a total of 1.62 million estimated-meter consumers at the end of the quarter ending June 2018 and a quarter on quarter PPM increase of just 1.59% from the previous quarter of Q1 2018, it clearly shows that majority of Nigerian consumers are still without prepaid meters. The report equally shows that most of the Power Distribution Companies (DISCOs) are not ready to issue consumers with PPM, as most of them recorded a PPM increase of 0% in Q2 2018, which means no PPM was issued out to consumers during the period under review. Out of the 11 DISCOs operating in Nigeria, only 3 of them issued PPM to their consumers throughout the second quarter of 2018.

The government has recently been piling huge pressure on DISCOs to work towards ending the estimated billing system, which is subjective and prone to abuse. To this end, the Federal Government recently urged the DISCOs to access the Federal Government N37 billion fund under the Meter Asset Provider (MAP) in a bid to halt estimated billing system.

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Speaking recently, the Minister of Power, Works and Housing, Babatunde Fashola, said:

“Let me be clear that every DISCO is affected, and every DISCO needs to respond by providing meters quickly and seeking to end estimated billing, which is subjective, discretionary, and prone to abuse. I therefore, urge all DISCOs who have not taken benefit of this opportunity to quickly do so or make their own funding arrangements to contract their own meter providers to supply and install meters.”

The Challenges of DISCOs

Meanwhile, investors in the power sector recently lamented the poor state of power supply in Nigeria insisting that disaster awaits the nation’s electricity supply in the nearest future if certain conditions were not taken. The investors threatened to quit if their monies are not refunded the by Federal Government, claiming to have been sidelined on the issues affecting the power sector value chain in Nigeria.

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    Billionaire Watch

    Here is the exciting 2021 list of the richest football clubs in the world  

    Here’s Forbes 2021 list of the most valuable clubs in the world. 

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    Here Is The Exciting 2021 List Of The Richest Football Clubs In The World 

    Billionaires are fond of investing in sports franchises. This is because there is a lot of money in it and the income stream is pretty consistent. Authoritative wealth watch magazine, Forbes yesterday released its official list of the most valuable clubs in the world.

    It also gave a summary of the business side of the football world which we found quite interesting.

    Nairametrics did a thorough review of the list and highlighted the parts which we believe will resonate well with our readers. Let’s get to it!

    Top 10 richest clubs in 2021 by value 


    Tottenham (2.3bn)

    Tottenham hotspur comes in at the 10th position with a valuation of $2.3bn. The English club is owned by Joseph Lewis and Daniel Levy. They generated $494m last year.


    PSG (2.5bn)

    Paris St Germaine comes in at 9th position with a valuation of $2.5bn. The French league 1 giants generated more money than arsenal last year. They generated $599m. PSG is owned by an investment group, Qatar Sports Investments.


    Arsenal (2.8bn) 

    Arsenal football club, another London side club comes in at 8th position with a valuation of $2.8bn. The club is solely owned by Stan Kroenke, an American Businessman who invests in sports and media. Arsenal generated $430m in 2020 making it the 8th most valuable club.


    Chelsea (3.2bn)

    Chelsea football club comes in 7th on the list with a valuation of $3.2bn. The London side club has retained its longstanding owner Roman Abramovich, a Russian Oligarch. Chelsea generated $520m last year.


    Manchester City (4bn) 

    Manchester City, an English club with a long history of billionaire owners comes in at 6th position. The very successful English club generated total revenue of $609m last year. The club is valued at $4bn and is owned by Sheikh Mansour bin Zayed Al Nahyan.

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    Liverpool (4.1bn) 

    Liverpool comes in 5th at a $4.1bn valuation. The English club is the second wealthiest in England with a generated revenue of $619m. The club is owned by a joint partnership between Billionaire, John Henry and Tom Werner.


    Manchester United (4.2bn)

    Manchester United is the wealthiest English club on the list. The club is valued at $4.2bn, taking up the 4th position on the list. The club has been owned by a Jewish business family, the Glaziers for years. They are the largest shareholders and practically own the club. They generated $643m last year.


    Bayern Munchen (4.215bn)

    Bayern Munchen comes in at the third position with a value of $4.215bn. The German giants have bossed the German league for years. They generated $703m last year, coming in at the 3rd position.


    Real Madrid (4.75bn)

    Real Madrid Fc comes in at the second position. The football club which had previously dominated this list was edged out by bitter rivals, Barcelona. Real Madrid is valued at $4.75bn and the club is also owned by the club members. Real Madrid generated $729m, the same amount of revenue as Barcelona last year.


    FC Barcelona (4.76bn)

    Fc Barcelona is the most valuable football club in 2021 with a market value of $4.7bn. The club sits gallantly in the first position.

    Stanbic 728 x 90

    The Spanish giants generated a massive $792m in revenue last year and succeeded in holding on to their key player Lionel Messi. They also edged out Real Madrid and Man Utd who have dominated this list for 16 years. FC Barcelona is owned by the club supporters. It has no major shareholder or billionaire financier. The club has over 160,000 members forming its governing body.


     

    What you should know 

    • 6 of the 10 richest clubs in the world are owned by billionaires; the rest are owned by club members and an investment group.
    • In the last 16 years, the world’s richest football clubs list has been topped by only two clubs – Real Madrid and Manchester United.
    • Football clubs generate revenues through advertisements, sponsorship deals, jersey deals and ticket sales. These are the 4 major revenue streams of a football club.
    • The top 3 teams on the list – Fc Barcelona, Real Madrid and Bayern Munchen generated a combined revenue of $2.3bn in 2020.

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    Corporate Press Releases

    UBA Business Series to equip SMEs with Performance Management Strategies for Organisational Growth

    UBA has been assisting with essential tips to help businesses ensure that they stay afloat and remain thriving.

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    As part of its commitment to support the growth and sustainability of Micro, Small and Medium-scale Enterprises (MSME) in the continent, Pan African financial Institution, United Bank for Africa (UBA) Plc, is set to organise the next edition of its UBA Business Series.

    The UBA Business Series which is a monthly event, is an MSME Workshop as well as a capacity-building initiative of the bank where business leaders and professionals share well-researched insights on best practices for running successful businesses, especially in the face of the difficult operating environment that dominates the African business landscape.

    Through this initiative, UBA has been assisting with essential tips to help businesses re-examine their models and strategies and ensure that they stay afloat and remain thriving.

    The topic for the next edition of the series is ‘ Managing Performance for Business Growth,’ and it will be held on Wednesday, April 14, 2021, via Microsoft Teams. At this session, the Managing Director, Secure ID Limited, Mrs Kofo Akinkugbe, will be sharing useful tips and insights on the key strategies of performance management to boost business growth.

    Akinkugbe is the founder of SecureID Nigeria, a MasterCard, VISA and Verve certified Smartcard Personalization Bureau and Digital Technology company. She currently serves as the Managing Director/CEO, Secure Card Manufacturing, – a Smartcard manufacturing plant producing high-security identity cards and documents for the Banking, Telecoms and Public sectors across Africa and beyond.

    The capacity-building event is a virtual session which is open to all – including business owners and leaders – and will be held on Wednesday, April 14th, 2021, at 2pm WAT. Interested participants can register via http://bit.ly/UBASMEWorkshopMarch2021

    UBA’s Head, SME Banking, Sampson Aneke said of Akinkugbe, ‘with her vast experience garnered over the years from various sectors, she will help business owners understand how performance management strategies can be effectively implemented to ensure business growth’.

    He emphasised UBA’s commitment and deep passion for small businesses, which according to him, remains the engine of any developing economy adding, “We know small businesses are the backbone of the economy in every country. In many climes, businesses with fewer than 100 employees account for 98.2% of all businesses. This no doubt captures the importance of SMEs to a thriving economy which is why UBA is committed to seeing them flourish.”

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