Business
FCCPC supports Lagos smart metering rollout, crackdown on estimated billing
The Federal Competition and Consumer Protection Commission (FCCPC) has backed recent moves by the Lagos State Electricity Regulatory Commission (LASERC) to curb estimated electricity billing and strengthen consumer protection within the state’s power sector.
In a statement issued on Tuesday, the FCCPC commended LASERC’s position in the 2025 Lagos Electricity Market Report supporting stricter enforcement against electricity supply without meters and the phased rollout of universal smart metering across Lagos State.
The Lagos electricity regulator is currently pursuing reforms aimed at improving billing transparency, service delivery and consumer protection in the state’s electricity market.
The measures include compulsory metering to be enforced in phases beginning from 2026, feeder-by-feeder deployment of smart meters, tighter oversight of electricity distribution companies, improved complaint resolution mechanisms and sanctions against non-compliant operators.
FCCPC Executive Vice Chairman and Chief Executive Officer, Tunji Bello, described the reforms as a significant step towards addressing one of the most persistent complaints among electricity consumers in Nigeria.
“Estimated billing remains one of the leading sources of consumer complaints within Nigeria’s power sector,” Mr Bello said.
He added that, “Measures that accelerate metering and improve billing transparency are important to consumer protection and overall market accountability.”
Estimated billing, where consumers are charged based on projected electricity usage rather than actual consumption recorded through prepaid or smart meters — has long generated disputes between electricity distribution companies and consumers across Nigeria.
Many households and businesses have repeatedly accused distribution companies of arbitrary billing, excessive charges and lack of accountability, especially in areas with poor electricity supply.
Mr Bello said consumers should not be subjected to unfair or unverifiable billing practices, particularly where electricity consumption cannot be accurately measured.
“Effective metering promotes fairness within the electricity market. It supports accurate billing, reduces disputes, improves accountability, and gives consumers greater confidence in the system,” he said.
The FCCPC also urged other state electricity regulators and subnational governments implementing electricity market reforms to adopt similar consumer-focused measures.
READ ALSO: Lagos Blue Line records 3.5 million passengers in one year as daily ridership hits 15,000
According to the commission, reforms around transparent metering systems, improved complaint resolution and stronger service standards are critical to rebuilding consumer trust and improving electricity service delivery nationwide.
The agency further called on electricity distribution companies and other operators within the power sector to cooperate fully with ongoing metering initiatives and service quality reforms introduced by regulators.
The FCCPC noted that findings contained in the LASERC report also highlighted persistent service delivery gaps, consumer complaint challenges and electricity supply issues affecting Lagos residents.
It said the findings underscored the need for stronger consumer safeguards, sustained infrastructure investment and improved operational accountability within the electricity sector.
The commission reaffirmed its commitment to supporting reforms aimed at improving transparency, accountability and consumer protection across Nigeria’s electricity market through continued engagement with regulators and other stakeholders.
BY NKECHI NAECHE-ESEZOBOR—Mutual Benefits Assurance Plc has disclosed an insider transaction involving one of its directors, Dr. Akinade Ogunbiyi, who sold more than 1.5 million shares in the insurance company in a deal valued at over ₦6.3 million.
The disclosure, signed by Jide Ibitayo, Company Secretary, filed with the Nigerian Exchange (NGX) and the investing public, showed that Ogunbiyi, a Non-Executive Director of the company, disposed of 1,507,309 ordinary shares of Mutual Benefits Assurance Plc between June 3 and June 9, 2026.
According to the notification, the shares were sold at prices ranging from ₦4.20 to ₦4.33 per share, placing the total value of the transaction at between ₦6.33 million and ₦6.53 million.
The transaction was reported as an initial notification of insider dealing in line with regulatory requirements that mandate directors and other insiders of listed companies to disclose transactions involving the securities of their companies.
Mutual Benefits Assurance identified the financial instrument involved in the transaction as its ordinary shares, traded on the Nigerian Exchange under the ticker symbol “MBENEFIT.”
Insider dealing notifications are a key component of market transparency and corporate governance, providing investors with information on share transactions undertaken by directors, executives, and other individuals with access to potentially price-sensitive information.
While insider transactions often attract investor attention, market analysts note that such dealings do not necessarily indicate changes in a company’s outlook, as they may be influenced by personal investment decisions, portfolio rebalancing, or other financial considerations.
The disclosed transaction took place in Lagos, Nigeria, and was executed over a seven-day period between June 3 and June 9, 2026.
Mutual Benefits Assurance Plc remains one of the companies listed on the Nigerian Exchange that regularly complies with insider dealing disclosure requirements, reinforcing transparency in the capital market.
The post Insider Dealing: Mutual Benefits Director, Ogunbiyi Sells Shares Worth Over ₦6.3 Million appeared first on Business Today NG.
The Federal Government has dismissed reports suggesting it plans to introduce new taxes on telecommunications services and petroleum products, saying the claims are false and misleading.
The Federal Ministry of Finance disclosed this on Wednesday in a statement signed by Maryann Duke, senior special assistant on communications and press secretary to the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele.
It said the reports, which linked the proposed taxes to the International Monetary Fund (IMF) Article IV Consultation on Nigeria, do not reflect its position.
According to the government, the recommendations contained in the IMF report are advisory and do not constitute policy decisions or binding actions for Nigeria.
“The Federal Government is not considering the introduction of any new taxes on telecommunications services or petroleum products,” the statement said.
Fuel tax rules remain unchanged.
The government also clarified that existing tax arrangements on petroleum products remain in place.
It said the Value Added Tax (VAT) waiver on fuel has not been removed and is still active.
It also explained that any fuel surcharge can only take effect through a ministerial order published in the Official Gazette, adding that no such action is being considered.
According to the statement, the current arrangements have helped cushion the impact of global fuel price changes on Nigerian households and businesses.
READ ALSO: NRS launches Rev360 to ease tax compliance
Telecoms excise duty
On telecommunications, the government said the excise duty introduced before 2023 has already been repealed under the new tax laws.
It added that the tax is, therefore, no longer in force.
The ministry urged Nigerians, media organisations and businesses to disregard claims about new telecoms and fuel taxes.
It said Nigeria’s tax policy remains focused on improving revenue collection, supporting economic growth, and attracting investment, rather than increasing the tax burden on citizens.
The ministry added that any future tax changes would be communicated through official channels and implemented strictly in line with due process.
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