Business
We overshot our budget due to protracted power outage – Organisers
The Enugu Chamber of Commerce, Industry, Mines and Agriculture (ECCIMA) says it has overshot its budget for the 37th Enugu International Trade Fair due to the protracted power outage.
The Director-General of ECCIMA, Uche Mba, disclosed this in an interview with the News Agency of Nigeria (NAN) in Enugu, on Wednesday.
Mr Mba blamed the development on the chamber’s dependence on its diesel-powered generators throughout the duration of the fair.
According to him, operating on diesel increased the fair’s daily costs, especially with the two-day extension.
“We have recorded a lot of unanticipated costs, particularly buying diesel at the present exorbitant price.
“The huge expenses incurred in running our generating sets also ate deep into our general budget for the fair,” Mr Mbah said.
He blamed the situation on MainPower Electricity Distribution Limited’s failure to meet its assurances to provide regular power.
“It is unfortunate. We even visited the company to seek its cooperation to ensure they provide stable electricity during the fair,” he said.
Speaking on the poor power supply, the spokesman for MainPower, Emeka Ezeh, said the company was experiencing challenges with energy allocation, which he said had dropped significantly.
Mr Eze also said that the situation had lingered since late last year, adding that “it is not peculiar to MainPower DisCo, but all other distribution companies in the country.
He said, “We did not and cannot deprive ECCIMA of power during its crucial fair.
“Rather, we serve them and all our other customers based on the energy allocation we received from the national grid.
READ ALSO: Enugu Tech Festival aligns with Tinubu’s policy on innovation – Igbo-Eze South chairman
“Unfortunately, with what is currently going on in the power sector, MainPower cannot deliver a constant supply because the energy allocation it receives from the national grid is not sufficient to do so.”
Mr Eze reiterated the company’s commitment to supporting ECCIMA and all its programmes and initiatives, including the ongoing trade fair.
“However, it would only be fair that ECCIMA appreciates the current power supply challenge, which is experienced across the country,” he said.
NAN reports that the theme of the 10-day fair is “Empowering Micro, Small and Medium Enterprises for Global Competitiveness”.
The event, which kicked off on 21 March 21, is expected to end on 1 April, after a two-day extension.
Leading financial institution, Fidelity Bank Plc’s international subsidiary, FidBank UK Limited, has announced a commitment to support Nigerians – both individuals and corporations – in acquiring properties in the United Kingdom.
Fidbank UK, which provides a comprehensive suite of financial services, including trade finance, personal and business banking, treasury services, commercial lending, and private banking, is set to deliver tailored financial solutions for high-net-worth individuals (HNIs) seeking to invest in the UK real estate market through its FidBank Buy-to-Let product.
This announcement was made at an exclusive product showcase hosted by the British Deputy High Commissioner, Jonny Baxter, at his residence in Lagos on Tuesday.
The event was attended by a select audience comprising captains of industry and corporate leaders.
Highlighting the significance of the event, the Managing Director/Chief Executive Officer of FidBank UK Ltd, Johnson Enemadu, said: “This event is about showcasing to the market and our customers that there is something exciting in the market and we are able to take them along in this journey, supporting their businesses by bringing capital both in the financial institutions and corporate space and also for our high networth inidividuals. It is a total experience.
“Today’s event is also taking place against the backdrop of strengthened bilateral relations between Nigeria and the United Kingdom, highlighted by the recent state visit of the President of the Federal Republic of Nigeria to the UK. This renewed engagement between both countries continues to unlock new pathways for trade, investment, and financial collaboration; and FidBank UK is pleased to play a leading role in driving this.”
In his welcome remarks, the British Deputy High Commissioner in Lagos, Jonny Baxter said:
“The United Kingdom remains firmly committed to deepening its economic partnership with Nigeria, with a clear focus on driving inclusive, sustainable investment, trade and economic growth. London’s position as a leading global financial centre is central to this, supported by robust financial infrastructure that enables efficient trade flows and seamless cross-border transactions between our markets.
It is therefore encouraging to see institutions such as FidBank UK advancing financial service offerings that not only expand investment opportunities in the UK, but also strengthen the financial systems supporting growing commercial ties. We welcome and support efforts that continue to enhance liquidity, facilitate trade, and drive sustainable UK-Nigeria economic connections.”
READ ALSO: Fidelity Bank Plc appoints new non-executive director
The well-attended event also featured art exhibitions by two of Nigeria’s leading visual art talents -Femi Morakinyo and Oswald Chukwunyeremugo – who displayed their latest works to the admiration of the guests.
Also speaking at the event, the Governor of Lagos State, Babajide Sanwo-Olu, represented by the Honourable Commissioner for Finance, Abayomi Oluyomi, lauded the initiative as it aligned with the administration’s T.H.E.M.E.S. Agenda, saying:
“FidBank UK offers a private banking relationship grounded in regulatory rigour and institutional trust. This is not a catalogue of products, it is a comprehensive financial architecture built for people who live, work and invest across the Nigerian-UK corridor”.
Operating from the heart of the City of London since 1983, FidBank UK provides a comprehensive range of banking services to customers doing business from and into Nigeria and other West African countries, including trade finance, personal banking, business banking, treasury services, commercial lending and private banking.
The bank is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority and subscribe to the Financial Services Compensation Scheme.
BY NKECHI NAECHE-ESEZOBOR—When Dr. Aminu Maida took the helm at the Nigerian Communications Commission (NCC) in October 2023, he stepped into a challenging landscape marked by soaring operational costs and stubborn infrastructure gaps.
Yet, over the past few years, the commission has successfully turned these hurdles into stepping stones, steering Nigeria’s telecommunications sector toward a new era of steady growth and digital inclusion.
At the heart of the NCC’s recent success is a massive push to bring reliable phone and internet access to everyday Nigerians, especially those in rural and underserved communities.
By 2025, these deliberate efforts pushed the country’s internet broadband penetration rate to an impressive 48.81 percent, while teledensity—the percentage of the population with telephone connections—reached 79.65 percent.
Industry experts note that this rapid expansion didn’t happen by accident; it is the direct result of the regulatory stability and clear, reliable policy direction the NCC has established.Beyond simply expanding networks, the commission has taken aggressive steps to protect them.
In a major victory for the industry, the NCC actively championed a Presidential Executive Order that officially designates telecom facilities as Critical National Infrastructure.
This critical legal shield gives the government the teeth to fight back against the theft, vandalism, and sabotage that have long plagued network operators, disrupted daily services, and driven up business expenses.
Financially, the NCC has proven to be a vital engine for the nation’s economy. In the 2024 fiscal year alone, the commission generated roughly N195.8 billion through spectrum fees, operating licenses, and other regulatory revenues.
Proving its commitment to national development, the NCC sent more than N111 billion of those earnings straight into the Federal Government’s Consolidated Revenue Fund.
Looking toward the future, the NCC is also reshaping how technology businesses operate in Nigeria. The commission has introduced discussions for a fresh General Authorisation Framework alongside updated licensing systems. This modern approach is designed to cut through red tape for tech startups, welcome innovative business models, and make it much easier to deploy next-generation digital tools.
Ultimately, the NCC has managed a delicate balancing act. Even while navigating tough economic pressures like inflation and rising business expenses, the commission has successfully maintained investor confidence through open, transparent communication with network operators.
At the same time, it has kept its focus squarely on everyday citizens by strictly monitoring service quality and creating tools that help ordinary phone subscribers check network performance, ensuring that Nigeria’s digital future remains both strong and consumer-friendly.
The post From Hurdles to Growth: Inside the NCC’s Push for a Connected Nigeria appeared first on Business Today NG.
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