By Sam Tochi
The Nigerian Electricity Regulatory Commission (NERC), has said Nigeria’s electricity distribution companies (DisCos) paid ₦385.44 billion into the electricity market in Q2 2026.
In its latest Operational and Commercial Performance Report, which provided an overview of key operational, commercial, metering and regulatory developments across the Nigerian Electricity Supply Industry (NESI), NERC revealed that the DisCos achieved an overall market remittance rate of 94%, covering payments towards invoices issued by the Nigerian Bulk Electricity Trading Plc (NBET) and the Market Operator (MO).
According to the report, grid-connected power plants recorded a plant load factor of 90% during the quarter, with an average hourly output of 4,022.40 MWh/h.
In terms of billing and collection, total energy billed stood at ₦744.67 billion, representing a billing efficiency of 79%, while total revenue collected amounted to ₦603.64 billion, indicating a collection efficiency of 81%.
The DisCos installed meters for an additional 350,270 customers during the period, raising the national metering rate to 62%.
In the area of regulatory oversight, the Commission issued 64 regulatory instruments during the quarter under the powers conferred on it by the Electricity Act 2023.
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Award contracts to local firms – Tinubu urges IOCs
By Sam Tochi
President Bola Tinubu has urged international oil companies (IOCs) operating in Nigeria to give competent Nigerian engineering and manufacturing firms greater opportunities to take part in major energy projects.
The President spoke on Thursday while receiving the Founder and Chairman of Lee Engineering Group, Leemon Ikpea, at the State House, Abuja.
Special Adviser to the President on Information and Strategy, Bayo Onanuga, revealed details of the engagement in a statement titled ‘President Tinubu Backs Nigerian Engineering as Local Firm Builds Compressor Stations to Unlock Escravos–Lagos Pipeline’s 2.3 Billion Cubic Feet Daily Gas Capacity.’
Lee Engineering is carrying out the engineering, procurement and construction of two midline compressor stations in Edo State.
Onanuga said the stations were needed to raise operating pressure on the Escravos–Lagos Pipeline System so that it could deliver at its full capacity of 2.3 billion standard cubic feet of gas a day.
The designed capacity of the pipeline was raised from 1.1 billion under the ELPS II expansion.
The statement said the project was expected to strengthen gas supply to power plants and industries along the corridor and increase supplies to neighbouring West African countries through the West African Gas Pipeline, creating opportunities for additional export revenue.
He stated, “President Tinubu said Nigeria First must translate into more contracts for capable Nigerian firms, greater use of locally manufactured equipment and more skilled jobs for Nigerians.”
He encouraged international oil companies to build stronger partnerships with indigenous engineering companies that have demonstrated the capacity to deliver complex projects.
“He also pointed to his administration’s 2024 executive orders and presidential directives on local content compliance, contracting costs, and approval timelines as measures to attract investment, cut delays, and expand opportunities for Nigerian businesses,” he stated.
Tinubu reaffirmed his determination to unlock Nigeria’s gas resources to power industries, improve electricity supply, create jobs and boost export earnings.
He said his Nigeria First policy must translate into more contracts for capable Nigerian firms, greater use of locally manufactured equipment and more skilled jobs for Nigerians.
Ikpea commended the policy and said Lee Engineering’s fabrication yard in Warri, Delta State, was making some components for the compressor stations.
He said the yard housed some of the most advanced fabrication equipment in the industry, noting that Nigerian companies had invested heavily in equipment, technology and skilled personnel and could now undertake complex projects previously handled by foreign contractors, keeping more jobs, expertise and economic value in the country.
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Cash outside banks rises by N48.7bn to N4.92trn in September — CBN
By Sam Tochi
The Central Bank of Nigeria (CBN) has said that the cash held outside Nigeria’s banking system rose by N48.7 billion to N4.92 trillion in September 2026.
According to latest CBN data, the figure increased from N4.87 trillion in August, reflecting a month-on-month rise of approximately 1%.
It was also higher than the N4.47 trillion recorded in September 2025, pointing to an increase in cash held outside banks over the past year, representing a year-on-year increase of about 10.3% from N4.47 trillion recorded in September 2025.
The development comes as the CBN pursues a strategy to expand digital payments, deepen financial inclusion and reduce reliance on physical cash.
Cash outside banks rose from N4.45 trillion in August 2025 to N4.47 trillion in September 2025 before increasing to N4.65 trillion in October.
The figure climbed to N5.41 trillion in December 2025 before declining to N5.25 trillion in January 2026.
It remained above N5 trillion in February, April and May 2026, reaching N5.19 trillion in May before falling to N4.92 trillion in June.
Cash held outside banks recovered to N4.80 trillion in July and N4.87 trillion in August before rising further in September.
Despite the latest monthly increase, the September figure remains below the levels recorded in the first five months of 2026, when cash outside banks exceeded N5 trillion in several months.