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Home Lead-In

NERC Stops Fixing Meter Prices For Discos Under MAP Scheme

by `
1 year ago
in Lead-In
Reading Time: 2 mins read
NERC

NERC

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The Nigerian Electricity Regulatory Commission (NERC) has deregulated meter prices under the Meter Asset Provider (MAP) Scheme for end-user customers, effective May 1, 2024.

By this, the Commission will no longer fix meter prices for distribution companies in the country.

NERC made this known in an order released and signed by the chairman and commissioner of legal, licensing & compliance, Sanusi Garba and Dafe Akpeneye, respectively.

Dated Monday, April 29, 2024, the new order will introduce a competitive bidding process, allowing customers to choose from a variety of authorised vendors, marking a shift from the previously regulated pricing structure.

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According to the Commission, this move is expected to foster transparency and reduce prices, as customers will have the freedom to select their preferred meter providers among those authorised under the scheme.

The deregulation lifts previous restrictions, allowing all MAP permit holders to provide services across all electricity Distribution Companies (DisCos) in Nigeria, provided they meet specific requirements.

This broader operational scope is anticipated to increase competition among MAPs, potentially leading to better services and innovations in metering solutions.

DisCos are required to integrate smart meters supplied by MAPs into their head-end systems and meter data management systems.

In addition, they are obligated to offer a publicly accessible online portal exhibiting the technical specifications and commercial terms for MAP participation.

This guarantees a uniform method for meter installation and operation across all platforms.

A comprehensive testing and validation procedure for new meters has been delineated, with DisCos mandated to finalise these assessments within 20 working days from when a MAP fulfils all stipulated criteria.

Any meters failing the validation test must be promptly reported to the MAP, including details regarding the failure points.

Also, the new deregulation introduces flexibility in the types of meters available under the MAP scheme.

DisCos can now offer basic electronic meters, IoT meters, DIN rail meters, and current limiters, depending on the customer’s energy consumption profile.

While deregulating meter prices, the NERC will oversee the submission of price offers from MAPs to ensure fair competition.

This includes a requirement for MAPs to hold a minimum stock of 2,000 units of meters as an eligibility criterion for participation in the bidding process.

According to the order, end-use customers now have the sole right to choose their preferred MAP and meter types, which align with their specific energy needs.

“In addition, stringent measures have been placed to ensure timely installation of meters, with penalties for MAPs that fail to meet installation deadlines,” the order said

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Providus Bank has acquired the 34% equity stake held by the Asset Management Corporation of Nigeria (AMCON) in Unity Bank Plc, marking a decisive step toward the long-anticipated merger between the two financial institutions. The deal, valued at about N6.5 billion, saw AMCON offload its decade-old holding in Unity Bank to Providus at a price of N3.18 per share, representing a 110per cent premium to the bank’s prevailing market value of N1.50 on the Nigerian Exchange. Industry analysts said the transaction signals a turning point for Unity Bank, which has faced prolonged struggles with weak capitalisation, rising non-performing loans, and declining market relevance. By transferring AMCON’s strategic stake, they noted, Providus has strengthened its hand as it pushes for regulatory approvals to consummate a full merger. AMCON acquired its Unity Bank stake during the 2011–2012 banking sector clean-up after the global financial crisis exposed balance sheet vulnerabilities across second-tier lenders. Its divestment, according to banking sources, underscores the corporation’s gradual exit from long-held equity positions as it focuses on recovering toxic assets and reducing its systemic footprint. “AMCON’s sale to Providus is significant not just for Unity Bank but for the entire financial system,” said a Lagos-based investment banker. “It shows the government is serious about cleaning up legacy interventions while paving the way for stronger private-sector-led banks.” Unity Bank shareholders are set to benefit from the deal’s pricing structure. At N3.18 per share, Providus’ offer more than doubles the bank’s trading value, giving investors a rare premium exit in a market where bank stocks often trade at steep discounts. For minority shareholders, the merger if approvedcould also unlock value by combining Providus’ niche strength in corporate banking and digital services with Unity Bank’s broader retail and SME base. Providus, one of Nigeria’s fastest-growing mid-tier lenders, is widely seen as using the Unity Bank deal to accelerate its ambition of achieving national bank status. By absorbing Unity’s branch network and customer base, the lender would scale its operations beyond its current limited licence, positioning itself to compete more aggressively with tier-one institutions. “The synergies are clear,” said a senior Unity Bank executive familiar with the talks. “Providus brings balance sheet strength and digital innovation, while Unity offers reach and brand equity, especially in northern Nigeria.” Following AMCON’s divestment, the proposed merger will be subject to approval from the Central Bank of Nigeria (CBN), the Securities and Exchange Commission (SEC), and Unity Bank shareholders. Both banks are expected to present a detailed merger scheme in the coming months, outlining share swap ratios, post-merger governance, and capital plans. Market watchers say regulatory scrutiny will focus on whether the combined entity meets CBN’s revised recapitalisation thresholds, which mandate higher minimum capital bases for Nigerian banks. The Providus–Unity transaction comes amid a wave of consolidation moves triggered by the CBN’s ongoing recapitalisation drive. Several lenders are exploring mergers, acquisitions, or fresh capital injections to meet compliance deadlines ahead of 2026. “This is the first big-ticket transaction of the recapitalisation era,” said a financial markets analyst. “It won’t be the last.”

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