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Instablog9ja
27 m
15
Electricity Distribution Companies (DisCos) in Nigeria have announced revised prices for various electricity meter models, marking the second price hike in four months, Nairametrics reports.
According to the DisCos, the cost of a single-phase meter has risen from approximately N117,000 to as much as N149,800, depending on the distribution company and meter vendor. The new prices, scheduled to take effect on Tuesday, November 5, 2024, reflect the deregulation of Meter Asset Providers (MAP) as directed by the Nigerian Electricity Regulatory Commission (NERC).
This upward revision follows an earlier increase in August 2024, further amplifying concerns among electricity consumers about affordability and accessibility.
A check by Nairametrics revealed that meter prices vary across DisCos, influenced by vendors and meter models (single-phase and three-phase). Below are the new average meter prices, inclusive of VAT: Eko DisCo: Single Phase Meter: N135,987.5 – N161,0 03; Three Phase Meter: N226,600 – N266,600; Ibadan DisCo: Single Phase Meter: N130,998 – N142,5 54; Three Phase Meter: N226,556.25 – N232,008.04; Abuja DisCo: Single Phase Meter: N123,130.53 – N147,812.; Three Phase Meter: N206,345.65 – N236,500; Kano Electricity: Single Phase Meter: N127,925 – N129,999.75; Three Phase Meter: N223,793 – N235,425; Kaduna DisCo: Single Phase Meter: N131,150 — N142,548.94; Three Phase Meter: 220,375 — N232,008.04
In April, Nairametrics reported that the Nigerian Electricity Regulatory Commission (NERC) introduced a significant policy shift by announcing the deregulation of meter prices under the Meter Asset Provider (MAP) scheme for end-user customers. This move aims to address lingering issues surrounding meter supply and pricing transparency within the electricity sector.
According to NERC’s latest order, meter prices under the MAP scheme will now be determined through competitive bidding rather than being centrally regulated. This shift is expected to foster greater competition among meter providers, ultimately improving cost efficiency and service delivery for end-users.
Additionally, the deregulation removes earlier operational restrictions, allowing MAP permit holders to provide metering services across all Electricity Distribution Companies (DisCos) in Nigeria. However, MAPs must meet specific regulatory requirements to ensure compliance and maintain quality standards in service delivery.
Previously, NERC regulated meter prices, which were often subsidized across all DisCos to reduce costs for customers. While this model aimed to make metering affordable, it inadvertently stifled competition and limited transparency in the supply chain. As a result, DisCos and customers were unable to negotiate or explore better deals from meter vendors, contributing to inefficiencies in the system.
With deregulation now in place, NERC anticipates a more dynamic metering ecosystem where customers and DisCos can benefit from competitive pricing, improved service quality, and greater accountability among meter providers.
Novo Nordisk Stock Slips As Sales Grow Less Than Expected
After Rising In Premarket Trading, ...
Investopedia
27 m
15
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After rising in premarket trading, Novo Nordisk's (NVO) U.S.-listed shares fell after the market opened Wednesday as its third-quarter sales fell short of estimates despite continued growth form weight-loss drugs Ozempic and Wegovy.
The Danish drugmaker reported 71.31 billion Danish krone ($10.24 billion) in sales—a 21% jump from the same time last year—but still just below the DKK 72.17 billion ($10.36 billion) analysts had expected, according to estimates compiled by Visible Alpha. Despite the sales miss, Novo Nordisk's net income of DKK 27.3 billion came in higher than the DKK 26.66 billion analysts were expecting.
Sales of the company's obesity and diabetes drugs jumped 25% from the same time last year, while sales in North America surged 31% in the quarter. The company has faced questions from U.S. lawmakers about why its products are so much more expensive in the U.S. thanEuropean countries.
"The sales growth is driven by increasing demand for our GLP-1-based diabetes and obesity treatments, and we are serving more patients than ever before," Novo Nordisk CEO Lars Fruergaard Jørgensen said.
The company also narrowed its full-year guidance, projecting sales growth between 23% to 27%, with both the high and low end slightly narrower than the 22% to 28% projected growth previously. The same adjustment was made to operating profit projections, as Novo Nordisk now expects the metric to grow 21% to 27% year-over-year, compared to the previous range of20% to 28%.
Novo Nordisk's U.S.-traded shares were down 3% in morning trading Wednesday.
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Instablog9ja
1 h
13
The Chairman/CEO of the Nigerians in Diaspora Commission (NiDCOM) Abike Dabiri-Erewa, says Nigeria will not force the newly elected leader of UK’s Conservative Party, Kemi Badenoch, to identify with her Nigerian roots.
Dabiri-Erewa, whose office oversees activities of Nigerians in diaspora, disclosed that her office has reached out to Badenoch a few times and got no response. “It depends on if she identifies the Nigerianess in her. We have reached out to her once or twice without any response, so we don’t force people to accept to be Nigerian,” Dabiri-Erewa said on Channels Television’s The Morning Brief programme on Wednesday when asked if the government has identified with Badenoch. “If you appreciate the Nigerianess in you and you want to work with us, we are open to everybody, but we cannot force you to appreciate the Nigerianess in you. You remember the Miss Universe Nigeria in South Africa. “Until she got into a little problem with South Africa she identified with Nigeria, and she identified with Nigeria, came to Nigeria and we hosted her. As long as that blood is in you, you are a Nigerian.
“So, it depends on Kemi to decide whether appreciates the Nigerianess in her, whether she wants to work with Nigeria, but we cannot force anybody.”
The Conservatives on Saturday elected Badenoch as its new leader, replacing Rishi Sunak, who quit after the party’s disastrous showing in the July general election.
Badenoch, 44, came out on top in the two-horse race with former immigration minister Robert Jenrick, winning 57 percent of the votes of party members.
Badenoch, who becomes the first black leader of a UK-wide political party, said it was an “enormous honour” to assume the role, but that “the task that stands before us is tough.” “We have to be honest about the fact we made mistakes” and “let standards slip,” she said. “It is time to get down to business, it is time to renew,” she added.
Badenoch was born in London in 1980, but spent her childhood living in Lagos, Nigeria, and in the United States, where her mother lectured. She returned to the UK at the age of 16 to live with a friend of her mother’s due to the deteriorating political and economic situation in Nigeria, which had affected her family.
Instablog9ja
2 hrs
14
Singer Ruger has shaded you-know-who.
He said it’s not just about having hit songs, you can have a million hit songs and still be clueless on stage at a 200-capacity venue. This why he get much booking because he put his own being into it.
Investopedia
2 hrs
13
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Shares in Super Micro Computer (SMCI) tumbled in extended trading Tuesday after the troubled server maker provided preliminary fiscal first-quarter results that came in below Wall Street expectations and said it’s unable to predict when it will file its delayed 2024 annual report.
Tuesday’s updates follow a turbulent period for the company, which last week saw its shares plunge around 45% after its auditor, Big Four accounting firm EY, resigned. That move came as speculation continues to mount over corporate governance challenges facing Super Micro amid allegations of accounting abnormalities
Super Micro Computer shares fell 16% to $23.30 in after-hours trading Tuesday. The stock, once an up-and-coming artificial intelligence (AI) favorite that hit a high around $123 in March, was down slightly year-to-date through Tuesday's close.
Below, we take a closer look at the technicals on Super Micro Computer’s weekly chart and point out major price levels to watch out for.
After trading within a six-month falling wedge, Super Micro Computer shares broke down below the pattern late last month.
Importantly, the move occurred on the highest weekly volume since late August, suggesting strong selling conviction among larger market participants, such as institutional investors and hedge funds.
Despite an early-November bounce, the stock sits poised to test lower levels again on Wednesday following the company’s latest updates.
Let’s identify several crucial support levels and a key resistance area on Super Micro’s chart that investors may be watching.
Firstly, it’s worth keeping an eye on the $23 level. This key location on the chart finds a confluence of support near the 200-week moving average and a trendline linking the lower level of a period of consolidation in the stock between May and October last year.
A decisive breakdown below this level opens the door for a move down to around $12, where the shares could attract buying interest near a series of highs in March and April last year that formed as part of the stock’s impulsive move higher from January to July.
Further selling could see the stock revisit lower support near $10, an area around 64% below Tuesday’s closing price where buy-and-hold investors may seek entries around a range of comparable trading levels that formed on the chart between November 2022 and April last year.
Upon an upswing, investors should monitor the $30 area. Investors who have purchased the stock at lower levels may look to lock in profits near a trendline that connects the top of a prior trading range on the chart from August 2023 to early January this year.
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Instablog9ja
3 hrs
12
Fashion designer Yomi Makun has counseled Nigerians following Donald Trump’s victory in the 2024 U.S. election.
He said you should go and renew your visa before Donald Trump is sworn in as he president of America.
