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Electricity Consumers Seek Review of Power Sector Privatization

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Electricity consumers in some parts of the Federal Capital Territory (FCT), have called on the Federal Government to review the privatization of the power sector.

The consumers who spoke in Abuja on Sunday said that privatisation of the sector was a good initiative, but added that it had not yielded the desired result.

They said a comprehensive audit and review of the sector would form part of efforts to address the challenges in the industry.

Recall that privatisation of the sector in November 2013 was an initiative of the Federal Government to transfer ownership and management of power assets to private entities. The move was to improve efficiency, attract investments, and enhance electricity supply.

Eleven electricity Distribution Companies (DisCos) and six Generation Companies (GenCos) were established after privatising the sector. However, the sector’s transmission arm was retained by the Federal Government.

Tunde Omoregie, an Engineer residing in Kuje, said that since the privitasation of the sector in 2013, nothing seemed to be working.

He said power supply was constant when it was being handled by the Power Holding Company of Nigeria (PHCN).

Omoregie said after the sector was privatised, “it is now worse off, government should do something about the issue or scrap the process.’’

Irene Deji, also residing in Kuje said that the privatisation of the sector 13 years ago was to bring in private investments to ensure constant power supply.

Deji said that since the privatisation nothing had improved, adding that the power situation in the country had deteriorated.

”The government should revisit the privitasation of the sector.

”If it is not working, something should be done to reverse it as a lot of us are suffering. It is not easy to cope without constant electricity,” she said.

Angela Okorie, a Nurse, residing at Lugbe, said that the ultimate aim of allowing competition in the market at the time of privatisation has not been achieved.

Okorie said that in spite of the privatisation of the sector, the power situation had not improved.

”I am appealing to the Federal Government to review the privitasation of the power and find another way of ensuring stable electricity to Nigerians.

”We are really suffering because of the epileptic power supply being experienced in my area.

”It is not easy to stay without electricity for days,  so my appeal to the government and authorities concerned is to review the privitasation process and handle the sector itself, ” she said.

Amos Osuji also residing in Zone 6, Lugbe said that the sector was better off when it was being handled by the Federal Government.

According to him, privitasation of the sector has not improved electricity, instead people are just collecting money from consumers without providing them the services required.

”The Federal Government should look into the issue of privitasation and find a way of amending the clauses in order to provide steady electricity to Nigerians,” he said.

Samuel Odey, residing in Gwagwalada, said that the present arrangement in the sector was not working.

BUSINESS

PalmPay Marks IWD with Tech Training for Women

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PalmPay, a financial technology company, says it will bridge the gender gap in tech through a three-day digital finance and technology training programme for young Women.

This was part of activities to commemorate the International Women’s Day (IWD) 2026.

The company, in a statement on Tuesday in Lagos, said the initiative, tagged “Purple Woman 3.

0”, was designed to equip women with practical and job-ready skills needed to thrive in the digital economy.

PalmPay noted that the training, scheduled to hold from March 5 to March 7, would bring together 100 selected women aged between 18 and 30 through a competitive application process.

It explained that participants would undergo intensive, hands-on training in digital finance and technology, facilitated by industry experts, to enhance their employability and career prospects.

According to the company, the programme aligns with the theme of International Women’s Day 2026, which focuses on the need to empower women through access to skills and opportunities.

PalmPay, since its launch in 2024 and through the Purple Woman initiative, had trained 150 women in key areas such as Data Analysis, Software Engineering and Product Management.

It noted that outstanding participants in the 2026 edition would also have the opportunity to secure internship placements with the company for practical industry experience.

The firm reiterated its commitment to supporting women’s inclusion in technology through continuous capacity-building programmes.

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BUSINESS

Smart Cash Boosts Digital Banking Access with Zero-transaction-charge Service

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Smart Cash Payment Service Bank says it is removing transaction charges and paying competitive interest on savings to address the cost barriers that keep some Nigerians outside the formal financial system.

At the media launch of its zero-transaction-charge and daily interest payments on savings service in Lagos on Tuesday, the bank said the move is a practical step toward easing the financial pressure on low-income earners, traders and small business owners.

According to the bank, the service, tagged “No Be Cho Cho Cho”, signals a shift from promises to practical action under the regulatory framework of the Central Bank of Nigeria (CBN).

Its Managing Director, Ayotunde Kuponiyi, explained that millions of small traders and micro businesses still operate outside the banking system, often because of cost and trust concerns.

He said removing transaction fees was one way to lower the entry barrier and encourage wider participation in the digital economy.

Kuponiyi said, “For many small traders, those small charges matter. They may look insignificant, but over a month they reduce income. By removing them, we are saying your money should work for you, not against you.

“Financial inclusion is about real people; the woman selling in the market, the artisan, the small business owner. When they can save securely and move money freely, they grow their businesses and create jobs.

“This is not a short-term campaign. It is part of our long-term commitment to make digital banking accessible and affordable.”

He added that the bank’s savings product pays interest daily and does not penalise customers for frequent withdrawals, a feature he said was designed with informal earners in mind.

Ada Uba, Head of Legal and Company Secretary of Smart Cash, said the bank, a subsidiary of Airtel Nigeria, received its payment service banking licence in 2022 and had since focused on expanding access to simple and affordable financial services.

She said the new campaign was designed to help more Nigerians connect to formal banking without feeling burdened by routine charges.

Also, Head of Product and Partnerships, Oti Omaghomi, said the zero-charge policy applies to peer-to-peer transfers, transfers to other banks and bill payments.

He explained that customers could open accounts digitally using their National Identity Number or Bank Verification Number, in line with CBN regulations.

According to him, the bank leverages the nationwide network of its parent company to reach customers even in rural communities.

“We understand that access is not just about having an app. It is about coverage, reliability and simplicity. That is why we built the onboarding process to be straightforward and inclusive,” he said.

On trust and security, Omaghomi assured customers that transactions are monitored round the clock, with automatic reversals for failed transfers.

“Banking runs on trust. We have a 24-hour monitoring system and clear processes to resolve failed transactions quickly. Customers should feel confident that their funds are protected,” he said.

Also speaking, another official, Obianuju Onwidi, said users who buy Airtel airtime or data through the platform receive instant cashback, in addition to free transfers and savings interest.

“The goal is simple; remove the fear, remove the hidden charges, and give customers value. When people feel respected by their bank, they stay,” she said.

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BUSINESS

IWD: Ecobank Unveils ‘Ellevate’ to Promote Women Entrepreneurs’ Growth

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Ecobank Nigeria, has unveiled an enhanced version of its gender financing initiative, ”Ellevate” by Ecobank, as part of activities commemorating 2026 International Women’s Day (IWD).

A statement by the bank on Wednesday, said that the upgraded programme reinforced the bank’s long-term commitment to advancing women-led enterprises in Nigeria and across Ecobank’s pan-African footprint.

Originally inaugurated to improve access to finance for women-owned, women-led, and women-focused small and medium-sized enterprises (SMEs) within its commercial banking segment, the enhanced ”Ellevate” programme now adopts a broader, more inclusive structure.

The new framework extends across all business segments, positioning ”Ellevate” as a comprehensive ecosystem designed to address the structural financing and growth barriers faced by women entrepreneurs.

The Managing Director of Ecobank Nigeria, Bolaji Lawal, said the enhanced programme further strengthened the bank’s ambition to be the financial partner of choice for women entrepreneurs.

“Since its inauguration in Nigeria in July 2021, ‘Ellevate’ has delivered meaningful impact for SMEs and women-led businesses.

“This next phase deepens our value proposition and reinforces our resolve to remain the preferred financial partner for women entrepreneurs,” he said.

Lawal also said that the expanded structure offered improved access to credit on competitive terms, including more flexible collateral considerations aimed at easing traditional financing constraints.

He said beyond lending, the programme integrated digital payment, collections, and cash management solutions to enhance operational efficiency and support scalability.

He added that a core pillar of the enhancement was structured market access.

He explained that, through the bank’s ”MyTradeHub” online matchmaking platform and e-commerce enablement capabilities, women entrepreneurs would be better positioned for cross-border trade expansion and participation in Africa’s regional value chains.

According to him, the initiative also incorporates robust non-financial support mechanisms, including targeted training programmes, leadership development sessions, and knowledge-sharing platforms to strengthen managerial capacity and long-term sustainability.

”This is complemented by access to custom wealth management advisory services, integrated insurance solutions, and a loyalty framework offering commercial incentives through select retail and lifestyle partnerships.”

Lawal noted that the programme aligned with Ecobank’s broader ambition to drive inclusive growth by empowering women as critical contributors to economic development.

“African businesswomen deserve world-class banking solutions that drive turnover, profitability, and sustainable growth.

“Our approach goes beyond financial inclusion to building an enabling ecosystem that enhances competitiveness and long-term resilience,” he added.

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