•Lauds  Lagos on  industrial, digital transformation

By Emeka Anaeto

The Secretary-General of the African Continental Free Trade Area (AfCFTA),  Wamkele Mene, has disclosed that the continental trade bloc is on course to achieve an annual intra-African trade volume of $250 billion in the current year, up from $220 billion recorded in 2025.

This is even as he commended the Lagos State Government for positioning the city as a leading centre for Africa’s industrialisation and digital innovation.

Speaking at the just ended ‘Invest Lagos 3.0’ Conference Lagos Mene said the huge leap is reflecting growing implementation of the AfCFTA agreement across the continent.

He noted that, 50 African countries are currently implementing the agreement and that all the protocols underpinning the trade pact have been concluded, creating a stronger foundation for economic integration and regional commerce.

He stated: “Many African countries have lost market share in key international markets and face increasing trade barriers. We have to build a strong domestic market within Africa because our future growth lies here on the continent.

He stressed that, strengthening intra-African trade would help the continent become more resilient to future economic shocks.

He identified high trade finance costs, inadequate transport infrastructure, logistics bottlenecks and restrictions on the movement of people as some of the major barriers limiting trade growth across Africa.

He revealed that, transporting goods between Lagos and Abidjan, a distance of about 1,080 kilometres, can take up to 17 days due to multiple checkpoints and border-related challenges.

Mene also called for wider adoption of visa-free policies and visa-on-arrival arrangements for African business travellers, noting that, easier movement of entrepreneurs and investors would significantly boost trade and investment across the continent. Mene described Lagos as the continent’s leading fintech hub and a major driver of innovation.

He said Africa’s digital economy is projected to reach $712 billion by 2035, creating opportunities for entrepreneurs, farmers and businesses through digital payments, business connectivity and emerging technologies.

On manufacturing, Mene described the sector as central to Africa’s economic transformation, noting that, Lagos hosts one of the continent’s largest concentrations of industrialists.

Mene also praised Lagos for its strategic role in shaping Africa’s economic future, describing the city as a critical hub for investment, manufacturing, technology and innovation.

In his closing remark, the governor of Lagos State, Mr. Babajide Sanwo-Olu applauded the all the local and international investors, partners, sponsors, volunteer groups and well wishers of the State who are passionate  about the growth and development of Lagos.

He noted that, the State government is deliberate about its projects across critical sectors in Lagos, saying, those initiatives will define the next phase of Lagos.

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By Martha Godwin

Electricity Distribution Companies (DisCos) in Nigeria have been mandated to implement fresh technical, commercial and reporting obligations following the introduction of the Nigerian Electricity Regulatory Commission’s (NERC) Net Billing Regulations 2026.

The regulation is designed to deepen renewable energy integration and allow electricity consumers with solar power systems and other renewable energy installations to export excess electricity to the national grid.

Under the new framework, customers seeking to connect renewable energy systems under a net billing arrangement are required to submit applications to their respective distribution companies alongside specified technical and ownership documents.

These include proof of ownership or occupation of the premises, a certified single-line diagram of the proposed interconnection showing switching and protection systems, and technical specifications of the renewable energy installation.

For already existing systems, applicants are additionally required to provide generation history or performance data where available, previous approvals or registration documents, projected annual electricity generation capacity, details of energy storage systems, and a certified inspection report confirming safety and compliance with applicable standards.

The regulation places significant responsibilities on DisCos, particularly in evaluating and approving applications for grid interconnection.

Upon receiving a complete application, a DisCo is expected to conduct a technical feasibility assessment of its distribution network and communicate approval or rejection within 15 days.

According to NERC, this process is aimed at ensuring the safe integration of renewable energy systems without compromising the stability and reliability of the electricity network.

The regulations also make DisCos responsible for providing net meters after customers have paid the required connection charges.

The meters must be capable of measuring electricity imported from the grid as well as electricity exported to it.

NERC stated that approved meters must either be revenue-grade import/export meters or dual-register smart meters compliant with the national metering code and equipped with time-of-use functionality.

However, where time-of-use meters are unavailable during commissioning, distribution companies may temporarily deploy NEMSA-certified bidirectional meters, subject to prior approval by the commission.

In terms of billing and settlement, DisCos are now required to issue detailed monthly bills to prosumers — customers who both consume and generate electricity.

The bills must clearly indicate energy imported and exported in kilowatt-hours, applicable import and export tariffs, monthly charges and credits in naira, carried-forward credit balances, and the net payable amount for the billing cycle.

The regulation further mandates DisCos to maintain dedicated accounting ledgers for prosumer credits and reconcile such balances on a monthly basis.

In what appears to be one of the most far-reaching provisions, the new framework imposes extensive reporting obligations on distribution companies.

Under the regulation, DisCos must maintain accurate and updated registers of all approved net billing installations within their franchise areas, publish quarterly data on approved systems, and provide periodic reports on applications received, approved, rejected, or pending.

They are also expected to disclose network upgrade projects undertaken to support net billing integration across their operational areas.

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By Rosemary Iwunze

Shareholders of AIICO Insurance Plc has given the company approval to pay dividend of 12 kobo per share, amounting to N4.4 billion.

At the company’s annual general meeting in Lagos, the company also appointed  three professionals to the Board as Non-Executive Directors: which are Tunde Mabawonku, as a Non-Executive Director, bringing over two decades of experience across banking, finance, strategy, and corporate services, with a strong background in digital and retail financial services; Rolake Akinkugbe-Filani, also appointed as a Non-Executive Director, contributes deep expertise in capital markets, energy finance, and risk governance, with extensive experience operating across multi-jurisdictional environments, as well as Sadiq Mohammed joins as an Independent Non-Executive Director, with over three decades of leadership across asset management, pensions, infrastructure, and investment advisory, as well as significant boardroom experience.

In addition, Mr. Olalekan Akinyanmi was announced as the new Chairman of the Board, succeeding Mr. Kundan Sainani.

Commenting, the MD/CEO, Mr. Babatunde Fajemirokun, stated: “We are grateful to our shareholders and investors for their continued confidence and support. Their trust remains a strong validation of our strategic direction and the progress we are making as a business”.

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