Great news for Band A customers as the Federal Government has decided to lower the electricity tariff for this category. Previously, the Nigerian Electricity Regulatory Commission (NERC) had announced a rate of N225/Kwh for customers receiving a minimum of 20 hours of daily supply. With the recent review, Band A customers will now pay N206.80/Kwh, providing some relief on their electricity bills. Notifying its customers, Ikeja Electric shared that the revised tariff for Band A feeders will be N206.80/kwh starting from May 6, 2024, ensuring a consistent power supply of 20-24 hours daily. It's important to note that the tariffs for Bands B, C, D, and E will remain unchanged, maintaining the existing rates for these categories.

Last week, the Nigerian Stock Exchange Limited experienced a positive turnaround, marking its first weekly gain since losing N3.54 trillion in April 2024. Data from NGX confirmed this development. After six weeks of bearish trading, the equity market saw a gain of N812 billion as investors sought better yields in alternative markets. This shift broke a bearish trend, particularly impacting the banking sector stocks, causing all recent entrants to the N1 trillion market capitalization club to lose their places as their market caps dwindled. The benchmark index rose by 1.46% to reach 99,587.25 points for the week, driven by positive sentiments towards high-value stocks and established blue-chip companies with solid fundamentals. Strong performance in the first quarter financial results b...