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NERC levied a N200-million ($0.468 million) fine against AEDC for incorrectly billing customers outside Band A – those exempt from the tariff increase – at the higher rates.
The surge in the company’s revenue led to a significant 74.9-percent jump in profit, reaching N30.23 billion ($23.15 million) at the end of 2023.
As his stake in UBA approaches $50 million, Elumelu’s influence and commitment to Africa’s economic prosperity remain undeniable.
Each recipient is set to receive a $5,000 non-refundable seed capital to kickstart their entrepreneurial endeavors.
Heirs Technologies is set to play a pivotal role in shaping Africa’s digital future. The launch signifies a crucial moment in the continent’s technological advancement.
The recent success of Heirs Energies is linked to strategic acquisitions.
Elumelu urged the government to facilitate the transfer of idle gas assets or fields to capable Nigerian investors, fostering gas-related investments and efficient electricity production.
The listing, scheduled for Mar. 4, aims to generate value for investors and signifies a pivotal move in the conglomerate’s commitment to creating value from its business units.
The pledge was reaffirmed at the fourth ECOWAS Mining and Petroleum Forum in Cotonou, Benin.
Elumelu’s influence extends beyond his roles at UBA, where he serves as chairman, and other entities like Transnational Corporation of Nigeria Plc and Heirs Holdings.
Beyond his ventures, Elumelu champions entrepreneurship. The Tony Elumelu Foundation empowers African entrepreneurs through seed capital, training, and mentorship.
Elumelu, through his investment firm HH Capital, holds a commanding 29.5-percent stake in Transcorp, owning 11,990,957,350 ordinary shares.
Elumelu acknowledges Heirs Energies’ team for industry leadership, applauds CEO for pioneering impact.
This achievement, following in the footsteps of Femi Otedola and Abdul Samad Rabiu, highlights the growing influence of Nigerian business leaders.
Tony Elumelu, with his 7.39-percent stake in UBA, equivalent to 2,527,372,285 shares, stands out as one of the Nigerian Exchange’s most affluent investors
The facility will enhance UBA’s capacity to finance crucial projects in Nigeria, with a focus on infrastructure, agriculture, and related value chains.