Business
Ikeja Electric Apologises Over Ongoing Power Disruptions
Ikeja Electric apologises to customers over power disruptions, citing gas supply constraints and promising updates as the situation improves
Electricity distribution company Ikeja Electric has apologised to customers for ongoing power supply disruptions across parts of its network, attributing the interruptions to gas supply constraints affecting generation on the national grid.
Also read: Ikeja Electric Announces 8-week Power Outage From October 11
In a public notice issued on Friday, the company acknowledged the inconvenience to residents and businesses and assured customers that efforts are underway to address the challenge.
“We understand the inconvenience the current power supply challenges may be causing you, and we sincerely apologise for the disruption to your daily activities,” the statement read.
Ikeja Electric explained that the situation stems from reduced generation capacity on the National Grid, which has led to increased load shedding across several feeders within its network.
“The situation is due to gas supply constraints affecting power generation on the National Grid, which has led to increased load shedding across our feeders,” the company added.
The distribution company further assured customers that relevant stakeholders in the power sector are working to restore stability to the grid.
“Please be assured that relevant stakeholders are working tirelessly to address the generation shortfall and restore stability to the grid,” the notice said.
Ikeja Electric also confirmed that it is closely monitoring developments and will provide updates as improvements occur.
“We truly appreciate your patience, cooperation, and understanding during this period. Thank you for bearing with us,” the management added.
Also read: Lagos Electricity Market Gets Boost as New Firms Take Over Distribution
Nigerian Independent System Operator revealed electricity generation fell below the 4,000-megawatt threshold on Thursday, producing only 3,940.53 megawatts due to persistent gas supply shortages affecting thermal power plants nationwide.
Tinubu Niger Delta summit opens in Port Harcourt as investors and policymakers gather to drive investment, innovation and industrial growth
Dangote Petroleum Refinery has set its initial public offering price at ₦525 per share, with the company seeking to raise about ₦2.15 trillion as it prepares to enter Nigeria’s public equities market.
The Securities and Exchange Commission has approved the offer for 4.1 billion ordinary shares at ₦525 each. If fully subscribed, the offer would generate approximately ₦2.15 trillion, equivalent to about $1.6 billion at current exchange rates.
The offering is expected to open on 14 September 2026, according to Aliko Dangote, the president of Dangote Industries. The planned sale is positioned to become one of the largest equity offerings in Africa.
The IPO marks a significant step in Dangote Group’s plans to broaden ownership of the refinery and raise additional capital for expansion.
The refinery currently has a stated processing capacity of 650,000 barrels of crude oil per day. Dangote has said the company plans to increase that capacity to 1.4 million barrels per day as part of its longer-term expansion strategy.
The planned share sale follows a $1 billion underwriting programme completed in August, providing additional financial backing ahead of the public offering.
The refinery, located in the Lekki area of Lagos State, is one of Africa’s largest industrial projects and has become an increasingly important player in Nigeria’s fuel supply market since beginning operations.
The public offering will give Nigerian investors an opportunity to acquire shares in the refinery directly, while providing Dangote Petroleum Refinery with fresh capital to support its next phase of growth.
The company has also indicated ambitions to expand beyond its current Nigerian operations, with Dangote recently announcing plans for another refinery project in Kenya.
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