Super Eagles head coach, Jose Peseiro says his players were not at their best in Sunday’s defeat to Cote d’Ivoire.

Peseiro’s side fell to a 2-1 defeat to the hosts in the final of the 2023 Africa Cup of Nations.

William Troost-Ekong gave Nigeria the lead with a header from a corner-kick in the 37th minute.

Cote d’Ivoire however fought back after the break with goals from Franck Kessie and Sebastien Haller.

Peseiro claimed after the game that his players failed to replicate their previous performance in the competition.

“My players did their best in this tournament, Cote d’Ivoire played better than us in this game. We didn’t show our level,” Peseiro said during his interaction with the media after the game.

“The performance on individual and collective level was not good enough for us.

“Cote d’Ivoire played better than us. They played really well. I wanted to win this trophy, my players wanted the trophy as well. It’s unfortunate we couldn’t do it.

“I’m sad, my players are sad too. The performance was not good enough but I can’t fault them. They gave their best in this tournament.

“These things happen in football. Sometimes things don’t go your way.”

Power distribution companies overbilled about 7.1 million unmetered electricity consumers between January and September 2023, an analysis of the latest monthly number of overbilled customers showed.

In the various Regulatory Interventions for Non-Compliance with the Order on Capping of Estimated Billing to Unmetered Customers, issued to the 11 Discos by the Nigerian Electricity Regulatory Commission, an agency of the Federal Government, it was established that the power distributors raked over N105bn as a result of over-billing.

Figures computed by our correspondent indicated that Yola Disco overbilled about 42,902 customers to the tune of N541.9m during the review period, while Abuja Disco overbilled 1,823,218 customers by N17.9bn.

Benin Disco overbilled 754,849 customers underestimated billing by N10.5bn, as Enugu Disco overbilled a total of 1,011,402 customers to the tune of N11.9bn during the nine-month period.

Eko Disco overbilled 371,828 customers under the estimated billing category between January and June 2023, as the months of July, August and September were not captured in the report released by NERC. It overbilled these customers to the tune of N14.13bn.

Ibadan Disco made N333.68m from the overbilling of 143,465 customers underestimated billing between January and September last year, while Jos Disco overbilled 1,264,537 customers to the tune of N13.3bn.

Ikeja Disco overbilled 934,438 customers by N20.9bn, as Kaduna raked in N1.14bn from the overbilling of 126,071 power users under its franchise area during the review period.

Kano Discos overbilled 71,120 customers by N196.97m during the nine month period, while Port Harcourt Disco overbilled 605,621 customers to the tune of N14.2bn between January and June, as the number of overbilled customers in July, August and September were not captured.

It was reported on Saturday that the power sector regulator declared that it would deduct N10,505,286,072 from the annual allowed revenues of the 11 power distribution companies during the next tariff review as part of sanctions over their non-compliance with the capping of estimated bills for unmetered customers.

NERC stressed that the billing of unmetered customers by the power firms in their various franchise areas for 2023 revealed non-compliance with the monthly energy caps issued by the commission.

The regulator often issues orders stipulating the maximum amount that any unmetered customer is meant to pay to the distribution company that provides him or her electricity services.

The amount is continued until the customer is metered by the distribution company, according to NERC’s order to the power firms.

In its order, as reported on Saturday, the regulator said, “The public may recall that in 2020, the commission issued the order on Capping of Estimated Bills (Order No: NERC/197/2020) and subsequently issued monthly energy caps which aimed to align the estimated bills for unmetered customers with the measured consumption of metered customers on the same supply feeder.

“A review of the electricity distribution companies’ billing of unmetered customers for 2023 has revealed non-compliance with the monthly energy caps issued by the commission.”

In response to this and in a bid to safeguard unmetered customers from arbitrary billing by Discos, the commission stated that pursuant to Section 34(1)(d) of the Electricity Act 2023, it had issued the order on Non-Compliance with Capping of Estimated Bills (Order No: NERC/2024/004-01 4).

It said the order stipulates the following: “i. Credit adjustment to customers: Discos are to issue credit adjustments to all over-billed unmetered customers for the period January to September 2023 by the March 2024 billing cycle.

“ii. Public notice: Discos have been directed to publish the list of credit adjustment beneficiaries in two national dailies and on their website no later than March 31, 2024.

“iii, Regulatory sanctions: The commission shall deduct a sum of N10,505,286,072 from the annual allowed revenues of the 11 Discos during the next tariff review, to deter future non-compliance with the energy caps approved by the commission.”

Electricity consumers nationwide have continued to lodge complaints against excessive estimated bills by power distribution companies in Nigeria.

The PUNCH, for instance, exclusively reported on December 31, 2023, that power consumers lodged a total of 333,947 complaints bordering on metering, billing and service interruption to their various distribution companies within a period of three months.

According to the report, this was disclosed in the 2023 third quarter report of NERC, stating that the complaints were lodged in the months of July, August and September 2023.

The report stated that the customer complaints in the third quarter was higher than what was recorded in the preceding quarter by 8,049 cases.

It quoted the NERC report as saying that “the total number of complaints received across all Discos (distribution companies) in 2023/Q3 was 333,947; Ibadan Disco received the highest number of complaints (59,901), representing 17.93 percent of the total complaints received. Abuja Disco received the least number of complaints (1,919), representing 0.57 percent of the total complaints received.

“Compared to 2023/Q2, the number of complaints received, number of cases resolved, and average resolution rate changed by +2.47 percent (333,947 in 2023/Q3 vs. 325,898 in 2023/Q2), +1.19 percent (317,179 in 2023/Q3 vs. 313,442 in 2023/Q2), and -1.2 per cent (94.98 in 2023/Q3 vs. 96.18 in 2023/Q2) respectively.

“Benin (-47.85 percent), Jos (-26.21 percent) and Ikeja (-1.84 percent) Discos recorded decreases in the number of customer complaints received compared to 2023/Q2.

“Conversely, eight Discos recorded increases in the number of customer complaints with significant increases being recorded by Yola (+43.28 percent), Kano (+17.46 percent) and Port Harcourt (+16.05 percent).”

On the type of complaints, the report stated that “the most frequently reported issues among the 333,947 complaints received by Discos in 2023/Q3 were metering (57.31 percent), billing (12.88 per cent), and service interruption (8.07 percent).

“These three complaints categories cumulatively accounted for over 78 percent of the total complaints in the quarter. Out of the 333,947 complaints received in 2023/Q3, 317,179 were resolved, translating to a resolution rate of 94.98 percent.”

Meanwhile, the commission has reaffirmed its commitment to regulatory compliance and consumer protection within the Nigerian Electricity Supply Industry.

Consumers expressed optimism that the power sector regulator would ensure the enforcement of this latest sanction on Discos, with the hope that it would deter the power firms from overbilling electricity users on estimated billing.

Former Peoples Democratic Party, PDP, presidential candidate, Atiku Abubakar, has lamented over the defeat of the Super Eagles of Nigeria to the Elephants of Cote d’Ivoire.

Atiku said the Super Eagles’ defeat was not the result Nigerians expected.

DAILY POST reports that the Ivorian team defeated their Nigerian counterparts 2-1.

However, Atiku posted on X: “Not the result we all expected. Nonetheless, we remain #SuperEagles. Still proud of you guys. Well done, @NGSuperEagles. -AA”

On his part, former Kaduna Central Senator, Shehu Sani congratulated the Ivorian team.

He posted: “In the spirit of Sportsmanship,Congratulations to Ivory Coast and to the Super Eagles. We are proud of their performance. #AFCON2023.

Herbert, my brother, my friend and my adviser. 

Herbert, the king of visionary and disruptive ideas.

I'm deeply saddened by the tragic loss of my dear brother and friend, Dr. Herbert Wigwe, his dear wife Doreen, and their beloved son Chizi in a helicopter crash. 

Herbert was not just a brother and visionary leader but one of the brightest minds in Africa. His impact on our nation and beyond will be remembered forever. My heart mourns.

Herbert’s contributions to Banking and the financial sector in Africa were unparalleled. He was an unapologetic believer in the Nigerian solution. His dedication and passion for progress inspired us all. Today, we mourn not just a leader but a true friend and brother. Lagos and Nigeria have lost a remarkable soul. Rest in peace, my brother.

We also lost another great business leader and legal luminary, my egbon Abimbola Ogunbanjo, former Group Chairman of Nigerian Exchange Group Plc, who contributed significantly to the development of the Capital Markets and Corporate law in Nigeria. May his soul rest in peace. 

In this difficult time, our thoughts are with the families of all the victims, and we pray for strength and grace.

Babajide Sanwo-Olu

Lagos State Governor

President Bola Tinubu salutes the Super Eagles of Nigeria for their tenacious performance in the final of the 2024 Africa Cup of Nations (AFCON) in Côte d'Ivoire.

President Tinubu commends the team, the coach, the crew, and the entire management team for their hard work, assiduity, and sacrifice to come this far in the tournament, acknowledging the hurdles they consistently surpassed with steadily improving performance as they pulled through to the finals.

The President urges Nigerians to be of good cheer, emphasizing that we won a great victory in the hearts of Africa and the world by our grit, rigour, and determination in the field of play.

"Let this passing event not dispirit us, but bring us together to work harder. We are a great nation bound as one by the green-white-green banner of resilience, joy, hope, duty, and untiring love. To those cherished Nigerian youths expressing their gifts in communities, drawing lines in the sand as they play football in their humble rectangles of play, you can be our heroes tomorrow, do not relent in your pursuit. My administration is here to make dreams come true," the President says.

Chief Ajuri Ngelale

Special Adviser to the President

(Media & Publicity)

Nigeria’s wait for their fourth Africa Cup of Nations title continues after they lost 2-1 to Ivory Coast in this year’s final.

At the end of the first half, it appeared the Super Eagles would have lifted the trophy again, after William Troost-Ekong’s goal.

The captain rose highest to head in a corner kick and give Nigeria the lead.

But second half goals from Franck Kessie and Sebastien Haller saw the Elephants win the title on home soil.

So what went wrong?

1. Peseiro got his tactics wrong: Credit to Jose Peseiro. After the 1-1 draw with Equatorial Guinea in the opening group fixture, he switched to a 3-4-3 tactical system that saw Nigeria go all the way to the final. However, from the semi-final against South Africa, the cracks in that setup began to show. And against the hosts, the Portuguese needed to switch it up again, possibly return to a back four.

2. Too many poor performances: From back to front, there were a few poor displays from Nigerian players. Calvin Bassey was shaky. Zaidu Sanusi returned to the starting XI, but remained unreliable. Ola Aina chose to have his worst game in the final. Alex Iwobi was merely a passenger on the pitch, while Samuel Chukwueze had no business starting the game.

3. Weight of history: The Super Eagles have never defeated a host country in an AFCON final. And from the moment Ivory Coast snuck into the knockout stages as the last team to qualify, it felt ominous. There was a call of destiny they had to answer. It was crowned by Sebastien Haller getting the winner. Almost two years ago, he was diagnosed with cancer. On Sunday, he was helping his country make history.

4. Poor officiating: For most of the tournament, fans and pundits hailed the use of Video Assistant Referees (VAR), urging the top European leagues to learn a thing or two. But officiating for the final was an eyesore. The referee seemed jittery and overwhelmed. Most of the 50-50 calls went the way of the hosts. Kessie, who equalized for the hosts, could have easily seen red after elbowing Sanusi.

The Nigerian Presidency has congratulated the Elephants of Cote d’Ivoire for their victory over the Super Eagles.

President Bola Tinubu’s spokesman, Bayo Onanuga, said the Ivorian team equalled Nigeria as three time winners of AFCON.

Posting on X, Onanuga also congratulated the Super Eagles for emerging second.

According to Onanuga: “Congratulations Elephants of Cote D’Ivoire for being TotalEnergiesAFCON2023 champions, equaling Nigeria as three time winners.

“Congratulations the Super Eagles of Nigeria for picking the silver. There will always be another time for victory song. Today was not just the Super Eagles day.”

The Super Eagles lost 2-1 to their Ivorian counterparts.

Former Central Bank of Nigeria (CBN) governor, Mohammed Sanusi, has said rather than blaming President Bola Tinubu for the present hardship in the country, accusatory fingers should be pointed at his immediate predecessor, Muhammadu Buhari, over the way he handled the economy.

The former emir of Kano, who spoke virtually on Sunday at a religious event in Abuja, maintained that the immediate past administration failed to properly manage its economic policies.

According to him, Buhari turned a deaf ear to reasonable advice on how to take Nigeria out of its economic woes.

He said he would, therefore, not be able to meet the expectations of a section of Nigerians who wanted him to criticize President Tinubu over the current economic difficulties in the country.

The former royal father stated: “I have been, over the years, talking about the pending crisis ahead of the current economic hardship. Any economist who has studied monetary policy in the last eight years knows that Nigerians will fall into this difficult situation.

“The difficult situation Nigerians are facing is just the beginning (if the right decision is not put in place) because Nigeria is not exceptional; such situations happened in Germany, Zimbabwe, Uganda, and Venezuela.

“The previous administration turned adamant about our appeal for corrective measures (on the economic policy). I have said in the presence of the now sitting president in Kaduna state, any politician who tells you that things will be easy, don’t vote for him because he is lying. People merely dismissed my advisory as a political statement.

“If I am to be fair and just to President Bola Tinubu, he is not to blame for the current hardship; for eight years, we were living a fake lifestyle with huge debt from foreign and domestic debts. The Central Bank of Nigeria owes over N30 trillion, which resulted in debt service surpassing 100 per cent.

“I can’t join other Nigerians criticising Tinubu on the current economic hardship, and I am not saying he is a saint free from wrongdoing, but in this current economic situation, President Tinubu is not to be blamed. I will also speak if I see any wrong economic policy of the Tinubu administration in the future

“It’s injustice for anyone to blame the Tinubu administration for the current economic hardship because there is no other alternative than the removal of the fuel subsidy. After all, Nigeria cannot even afford to pay the subsidy. In the last eight years, the Central Bank continued to print more money, and the Naira continued to depreciate. There is too much naira in circulation because the CBN is printing the currency without restraint.

“The economy was poorly managed, and they are not willing to take advice; in the last eight years, apart from sycophancy, nothing has been done; those sycophants are those buying the dollar at the rate of N400 and selling it at the rate of N600 to N700.

“A boy who has no record of service has a private jet and owns houses in Dubai and England just because he is buying dollars at so a rate and selling them.

“I can only plead with the people to endure the hardship, and those who have the means to help the downtrodden should do so.

“I am also pleading with commoners to live according to their earnings; we must not peg our lives above our earnings in this difficult situation where people are looking for what to eat.

The International Monetary Fund has said stalled per-capita growth, poverty and high food insecurity have exacerbated the ongoing cost-of-living crisis in Nigeria.

The report came amid rising inflation, exchange crisis, weak economic growth and business shutdowns.

The global lender said this in a new report titled ‘IMF Executive Board Concludes Post Financing Assessment with Nigeria.’

According to the report, low revenue collection has hampered the provision of services and public investment.

It noted that headline inflation reached 27 percent year-on-year in October (food inflation 32 per cent), reflecting the effects of fuel subsidy removal, exchange rate depreciation, and poor agricultural production in the country.

The report read in part, “Nigeria faces a difficult external environment and wide-ranging domestic challenges. External financing (market and official) is scarce, and global food prices have surged, reflecting the repercussions of conflict and geo-economic fragmentation.

“Per-capita growth in Nigeria has stalled, poverty and food insecurity are high, exacerbating the cost-of-living crisis. Low reserves and very limited fiscal space constrain the authorities’ option space. Against this backdrop, the authorities’ focus on restoring macroeconomic stability and creating conditions for sustained, high and inclusive growth is appropriate.”

Amid Nigeria’s current economic difficulties, the report noted that on January 12, 2024, the Executive Board of the International Monetary Fund concluded the Post Financing Assessment and endorsed the Staff Appraisal on a lapse-of-time basis. It added that Nigeria’s capacity to repay the IMF is adequate.

The IMF also expressed optimism that the new administration had made a strong start, tackling deep-rooted structural issues in challenging circumstances.

Immediately, it adopted two policy reforms that its predecessors had shied away-namely fuel subsidy removal and the unification of the official exchange rates.

It added, “The new CBN team has made price stability its core mandate and demonstrated this resolve by dropping its previous role in development finance. On the fiscal side, the authorities are developing an ambitious domestic revenue mobilisation agenda.”

According to data from the Debt Management Office, Nigeria currently owes the IMF the sum of $2.8bn. The Federal Government, in its 2024 budget plans to spend about N8.2tn on debt servicing.

Professional services firm, PricewaterhouseCoopers in a new report, warned that Nigeria’s rising debt service cost might affect the country’s debt servicing ability, credit rating outlook and borrowing cost.

PwC said debt service could rise from N8.25tn in 2024 to N9.3tn in 2025 and further to N11.1tn in 2026.

“With a high debt servicing to revenue ratio, the government aims to increase domestic debt in 2024 to meet its deficit funding requirements,” the report read in part.