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  • MOJEC: Nigeria First Policy signals, economic advancement

    MOJEC: Nigeria First Policy signals, economic advancement

    The Chairman of MOJEC, Mrs. Mojisola Abdul, has described the “Nigeria First” policy of the federal government as a bold and visionary step that signals a new dawn for the country’s industrial and economic advancement.

    Speaking on the landmark policy, Abdul, who hailed President Bola Tinubu for the policy, said it is a strategic and transformative initiative that will unlock the vast potential of Nigerian industries.

    “It is a critical step towards achieving national industrial rebirth and economic independence. As a proudly indigenous metering and energy solutions provider, MOJEC International !wholeheartedly commends this policy and stands ready to support its successful implementation,” she said.

    She noted that the directive, which prioritises the patronage of locally manufactured goods and services, specifically in government procurement, aligns perfectly with MOJEC’s long-standing commitment to local content and national capacity building.

    “For us at MOJEC, this is more than a policy, it is a philosophy we live by. As our guiding phrase goes, ‘Africa, and by extension, Nigeria, must begin to produce what it consumes.’ This mindset has shaped our operations, our investments, and our impact in the Nigerian power sector for over two decades,” Abdul reiterated.

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    She further noted that the “Nigeria First“ policy is expected to catalyse industrial expansion, create jobs, and promote local content, particularly in the power and energy sector, where thee firm continues to play a pioneering role.

    According to her, MOJEC has consistently led the charge in Nigeria’s metering revolution, delivering millions of meters across various government-backed initiatives.

    Abdul further noted that President Tinubu’s Nigeria First Policy is more than a government directive as it is a rallying cry for economic self-reliance, technological growth, and inclusive development.

    Available data sources revealed that the firm deployed over 600,000 Non-Maximum Demand (NMD) meters and Maximum Demand (MD) meters nationwide, before the privatisation of the power sector.

    Furthermore, during the CAPMI and Vendor Financing schemes (2013-2018), the company served as lead metering partner, deploying and financing more than one million NMD and MD meters.

    Under NMMP Phase 0, MAP Phases I & II (2019-Date), MOJEC has supplied over 1.2million meters, in partnership with various DisCos and across several states.

    To date, MOJEC has pioneered the deployment of Advanced Metering Infrastructure (AMI) and Meter Data Management Systems (MDMS) in Nigeria, deployed over three million smart NMD meters nationwide, and installed over 200,000 MD smart meters, representing approximately 60 per cent of total meters deployed within the NESI.

  • Polaris Bank, Mojec sign pact on pre-paid meter

    Polaris Bank has reiterated its commitment to the success of the Meter Acquisition Partners (MAP) Project, which ensures that acquisition of pre-paid meters is seamless.

    The bank’s Managing Director/Chief Executive Officer (CEO), Tokunbo Abiru, gave the indication at the signing ceremony of a Memorandum of Understanding (MoU) between the bank and Mojec, a leading Meter Manufacturing Company at the bank’s headquarters in Lagos.

    Abiru, represented by the Executive Director, Technology and Services, Innocent Ike, said: “Polaris Bank is pleased to be partnering with Mojec International to support consumers on the meter acquisition scheme.  Our bank will be facilitating the acquisition of these meters by granting loans to eligible customers under the Programme.”

    Abiru applauded the commitment of the regulators and partners in the public electricity value chain towards ensuring that the pre-paid meters are made available and affordable.

    He explained: “Some of the advantages of using prepaid electricity meter is that it enables consumers determine their level of consumption, manage their cash flow and allocate costs appropriately.”

    Polaris Bank CEO noted that the initiative, particularly, affords the bank the opportunity to facilitate easy, convenient and acquisition of pre-paid meters for consumers who before now are used to the highly discredited and estimated electricity billing system with its attendant social and economic burden.

    Also, the bank’s Executive Director, Abuja and Northern Region, Abdullahi Mohammed assured of the readiness of Polaris Bank to “leverage our wide branch network in Abuja and the whole of the Northern region to enable the roll out of the pre-paid meters”

    Earlier, the Mojec Chairperson and Managing Director, Mrs. Mojisola Abdul and Chantelle Abdul noted  the bank’s  support to Mojec in over a decade.

    Mrs Abdul said with the MoU, both institutions were confident that the bank would support Mojec to meet the expectations of Nigerians under its bank’s Consumer & Retail Financing Scheme for MAP meter acquisition.

    “We value our years of business relationship with Polaris and believe with the signing of the MAP MoU, we would be able to meet the expectations of Nigerians by making available pre-paid meters, which they would  acquire and subsequently pay for the actual energy consumption cost in a stress-free manner,”Mrs Abdul said.

    Following the failure of the Advance Payment for Metering Implementation (CAPMI) project, executed by the DisCos, to bridge the metering gap in the country, the  Federal Ministry for Power through Nigerian Electricity Regulatory Commission (NERC) unveiled MAP to enable consumers buy from accredited accredited agents.

     

  • Mojec, banks collaborate on meter provision for customers

    As the date for the take off of the Meter Asset Provider (MAP) scheme draws nearer, Mojec Meter Assets Management Company, a subsidiary of Mojec International Limited, and also one of the selected MAP operators, is partnering some banks to ease the roll out of meters to customers next month.

    Mojec with the banks – FirstBank, Wema Bank, Unity Bank, Keystone Bank, Zenith Bank, Sterling Bank, Polaris Bank and First Option Micro Finance Bank – entered into a deal to provide retail financing to electricity customers to ease their acquisition of prepaid meters.

    The banks will provide finance to customers within the coverage area of Mojec’s partner-electricity distribution companies (DisCos) across the country. The banks, this week, signed memoranda of understanding (MoU) with Mojec in Lagos.

    MAP is a scheme that was initiated by the Ministry of Power, Works and Housing and approved by the Nigerian Electricity Regulatory Commission (NERC).

    The MAPs will provide, install and maintain customers’ meters and fast-track the closure of the metering gap, which is five million and  end estimated billing.

    According to the regulation guiding MAP operation, a MAP must install a customer’s meter within 10 days of payment for such meter and the operators of the scheme must meter unmetered electricity users in Nigeria within three years from the time they strart work next month.

    Mojec International Limited Managing Director/Chief Executive Officer, Ms. Chantelle Abdul, said at a summit of the partnering banks and DisCos in Lagos that the company is determined to bridge the metering gap in the sector by ensuring provision of top quality electricity meters to customers in Nigeria.

    Abdul said: “Now that MAP is here, Mojec is once again blazing the trail in the provision of high-end quality prepaid meters to customers, helping to reduce the financial burden estimated billing is putting on electricity consumers. Mojec as a company has invested a lot of resources positioning it as best suited to meet the metering needs of all customers within the coverage of its partner DisCos.

    “Mojec would be partnering eight DisCos, including, Ikeja Electric, Eko DsCo, Abuja DisCo, Kano DisCo, Enugu DisCo, Jos DisCo, Ibadan DisCo and Kaduna DisCo, covering about 20 states of the federation.”

    The General Manager, Finance and Management Services, NERC, Abdulkadir Shettima, commended Mojec for its leadership in the metering subsector as demonstrated by its efforts towards the full scale implementation of the MAP scheme, which allows customers easy and direct access to meter assets.

    “This MoU signing between Mojec and these banks as well as the announcement of the company’s readiness to implement the MAP scheme is very commendable. It goes to show that Mojec is a real leader in this business and it is committed to industry’s mission of ensuring that every household in this country is metered.”

    Polaris Bank Chief Executive Officer Tokunbo Abiru explained that the bank was pleased to partner with Mojec by providing financing support to customers on the meter acquisition scheme. “Our bank is glad to be facilitating the acquisition of these meters by granting loans to eligible customers under the programme,” he said.

    Keystone Bank Acting Chief Executive Officer, Abubakar Sule, explained: “Energy cost is by all standards the major cost line in most homes and businesses. The scheme is set to eradicate the unnecessary prevalence of estimated billing, which deprived the national economy of funds which otherwise could be deployed into other productive use. We are, therefore, excited to be part of this initiative to bring electricity to homes and businesses at the most prudent cost, putting households and business in control of their expenditure pattern.”

    The Managing Director Unity Bank Plc, Tomi Somefun, explained that the development reinforces the long-standing beneficial relationship and business commitment it had maintained with Mojec International Limited for well over two decades, adding: “The partnership will create beneficial impact on electricity customers, further drive financial inclusion through consumer banking, restore customer’s confidence, increase transparency and thereby replacing the opaque estimated billing system that had prevailed.”

    The Divisional Head, Retail and Consumer Banking, Sterling Bank, Shina Atilola, represented by Ayodele Odulaja, Head of Power and Telecoms Team, stated: “We are excited to be a key driver of the pre-paid meter acquisition programme, which will eliminate the inefficiencies associated with estimated billing and inaccurate post-paid meter readings. Leveraging technology, Sterling Bank is reputed for providing Nigerians with a convenient way to access loans ranging from N10,000 to N5million in five minutes through the Specta online lending platform.

    ‘’Electricity consumers will benefit from the speed of this solution under this partnership without the attendant delays of traditional lending.”

    The Managing Director, Wema Bank, Ademola Adebise, noted that the partnership with Mojec is a proof of the bank’s commitment to provide simple and easy retail financing for Nigerians. ‘’As a bank that takes pride in applying innovative solutions to societal challenges, we are proud and excited to work with Mojec in meeting the demands of equitable electricity metering in the country. This is a reflection of our can’t stop, won’t stop drive to create avenues that will support Nigerians to achieve their future dreams today,” he said.

    The Managing Director, First Option Micro Finance Bank, Godfrey Ogbuehi, stated: “The MAP project resonates so much with the company’s goal of enhancing lives and in response, a new product,  Light-Up Loan (Prepaid Meter Acquisition Loan), has been  strategically   created   to   provide   funding   to   help   energy   consumers   (both individual  and businesses), especially  the  low-  income  earners and  rural  dwellers; acquire prepaid meters with ease under the Meter Asset Provider Regulations.”

  • Wema Bank, Mojec partner on meter acquisition

    Wema Bank has announced its partnership with Mojec Meter Assets Management Company, a subsidiary of Mojec International Limited, to provide retail financing for electricity customers.

    The announcement was made at a Press Conference and Memorandum of Understanding signing ceremony held in Lagos.

    In a statement, the bank saod the partnership is a step towards the commencement of the Meter Asset Providers (MAP) scheme approved by the Nigerian Electricity Regulatory Commission (NERC).

    The scheme is a regulation designed for the provision, supply, installation and maintenance of end-user meters by Meter Asset Providers with a view to accelerating closure of the metering gap and end estimated billing in Nigeria.

    Working with Mojec, the bank will help speed up the full-scale implementation of the MAP Scheme which allows all consumers easy and direct access to meter assets. The end goal of the scheme is to ensure the provision of top quality electricity meters to consumers in Nigeria.

    The MAP project will focus on both individual and corporate customers with the first phase targeted at salaried and self-employed individuals as well as corporate customers. For individual accounts, metering finance charges will run for a maximum tenor of six months, and a maximum period of 12 months for corporate customers.

    The MoU signing between Wema Bank and Mojec is proof of the bank’s commitment to continually provide simple and easy retail financing for Nigerians. Through the partnership, the bank hopes to help meet the demands of equitable electricity metering in the country while fulfilling its goal of applying innovative solutions to societal challenges.

    Along with Mojec, the bank will also work with eight electric Distribution Companies (DISCOs) including, Ikeja Electric, Eko DISCO, Abuja DISCO, Kano DISCO, Enugu DISCO, Jos DISCO, Ibadan DISCO and Kaduna DISCO covering about 20 states of the Federation.

  • LSEG lists Mojec among Africa’s high-growth companies

    Mojec International Holdings has been listed as one of the ‘Companies to Inspire Africa’ in 2019 by the London Stock Exchange Group (LSEG).

    The ‘Companies To Inspire Africa’, CTIA, is an annual report compiled by the LSEG to identify most inspirational, dynamic, privately owned high-growth companies investing in the real sector of the African continent. Companies that are making significant socio-economic impact by creating substantial numbers of jobs and have the potential to be publicly listed within the next few years.

    The growth rates and sector diversity of these firms featured in the report highlights their potential to transform the African and wider economy. Over 5,000 companies were recommended and shortlisted across the continent, only five per cent of them from 32 countries made the list. The companies that made the list boast of an average compound annual growth rate of 46 per cent, up from 16 per cent last year. On average, each firm employs over 350 people, with an average compound annual employee growth rate of 25 per cent.

    Speaking at the presentation of the second edition of the report recently in London, United Kingdom (UK), LSEG CEO, David Schwimmer said LSEG’s ‘Companies To Inspire Africa’ showcases fast-growing firms that are crucial to the future of the African economy, capable of driving transformative economic growth in their home countries, and have the potential to reach over a billion people.

    Mojec Meter Manufacturing Company is the largest meter manufacturer in West and East Africa with a footprint of over 80 per cent market penetration rate in the Nigerian Electricity market with ambitious future plans to triple its production capacity in 2019 and further entrench its leadership positioning in the market place.

    Schwimmer noted the increasing influence of women in leadership positions in the fast growing companies that would play a pivotal role in shaping the future of African business. The CEO commended Mojec International for being one of these high growth companies to make world impact in 2019.

    Speaking after receiving the award, Chief Executive Officer, Mojec International, Ms. Chantelle Abdul, described the listing of Mojec international in the report as a significant milestone in the history of the company and a worthy recognition of its contribution to leapfrog Nigeria and  Africa’s economy.

    Abdul noted that the recognition is a symbolic one which would further propel Mojec International Holdings in its drive to place Nigeria and Africa on the global map.

    The companies listed in last year’s ‘Companies To Inspire Africa’ report have already realised significant progress and achievements in the last 12 months in a variety of ways, including pursuing IPOs and issuing bonds to grow, while some have also undertaken cross-border expansion, both within the African continent and globally.

  • NERC okays Mojec as Meter Asset Provider

    Mojec International Lim-ited, an indigenous prepaid meter manufacturing company, has been granted  a ‘No Objection’ licence by the National Electricity Regulatory Commission (NERC) as an asset provider under the new Meter Asset Provider (MAP) policy.

    This was stated in a confirmation letter from NERC to the company dated June 7, signed by the agency’s Commissioner, Legal, Licensing and Compliance, Mr. Dafe Akpeneye.

    This disproves the information being circulated in the public domain that the firm was not part of the approved MAP list.

    The letter read: “The Commission has conducted a due diligence on the supporting documents to your application for a ‘No Objection’ in accordance with Section 8 of the Meter Assets Provider Regulations Act 2018.”

    “The initial due diligence did not reveal any adverse findings with the document submitted in support of your application for a ‘No objection’ and Mojec International is hereby granted a ‘No Objection’ to participate in the procurement process for MAPS in accordance with Section 8(4) of the Meter Assets Provider Regulations 2018.”

    Reacting to the letter of certification, the Managing Director, Mojec International Limited, Ms. Chantelle Abdul, commended the regulatory agency for the confidence reposed in Mojec International Limited as one of the companies to drive the MAP Scheme.

    She said: “The company being a proudly Nigerian manufacturer of world class standard meters, remains committed to the Nigerian vision and ever determined to deliver top quality products and services to its customers across the country.”

    “Mojec not only remains a major stakeholder in the metering arm of the Nigerian power sector but intends to continue to serve Nigerians and the electricity distribution companies by participating in the MAP program & ensuring that all Nigerians reserve the much desired meters,” she said.

     

  • Ikeja Electric, Mojec seal N570m meters deal

    Ikeja Electric, Mojec seal N570m meters deal

    Ikeja Electric (IE) has signed a Memorandum of Understanding (MoU) with Mojec International Limited, a local meter manufacturer, for the supply of 2,055 distribution transformers (DT) meters worth about N570 million.

    The agreement signing ceremony took place in Lagos yesterday at the head office of Ikeja Electric in Ikeja, Lagos. The Acting Chief Executive Officer, Ikeja Electric, Mr. Anthony Youdeowei, was represented by the Company’s Chief Financial Officer, Olubunmi Olukoju.

    Olukoju said the investment was a further demonstration of Ikeja Electric’s commitment to a turnaround in the experience of the customers. She said: “Energy accountability has been a major bane in Nigeria’s energy sector. It is therefore necessary that we continue to invest and commit resources to improve our capacity to meter, correctly and fairly, the consumption patterns of as many customers as we can.”

  • Eko DisCo partners Mojec on smart meters roll out

    Eko Electricity Distribution Company Plc (EKEDC) is partnering with an indigenous smart meters manufacturing company, Mojec International Limited, to roll out smart meters for its customers.

    This was made known by the management of EKEDC during an inspection tour of its central store located at Ijora Olopa area of Lagos State where thousands of Mojec smart meters are in stock and ready for installation for the customers.

    The Managing Director, EKEDC, Oladele Amoda, said the distribution company under the new metering programme, will ensure that all customers within its network are provided with smart meters in line with the objective of adequately metering unmetered customers and those that have analogue and malfunctioned meters.

    “This new prepaid meters roll out plan is a massive one, as you can see, we have several thousands of smart meters in our store and our engineers have already commenced installation for the customers. We want to assure all our customers that we would not relent in our effort to ensure all customers are provided with prepaid meters within few months,” he said.

    Amoda assured of the company’s commitment to completely eradicate estimated billings, which he noted, is one of the major issues in customers’ dissatisfaction and distrust of the distribution companies (DisCos) under the old Power Holding Company of Nigeria (PHCN). He also restated EKEDC’s resolve to constantly improve supply and enhance consumers’ satisfaction.

    He praised Mojec International Limited for its resolve and commitment as a trusted partner to the utility as well as its provision of world-class quality meters, which are now being deployed to customers.

    The Managing Director, Mojec International Limited, Ms. Chantelle Abdul, explained that the firm’s prepaid meters are of international standard and are tropicalised for the Nigerian environment, to withstand the weather condition such as temperature, humidity, meter tampering and energy theft. Meters manufactured in Nigeria by indigenous companies have been specifically designed and crafted to withstand the extreme weather of time and humidity condition as well as theft situation peculiar to the Nigerian environment, she added.