NIBSS Allocates N150 Million Monthly for Power Needs

The Nigeria Inter-Bank Settlement Systems (NIBSS) incurs a monthly expenditure of at least N150 million on power to sustain its operations, with diesel costs accounting for approximately N100 million. Premier Oiwoh, the Managing Director of NIBSS, made this disclosure during the one-year anniversary of Tango Brook Technologies in Lagos.

He was represented by Innocent Osagiede, Head of Operations and Finance/CFO Directorate at NIBSS. Osagiede explained that the organization relies on multiple generators and fuel monitoring systems to prevent disruptions in electronic transfers due to power outages.

NIBSS maintains a 22,000-litre diesel tank and a day tank that must not fall below 5,000 litres. He recounted an incident where a generator failure occurred due to a miscommunication about diesel levels, highlighting the critical nature of their power management.

Additionally, Katherine Itua, Executive Director at Consolidated Hallmark Insurance Limited, noted that rising fuel costs have prompted her company to accelerate its shift towards solar power to reduce diesel dependency.