Nigeria Inter-Bank Settlement Systems (NIBSS) spends at least ₦150 million monthly on power to keep its operations running, with diesel accounting for about ₦100 million of the expenditure.
Managing Director Premier Oiwoh disclosed this at the one-year anniversary of Tango Brook Technologies in Lagos last week. The expenditure is necessary to ensure that NIBSS’ systems and servers remain operational and electronic transfers are not disrupted by power outages. The organisation relies on multiple generators and fuel monitoring systems to maintain continuity of operations.
Kanyi Daily reports that NIBSS operates four generators comprising two 800 KVA units and two 500 KVA units to support its power requirements. Head of Operations and Finance/CFO Directorate Innocent Osagiede explained that the organisation’s power costs reflect the need to maintain uninterrupted operations.
“Specifically, we spend not less than ₦150 million per month on power alone. Out of that, ₦100 million is on diesel,” Osagiede said. “For us, cost is not the matter, but you cannot be down.”
NIBSS has a 22,000-litre diesel tank in front of its building, while another day tank is located close to its generators. The day tank must not fall below 5,000 litres, with internal security personnel responsible for monitoring the level and switching on the pump from the main tank when the threshold is reached.
Osagiede recounted an incident in which a security officer assumed that the previous shift had already pumped diesel into the day tank and returned to his desk. The generator subsequently went off, and it took about three minutes to resolve the problem. A prolonged power interruption could cause servers to begin shutting down, potentially affecting the processing of transfers and other payment activities.
NIBSS operates critical payment infrastructure used by banks and other financial institutions, including the Nigeria Central Switch, which provides interconnectivity and interoperability for retail electronic payments in Nigeria. The organisation also provides payment and collection solutions including NQR, while its platforms support electronic bulk payments for public and private enterprises.
Osagiede said monitoring technology provides visibility over generator fuel levels, reducing reliance on manual checks and allowing fuel replenishment before supplies run out. Monitoring the quality of diesel supplied to facilities is also important because poor-quality fuel could affect generator performance.
The high cost of powering business operations is pushing other organisations to seek alternatives to diesel. Katherine Itua, Executive Director, Finance & Investments at Consolidated Hallmark Insurance Limited, said the insurer has accelerated its shift toward solar power to reduce dependence on diesel generators. Rising fuel costs over the past year prompted the company to accelerate the second phase of its solar inverter upgrade, with the aim of reducing dependence on diesel and bringing greater predictability to power costs.
Itua said the company budgeted diesel at about ₦2,000 per litre in 2026, compared with the current price of around ₦1,900, allowing it to manage the increase within its projections. The company is relying on disciplined budgeting and process automation to contain rising operating costs rather than passing the full burden to customers.
