Economy
President Tinubu Inaugurates Committee To Oversee Grid Asset Company Incorporation As FEC Approves Establishment
President Tinubu Inaugurates Committee To Oversee Grid Asset Company Incorporation As FEC Approves Establishment
President Tinubu inaugurates committee to oversee grid asset company incorporation as FEC approves establishment. President Bola Tinubu has constituted an 11-member committee to facilitate the seamless incorporation of the Grid Asset Management Company (GAMCO) Limited.
In a statement on Friday, Bayo Onanuga, presidential spokesperson, said the committee was constituted following the federal executive council’s (FEC) approval for the establishment of the company at its Wednesday meeting.
According to the statement, the committee will be chaired by Femi Gbajabiamila, chief of staff to the president.
Members include the attorney-general of the federation and minister of justice, as well as the ministers of power, works, and finance.
Other members are the ministers of communications and digital economy; science, technology and innovation; and aviation and aerospace development.
The minister of state for petroleum, the chairman of the Nigeria Revenue Service (NRS), and Yemi Oke, a professor and energy expert, are also part of the committee.
John Ezeamama, permanent secretary of the cabinet affairs office, will serve as the committee’s secretary.
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“In proposing GAMCO, President Tinubu hopes to fast-track a quick-fix solution to the endemic problems of stranded power, grid management and transmission in the country’s electricity sector,” the presidency said.
Gbajabiamila, who conducted the inauguration on behalf of the president, said the company is designed to optimise and transform power generation, with a particular focus on the grid and transmission sectors.
He urged committee members to align with the president’s vision in establishing GAMCO and to adhere strictly to the committee’s mandate.
Gbajabiamila added that the committee will carry out a comprehensive review of existing laws, regulations, policies, and institutional frameworks governing the entire electricity value chain, including generation, transmission, distribution, and market operations.
FUNCTIONS OF THE COMMITTEE
According to the statement, the committee will examine the implications of the Electricity Reform Laws (2025) and associated unbundling arrangements on asset ownership, management, and regulatory oversight.
“It will identify areas of conflict, overlap, or inconsistency between the proposed GAMCO framework and extant legal and regulatory instruments,” the statement reads.
“The committee will also assess the legal status, ownership structure, and contractual obligations of the Niger Delta Power Holding Company (NDPHC) and National Integrated Power Project (NIPP) assets, including the Omotosho, Olorunshogo, and Ihovbor plants, which GAMCO plans to use for its pilot phase.
“It will evaluate the interface between GAMCO’s proposed mandate and the statutory functions of the Nigeria Electricity Regulatory Commission, and determine the fiscal, financial, and market implications of the proposal, including subsidy exposure, market liquidity, and revenue frameworks.”
The presidency said the committee will assess if GAMCO’s setup requires changes to laws, subsidy rules, or executive directives.
ABOUT THE PROPOSED GAMCO
According to the statement, the GAMCO aims to recover and optimise stranded power generation using the Benin-Lagos transmission corridor as a pilot phase.
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Onanuga said the initiative will address Nigeria’s power sector challenges, adding that the federal government will fully own GAMCO as a commercial venture, with the shares held by the Ministry of Finance Incorporated (MOFI).
He said the company will modernise transmission evacuation, starting from the most critical axis within Nigeria’s power system.
“The Benin-Lagos transmission corridor evacuates bulk power supply to Ogun and Lagos states, Nigeria’s largest industrial and commercial centres,” the spokesperson said.

Electricity
“The pilot phase will focus on optimising power output from the Omotosho, Olorunsogo and Ihovbor National Integrated Power Plants (NIPP plants). Omotoso’s installed capacity is 513MW, Olorunsogo’s 754 MW, and Ihovbor’s 508 MW.
“GAMCO projects to recover at least 1,600 MW within 18-24 months, alongside the development of a new high-capacity 330V+ double-circuit transmission line along the same corridor.”
He also said if the new company succeeds in the pilot phase, it will create a scalable model for other plants and corridors, forming the foundation
“At present, substantial Federal Government investment in NIPP generation assets remains under-optimised due to operational inefficiencies and transmission evacuation bottlenecks, resulting in stranded capacity and suboptimal return on public capital,” Onanuga said.
“GAMCO plans to unlock the stranded power of the three selected NIPP and develop a parallel high-capacity transmission corridor along the Benin-Lagos axis, thus translating underperforming national assets into reliably delivered megawatts.”
As proposed, he said the Niger Delta Power Holding Company (NDPHC) will grant GAMCO the concession and lease arrangements for the three plants.
Onanuga said the TCN will also grant GAMCO the right to develop, finance, and operate a greenfield 330 kilovolt+ (KV) double-circuit independent power transmission line along the identified corridor.
Crime
Navy Dismantles Illegal Refining Capacity, Destroys Site With 3 Storage Tanks in Rivers
Navy Dismantles Illegal Refining Capacity, Destroys Site With 3 Storage Tanks in Rivers
The Nigerian Navy, through FOB BONNY, has dismantled an illegal refining site discovered in Promise Land Community along Nanabie Creek, Bonny Local Government Area of Rivers State, further denying criminal operators the infrastructure required to process stolen crude oil.
Eereporter.com
The site was discovered on 30 September 2026 following credible intelligence and comprised one large cooking pot and 3 large storage tanks intended for illegal refining activities. On 2 October 2026, the Commanding Officer, FOB BONNY, Captain SMC Umeh, led a team to the location, where the illegal refining site and associated equipment were destroyed in accordance with established regulations.
The intervention represents a further disruption of illegal refining capacity within the Bonny area, particularly by removing infrastructure that could be used to process and store stolen crude oil. It also follows recent operations by FOB BONNY under Operation DELTA SENTINEL that uncovered substantial volumes of suspected stolen crude oil and associated illegal refining infrastructure within its Area of Operations

Oil
The Nigerian Navy has continued to strengthen surveillance and monitoring across the area to prevent the establishment or reactivation of illegal refining sites and deny criminal operators the infrastructure required to sustain crude oil theft and related activities.
ABIODUN FOLORUNSHO
Navy Captain
Director Naval Information
Nigerian Navy
Eereporter.com
Economy
NNPC Ltd Offers N66 Fuel Discount Throughout the Nation
NNPC Ltd Offers N66 Fuel Discount Throughout the Nation
The Nigerian National Petroleum Company Limited (NNPC Ltd.) has unveiled a nationwide ₦66 fuel discount promotion for customers using the NNPC Fuel App.
Eereporter.com
In a post obtained from its X handle on Friday, the promotion, which runs from October 1 to 7, is being held across NNPC stations nationwide as part of activities marking the period.
“The ₦66 Discount Promo is ongoing & the excitement is already happening across our stations nationwide!
“All over Nigeria, our customers are getting in on the action & there’s still time for you to benefit!
The promo runs from 1–7 October on the NNPC Fuel App,” the post read.
NNPC said customers across the country have already begun participating in the promotion, with highlights from the first day showing activities at several stations.
“Keep fueling, keep transacting and keep your eyes on our pages,” the post read.

NNPC
NNPC also shared moments from the first day of the promotion and said more pictures and activities from stations across the country would be released.
The company urged customers not to miss the opportunity to participate before the promotion ends on October 7.
The ₦66 discount offer is available through the NNPC Fuel App during the stated promotional period.
Eereporter.com
Economy
President Tinubu Tells EFCC: You Have Justified my Confidence in You
President Tinubu Tells EFCC: You Have Justified my Confidence in You
President Bola Ahmed Tinubu has applauded the efforts and performance of the Economic and Financial Crimes Commission, EFCC, in tackling economic and financial crimes and other acts of corruption in the country, stressing that it has justified the confidence reposed on it.
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He gave this commendation on Friday, October 2, 2026 in Awka, Anambra State at the commissioning of a new Zonal Directorate of the EFCC. The President pointed out that there are evidential proofs of the success of the Commission in convictions, recoveries and other landmark achievements
Represented by Honourable Tajudeen Abbas, Speaker, House of Representatives, Tinubu noted that “supporting the EFCC is not particularly difficult. The agency has consistently demonstrated that the confidence reposed on it is well founded. Without mincing words, the evidential proof of the EFCC’s success speaks loudly in convictions secured, assets and properties recovered”
He affirmed that the strides of the Commission are in tandem with the Renewed Hope Agenda of his administration.
“When we came in three years ago, I highlighted nine major focal areas of my administration. Two of which are reforming the economy for sustained and inclusive growth and promotion of good governance. The anti-graft agency compliments this agenda as they are focused on accountability and transparency and appropriate deployment of resources”, he said.
At the commissioning, the Executive Chairman of the EFCC, Mr. Ola Olukoyede restated the commitment of the Commission to preventive frameworks in tackling economic and financial crimes and other acts of corruption in the country.
According to him, the Commission will continue its focus on making corrupt practices difficult by blocking avenues through which they may happen.
“This new Directorate will not only enforce the law professionally and courageously, it will be high on corruption prevention. It will engage government institutions, businesses, financial institutions, professional bodies, schools, markets, civil society organisations, traditional institutions, religious bodies and communities. It will educate stakeholders, build relationships and mobilise the people to own the fight against all forms of corrupt practices in the zone”, he said
He assured Nigerians that the EFCC would not relent in the pursuit of its mandate, recalling the achievements of the Commission in the last 34 months and describing them as impressive progress.
“The pursuit of our mandate has been our dominant engagement and in the past few years, we have made impressive progress. Between October 2023 and July 2026, the Commission received 49, 673 petitions, investigated 39, 615 cases, filed 14, 476 cases in court and secured 10, 872 convictions. This gives a conviction-to-filing ratio of 75.1 percent. In the first half of 2026 alone, we recorded 1, 370 convictions from 1, 889 filings. The Commission also recorded recoveries of N1, 233, 612, 040, 411. 11, $684, 478, 457. 32, £373, 905. 78, €9, 343, 803. 66 inn addition to recoveries in other currencies”, he said.
He noted that at the institutional level, the Commission has made radical reforms that have been yielding optimal results as there are consequential improvements in the agency’s processes and procedures, which partly explains the impacts the EFCC has made and will continue to make in all the matrices of law enforcement.
“Reforms that have strengthened the Commission during the period include new guidelines on arrest and bail, a review of sting operations, the establishment of the Department of Fraud Risk Assessment and Control, the Security Department, the Immigration and Visa Section and the Cybercrime Rapid Response Centre”, he said.
While charging Ndi Anambra on whistleblowing, the anti-graft czar said that the Commission has established channels through which members of the public can submit petitions and provide information. He noted that the Commission’s Eagle Eye App allows citizens to provide details of suspected wrongdoing and makes the provision of an informant’s personal details optional. “However, whistleblowing must be responsible and based on facts. It must not become an instrument for settling scores”, he said.

EFCC
He thereafter said that Anambra and Imo States deserve effective and responsive institutional presence as they are renowned for enterprise, innovation, commerce and an extraordinary culture of industry, adding that these legitimate activities must be protected from fraud, cybercrime, money laundering, investment fraud, diversion of public resources and other forms of economic and financial crimes. “Therefore, our coming to Awka is beyond geographical expansion. It is about taking the mandate of the EFCC closer to the people and closer to the economic activities we are meant to protect”, he said.
In their remarks, His Excellencies, Professor Chukwuma Soludo, Governor of Anambra State and Senator Hope Uzodinma, Governor of Imo State said that they were pleased with the activities and management of the EFCC under the leadership of Olukoyede. They pledged their support to the Commission as it opened a new Zonal Directorate in their domain.
The commissioning of the new Directorate witnessed massive turn out of distinguished Nigerians, including members of the National Assembly, civil society organisations, community leaders, students, media among others.
Eereporter.com
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