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President Tinubu To GenCos: Give Us More Time To Verify N4trn Electricity Debt

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FG Vows To Meet GenCos Over N4tn

President Tinubu To GenCos: Give Us More Time To Verify N4trn Electricity Debt

President Tinubu to GenCos: Give us more time to verify N4trn electricity debt. President Bola Tinubu has urged power generation companies (GENCOs) to give the federal government more time to complete the verification and validation of longstanding debts owed to them.

At a meeting with members of the Association of Power Generation Companies (APGC), led by Sani Bello, the group’s head, at the Presidential Villa in Abuja, Tinubu acknowledged the inherited liabilities from previous administrations and pledged transparency and fairness in resolving them.

The president said his administration remains committed to tackling the liquidity challenges facing the power sector.
“I accept the assets and liabilities of my predecessors, and there is no question about that,” he said.

“But that acceptance must be on credible grounds. I need to wear the audit cap of verifiability, authenticity, and the fact that this inheritance is not a mere deodorant but a support structure for critical economic and industrial promotion.”

Tinubu emphasised the need for patience from GenCos and financial institutions, adding that government agencies are working with audit and legal firms to scrutinise the claims.

“We are here. So market it to your other colleagues. Give us time to do verification and validation of the numbers,” he said.

Reaffirming his belief in a market-driven electricity sector, Tinubu said legacy issues in the industry are finally receiving the attention they require.

“This is a longstanding issue that is now being dealt with. I know how much we have been able to save on fuel subsidies. We introduced the alternative, CNG, to bring relief back to the people,” he said.

Tinubu also said the government is committed to maintaining a stable investment environment and avoiding harsh measures like bank asset foreclosures against GenCos.

“To our friends in the banking sector, I ask that we avoid foreclosures. Sharpen your pencils, but keep an eraser handy. Let’s persevere together,” he said.

Describing electricity as “the most important discovery of humanity in the last 1,000 years,” the president said access to electricity is fundamental to economic growth and human dignity.

‘N4TRN BOND PROGRAMME RECEIVES ANTICIPATORY APPROVAL’

On her part, Olu Verheijen, special adviser to the president on energy, said a N4 trillion bond programme has received anticipatory approval from the president to address the sector’s liquidity shortfall.

She said the crisis stems from “a combination of unfunded tariff shortfalls and market shortfalls” that have accumulated over the past decade.

Verheijen said the federal government’s exposure to GenCos stood at N4 trillion as of April 2025, with the debts dating back to 2015.

“We have since sat with 27 GenCos — not all of them are here today — and reviewed their PPAs and gas sales agreements to understand the legitimacy of their claims. The GenCos claimed about N4 trillion from 2015 to the end of 2023,” she said.

Verheijen said the Nigerian Bulk Electricity Trading Company (NBET), which mediates between GenCos and the government, has validated N1.8 trillion of the claims so far.

“Since that period, we have had N200 billion in unfunded subsidies that have accumulated the federal government’s liability,” she said.

FG Vows To Meet GenCos Over N4tn

President Tinubu To GenCos

“So, as of April 2025, the total exposure that we are carrying at the moment is N4 trillion.”
However, she said the figure could be revised downward following final validation.

“While there is an anticipatory approval of this N4 trillion bond programme, it is subject to negotiations and final settlement of agreements,” Verheijen said.
“Only the amounts that the federal government validly owes are the things that will make it into the issuance by DMO.”

On his part, Adebayo Adelabu, minister of power, said Tinubu’s commitment to the sector has restored investor confidence and improved performance across the electricity value chain.

Economy

Okpebholo Threatening Me With Violence, I’ll Fight Back Says Obaseki

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Obaseki

Okpebholo Threatening Me With Violence, I’ll Fight Back Says Obaseki

Okpebholo threatening me with violence, I’ll fight back says Obaseki. Godwin Obaseki, the immediate past governor of Edo, has accused Monday Okpebholo, his successor, of threatening him with violence. Obaseki spoke during the weekend at an event in London, the United Kingdom.

BACKGROUND
Since assuming office in November 2024, Okpebholo has initiated a series of actions aimed at scrutinising Obaseki’s tenure.

He first constituted a 14-member committee to investigate the assets, liabilities, contracts, and financial decisions made under Obaseki.

Okpebholo then expanded the scrutiny to the state civil service, ordering a probe into all recruitments conducted between May and November 2024, alleging a violation of due process.

Last week, Okpebholo asked the federal government to repatriate Obaseki to answer questions over public funds linked to the controversial Museum of West African Art (MOWAA) project.

‘OKPEBHOLO THREATENING ME’

Obaseki said the governor is threatening him with violence and allegedly sent thugs to attack him in the UK.

“Those who live by the sword will die by the sword,” Obaseki said. “And to tell the governor, Okpebholo, I don’t know him; I have never met him. When you start with violence, you will reap violence.

“For one year since I left office, I didn’t say one word. I decided to respect myself and allow them to try [in governance] as well. Go and find out, you won’t see one thing I said about his government.”

He accused Okpebholo’s government of being behind the attack on diplomats during the exhibition in MOWAA.

“As if that was not enough, the government paid people to come to Manchester to attack me,” he said.
“Who has started this violence? Is it me? Last week, this governor held a disgraceful press conference in which he threatened me not to come to Benin.

Obaseki

Obaseki

“They have been threatening violence. So if I respond, nobody should hold me responsible. “I can’t leave myself empty to be hurt and attacked by deranged people.

“So I am going to fight back. I will fight back. I didn’t start the fight. They are afraid. They know they did not win the election.”

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Economy

Jigawa: 9,600 Teachers Register For Special Training

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Teachers Register For Special Training

Jigawa: 9,600 Teachers Register For Special Training

Jigawa: 9,600 teachers register for special training. No fewer than 9,600 teachers under the Jigawa State Universal Basic Education Board (SUBEB) registered for a competency test to determine the specific training required to improve their skills and enhance teaching outcomes in the state.

The Executive Chairman of the Board, Professor Haruna Musa, revealed this while briefing journalists on the purpose of the examination, adding that 12,000 teachers were expected to register for the exam.

He explained that the state government, under the leadership of Governor Malam Umar Namadi, was committed to repositioning the state education sector as a key foundation for sustainable development, in line with its “12-Point Agenda.”

Prof. Haruna noted that while the government has been spending significant resources to improve educational infrastructure, meaningful learning improvements cannot be achieved without also enhancing the capabilities of teachers.

“Based on that, the State Executive Council approved for the board to organise a competency test for all teachers. This will enable us to understand the kind of training each teacher requires to improve his or her skills”.

“Out of the 9,600 teachers registered for the exam, over 70% have never attended any capacity-building training since they were employed, including some with over 15 years of service,” the Chairman added.

Teachers Register For Special Training

Teachers Register For Special Training

He stated that after the exam, the teachers will be categorised into three groups: Group A, those with both knowledge and teaching skills; Group B, those with knowledge but lacking teaching skills; and Group C, those lacking both knowledge and teaching skills.

“Each group will be offered specialised training. Those in Group C will undergo intensive training and subsequent examinations for a period to ensure they are equipped with the required knowledge and skills”.
“For those with slower learning uptake, we will attach them to competent teachers within their schools for ongoing guidance and mentorship,” Prof Haruna said.

He further stated that the project is not about retrenchment, but his primary goal is to enhance teachers’ capacity for better learning outcomes within the state’s basic education sector.

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Economy

PFA: Leadway Pensure Leverages Innovations For Quality Service Delivery

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Leadway Pensure

PFA: Leadway Pensure Leverages Innovations For Quality Service Delivery

PFA: Leadway pensure leverages innovations for quality service delivery. A Pension Fund Administrator (PFA), Leadway Pensure said, it is leveraging innovation to escalate quality

service delivery to its retirement savings account (RSA) holders. This milestone marks 20 years of trust, exceptional service delivery, and value creation as it celebrates its anniversary. It highlights two decades of dedication to protecting the financial wellness of Nigerian workers.

Over the last 20 years, the PFA has served thousands of customers across Nigeria and beyond, standing as a clear testament to its commitment to providing financial stability at various stages of workers’ career journeys.

Speaking on this remarkable achievement, MD/CEO, Leadway Pensure PFA, Olusakin Labeodan, stated that: “As we celebrate 20 years of Leadway Pensure PFA, this milestone is more than a celebration of longevity, it is a tribute to trust, service and innovation.

From the very beginning, our mission has been very clear, to deliver a pension system without barriersOver two decades, we have transformed this vision into reality by simplifying pension access, embracing cutting-edge technology, and ensuring our services are always within reach. With a nationwide presence, a robust mobile platform, and the AI-powered assistant LISA, we have made pension services accessible to eligible Nigerians.

“We have supported countless customers in achieving life goals, from retirement to home ownership, by ensuring access, clarity and care at every step. This is a testament to the strong relationships and legacy we have built with every customer. Trust is at the heart of our service, propelling us to uphold world-class standards and earning us global certifications such as ISO/IEC 27001:2022 for information security, a mark of our unwavering commitment to safeguarding our customers’ funds. ”

Leadway Pensure

Leadway Pensure

Looking ahead, the company said, it is committed to promoting youth-focused financial literacy, growing personal pension plans and strengthening customer engagement across every stage of the pension journey.

“The next years and beyond will be shaped by the same dedication that brought us this far, a future-forward mindset, a culture of excellence, and an unyielding promise to stand by our customers every step of the way,” Olusakin concluded.

As it commemorates 20 years of service, Leadway Pensure reaffirms its commitment to simplifying retirement planning, delivering consistent value, and driving financial inclusion across Nigeria.

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