Connect with us

Economy

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

Published

on

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

Lagos Assembly Strongly Seeks Suspension Of Makoko Demolition

Published

on

By

Lagos Assembly

Lagos Assembly Strongly Seeks Suspension Of Makoko Demolition

Lagos assembly strongly seeks suspension of Makoko demolition. The Lagos state house of assembly has called for the suspension of demolition activities in Makoko, Oko-Agbon and Shogunro waterfront communities following protests by displaced residents and growing public concern over the exercise.

The call was announced on Tuesday by Noheem Adams, chairman of an ad hoc committee set up by Mudashiru Obasa, speaker of the house, during a stakeholders’ meeting held at the Lateef Jakande auditorium.

Adams called on all state ministries to cease demolition work and promised compensation to the affected residents.
“On behalf of the speaker and all 40 members of the house, we are directing that all demolitions in Makoko, Oko-Agbon, and Shogunro communities should stop from today until further notice,” New Telegraph quoted Adams as saying.

He called for transparency by demanding the full list of taskforce members and the criteria used for engagement, insisting that residents must be actively involved in the process.

“That the taskforce that was constituted, we want to see the list of the taskforce because we want the residents to be duly involved and to be carried along. So we want to have the schedule of those task forces and the criteria for those that we are inviting,” Adams added.

Lagos Assembly

Lagos Assembly

“To the residents of Makoko, Oko-Agbon and Shogunro communities, as your representatives, we are giving you all assurances that they will stop demolitions henceforth and there will be compensations for all those whose properties have been demolished.”

Stephen Ogundipe, member of the ad-hoc, said there is need for clear communication, adding that residents targeted for relocation or redevelopment must be informed of the government’s plans in advance.

Babatunde Olajide, special adviser to governor of Lagos on E-GIS and urban renewal, confirmed that $2 million had been earmarked since 2021 to transform Makoko into a modern, internationally compliant water city.

He said enumeration of affected properties is underway and reiterated the administration’s commitment to handling the situation with a human face, prioritizing resident safety and fair compensation.

Yusuf Sagra, baale of Makoko, described the assembly’s decision as a “word of peace,” while Orioye Ogungbure, another leader of the community, praised the “democratic responsiveness” of the government.

Continue Reading

Crime

EFCC Arrests Kannywood Star, Samha Inuwa for Alleged Naira Mutilation In Viral Video

Published

on

By

EFCC Probes Man

EFCC Arrests Kannywood Star, Samha Inuwa for Alleged Naira Mutilation In Viral Video

EFCC arrests Kannywood Star, Samha Inuwa for alleged naira mutilation in viral video. The Kano Zonal Directorate of the Economic and Financial Crimes Commission, EFCC,   on Tuesday, February 3, 2026  arrested a Kannywood Star, Samha Inuwa over alleged Naira mutilation.

Inuwa was arrested following a viral video circulated on social media platforms where she was seen conspicuously cleaning mucus from her nose using Naira notes.

EFCC Probes Man

EFCC

Following the release of the viral video, the Commission swung into action by tracing and subsequently arrested her to answer questions.
She is currently being held at the Commission’s detention facility while investigation is ongoing.

The suspect will be charged to court upon conclusion of investigations.

Dele Oyewale
Head,  Media & Publicity
February 3, 2026

Continue Reading

Economy

Access Bank Gets New Board Chair Ifeyinwa Osime

Published

on

By

National Bank Of Kenya

Access Bank Gets New Board Chair Ifeyinwa Osime

Access Bank gets new board chair Ifeyinwa Osime. Access Bank Plc has appointed Ifeyinwa Osime as chair of the board of directors, following the retirement of Paul Usoro, on January 29.

Access Bank Plc has appointed Ifeyinwa Osime as chair of the board of directors, following the retirement of Paul Usoro, on January 29, according to a statement to the Nigerian Exchange Ltd. on Monday.

Ms Osime, a legal practitioner, joined Access Bank’s board in November 2019 as an independent non-executive director and had chaired its Human Resources and Sustainability Committee and the Governance, Nomination, and Remuneration Committee. This role made her contribute significantly to the bank’s corporate governance, leadership development, and sustainability initiatives.

Additionally, Ms Osime is a director at Ebudo Trust Ltd. and a partner at McPherson Legal Practitioners, where she advises on corporate and commercial matters and contributes to strategic leadership.

She is also a member of the Nigerian Bar Association, the Women Corporate Directors, Nigeria Chapter, and the Chartered Institute of Directors, Nigeria, where she serves on the Executive Committee of the Women Sectoral Group.

National Bank Of Kenya

Access Bank Gets New Board Chair Ifeyinwa Osime

Beyond her professional responsibilities, Ms Osime is committed to mentoring youths and is actively involved in the Autism and Developmental Delays Support Community, reflecting her dedication to inclusion and social impact.
Speaking on her appointment, the group chairman, Aigboje Aig-lmoukhuede, said, “Mrs Osime is a principled and experienced leader with a deep understanding of the Bank’s strategy and values.

“She has demonstrated strong commitment to the bank’s vision and mission, and I am confident that, under her leadership, the bank will continue to advance its strategic objectives of delivering sustainable value to shareholders and other stakeholders in the pursuit of its vision to become the world’s most respected African bank.”

Mr Aig-lmoukhuede also congratulated Mr Usoro on the completion of his tenure and on his exemplary leadership, dedication, and significant contributions to the group, saying he remains a valued member of the Access family.

Continue Reading

Trending