General
Tinubu to Meet Gencos Tuesday Over N4trn Power Debt
By Adedapo Adesanya
President Bola Tinubu will meet with the leadership of electricity-generating companies (GenCos) over the N4 trillion power sector debt on Tuesday, May 6.
This was disclosed by the Special Adviser on Strategic Communications and Media Relations to the Minister of Power, Mr Adebayo Adelabu, who noted that the federal government vowed to urgently address the debt following high-stakes talks between the Minister and chairmen of the power generators in Abuja recently.
He said FG’s intervention was aimed at averting an imminent collapse of the power infrastructure in the country.
Recall that the Minister also promised that the FG will pay 50 per cent of the debt recently.
According to the statement, the Minister assured the GenCos executives that the government would prioritise immediate payment of a significant amount out of the N4 trillion debt, while the balance would be defrayed through other debt instruments.
He said this would be proposed in a meeting being planned between President Tinubu and GenCos’ leadership.
“There is need to pay a substantial amount of the debt in cash. At the minimum, let us pay a substantial amount, then ask for a debt instrument in promissory notes to pay the rest,” he stated, assuring that the payment of the outstanding balance within six months through financial instruments such as promissory notes.
“We recognise the urgency of this matter. The government is committed to resolving this debt to stabilise the sector and prevent further crisis,” Mr Adelabu stated, adding that the President will meet with GenCos leadership to fast-track the process.
The GenCoS were led by the Chairman of Mainstream Energy Solutions, who is also the Chairman of the Association of Power Generating Companies (APGA), Mr Sani Bello, who had earlier sounded the alarm over the sector’s dire state, citing the N4 trillion debt as a critical threat to operations.
He also warned that liquidity challenges had left GenCos unable to secure loans or maintain infrastructure. “Without urgent intervention, the entire power ecosystem could collapse,” he stressed.
Mr Kola Adesina, Chairman of Egbin Power and First Independent Power Limited, echoed the urgency: “This is a national emergency. Everything hinges on power—industries, homes, hospitals. We cannot afford to let the sector fail.”
Mr Adelabu acknowledged the government’s role in the sector’s struggles, pledging to not only clear the debt but also implement reforms to ease operational bottlenecks. He emphasised the need for full liberalisation of the power sector, urging Nigerians to embrace cost-reflective tariffs.
“Citizens must pay the appropriate price for the energy consumed. The Federal Government will continue to provide targeted subsidies for economically disadvantaged Nigerians. We have to understand that our economy cannot sustain subsidies indefinitely,” he asserted, calling for public sensitisation campaigns to drive compliance.
On her part, Mrs Joy Ogaji, CEO of APGC Power, detailed systemic challenges undermining GenCos, including chronic payment defaults, erratic gas supply, and foreign exchange volatility.
She noted that the naira’s plunge from N157/$1 in 2013 to N1,600/$1 had devastated maintenance budgets and loan repayments.
“GenCos have borne unsustainable risks—from grid failures to unproductive taxes—while remaining patriotic,” she said.
General
Makinde Extends Curfew in 10 Local Governments by 24 Hours
By Adedapo Adesanya
The Governor of Oyo State, Mr Seyi Makinde, has approved the extension of the curfew imposed on 10 local government areas bordering the Old Oyo National Park by an additional 24 hours.
The development was announced in a statement issued by the Secretary to the State Government, Mr Musibau Babatunde, and signed by the Special Adviser to the Governor on Media, Mr Suleiman Olanrewaju.
The state government had, on June 23, 2026, imposed a dusk-to-dawn curfew from 4:00 pm to 8:00 am on the affected local government areas as part of measures to address the prevailing security situation.
With the extension, the curfew, which was initially scheduled to last 48 hours, will now remain in force until Saturday, June 27, 2026.
The affected local government areas are Oriire, Orelope, Irepo, Saki West, Saki East, Atisbo, Itesiwaju, Iseyin, Olorunsogo and Atiba.
The government urged residents of the affected areas to continue cooperating with security agencies and to comply fully with the directive as efforts continue to safeguard lives and property.
This development follows the abduction of 39 students and seven teachers in an attack targeting several schools in Nigeria’s southwestern Oyo State in May.
The attack took place in Ahoro Esinele community in Oriire district, targeting a secondary school and two primary schools, according to officials. With over 40 days in captivity, all rescue efforts have so far not yielded results.
Mass kidnappings by armed groups have become a serious security challenge in Nigeria in recent years, with criminal gangs exploiting weak security to target travellers, students, and rural communities for cash payments. Schools are often targeted, although such attacks used to be rare in the southwest of the country.
General
Dangote Cement Ibese Commissions Cassava Processing Plant in Ogun
By Aduragbemi Omiyale
In order to aid alternative and sustainable means of livelihood amid rising food prices and growing concerns over food security in Nigeria, the Ibese Plant of Dangote Cement Plc has handed over a state-of-the-art garri and fufu processing plant to the Kajola host community in Ewekoro Local Government Area of Ogun State.
The facility is expected to support cassava farmers and processors by improving efficiency and expanding income-generating opportunities.
According to the organisation, the project, delivered under the Community Development Agreement (CDA) with its host communities signed in 2022, is a strategic intervention aimed at boosting agricultural value addition, reducing post-harvest losses and strengthening livelihoods for rural farmers and women.
The Ibese Plant Director, Mr Ayyagari Subbaraidu, at the commissioning, said, “This project is aimed at improving cassava processing, reducing losses and creating sustainable employment for women and farmers in the community.”
He disclosed that the facility features separate garri and fufu processing units equipped with modern machinery, including a five-tonne-per-day peeling machine, hydraulic presses, frying systems, fermentation basins, solar-powered boreholes and sanitation infrastructure, adding that it will serve as a catalyst for local economic growth by enhancing productivity and supporting small-scale agribusinesses across Kajola and neighbouring communities.
The Plant Director also urged the community and the Project Governance Committee to maintain transparency in the management of the facility to ensure long-term sustainability.
The Ogun State Commissioner for Agriculture and Food Security, Mr Bolu Owotomo, who was at the unveiling of the project, said it aligns with Governor Dapo Abiodun’s vision of making agriculture a key driver of economic growth through value addition and enterprise development.
The Commissioner disclosed that “over 166,000 farmers, including more than 90,000 cassava farmers, have been registered under the Ogun State Farmers Information Management System (OGFIMS) to benefit from government interventions.”
He urged the community to safeguard the facility and assured residents of the continued support of the state government towards agricultural development and food security.
“This processing plant will strengthen the cassava value chain, improve product quality, create jobs and enhance food security while boosting farmers’ incomes,” the Commissioner stated.
General
FG Backs US Sanctions on Three BDC Operators Linked to Terror Financing
By Adedapo Adesanya
The federal government has hailed the recent sanctioning of three Nigerian bureau de change (BDC) operators by the United States’ Office of Foreign Assets Control (OFAC) for alleged terrorism financing.
“The Nigeria Sanctions Committee welcomes the recent inclusion of Mukthar Muhammad Adamu, Nine to Nine BDC, and Generation BDC Limited by the United States Office of Foreign Assets Control (OFAC).
“These designations follow the inclusion of Adamu and his companies as part of a broader update to the Nigeria Sanctions List approved and published on 18th June 2026,” it disclosed in a statement.
It said that the naming of the three companies and six people followed extensive intelligence gathering, financial investigations, and inter-agency assessments, which established reasonable grounds to believe that the affected individuals and entities facilitated, financed, supported, or otherwise contributed to the activities of the Islamic State West Africa Province (ISWAP) and associated terrorist networks.
“The individuals and entities added to the Nigeria Sanctions List on 18th June 2026 are Ibrahim Yakubu Ogirima (NLISWi.19), Muktar Muhammad Adamu (NLISWi.20), Adamu Chiroma (NLISWi.21), Ibrahim Abubakar (NLISWi.22), Abdullahi Umar Usman (NLISWi.23), Babangida Muhammed Adamu Hammajam (NLISWi.24), Abbal Bako & Sons Bureau De Change Limited (NLISWe.25), Generation Currency BDC Limited (NLISWe.26), Nine to Nine BDC Limited (NLISWe.27),” the statement read in part.
The federal government reiterated its directive to all financial institutions and designated non-financial businesses and professions to continue to comply with all sanctions obligations, including asset-freezing requirements, the filing of suspicious transaction reports, and the reporting of all relevant matches to the appropriate authorities.
The sanctions committee commended the work of the Federal Ministry of Justice, Office of the National Security Adviser (ONSA), Central Bank of Nigeria (CBN), Department of State Services, Economic and Financial Crimes Commission, and the Nigerian Financial Intelligence Unit for their actions to ensure that terrorist groups are denied the resources that sustain their activities.
It stated that Nigeria remains resolute in its commitment to ensuring that terrorists and their financiers find no safe haven within the country’s financial system.
The committee also said that the Federal Government would continue to work closely with domestic stakeholders and international partners to protect national security, strengthen financial integrity, and contribute to global efforts to combat terrorism and its financing.
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