Economy
Lagos Plans 24-Hour Electricity for Residents with 3,000MW Plant
By Dipo Olowookere
As part of efforts in achieving a 24-hour power for Lagos, Governor Akinwunmi Ambode has sought a no objection letter from the Nigerian Electricity Regulatory Commission (NERC) for the state’s Embedded Power Programme.
Mr Ambode led some members of the State Executive Council, lawmakers and other critical stakeholders to a meeting at the NERC’s headquarters in Abuja on Friday for this purpose.
The Government explained that the embedded power project was designed as his administration’s flagship programme for direct intervention in the power value chain.
He said the proposed power programme would generate up to 3,000MW of power through accelerated deployment of various power plants in strategic locations across the state by private sector power providers within three to six years.
He noted that Nigerians’ aspiration to create a secured and prosperous nation that is globally competitive will be difficult to achieve without stable power supply.
Governor Ambode posited that while efforts are ongoing to resolve the power crisis, it had become increasingly clear that the problems in the energy sector could no longer be left to the Federal Government alone to solve.
“Embedded power was designed as our flagship programme for direct intervention in the power value chain towards achieving a 24-hour power for Lagos. Lagos State has always demonstrated its capacity and willingness to play a leading role in resolving the power sector challenges in the state, subject to the limit of the federal authority allowed regulations.
“Having succeeded in powering government facilities, the next level of intervention for our government is to collaborate with other stakeholders in the power sector to design and implement a roadmap for uninterrupted power supply to homes and businesses in Lagos State.
“The draft of the Lagos State Embedded Power Bill was finalised in May 2017 and submitted to the National Electricity Regulatory Commission for clearance before same can be forwarded to the State House of Assembly,” the Governor said.
Mr Ambode added that, “The stakeholders’ meeting holding today is a continuation of the ongoing engagement between NERC and the Lagos State Government on the Lagos State Embedded Power Programme.
“We are convinced that the offer by our government to deploy the state’s balance sheet in support of power generation, transmission, distribution, gas supply, metering, collection and enforcement in Lagos State will significantly relieve the national grid and free more energy for distribution to other parts of Nigeria.
“The proposed power programme will generate up to 3,000MW of power through accelerated deployment of various power plants in strategic locations across the state by private sector power providers within three to six years.”
According to him, the state government would issue guarantees in support of the Power Purchase Agreements that will be signed between the distribution companies and the private sector embedded power providers to enhance bankability of the projects.
He added that the power generated under the programme will be distributed through the networks of Eko and Ikeja Distribution Companies while the state would support the distribution companies in upgrading their distribution infrastructure for embedded power areas in line with NERC guidelines.
“The state government will support the distribution companies in installation of smart prepaid meters in the areas where embedded power is deployed. We will institute a cost-reflective tariff regime that is fair to all stakeholders, sustainable and capable of attracting private capital to the sector on a continuous basis.
“Other areas of collaboration include support for revenue collection, legislation and establishment of an agency for enforcement of power theft laws in Lagos.
“Our prayer today is to seek the commission’s no objection letter for the Lagos State Embedded Power Programme, based on cost reflective tariff regime that is fair to all parties and capable of unlocking private sector investments into the power sector on a sustainable basis,” the Governor said.
Responding, the NERC’s Commissioner in charge of Legal License and Compliance, Mr Dafe Akpeneye, who stood in for the Commission’s Vice Chairman, promised that the NERC would work with the Lagos State Government to ensure the success of the programme.
“Within the ambit of the law and existing regulations, you have our unflinching support in this project.
“So in response to what you said in your prayers to us, Your Excellency, I reaffirm the support of NERC towards this project. Our commitment is to create a viable electricity industry that works for Nigeria and Nigerians.
“As the laws and regulations permit us, we will work with you on this project to ensure that it does see the light of the day,” Mr Akpaneye promised.
Akpeneye however called the Governor’s attention to some safety issues that concern the state.
He spoke about the right of way, standards and designs, electricity theft as well as customers’ enumeration.
He noted that a situation where the commission’s record indicates that there are only 1.2 million registered electricity customers in Lagos State is not tidy enough when almost all the houses in the state are connected to national grid.
Representatives of both Eko and Ikeja Distribution Companies at the meeting declared their support for the project, saying that it would be detrimental to the progress of Nigeria if they opposed it.
By Dipo Olowookere
The Nigerian Exchange (NGX) further gained 0.28 per cent on Thursday amid sustained bargain-hunting across the key sectors of the market.
According to data, the banking counter appreciated by 1.12 per cent, the insurance index went up by 0.67 per cent, the consumer goods sector improved by 0.44 per cent, the energy space grew by 0.43 per cent, and the industrial goods segment expanded by 0.18 per cent.
Consequently, the All-Share Index (ASI) increased by 87.03 points to 202,672.56 points from 202,585.53 points and the market capitalisation added N55 billion to settle at N130.459 trillion compared with Wednesday’s N130.404 trillion.
Business Post reports that the market breadth index was flat yesterday, with 31 price gainers and 31 price losers.
Trans Nationwide Express gained 9.94 per cent to close at N3.43, International Energy Insurance appreciated by 9.84 per cent to N3.46, UPDC REIT advanced by 9.63 per cent to N7.40, Guinea Insurance rose by 9.52 per cent to N1.15, and Regency Alliance went up by 9.52 per cent to N1.07.
On the flip side, Living Trust Mortgage Bank lost 10.00 per cent to trade at N4.32, RT Briscoe crashed by 9.94 per cent to N8.88, Tantalizers contracted by 9.55 per cent to N3.98, Livestock Feeds moderated by 9.40 per cent to N6.75, and VFD Group retreated by 8.85 per cent to N10.30.
The most active stock for the day was Access Holdings with 121.7 million units worth N3.2 billion, GTCO transacted 62.3 million units valued at N8.1 billion, Chams exchanged 60.7 million units for N187.4 million, Zenith Bank traded 43.7 million units worth N4.9 billion, and UBA sold 29.0 million units valued at N1.3 billion.
At the close of business, market participants bought and sold 652.9 million units for N39.8 billion in 51,101 deals compared with the 1.0 billion units worth N40.6 billion transacted in 52,723 deals at midweek, indicating a decline in the trading volume, value, and number of deals by 34.71 per cent, 1.97 per cent, and 3.08 per cent, respectively.
By Adedapo Adesanya
Oil prices moved up by about 1 per cent on Thursday amid volatile trading due to the fragile Middle East ceasefire, with Brent crude futures gaining $1.17 or 1.2 per cent to sell at $95.92 a barrel, and the US West Texas Intermediate (WTI) crude futures expanding by $3.46 or 3.7 per cent to $97.87 a barrel.
Initially, prices rose over doubts about the two‑week ceasefire between the United States and Iran, as well as concerns about ongoing restrictions to energy flows through the Strait of Hormuz. The waterway connects supply from Gulf producers such as Iraq, Saudi Arabia, Kuwait and Qatar to global markets, and typically carries 20 per cent of global oil and gas supply.
The ceasefire hadn’t held for 24 hours when Israel continued air strikes on Lebanon, which Iran said was a violation of the deal with America and signalled the shutting down of the Strait of Hormuz again.
However, Israeli Prime Minister Benjamin Netanyahu on Thursday said he had instructed officials to open peace talks with Lebanon, including discussions on disarming Hezbollah.
Ship traffic through the Strait of Hormuz fell to well below 10 per cent of normal volumes on Thursday after Iran asserted control by warning vessels to remain within its territorial waters, and prices for some physical oil grades hit fresh all-time highs.
Shippers on Wednesday said they needed clarity on the terms of the ceasefire before resuming transit through the strait. Iran has issued maps to guide ships around mines and show safe paths for passage.
Concerns over supply disruptions in Saudi Arabia resurfaced as the kingdom’s oil production capacity was reduced by about 600,000 barrels per day and cut throughput on its East‑West Pipeline by roughly 700,000 barrels per day.
Regional oil facilities remain under threat, with Iran striking sites in nearby countries after the ceasefire. Kuwait, Bahrain and the UAE also reported missile and drone attacks by Iran.
The ceasefire has led Goldman Sachs to trim its second‑quarter 2026 forecasts for Brent and US crude to $90 and $87 a barrel, respectively, from previous forecasts that Brent and WTI oil prices would average $99 and $91 a barrel, respectively. It also forecast that if the Strait of Hormuz remains essentially closed to normal traffic for another month, Brent Crude prices would average more than $100 per barrel in the second half of 2026 and throughout the year.
By Adedapo Adesanya
Revenue from Company Income Tax (CIT) in the fourth quarter of 2025 decreased by 49.8 per cent to N1.487 trillion from N2.96 trillion in the third quarter of 2025, according to the National Bureau of Statistics (NBS).
The figure was contained in the NBS Company Income Tax (CIT) Q4 2025 Report released in Abuja on Wednesday by the stats office.
CIT is a statutory levy imposed on the profits of incorporated businesses in Nigeria. It is governed primarily by the Companies Income Tax Act (CITA) and administered by the Nigeria Revenue Service (NRS).
The report said domestic CIT received was N819.83 billion (55 per cent), while foreign CIT payment was N668.21 billion (45 per cent) in Q4 2025.
It said on a quarter-on-quarter basis, activities of extraterritorial organisations and bodies recorded the highest growth rate with 75.15 per cent,
The report said this was followed by Education and real estate activities at 54.20 per cent and 27.25 per cent, respectively.
“On the other hand, accommodation and food services activities recorded the least growth rate at -67.11 per cent, followed by activities of households as employers, undifferentiated goods and services producing activities of households for own use at -63.49 per cent.
“It said mining quarrying was recorded at -49.63 per cent.”
In terms of sectoral contributions, the report showed that the top three activities with the highest contribution in Q4 2025 were financial and insurance activities at 18.17 per cent, manufacturing at 17.30 per cent and mining and quarrying at 15.04 per cent.
It said, on the other hand, the activities of households as employers, undifferentiated goods and 0.002 per cent.
“This was followed by water supply, sewage, waste management and remediation activities with 0.04 per cent.
The report, however, said that, on a year-on-year basis, CIT collections in Q4 2025 increased by 13.38 per cent from Q4 2024.
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