Economy
Nigeria Needs $425bn to Meet 2060 Energy Target—Report
By Modupe Gbadeyanka
A global technology group, Wärtsilä, has revealed that for Nigeria to meet the 100 per cent renewable energy power system by 2060, it must attract investments worth $425 billion.
In the report titled Nigeria Leading Africa to Net Zero, it was disclosed that the country must design an optimal power system consisting of 1,200 GW of renewable energy capacity, 283 GW of energy storage, and 34 GW of engine-based power plants for grid balancing purposes. Within the next eight years, precisely by 2030, the country can need investments worth $18.7 billion to be on the road to achieving the 2060 energy target.
This can be achieved by significant policy reforms, according to the Managing Director of Wärtsilä in Nigeria. Mr Wale Yusuff, who noted that “despite the many government efforts to implement an increasingly strong legal framework, project developers and sponsors must still navigate a very complex and uncertain system that adds excessive investment risk.”
The research by his organisation shows that investing in renewable energy and flexibility from gas engines and energy storage is the best way to reduce energy costs, increase energy access and improve grid reliability.
With this strategy, the cost of electricity generation is predicted to drop by 74 per cent by 2060 compared to 2022 levels, and carbon emissions will drop to zero.
As Nigeria seeks to take the lead in climate action whilst meeting the nation’s growing energy needs and securing universal access to electricity for its population, the need to build a data-driven and cost-effective energy strategy becomes crucial.
Using advanced energy system modelling techniques, Wärtsilä’s analysts have outlined the most cost-effective power system that can be built in Nigeria year after year to reach net zero by 2060.
This in-depth energy modelling exercise also reveals the key role that Nigeria’s domestic gas will play in enabling a smooth energy transition.
Nigeria’s vast domestic gas reserves can be mobilised as an inexpensive bridging fuel to power balancing engines in support of intermittent renewable energy generation until gas engine power plants begin to be converted to run purely on green hydrogen starting in the early forties.
“If the power system expansion roadmap presented to the report is successfully implemented, by 2060, Nigeria’s power system will be fully decarbonised and able to meet the energy needs of our country’s rapidly growing population,” Mr Yusuff said.
“The key components of our power system will be renewables, supported energy storage technologies, together with grid-balancing engines that have been converted to run on green hydrogen. As early as 2032, Nigeria can reach universal access to electricity, and the inefficient, expensive, and polluting diesel generators still widely used today will be ancient history,” he added.
With its huge gas reserves and high renewable energy potential, Nigeria has all the natural resources necessary to lead it to a successful energy transition.
If the country can improve its power transmission infrastructure, develop a sound policy framework, and deploy a data-driven power expansion plan based on renewable energy and flexibility, it will take a giant step towards securing universal access to affordable, reliable, and fully affordable decarbonised electricity.
By Aduragbemi Omiyale
The deadline for filing of employers’ annual tax returns in Lagos State has been extended by one week from February 1 to 7, 2026.
This information was revealed in a statement signed by the Head of Corporate Communications of the Lagos State Internal Revenue Service (LIRS), Mrs Monsurat Amasa-Oyelude.
In the statement issued over the weekend, the chairman of the tax collecting organisation, Mr Ayodele Subair, explained that the statutory deadline for filing of employers’ annual tax returns is January 31, every year, noting that the extension is intended to provide employers with additional time to complete and submit accurate tax returns.
According to him, employers must give priority to the timely filing of their annual returns, noting that compliance should be embedded as a routine business practice.
He also reiterated that electronic filing through the LIRS eTax platform remains the only approved method for submitting annual returns, as manual filings have been completely phased out. Employers are therefore required to file their returns exclusively through the LIRS eTax portal: https://etax.lirs.net.
Describing the platform as secure, user-friendly, and accessible 24/7, Mr Subair advised employers to ensure that the Tax ID (Tax Identification Number) of all employees is correctly captured in their submissions.
By Adedapo Adesanya
The chief executive of Airtel Africa Plc, Mr Sunil Kumar Taldar, has disclosed that the company is still on track to list its mobile money business, Airtel Money, before the end of June 2026.
Recall that Business Post reported in March 2024 that the mobile network operator was considering selling the shares of Airtel Money to the public through the IPO vehicle in a transaction expected to raise about $4 billion.
The firm had been in talks with possible advisors for a planned listing of the shares from the initial public offer on a stock exchange with some options including London, the United Arab Emirates (UAE), or Europe.
However, so far no final decisions have been made regarding the timing, location, or scale of the IPO.
In September 2025, the telco reportedly picked Citigroup Incorporated as advisors for the planned IPO which will see Airtel Money become a standalone entity before it can attain the prestige of trading on a stock exchange.
Mr Taldar, noted that metrics continued to show improvements ahead of the listing with its customer base hitting 52 million, compared to around 44.6 million users it had as of June 2025.
He added that the subsidiary processed over $210 billion in a year, according to the company’s nine-month financial results released on Friday.
“Our push to enhance financial inclusion across the continent continues to gain momentum with our Mobile Money customer base expanding to 52 million, surpassing the 50 million milestone. Annualised total processed value of over $210 billion in Q3’26 underscores the depth of our merchants, agents, and partner ecosystem and remains a key player in driving improved access to financial services across Africa.
“We remain on track for the listing of Airtel Money in the first half of 2026,” Mr Taldar said.
Estimating Airtel Money at $4 billion is higher than its valuation of $2.65 billion in 2021. In 2021, Airtel Money received significant investments, including $200 million from TPG Incorporated at a valuation of $2.65 billion and $100 million from Mastercard. Later that same year, an affiliate of Qatar’s sovereign wealth fund also acquired an undisclosed stake in the unit.
The mobile money sector in Africa is expanding rapidly, driven by a young population increasingly adopting technology for financial services, making the continent a key market for fintech companies.
By Dipo Olowookere
A cryptocurrency investor and owner of Polyfarm, Mr Bamu Gift Wandji, is currently cooling off in the custody of the Economic and Financial Crimes Commission (EFCC).
He was handed over to the anti-money laundering agency by the Nigerian Security and Civil Defence Corps (NSCDC) on Friday, January 30, 2026, after his arrest on Monday, January 12, 2026.
A statement from the EFCC yesterday disclosed that the suspect was apprehended by the NSCDC in Gwagwalada, Abuja for running an investment scheme without the authorisation of the Securities and Exchange Commission (SEC), which is the apex capital market regulator in Nigeria.
It was claimed that Mr Wandji created a fraudulent crypto investment platform called Polyfarm, where he allegedly lured innocent Nigerians to invest in Polygon, a crypto token that attracts high returns.
Investigation further revealed that he also deceived the public that his project, Polyfarm, has its native token called “polyfarm coin” which he sold to the public.
In his bid to promote the scheme, the suspect posted about this on social media platforms, including WhatsApp, X (formally Twitter) and Telegram. He also conducted seminars in some major cities in Nigeria including Kaduna, Lagos, Port Harcourt and Abuja where he described the scheme as a life-changing programme.
Further investigation revealed that in October, 2025, subscribers who could not access their funds were informed by the suspect that the site was attacked by Lazarus group, a cyber attacking group linked to North Korea.
Further investigations showed that Polyfarm is not registered and not licensed with SEC to carry out crypto transactions in Nigeria. Also, no investment happened with subscribers’ funds and that the suspect used funds paid by subscribers to pay others in the name of profit.
Investigation also revealed that native coin, polyfarm coin was never listed on coin market cap and that the suspect sold worthless coins to the general public.
Contrary to the claim of the suspect that his platform was attacked, EFCC’s investigations revealed that the platform was never attacked or hacked by anyone and that the suspect withdrew investors’ funds and utilized the same for his personal gains.
The EFCC, in the statement, disclosed that Mr Wandji would be charged to court upon conclusion of investigations.
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