General
Agusto Seeks Improvement in Nigeria’s Electric Power Production
By Adedapo Adesanya
Research and credit ratings firm, Agusto & Co. has identified strategies for more improvement in the country’s electric power production.
In a research note shared with Business Post, the agency noted that Nigeria’s electric power consumption per capita of 145KwH falls behind those of select peers, South Africa (4,198) and Ghana (351KwH), as well as the average for lower middle-income countries of 811KwH.
“Following the unbundling and subsequent privatization of the long-standing government-owned monopoly in the power sector, as part of the power sector reform of 2004, honest and objective evaluations of the Nigerian Electricity Supply Industry’s (‘NESI’) performance in the post-power privatization era have ranged from ‘minimal improvement’ to ‘more of the same’. The entire NESI value chain is fraught with structural impediments, which have continued to impede optimal performance, with operators consistently ‘passing the buck’,” Agusto noted.
Nigeria, according to the World Bank, has the largest energy access deficit in 2021, with 43 per cent (or 85 million Nigerians) of the country’s population without access to grid-connected electricity.
“As of 31 December 2022, the generating segment of the market comprised 29 operational generating plants with a combined installed capacity of 13,014MW and an average operational capacity of 4,523MW – down 29 per cent from 6,371.9MW in 2019.
“There were 12 Independent Power Plants (IPPs) in Nigeria in 2022, accounting for 31.2 per cent of the country’s total power generating capacity, a 300 basis points decline from 2021 – due largely to gas constraints and faulty machinery.”
Agusto & Co. pointed out that on average, and due largely to gas constraints, only five IPPs: Azura-Edo (26 per cent), Odukpani (19 per cent), Okpai (16 per cent), Afam VI (15 per cent), and Rivers IPP (8 per cent) jointly accounted for circa 84 per cent of the power generated from the 12 IPPs in the last four years.
Agusto also explained that lingering gas shortages are proving to be difficult for Africa’s largest economy.
“Gas constraints remain prevalent despite the fact that Nigeria has the world’s ninth-largest proven gas reserves, estimated at 204 trillion cubic feet in 2022. The domestic gas market in Nigeria has been plagued by chronic underinvestment in generating and distribution infrastructure.
“At the same time, under the domestic supply obligation framework within the Gas Master Plan (GMP), all gas companies are required to supply an assigned quota of gas to critical sectors (including electric power) at prices ($2.18mscf) lower than what is obtainable in international markets (average of $7.52mscf in the US market in 2022).”
As a result, “operators of thermal plants struggle to secure viable gas contracts at the approved price. As at the end of 2022, 25 of the country’s 29 GenCos were gas-powered, underscoring the urgency of finding a long-term solution to gas supply constraints,” the note explained.
The firm noted that the weakest link in the NESI value chain is the Transmission Company of Nigeria (TCN), which is still entirely government-owned.
“The national grid has a wheeling capacity of circa 8,100MW, which pales in comparison to the nation’s peak electricity demand of 19,798 MW. This implication is that even with an increase in the generating capacity of the grid-connected IPPs, the TCN is unable to evacuate more than 8,100MW.”
Agusto & Co. noted that the TCN is a critical bottleneck in the supply of electricity and has stalled investment in power generation.
“On the other hand, the TCN continues to blame load rejection by distribution companies, particularly during the rainy season, for the high frequency of grid collapses.”
Agusto & Co. anticipates that the current Nigerian Electricity Grid Maintenance Expansion and Rehabilitation Program (NEGMERP), which aims to expand the country’s grid network through the diligent execution of network expansion projects funded by both the Federal Government and donors, will result in some growth in NESI in the short term.
This is in addition to the Presidential Power Initiative signed with Siemens AG, which is expected to result in an additional 25,000MW of operational capacity from the national grid.
“The completion of such projects will assure prospective power generation companies that the TCN has ample capacity to receive generated electricity. With a more efficient TCN, Nigeria can achieve self-sufficiency in power supply, making electricity exports easier through the West African Power Pool’s (WAPP) future Regional Electricity Market (REM).”
Agusto lauded President Muhammadu Buhari’s signing of the Fifth Alteration Bill No. 33, 2022 (the “Electricity Constitutional Amendment”), which allows Nigeria’s 36 States to generate, transmit, and distribute electricity in areas covered by the national grid.
“This has significant implications for the country’s struggling power sector, as it could lead to increased investment in power generation and distribution infrastructure, as well as increased competition among power providers.
“By devolving power to the States, Agusto & Co. believes the bill could also lead to more efficient and effective management of the power sector, as states will have greater control over their power supply. This could lead to more targeted investment in power infrastructure and more responsive management of power supply and demand.”
This is without some limitation as, “the bill also raises concerns about the potential for fragmentation of the power sector, as different states may have different priorities and approaches to power generation and distribution, leading some, to possibly bypass the national grid entirely.
“Furthermore, States deemed to lack a sufficient economic base may be unable to attract investors in their electricity generation, transmission, or distribution, causing them to fall behind other States in terms of electricity supply. This could constrain the business environments in these States, thereby eroding investor confidence, discouraging investment, and limiting economic growth and development.”
Giving its outlook, the firm noted that the NESI is currently in the second stage – the transitional electricity market (TEM) – on its evolutionary path, where the state-owned special purpose vehicle (the Nigerian Bulk Electricity Trading Plc – ‘NBET’) buys electricity in bulk from the generating companies and independent power producers (IPPs) and resells to the distribution companies (DisCos) under vesting contracts.
As it transitions to the medium-term market, Agusto & Co. expects more IPPs to become operational, which will significantly raise the Industry’s generation capacity over the medium term.
By Adedapo Adesanya
The Ebonyi State Police Command has insisted on conducting a post-mortem examination to determine the cause of death of Miss Mary Habila, a physiotherapist who died at the residence of the Minister of Works, Mr David Umahi, in Uburu, Ohaozara Local Government Area of Ebonyi State.
The demise of the deceased, which occurred in late June, recently became public and has sparked calls for a probe from many quarters.
Meanwhile, the family of the deceased has approached the court to stop the autopsy, but experts tell Business Post that the family has no authority to file an affidavit, as this is a case of suspected murder against the state and not the family.
Mr Umahi has also called for a probe.
The Ebonyi Police Command said the autopsy was necessary to establish the cause of death and support its ongoing investigation, despite objections from the deceased’s family.
The Police Public Relations Officer (PPRO), SP Joshua Ukandu, disclosed this in a statement issued on Wednesday, stating that the police had commenced a comprehensive investigation into the circumstances surrounding Ms Habila’s death.
Mr Ukandu said preliminary investigations revealed that the deceased and a colleague were members of the medical team attached to the Minister of Works and had accompanied him to his hometown in Uburu, where she later died in a room within the compound of his residence.
According to him, detectives from the State Criminal Investigation Department (SCID) have visited the scene, documented relevant evidence and obtained statements from persons connected to the incident.
He added that the command had concluded arrangements to engage a qualified pathologist to carry out a post-mortem examination, which it considers crucial to determining the actual cause of death.
Mr Ukandu explained that the police became involved in the matter after receiving a distress call on June 27, 2026, from the Divisional Police Officer (DPO), Ohaozara Division, informing the command of a medical emergency involving Habila and requesting his presence at the David Umahi Federal Teaching Hospital, Uburu.
“On arrival, the DPO was informed by hospital authorities that Miss Mary Habila had been brought in dead.
He immediately briefed the Commissioner of Police, who directed that the matter be transferred to the State Criminal Investigation Department (SCID) for thorough investigation,” the statement read.
The police spokesperson disclosed that while the family of the deceased had opposed the conduct of an autopsy, the command considered the procedure necessary in view of the circumstances surrounding the death.
“The Command therefore awaits the attendance of the family or their duly appointed representative, as their presence is essential to the conduct of the post-mortem examination,” Mr Ukandu said, assuring the public that the investigation would be conducted professionally, transparently and without bias, stressing that every necessary step would be taken to uncover the circumstances surrounding Habila’s death.
Mr Ukandu further assured that the command would continue to provide updates as the investigation progresses.
Family Seeks to Stop Autopsy
The family of the deceased, who is a staff member of the David Umahi Federal University of Medical Sciences and was seconded to the Federal Ministry of Works, formally requested the withdrawal of further investigation into her death and declined an autopsy.
In an affidavit titled Affidavit of Withdrawal of Case filed before the High Court of Justice of Ebonyi State, her father, Tanko Habila Wisdom, said the family was not alleging any foul play in her death and wished to proceed with her burial.
According to the affidavit, Mary Habila died on June 27, 2026, in Uburu, Ohaozara Local Government Area of Ebonyi State.
The deponent stated that before her death, Habila was a staff member of the David Umahi Federal University of Medical Sciences and had been seconded to the Federal Ministry of Works in Mabushi, Abuja, where she served in the Office of the Minister of Works for about three years.
By Adedapo Adesanya
A Federal High Court in Apo, Abuja, has ordered the final forfeiture of billions of Naira worth of assets linked to businesswoman and socialite, Ms Aisha Achimugu, to the federal government.
Justice Jude Onwugbuzie granted the order following an application by the Economic and Financial Crimes Commission (EFCC), directing the permanent forfeiture of jewellery valued at N4.645 billion, 11 exotic vehicles worth N4.293 billion, $50,000 and N30 million in cash.
The ruling followed the EFCC’s request for the final forfeiture of the assets, which the commission said were linked to Ms Achimugu.
The forfeited assets include: Jewellery valued at N4,645,170,294.90; 11 exotic vehicles worth N4,293,000,000; $50,000 in cash; and N30,000,000 in cash.
The court’s judgment vests ownership of the assets in the federal government, bringing the forfeiture proceedings to a close.
In March, Justice Emeka Nwite of the Federal High Court in Abuja affirmed the final forfeiture of $13 million linked to the Lagos socialite. However, in an interview in April, she denied that $13 million was discovered by the EFCC in her residence, describing the claim as inaccurate and misleading.
Justice Nwite had, on August 22, 2025, granted the anti-graft agency’s motion ex parte for an interim order forfeiting the sum of $13 million linked to Oceangate Ltd to the federal government over allegations that the fund was proceeds of unlawful activity.
The judge had then directed the commission to publish the order in a national daily for interested people to show cause within 14 days why the fund should not be permanently forfeited to the federal government.
In 2024, the businesswoman gained significant media attention for a seven-day birthday celebration in Grenada, which was attended by high-profile guests, reportedly including Lagos State Governor Babajide Sanwo-Olu.
The socialite also defended her widely publicised birthday celebration, noting that it had been “planned for 10 years” and was not funded with any money under investigation.
By Adedapo Adesanya
To boost fertiliser production, strengthen food security and advance Nigeria’s domestic gas utilisation agenda, Renaissance Africa Energy Company Limited has signed a 16-year Gas Sale Agreement (GSA) with Indorama Fertiliser FZE for the supply of up to 60 million standard cubic feet of natural gas per day from the Assa North Ohaji South (ANOH) Gas Processing Facility.
The agreement was signed by the chief executive of Renaissance, Mr Tony Attah, and Indorama’s counterpart, Mr Manish Mundra, with both executives describing the deal as a significant milestone in advancing Nigeria’s domestic gas utilisation agenda, industrial development, and agricultural growth aspirations.
“This agreement reflects our commitment to unlocking the value of Nigeria’s abundant gas resources through partnerships that create real and lasting impact,” Mr Attah said, adding: “By supplying natural gas to a major fertiliser producer such as Indorama, we are supporting a value chain that is critical to food security, agricultural productivity, industrial growth, and economic development.”
The agreement will provide Indorama Fertiliser with a secure and reliable source of natural gas to support uninterrupted production and enable the company to meet growing domestic and regional demand for fertiliser products.
The resulting increase in fertiliser availability is expected to contribute to improved crop yields, enhanced agricultural productivity, and strengthened food security across Nigeria and Africa.
Commenting on the agreement, Mr Mundra said the deal was an important milestone for the company in its ambition of supporting Nigeria’s agricultural transformation agenda.
“Reliable access to natural gas is fundamental to fertiliser production, and this long-term arrangement provides a strong foundation for sustainable operations and future growth,” Mr Mundra said. “We appreciate the partnership with Renaissance and look forward to leveraging this collaboration.”
The transaction aligns closely with Nigeria’s Decade of Gas initiative and further demonstrates the strategic role of natural gas in driving industrialisation, supporting manufacturing, enhancing energy security, and enabling economic diversification.
