General
Akwa Ibom to Raise Funds for Electricity
By Adedapo Adesanya
The Governor of Akwa Ibiom State, Mr Umo Bassey Eno, has disclosed that the state would raise capital as part of efforts to fix huge power deficits.
This came as he declared that the state would no longer live in the paradox of vast energy potential and limited electricity supply, as he unveiled sweeping reforms and pledged to end the long-standing electricity crisis.
Speaking last week at the closing of the Akwa Ibom Electricity Summit 2025 in Ikot Ekpene, Mr Eno described the summit as “a major turning point in our State’s quest for energy security and universal access to power.”
“For decades, our people have lived with the paradox of great energy potential but little to show for it,” he said, adding, “Electricity is not a luxury; it is a fundamental enabler of modern life. This summit should deliver a concrete action plan that ensures every home, every business, and every school in Akwa Ibom has reliable power.”
The governor outlined a three-pronged agenda: urgent rehabilitation and commercialization of Ibom Power Company, establishment of a new Akwa Ibom State Distribution Company, and the rollout of the first phase of a State Electrification Plan targeting underserved communities.
“We will rehabilitate and immediately commercialize Ibom Power Company, raise capital and commence its urgent rehabilitation, while also taking steps to establish the Akwa Ibom Electricity Distribution Company and upgrading the State distribution network,” the governor announced.
“Our vision is ambitious but achievable. We will not politicize electricity. We will build a State electricity market that stands the test of time and serves our people.
“We are determined to launch the Akwa Ibom Electricity Market by licensing Ibom Power Company and the new AKS Distribution Company, with the State holding majority shares. This is the promise of reliable, affordable, and universal electricity for our people.”
On her part, the Deputy Governor and Chairperson of the Summit Organizing Committee, Mrs Akon Eyakenyi, said the summit was “a historic moment, not only for Akwa Ibom State but for Nigeria as a whole.”
She stressed that with the passage of the Electricity Act 2023 and the State’s own Electricity Law 2025, Akwa Ibom had the legal foundation to chart its own electricity future.
“This summit is structured to align politics, policy, and investment with technical and financial reforms that will deliver real change,” Mrs Eyakenyi said.
In his goodwill message, the Minister of Power, represented by Chief Technical Adviser, Mr Adedoyin Oluwoniyi, commended the bold step.
“This summit is timely and significant. As Akwa Ibom is energized, industry will grow, productivity will rise, and the economy will expand.”
Also pledging support, Mr Eyo Ekpo, Team Lead of Power Component at UKNIAF, alongside representatives of donor agencies including the UN Development Programme, emphasized that a state-led electricity market was “critical for Nigeria’s development.”
The summit culminated with the unveiling of the State Electricity Regulatory Policy and the Akwa Ibom State Electricity Law, jointly performed by Governor Eno, Deputy Governor Eyakenyi, representatives of the National Assembly, the Minister of Power, and other dignitaries.
By Aduragbemi Omiyale
About $20 million has been put down by Swedfund to support efforts that limit climate change in Africa and help communities adapt to its effects.
The funds would be deployed by the Helios Climate, Energy, Adaptation and Resilience (CLEAR) Fund to back African companies that reduce emissions, strengthen resilience and create green jobs.
Swedfund’s investment is expected to contribute to significant cuts in greenhouse gas emissions and to help businesses and small farmers adapt to a changing climate.
The investment strengthens Swedfund’s work to drive a sustainable and inclusive green transition in Africa.
Africa contributes less than 3 per cent of global carbon emissions but faces some of the most severe climate impacts. At the same time, the continent’s energy demand is expected to triple by 2050.
Swedfund’s investment in Helios CLEAR will help channel capital to businesses that drive low-carbon growth in areas such as renewable energy, sustainable transport, climate-smart farming, efficient use of resources and digital climate solutions.
“By investing in this sector, we can reduce emissions, build resilience and create green jobs, all vital for sustainable growth that benefits more people.
“Africa currently receives only a small share of global climate investment, yet the potential for climate-smart business is enormous.
“Through Helios CLEAR we help build the next generation of African climate-focused businesses,” the Investment Director for Energy and Climate at Swedfund, Ms Gunilla Nilsson, stated.
Helios CLEAR Fund is a Pan African growth equity fund managed by Helios Investment Partners, one of Africa’s leading private equity firms.
The fund targets investments that deliver measurable climate mitigation and adaptation outcomes. The fund is supported by multiple development finance institutions.
By Modupe Gbadeyanka
A member of the House of Representatives, Mr Abdussamad Dasuki, has alleged that the gazetted tax laws are different from the ones passed by the National Assembly.
Speaking on Wednesday during plenary at the green chamber, the opposition lawmaker the emphasised that content of the tax laws as gazetted was not what members of the parliament debated, voted on and passed.
In June 2025, President Bola Tinubu signed the four tax reform bills into law, becoming an act. The new laws are the Nigeria Tax Act (NTA), 2025, the Nigeria Tax Administration Act (NTAA), 2025, the Nigeria Revenue Service (Establishment) Act (NRSEA), 2025, and the Joint Revenue Board (Establishment) Act (JRBEA), 2025.
In September, they were gazetted by the federal government.
On the floor of the House yesterday, presided over by the Speaker, Mr Tajudeed Abbas, Mr Dasuki, while raising a matter of privilege, after reviewing the gazetted law and what was passed, he found out some discrepancies, appealing to the Speaker to ensure that all relevant documents, including the harmonised versions, the votes and proceedings of both chambers, and the gazetted copies currently in circulation, are brought before the Committee of the Whole for scrutiny by all members.
He warned that allowing laws different from those duly passed by the National Assembly to be presented to Nigerians would undermine the integrity of the legislature and violate constitutional provisions.
“Mr. Speaker, I will be pleading that all the documents should be brought before the Committee of the Whole.
“The whole members should see what is in the gazetted copy and see what they passed on the floor so that we can make the relevant amendment. Mr Speaker, this is the breach of the Constitution.
“This is the breach of our laws, and this should not be taken by this House,” Mr Dasuki said when rising under Order Six, Rule Two of the House Rules on a Point of Privilege.
In his remarks, Mr Abbas promised that the parliament would look into the matter.
By Adedapo Adesanya
Over 90 illegal mining sites have been reclaimed and 300 offenders prosecuted since the deployment of the Mining Marshals, a specialised task force established to secure Nigeria’s mineral assets.
This information was disclosed by the Minister of Solid Minerals Development, Mr Dele Alake, at the South West Leaders Conference held recently in Akure, the Ondo state capital.
He described the crackdown as a turning point in the battle against mineral theft and insecurity in mining communities.
“We created the Mining Marshals to tackle insecurity and illegal mining head-on. I’m proud to say that peace is returning to our mining fields,” he said.
According to Mr Alake, the initiative has strengthened investor confidence and improved government revenue.
“When you protect the minerals, you protect national wealth. That’s exactly what we’ve done with the Mining Marshals,” he stated.
He noted that beyond arrests and reclamations, the Marshals have restored safety in key mining corridors and curbed the activities of illegal foreign operators. “We are taking back control of our natural resources from criminal networks,” Mr Alake emphasised.
The minister reiterated the government’s commitment to maintaining the momentum through digital surveillance, stronger local intelligence, and inter-agency coordination.
“Our success proves that security is the bedrock of sustainable mining. We will keep refining this model until every site in Nigeria is safe, legal, and productive,” he added.
Launched last year, the marshals were given the mandate to stem theft and all nefarious activities around the nation’s minerals so that benefits are not extracted by the wrong people.
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