General
Egbin Power Wins Electricity Generation Company of the Year Award
By Modupe Gbadeyanka
For its unwavering commitment to operational excellence and resilience in the face of industry-wide challenges, a leading publication in the energy, oil and gas sector, Energy Times, has named Egbin Power Plc the winner of the Electricity Generation Company of the Year award.
The largest privately-owned thermal power generation company in Nigeria thanked the organisers for the honour, noting that recognition in Nigeria’s power industry is earned through consistent performance rather than visibility.
The energy firm emphasised that despite persistent structural constraints within the sector, its responsibility remains clear in delivering reliable megawatts to the national grid.
The Energy Times Awards took place recently in Ikeja, Lagos, with key stakeholders across the energy value chain in attendance to celebrate excellence and innovation within the industry.
Energy Times, in its citation, commended Egbin Power for its notable improvements in average hourly power generation in 2025, achieved despite industry-wide challenges.
It noted that the organisation sustained commendable output through enhanced operational efficiency, proactive asset management, and a firm commitment to national grid stability, further cementing its strategic importance in Nigeria’s power sector.
While receiving the accolade, Egbin Power said it has made “a deliberate choice to be reliable, disciplined, and performance-driven.”
“This recognition reflects the resilience of our people, the strength of our operations, and our unwavering commitment to powering Nigeria sustainably,” the company said in a statement.
It further highlighted that the award is rooted in measurable outcomes, while acknowledging that much work remains to be done in strengthening the sector.
Egbin Power also reiterated that sustainable power extends beyond generation, stressing the need for an efficient end-to-end electricity value chain where every megawatt generated translates into value delivered and revenue recovered, affirming its commitment to leading industry conversations and setting performance benchmarks through example.
Speaking on the recognition, the chief executive of Egbin Power Plc, Mr Mokhtar Bounour, dedicated the award to the company’s workforce.
“All the credit for this recognition goes to the team, whose dedication, discipline, and determination continue to translate into outstanding results,” he said.
He also acknowledged the board’s unwavering support, noting that strong alignment between governance and management has been critical in consistently raising performance standards.
Mr Bounour further highlighted the role of Sahara Group in driving innovation and sustainability across the business. According to him, the organisation remains focused on creating value for its stakeholders while contributing meaningfully to national development.
“We are not just generating power, we are powering the future. Technology will remain at the heart of this transformation, while sustainability and affordability are not ambitions, they are our standard,” he added.
Sahara Group Foundation, the CSR arm of Sahara Group (Egbin Power’s parent company), was also named the Social Impact Company of the Year for its significant contributions to sustainable development and socio-economic progress in Nigeria’s oil and gas sector and across Africa.
By Adedapo Adesanya
The Nigerian Shippers’ Council (NSC) saved over N348.8 million for port users and resolved 19 complaints in the first quarter of 2026.
According to its sectoral data report from the council’s quarterly newsletter, which covered January to March 2026, the agency’s continued intervention in disputes within the maritime sector is aimed at reducing trade frictions and protecting shippers from unfair practices.
A breakdown of the complaint status shows that, out of 32 cases handled during the period, 19 were successfully resolved, 12 are still ongoing, and one has been closed.
In terms of financial impact, the NSC’s dispute resolution efforts led to a total savings of N348,813,072.06 for stakeholders, particularly importers, exporters, freight forwarders, and shipping agents.
Further analysis of the report indicates that shipping companies and their agents accounted for the highest number of complaints, with 22 cases filed against them.
“Other entities complained against include seaport terminal operators (1), government agencies (3), exporters (1), importers (1), de-consolidators (1), and freight forwarders/clearing agents (3).
“The complaints lodged during the period cut across a wide range of operational and financial issues. Prominent among them were container deposit refund disputes, which recorded the highest frequency with five cases, followed by arbitrary charges (4).
Other issues included unsettled demurrage (2), missing cargo (2), service failure (2), damaged cargo (2), wrong port of discharge (2), and non-release of auction cargo (2).
“Additional complaints involved delays in cargo transfer, breach of trust, invoice cancellation, lack of telex release, delay in releasing export documents, export fraud, waiver-related disputes, demurrage and detention of vessels, breach of contract, and unjustified demurrage charges,” the data report stated.
The data also reveals that the majority of complainants were shippers, including importers and exporters, alongside freight forwarders and shipping agents, reflecting the operational challenges faced by key players in Nigeria’s port value chain.
The NSC, as the port economic regulator, noted that it has consistently leveraged its complaints and dispute resolution mechanism to address grievances and ensure fairness in commercial transactions within the maritime industry.
By Adedapo Adesanya
The Federal Executive Council (FEC) has approved the establishment of the National Research and Innovation Development Fund (NRIDF) as part of efforts to strengthen Nigeria’s research, science, technology and innovation sector.
The approval was granted during the council’s meeting presided over by President Bola Tinubu on Monday.
According to a statement issued by the Federal Ministry of Innovation, Science and Technology, Head of Press and Public Relations, Mrs Pauline Sule, the fund will be supervised by the ministry and managed through a 17-member National Council on Research and Innovation.
The council will be chaired by Vice President Kashim Shettima, while the Minister of Innovation, Science and Technology, Mr Kingsley Tochukwu Udeh, will serve as vice chairman.
Reacting to the development, Mr Udeh described the approval as a major step towards building an innovation-driven economy and strengthening Nigeria’s research ecosystem.
He said the initiative aligns with the federal government’s economic agenda aimed at achieving a $1 trillion economy under the Renewed Hope programme.
The Minister, however, noted that the fund would still undergo legislative, administrative and operational procedures before full implementation and disbursement begin.
According to him, the National Research and Innovation Development Fund is expected to provide strategic financial support for researchers, innovators, startups and technology developers across the country when fully operational.
He added that the initiative would help strengthen local research capacity, encourage the commercialisation of innovations and deepen collaboration between academic institutions and industry players.
The ministry also stated that the fund is expected to improve Nigeria’s competitiveness within the global technology and knowledge economy.
By Aduragbemi Omiyale
One Mr Taofeek Daniel Oriola has been convicted and sentenced to nine years’ imprisonment for money laundering.
He was sentenced by Justice Daniel Osiagor of the Federal High Court sitting in Ikoyi, Lagos, on Monday, May 11, 2026.
His journey to the correctional centre started when he used part of the proceeds of his unlawful activity derived from fraudulent cryptocurrency transactions to acquire some properties, which have now been forfeited to the federal government.
The said properties include a 2014 Range Rover (Supercharged) with VIN Number SALGS3TF7EA180971, a five-bedroom apartment with boys’ quarters in the Ibeju-Lekki area of Lagos State, a parcel of land measuring 653.479 square metres situated at Ibeju-Agbe in Ibeju-Lekki, and one iPhone 16.
The convict, in April 2026, committed the offence contrary to Section 18(2) of the Money Laundering (Prevention and Prohibition) Act, 2022 and punishable under Section 18(3) of the same Act.
Mr Oriola was brought before the court by the Economic and Financial Crimes Commission (EFCC) on a three-count charge bordering on money laundering and concealment of proceeds of unlawful activities.
“That you, TAOFEEK DANIEL ORIOLA (Male), adult, sometime in April 2026 in Lagos State, within the jurisdiction of this court, engaged in the disguise of the true source of a 2014 Range Rover (Supercharged) with VIN No. SALGS3TF7EA180971, which you knew formed part of the proceeds of your unlawful activity derived from fraudulent cryptocurrency transactions, and you thereby committed an offence contrary to Section 18(2) of the Money Laundering (Prevention and Prohibition) Act, 2022 and punishable under Section 18(3) of the same Act.
“That you, TAOFEEK DANIEL ORIOLA (Male), adult, sometime in April 2026 in Lagos State, within the jurisdiction of this court, engaged in the disguise of the true source of a five-bedroom apartment with boys’ quarters situated at Ibeju-Agbe, in the Ibeju-Lekki area of Lagos State, which you knew formed part of the proceeds of your unlawful activity derived from fraudulent cryptocurrency transactions, and you thereby committed an offence contrary to Section 18(2) of the Money Laundering (Prevention and Prohibition) Act, 2022 and punishable under Section 18(3) of the same Act,” two of the three charges read.
After pleading “guilty” to the charges when read to him, Justice Osiagor sentenced him to three years’ imprisonment on each count, to run concurrently, with an option of a N200,000 fine on each count. The judge also ordered him to undertake seven days of community service.
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