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GenCos, NLC Trade Words Over N6.5trn Power Debt

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power sector debt

By Adedapo Adesanya

The Nigeria Labour Congress (NLC) and the Association of Power Generation Companies (APGC), an umbrella body for power generation companies (GenCos), have traded words over the N6.5 trillion in power debt.

The labour union attacked the association over the payment of the N6 trillion as well as a proposed N3 trillion federal bailout, describing the move as a “heist” and an attempt to loot public funds.

The NLC accused the power firms of attempting to transfer the burden of their operational failures to Nigerians, insisting that electricity consumers and taxpayers must not be made to pay for what it called the “collapse of a flawed privatisation model.”

In a rebuttal, the APGC has warned the NLC to stop victimising the GenCos and refuted the allegation that the power sector has “institutionalised extortion.”

The chief executive of APGC, Mrs Joy Ogaji, said the group firmly rejects the NLC’s characterisation of the sector’s challenges, adding that labelling the legitimate operations of power firms as “robbery” and a “grand deception” is a simplistic and inflammatory narrative that ignores the complex realities of the industry.

“We view these allegations, which include claims of “institutionalised extortion” and a phantom subsidy, as a misrepresentation of the facts and a disservice to the ongoing efforts to stabilise Nigeria’s electricity supply industry,” said Mrs Ogaji.

The association also strongly refutes the insinuation that the proposed government support for the sector is a clandestine plan to “settle the boys” ahead of elections.

In a statement reacting to the recent press release by the APGC, the NLC rejected allegations that it lacked the competence to speak on power sector matters, maintaining that its members work within the industry and understand its dynamics.

“We categorically reject their self-serving narrative and misleading characterisation of our position. First, the NLC stands firmly by every word of its earlier statement. The privatisation of the power sector was, and remains, a grand deception that has shortchanged the Nigerian people. The APGC’s claims of “victimisation” cannot conceal the persistent failure that has defined the sector since privatisation.

“The core issue is simple and troubling. The entire power sector assets were reportedly sold for approximately N400 billion. Yet today, GENCOs are demanding N6 trillion, while the Federal Government is said to be considering a N3 trillion bailout for companies that have not demonstrably increased generation capacity beyond pre-privatisation levels.

“This contradiction raises fundamental questions. How can assets purchased for N400 billion become the basis for a bailout running into trillions of naira? It is neither sound economics nor responsible governance to socialise losses while privatising profits. Public funds belonging to workers, pensioners, and ordinary Nigerians must not be diverted to rescue private investors from the consequences of their own operational shortcomings. We challenge the APGC to address this contradiction transparently.”

“The NLC is not a bystander in the power sector. Our members work in generation plants across the country. Our affiliate, the National Union of Electricity Employees (NUEE), operates daily within the system. The NLC played a leading role in the national debate around privatisation and consistently warned that, without proper safeguards and capacity, the exercise would fail. Those warnings appear increasingly justified.

“Regarding our reference to “settling the boys,” our position remains clear: public funds must not be used to enrich a select few under the guise of policy intervention. Nigerians deserve transparency and accountability, not opaque financial arrangements.
“In the interest of openness, we call on the APGC to publish a comprehensive list of the beneficial owners of all GENCOs and associated power assets. Nigerians have a right to know who stands to benefit from this N6 trillion demand,” parts of the statement said.

It also criticised Nigeria’s power sector privatisation for failing to significantly improve electricity generation or service delivery despite rising tariffs, questioned the lack of measurable returns and dividends to the government, raised concerns over labour rights violations, and firmly rejected the proposed N6 trillion bailout as unjustified and contrary to public interest.

Business Post reports that the federal government disclosed plans in December to raise N1.23 trillion by the first quarter (Q1) of 2026 to settle verified arrears owed to generation companies and gas suppliers. On January 27, the government said it had successfully issued a N501 billion inaugural bond under the presidential power sector debt reduction programme (PPSDRP).

However, the APGC has said that this is inadequate, comparing the debt to “garri soaked in water.”

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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Alleged N36m Fraud: EFCC Arraigns Blessing CEO

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Blessing CEO EFCC

By Modupe Gbadeyanka

A social media influencer, Ms Okoro Blessing Nkiruka, also known as Blessing CEO, has been arraigned by the Economic and Financial Crimes Commission (EFCC).

The self-styled relationship therapist was brought before Justice D.I. Dipeolu of the Federal High Court sitting in Ikoyi, Lagos, on Friday, May 15, 2026, over an alleged N36 million fraud.

The EFCC, in a statement today, said Blessing CEO is facing a two-count charge bordering on obtaining money by false pretence and stealing to the tune of N36.0 million.

“That you, OKORO BLESSING NKIRUKA, between July 14 and 17, 2024, in Lagos, within the jurisdiction of this court, did obtain the sum of N36,000,000.00 from Mrs Ifeyinwa Nonye Okoye under the false pretence of leasing a six-bedroom detached duplex situated at No. 1B, Tunbosun Osobu Street, Off Kuboye Road, Lekki, Lagos State, which representation you knew to be false, and you thereby committed an offence contrary to Section 1(3) of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006,” one of the charges read.

“That you, OKORO BLESSING NKIRUKA, between July 14 and 17, 2024, in Lagos, within the jurisdiction of this court, fraudulently converted to your own use the sum of N36,000,000.00 property of Mrs Ifeyinwa Nonye Okoye, and you thereby committed an offence contrary to Section 383 and punishable under Section 390 of the Criminal Code Act, Cap C38, Laws of the Federation of Nigeria, 2004,” another charge read.

At the commencement of proceedings, the defence counsel, Mr P.I. Nwafor, informed the court that the defendant had refunded part of the money to the petitioner.

“We have an application to make. The defendant approached the nominal complainant and refunded N24 million out of the N36 million.

“We are asking for a short adjournment to resolve the outstanding balance. The nominal complainant agreed that if the balance is paid, they can prevail on the EFCC to drop the case,” he said.

Responding, the prosecution counsel, Mr S.I. Suleiman, stated that the prosecution was not privy to any discussion between the defendant and the nominal complainant.

“The complainant here is the Federal Government of Nigeria, and we are here for the arraignment. We urge that the defendant take her plea, as that is the business of the day,” he said.

In his ruling, Justice Dipeolu held that “the defence and the nominal complainant can have discussions even during the pendency of the charge. It does not affect the proceedings before the court. The defendant will take her plea.”

After pleading not guilty, the prosecuting counsel applied for a trial date and prayed the court to remand her in a correctional facility pending trial.

But the defendant’s counsel informed the court that his client had only been served with the charge on Thursday, May 14, 2026, and that efforts were ongoing to file her bail application.

He, therefore, prayed that the defendant be remanded in EFCC custody pending the perfection of her bail conditions. This plea was granted, while the matter was adjourned till June 5, 2026, for the commencement of the trial.

Blessing CEO EFCC1

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Maryland Mall Lagos Opens Bidding for Investors in Major Property Sale

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Maryland Mall Lagos

By Adedapo Adesanya

Maryland Mall, one of the prominent retail and entertainment centres located in Lagos, has been put up for acquisition.

In what is shaping up to be a competitive bidding process targeted at qualified investors, the offering coordinated by Broll Property Services in partnership with Renaissance Capital Africa describes the property as a “high-yield income-generating investment” situated in a prime commercial corridor within the commercial capital.

According to details contained in the investment teaser seen by Business Post, interested investors are expected to submit expressions of interest before proceeding to due diligence and final bid submissions.

Final bid submissions are scheduled to close by 12 pm on Monday, June 30, 2026, according to the advisory firms.

The sale process is expected to attract interest from institutional investors, private equity firms, real estate funds and high-net-worth investors seeking exposure to Lagos’ commercial property market.

The mall, strategically located along a major road network in Maryland, boasts strong visibility and accessibility, factors considered critical in retail real estate performance.

The document disclosed that the facility, which hosts facilities like Genesis Cinema and Workstation, currently maintains an occupancy rate of 87 per cent and is professionally managed to maintain operational standards.

However, people who frequent the facility told our correspondent that the facility has faced several operational challenges. This development presents challenges for potential investors who will likely scrutinise factors such as tenant sustainability, operating costs, power expenses and consumer spending trends before making final commitments.

Under the outlined transaction process, shortlisted bidders will enter negotiations following due diligence and submission of financial offers.

Launched in June 2016 by Mr Akinwunmi Ambode, the then governor of Lagos State and Mr Atedo Peterside, Chairman of Stanbic IBTC, Maryland Mall boasts the largest outdoor LED screen in West Africa, under Purple Group’s management.

In 2020, the company officially rebranded the mall from Maryland Mall to Purple Maryland as part of its broader lifestyle and mixed-use real estate strategy.  However, due to some macroeconomic headwinds, the company fell into a receivership in October 2023, with Mr Richard Ayodele Akintunde named the Receiver Manager.

Years ago, the management agreement between Purple Group and the receiver manager was terminated, and Broll was appointed the new Facility Manager.

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UK Strengthens Ties With Kano, Jigawa on Sustainable Development

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By Adedapo Adesanya

The United Kingdom has reaffirmed its development partnership with Kano and Jigawa States, as part of its long-term commitment to development and reform in northern Nigeria.

The Head of Development Cooperation at the British High Commission Abuja, Ms Cynthia Rowe, recently completed high-level engagements with governors of both states as well as senior government officials and civil society leaders.

The discussions underscored the UK’s modern approach to development as a genuine partnership with Nigeria, which prioritises state-led ownership and sustainable development that delivers lasting impact through strengthening systems and partnerships grounded in investment, trade, climate financing, technical expertise and joint accountability.

According to a statement, the Foreign Commonwealth and Development Office, via the British High Commission, said Nigeria remains one of the UK’s most significant development partners, adding that the engagements underlined the strength and ambition of the bilateral relationship reaffirmed during the recent UK-Nigeria State Visit.

In Kano, Ms Rowe met with Deputy Governor Alhaji Murtala Sule Garo and senior officials, including the newly confirmed Head of Civil Service and Secretary to the State Government. The visit recognised Kano’s progress on climate finance, health system reform and private sector investment supported through UK technical assistance.

In Jigawa, she met with Governor Umar Namadi and heads of key ministries, departments and agencies. The meeting celebrated more than 25 years of UK-Jigawa partnership, one of the most longstanding bilateral development relationships at the subnational level in Nigeria. Discussions covered the state’s continued progress on health systems reform, agriculture, and governance and the path forward under UK technical assistance.

Since 2022, PLANE has supported Kano, Kaduna and Jigawa to strengthen state-led education delivery systems, working through Ministries of Education, SUBEB and key agencies. Its RANA+ foundational learning packages have reached 1.4 million pupils across the three states, alongside wider system strengthening.

Speaking on this, Ms Rowe said, “For more than 25 years, we have worked side by side with state governments, including Jigawa and Kano states, their communities, and civil society to build stronger health systems, improve learning outcomes for millions of children, support farmers to grow their businesses, and help states attract the investment they need to thrive.

These visits have reinforced our confidence in what this partnership can achieve. We are working together to deliver lasting change, and deepening a relationship built on genuine mutual respect and shared ambition for Nigeria’s growth and development.”

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