General
Grid Collapse: Lagos Opens Bids for Gas-Fired Power Plants

By Adedapo Adesanya
The Lagos State Government has invited bids for the construction of gas-fired power plants to tackle the state’s persistent electricity shortfall.
The initiative which was announced by the Ministry of Energy and Mineral Resources in partnership with the Office of Public-Private Partnerships this week, seeks to generate up to 500 megawatts (MW) of electricity across four designated hubs in the state.
This has been necessitated by the recent spate of grid collapses that have occurred about 10 times in 2024.
The Lagos state government disclosed that while it currently requires over 6,000 MW of electricity, the DisCos operating in the state supply less than 2,000 MW during peak periods.
“The state faces pressing energy challenges due to rapid urbanization and growth in economic activities. “There is an urgent need for sustainable alternatives to the supply of energy from the national grid, which is inadequate for the entire country,” a statement from the Ministry of Energy disclosed.
The government is welcoming bids from individual companies and consortia with the technical, financial, and legal expertise needed to deliver the project. In cases of consortium bids, one company must be identified as the lead partner.
The move is part of its Clean Lagos Electricity Market (CLEM) initiative, which is offering four hubs where the proposed gas-fired plants will be located.
According to the directive from MEMR, the power plants will be sited close to existing DisCos substations to optimize distribution, with a minimum required output of 100MW from participating companies.
Each hub is expected to generate up to 500MW to meet the growing energy needs of the state.
“This initiative is designed to close the gap between Lagos’ energy demand and supply, enabling the state to power its industrial, commercial, and residential needs more effectively,” the statement disclosed.
“The minimum intended generation capacity of electricity for each of the four hubs shall be 500MW, which one or more power-generating firms shall generate,” the statement also disclosed.
“Lagos is creating an enabling environment for private sector investment in the energy sector, and we are confident that this project will attract top-tier companies capable of delivering world-class solutions,” it said.
To ensure successful implementation, the project scope includes financing, engineering, construction, commissioning, and operation of the plants.
It also said companies must also arrange a constant supply of gas and other fuels for sustained operations.
“Generation of electricity of not less than 100MW for each of the allocated sites for the Clean Lagos State Electricity Market is a non-negotiable requirement.”
General
Court Jails Man for N35m BDC Licence Fraud

By Modupe Gbadeyanka
One Mr Daniel Ameh living in Abuja has convicted and sentenced to two years imprisonment for duping one Mr Inalegu Egwa of the sum of N35 million.
While delivering judgement on Monday, May 5, 2025, Justice S. M. Mayana of the Federal Capital Territory (FCT) High Court in Apo, Abuja, however, gave the convict an option of N1 million fine.
Mr Ameh found himself before the judge after the Economic and Financial Crimes Commission (EFCC) arraigned him on a one-count charge bordering on criminal misappropriation.
The commission said the offence was contrary to Section 309 of the Penal Code and punishable under the same section and to which he pleaded “not guilty.”
During the trial, the prosecution counsel, Mr Ibrahim Buba, presented three witnesses and tendered relevant documents, which convinced the judge, who passed the judgement.
Mr Ameh was directed by Justice Mayana to pay the sum of N22 million, in restitution to his victim.
Investigation revealed that in 2021, Mr Ameh advised Mr Egwa to register a Bureaux de Change (BDC) company, which the victim agreed and engaged the convict to do the registration for him in the Corporate Affairs Commission (CAC) and to apply for the relevant licence from the Central Bank of Nigeria (CBN).
Mr Egwa paid the sum of N36 million through the convict’s bank account for remittance to the CBN, but in 2022, the apex bank announced the cancellation of BDC registrations and directed all affected applicants to forward their account details for refund of payments they made.
Rather than inform Mr Egwa of the new development for the channelling of the refund accordingly, Mr Ameh kept his victim in the dark, received the money in his personal account and converted it to his use.
General
UNEP FI’s Regional Roundtable Focuses on Sustainable Finance, Economic Transition

As part of its continued commitment to sustainability, Access Holdings PLC will be amongst the leading participants in the United Nations Environment Programme Finance Initiative (UNEP FI) Regional Roundtable on Sustainable Finance for Africa and the Middle East.
Taking place from May 6-7, 2025, in Marrakech, Morocco, the event will bring together regulators, policymakers, and key stakeholders from the financial sector to discuss and shape critical sustainability issues, including climate mitigation and adaptation, nature-positive finance, just transition and financial inclusion, carbon finance, among others.
The Chief Brand and Communications Officer of Access Holdings; Amaechi Okobi; the Group Head of Credit Administration, Governance andProject Monitoring, Edmund Otaigbe; and Group Head of Products and Segments, Njideka Esomeju, will be contributing insights from their extensive experience in driving sustainability within the financial sector.
Among the discussions will be sessions dedicated to accelerating the transition of real economy sectors towards sustainability, addressing climate risks, and ensuring financial inclusion.
One of the focal points will be how financial institutions can support climate adaptation and resilience, particularly in vulnerable sectors across Africa and the Middle East. The event will further tackle the challenge of unlocking private finance for the Sustainable Development Goals (SDGs), exploring innovative ways to align capital flows with regional sustainability needs.
Other high-level dialogues will explore regional collaboration to support sustainability goals, advancing action on climate adaptation, and the regulatory developments promoting sustainable finance across the region.
Panels will focus on topics such as financing and insuring MSMEs for climate resilience and fostering an inclusive transition by ensuring that vulnerable communities and underserved populations are not left behind in the push for green growth.
Prominent speakers at the event include Mahmoud Mohieldin, UN Special Envoy on Financing the 2030 Agenda; Louise Gardiner, Senior Operations Officer at the International Finance Corporation (IFC); Lily Burge, Policy Manager, Climate Bonds Initiative; Samuel Tiriongo, Director of Research and Policy, Kenya Bankers Association; Walid Ali, General Manager, Sustainability Department, Central Bank of Egypt; Yasser Mounsif, Director of Issuers, Moroccan Capital Market Authority, alongside other leaders in sustainable finance.
The UNEP FI Regional Roundtable promises to be a critical platform for deepening collaboration among stakeholders across Africa and the Middle East, with the shared goal of creating a resilient, sustainable future for the region.
General
EFCC Grants VeryDarkMan Administrative Bail

By Modupe Gbadeyanka
The Economic and Financial Crimes Commission (EFCC) says it has granted popular social media activist, Mr Martins Innocent Otse, otherwise known as VeryDarkMan (VDM) an administrative bail.
VDM was apprehended in the premises of GTBank in Abuja last weekend after he was at the bank to question why the account of his mother was debited for a loan she did not apply for.
It was reported that VeryDarkMan was blindfolded and beaten by security operatives who came for him.
Since his arrest, there have been claims that some powerful persons instigated the EFCC to pick him up because of his criticisms online.
In a statement on Tuesday, the anti-money laundering agency said it apprehended VDM over “grave allegations of financial malfeasance.”
The agency said it received petitions against the suspect, adding that it obtained an order to keep him beyond the 24 hours stipulated by the Constitution.
However, the EFCC said it have granted him an administrative bail, with VDM still making efforts to meet for his eventual release.
“The EFCC has a lawful right to hold Otse in custody like any other suspect being investigated by the Commission. The appropriate Remand Order was obtained in this regard. He has been offered an administrative bail and would be released after fulfilling all the bail conditions.
“The commission appreciates the interest of Nigerians in its operations. The passion, enthusiasm and torrential reactions to all of its activities are welcome.
“However, insinuations about its motive in carrying out its assignment should no longer continue. The EFCC should be allowed to do its job without fear or favour. As soon as investigations are concluded, charges will be filed,” the statement said.
The commission said it acted the way it did because the suspect “refused to show up in spite of several invitations sent to him through his known addresses and medium of communication.”
It was stated that the petitions pertain to grave allegations of financial malfeasance which cannot be ignored by the commission” because it has the mandate of “tackling economic and financial crimes.”
Since his arrest a few days ago, there have been calls, including from outside the country, for his release
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