General
Nigeria to Establish Renewable Asset Management Company
By Adedapo Adesanya
The Rural Electrification Agency (REA) said it has received approval to establish a renewable asset management company in Nigeria as it seeks to drive the alternative energy source in the country.
Speaking on Monday, the Managing Director of REA, Mr Abba Aliyu, said the move is to sustain its electrification interventions and ensure long-term infrastructure viability.
Electricity challenges have made it difficult to distribute electricity to rural areas. With an installed capacity of 12,000 megawatts, the country has struggled to keep output at half of that with a peak of around 6,000 megawatts on record. To tackle this, the country has explored alternative energy sources like renewables.
According to Mr Aliyu, the new asset management company is expected to oversee and maintain assets that include the renewable energy infrastructure worth nearly $500 million, already deployed to universities across Nigeria.
“This company will warehouse these assets and REA will leverage on the assets to raise close to N1 trillion, so that we will continue to intervene even if there is no availability of loans and grants. The country will be standing on its own to continue to drive electricity access and infrastructure in many years to come,” Mr Aliyu stated, according to the News Agency of Nigeria (NAN).
He emphasised that the initiative will enable Nigeria to independently drive electricity access and infrastructure development for years to come.
According to him, REA is committed to ensuring that the company becomes operational before the end of the year.
He also revealed that President Bola Tinubu has approved N100 billion for REA to implement the National Public Sector Solarisation Project, a strategic initiative aimed at reducing the cost of governance by transitioning public institutions to solar energy.
“The analysis that we have seen of budget implementation shows that a number of public institutions spend a lot of money to buy diesel or to pay for electricity. To reduce the cost of governance, REA secured the project, which will start in the next few weeks,” he said.
Mr Aliyu also confirmed that discussions were ongoing with the Japanese International Development Corporation to secure an additional $200 million in co-financing have reached an advanced stage.
The fund will be merged with the existing $750 million Distributed Access through Renewable Energy (DARE) funding, bringing the total available financing to $950 million.
“Three weeks ago, we were in Japan with the Minister of Power, Mr Adebayo Adelabu. The discussions are almost concluded, and we expect the funds to be available soon,” he noted.
REA formalized agreements with eight Renewable Energy Service Companies (RESCOs) to accelerate Nigeria’s renewable energy expansion.
The companies include: Ashipa Electric Limited, De-Janees Concept Limited, Fax Power Limited, M&BH Power Limited, Okra Solar PTY Limited, Oando Clean Energy, Sosai Renewable Energy Limited, and Weight Nigeria Limited.
Mr Aliyu reiterated that these partnerships align with REA’s goal of increasing access to clean and sustainable electricity for Nigerian homes and businesses.
General
TCN Confirms Destruction of Six Transmission Towers in Nasarawa
By Adedapo Adesanya
The Transmission Company of Nigeria (TCN) has confirmed the destruction of six transmission towers along the Apir–Lafia 330kV line in Nasarawa State, causing significant disruption to electricity supply in parts of the country.
In a statement issued on Wednesday, TCN spokesperson, Mrs Ndidi Mbah, said the incident occurred on May 30 at about 1:15 a.m. during a heavy downpour.
She explained that the transmission line initially tripped, prompting operators to attempt a trial reclosure of Line II at about 2:08 a.m., but the effort failed.
A subsequent inspection of the transmission corridor, however, revealed extensive damage to key components of towers T125 to T130, confirming that the infrastructure had been vandalised.
“The tripping of the lines prompted a physical line trace to determine the fault, which revealed damage to critical components of towers T125 to T130, confirming vandalism on the affected sections of the transmission corridor,” Mbah said.
The incident has forced both Apir–Lafia 330kV Transmission Lines I and II out of service pending the reconstruction of the damaged towers.
TCN said its engineers have been deployed to the site to assess the extent of the damage and determine the materials required to restore normal transmission along the corridor.
As an interim measure, the Lafia 330kV Transmission Station is being supplied through an alternative line to minimise the impact on electricity consumers within the franchise areas of Abuja Electricity Distribution Company (AEDC) and Jos Electricity Distribution Company (JEDC).
The company condemned the persistent vandalism of power infrastructure, warning that such acts undermine investments in the electricity sector and threaten the stability of the national grid.
It also urged residents and host communities to remain vigilant and report suspicious activities around transmission installations to security agencies or the nearest TCN office.
TCN stressed that safeguarding critical national infrastructure requires collective responsibility to ensure a reliable and uninterrupted electricity supply nationwide.
General
IFC, NGX Group, LCCI Unveil Nigeria Gender Country Programme
By Aduragbemi Omiyale
A Nigeria Gender Country Programme (NGCP) to advance private sector action on gender equality and inclusive economic growth has been unveiled at a high-level virtual CEO Roundtable convened by the International Finance Corporation (IFC), Nigerian Exchange (NGX) Group Plc, and the Lagos Chamber of Commerce and Industry (LCCI).
The NGCP builds on the momentum of Nigeria2Equal and other initiatives that have advanced workplace inclusion, women’s leadership, entrepreneurship, and sustainable finance across Nigeria’s private sector.
Designed as a more integrated and collaborative platform, the programme seeks to scale impact through coordinated action among development institutions, business leaders, regulators, and the organised private sector.
Anchored on three strategic priorities, the programme aims to increase women’s representation in leadership, improve access to quality employment, and expand access to productive assets—including finance, technology, and markets—for women and women-led businesses.
The partners are expected to formally launch the Nigeria Gender Country Program at a physical event scheduled for July 9, 2026, where stakeholders will further advance implementation of the programme’s strategic priorities.
At the virtual event, the Director General of the Securities and Exchange Commission (SEC), Mr Emomotimi Agama, said, “Gender inclusion is fundamentally an economic growth imperative. Closing gender gaps can unlock billions of dollars in value for Nigeria while strengthening business performance and national competitiveness. We must therefore move beyond viewing inclusion as a corporate social responsibility initiative or compliance exercise, and instead recognise it as a strategic driver of productivity, innovation, and sustainable economic growth.”
Commenting on the initiative, the chief executive of NGX Group, Mr Temi Popoola, said the initiative “presents a significant opportunity to deepen impact and accelerate progress across corporate Nigeria. By expanding women’s access to leadership opportunities, quality employment, finance, technology, and markets, we can unlock substantial economic value while building a more competitive, inclusive, and resilient private sector. At NGX Group, we believe the capital market has a critical role to play in advancing these outcomes through stronger governance, transparency, and stakeholder engagement.”
On his part, the IFC Head of Office in Lagos, Mr Christian Mulamula, said, “Closing the gender gap is one of the most significant opportunities to strengthen competitiveness and productivity. Across Africa, gender inequality is estimated to cost up to $2.5 trillion. Through the Nigeria Gender Country Program, IFC is working with the private sector to expand women’s leadership, improve access to better jobs, and increase opportunities for women-led businesses. Building on Nigeria2Equal, this initiative focuses on practical, measurable solutions that help businesses grow while advancing inclusive growth.”
In her remarks, the DG of LCCI, Ms Chinyere Almona, noted that the programme’s success would depend on leadership accountability and sustained commitment from business leaders, particularly in embedding gender inclusion into organisational strategy and execution.
General
VDR, ECDIS Data Retrieved as NSIB Probes Maersk Vessel Collision at Bonny Anchorage
By Adedapo Adesanya
The Nigerian Safety Investigation Bureau (NSIB) has commenced a forensic investigation into the collision between the container vessel MV Maersk Valparaiso and the oil tanker MT Lady Martina at Bonny Anchorage in Rivers State, following the download of Voyage Data Recorder (VDR) and Electronic Chart Display and Information System (ECDIS) data from the vessel for navigational analysis.
The bureau’s Director of Public Affairs and Family Assistance, Mrs Funke Adebayo Arowojobe, explained that in line with the International Maritime Organisation (IMO) Casualty Investigation Code and international obligations, NSIB had formally notified the Transport Safety Investigation Bureau (TSIB) of Singapore as a substantially interested State.
The incident, which occurred on May 20, 2026, has been classified by the bureau as a Very Serious Marine Casualty (VSMC).
She also said that NSIB activated its marine occurrence response protocols immediately after receiving notification of the incident, noting that the investigation Go-Team was deployed to Onne and Bonny on May 22 to commence evidence preservation and preliminary investigative activities.
The bureau disclosed that investigators boarded both vessels and conducted interviews with their masters and key crew members, while operational records and navigational data linked to the incident were secured.
Also, the director stressed that the bureau had commenced collaborative engagement with relevant local and international stakeholders as part of the investigation process, assuring the public and maritime stakeholders that the investigation would be conducted with professionalism, independence and thoroughness, stressing that the objective was to determine the causal and contributory factors of the occurrence and enhance maritime safety.
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