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Power Sector Must be Adequately Funded—Experts

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Experts and stakeholders have stressed the need for adequate financing of the energy sector in Nigeria for any meaningful progress to be achieved.

This emphasis was made at the 2019 Power Nigeria Exhibition and Conference which held at the Landmark Centre Lagos. The conference is the largest power event serving West African utility, commercial, industrial and key-end user markets brought together experts from the financial sectors including, the Central Bank of Nigeria, FBNQuest Merchant Bank and Nigeria Infrastructure Debt Fund to discuss collaborative strategies to close the financial gap in the Power sector.

At the programme, experts in attendance shed light on the reforms needed in the energy sector to attain its full potential and yield returns on investments. They also discussed how lack of access to capital is hindering the electricity sector.

Also highlighted were frameworks for assisting companies with funding requests; risk mitigation tools in projects or expansions; electricity-focused mutual funds/collective investment schemes in Nigeria; returns investors can expect and how lending rates can be improved in the next two years.

Speaking at the conference, the Commissioner, Ekiti State Ministry of Infrastructure and Public Utilities, Mr Bamidele Faparusi, explained how good customer relationships are essential for improving the quality of power in the country.

Using Ekiti state as a case study, the Commissioner said, “Improving the power sector in Nigeria calls for collaborative effort between the government, private sector and the end users.

“Unpaid electricity bills affect the proper running of the sector, hence, a need for DisCos to build trust and maintain good relationships with the end users so as to minimize default in payments and address power issues.

“In addition, huge financial investments should be made in distribution networks to attain smartness and profitability while regulatory agencies should ensure compliance with stipulated rules and guidelines”.

On her part, Head –Energy and Natural Resources, FBNQuest Merchant Bank, Ms Rolake Akinkugbe-Filani, said there is a huge financial gap in the sector that needs to be urgently addressed to meet sector growth.

According to Ms Akinkugbe-Filani, “The Nigerian Power Sector needs to rid itself of legacy debt of over 300 Billion Naira if any progress is to be made.

“There is a need for private funding to be injected into the system and for an urgent shift in the funding landscape from investment banks to SME initiatives. Private sector investment could come in terms of advisory, capacity building for project developers as well as financing for capital projects.”

Power Nigeria exists to serve the West African and Nigerian energy market. The event has successfully established itself as an annual hub for suppliers to meet buyers, driving the energy markets in Nigeria forward.

The international brand status combined with local knowledge & stakeholder partnerships results in making Power Nigeria a must-attend event for all energy industry professionals. Join Power Nigeria 2019 from 24-26 September 2019.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via [email protected]

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Church Confirms Release Of 151 Abducted Members in Kaduna

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Cherubim and Seraphim Movement Church Worldwide

By Adedapo Adesanya

The Cherubim and Seraphim Movement Church Worldwide, Ayo Ni O, has confirmed the release and safe return of 151 of its members abducted from Iburu community in Kajuru Local Government Area of Kaduna State.

The abduction, which affected about 177 people, occurred on January 18, 2026. It was initially denied by the Nigeria Police Force and other government agencies, but was later confirmed.

In a statement issued by the Conference Secretary General of the church, Mr Anthony Olusesan Samaiye, it was disclosed that the release of the abducted persons was confirmed through reports from its liaison officers in Kaduna.

According to the statement, Mr Emmanuel Abiodun Adewale Alogbo (JP), described the release as a victory for faith, prayer and dialogue, noting that the breakthrough followed an emergency visit to Kaduna by its leadership and a series of high-level engagements aimed at securing the freedom of the abducted worshippers.

The Cherubim and Seraphim Church expressed gratitude to the Kaduna State government, particularly Governor Uba Sani, for what it described as his commitment to dialogue and the coordination of state resources that contributed to the successful outcome.

Special appreciation was also extended to the Governor’s Chief of Staff, Mr Sani Liman Kila, and the Senior Special Assistant on Religious Affairs (Christian Matters), Mr Ishaya Jangado, for facilitating engagement between the church and the state government.

The church noted that the incident demonstrated the importance of cooperation between religious leaders and government authorities in addressing security challenges and protecting citizens.

It also acknowledged prayers and support from the Christian Association of Nigeria (CAN), the Organisation of African Instituted Churches (OAIC), the international community and Christians worldwide.

While celebrating the release, the church said it was mindful of the trauma experienced by the victims and disclosed that its welfare and medical teams had been mobilised to provide psychosocial support and care to the affected members and their families.

The church called for sustained peace in Kaduna State and across Nigeria, urging authorities to continue efforts to ensure the safety of all citizens, regardless of religious affiliation.

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2027 Elections: I Won’t be Vice Presidential Candidate—Peter Obi Insists

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By Adedapo Adesanya

As activities for the 2027 general elections begin to take shape, the former presidential candidate of the Labour Party in the 2023 presidential poll, Mr Peter Obi, has again ruled out the possibility of contesting as a vice presidential candidate next year, saying he is contesting to be on the ballot.

Speaking ahead of the Abuja Municipal Area Council (AMAC) election in the Federal Capital Territory, he said, “You see this coming election, support us in AMAC; it will help me. Your support in AMAC is critical to our journey. I am involved and contesting the coming election as number one. When I come back, you will see. I assure you.”

Mr Obi vied for the 2023 presidency on the LP platform, emerging third overall behind Mr Atiku Abubakar and President Bola Tinubu.

In December 2025, he defected to the African Democratic Congress (ADC), where his teeming supporters popularly known as Obidients have urged him to only pursue the presidential ticket.

Mr Abubakar, who chose Mr Obi as his vice presidential candidate in the 2019 polls, is also a member of the ADC. The men finished in second and third places, respectively in the last presidential election, which President Tinubu won with 37 per cent of the votes.

Speaking at the campaign venue, Mr Obi emphasised to his supporters the importance of backing the ADC candidate in the AMAC election, noting that their support at the grassroots would go a long way in bolstering his national political journey.

The ADC coalition includes many former allies of Mr Tinubu, including Mr Nasir El Rufai, the former governor of Kaduna State; Mr David Mark, a former Senate President who is serving as the National Chairman of the party, and Mr Rauf Aregbesola, a former Osun Governor and currently the National Secretary of ADC.

The party will be hoping to emulate the success of the ruling All Progressives Congress (APC), which was formed by an alliance of opposition politicians (including Mr Abubakar) in 2013 and caused the ouster of former President Goodluck Jonathan, the first-ever defeat of an incumbent Nigerian president in 2015.

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CPPE Urges FG to Create Farm Price Stabilisation Plan for Food Security

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Price of Food

By Adedapo Adesanya

The Centre for the Promotion of Private Enterprise (CPPE) has called on the federal government to urgently establish a National Farm Price Stabilisation and Farmer Income Protection Framework to safeguard Nigeria’s long-term food security.

This was contained in a policy brief signed by the chief executive of the think tank, Mr Muda Yusuf, on Sunday.

The group warned that while recent import surges have lowered food prices to the delight of consumers, they have simultaneously inflicted severe financial losses on farmers and agricultural investors, creating what it described as “troubling trade-offs and unintended consequences.”

He advised that Nigeria cannot afford a policy regime that undermines confidence in agriculture, one of the country’s most strategic sectors and largest employers of labour.

“The welfare gains from cheaper food have been profound and should be acknowledged. However, the cost to farmers and other investors across the agricultural value chain is equally high and cannot be ignored,” Mr Yusuf stated.

The CPPE boss emphasised the urgent need to strike a sustainable balance between keeping food affordable for consumers and protecting farmers’ incomes, while safeguarding agricultural investment.

According to the policy document, recent import surges of staples such as rice, maize and soybeans have caused serious dislocations in the agricultural investment ecosystem, inflicting severe hardship on farmers and weakening production incentives.

“Although consumers have welcomed the decline in food prices, the long-term consequences are adverse: farmer incomes fall, production declines over time, investment confidence weakens, and the country risks returning to cycles of scarcity and higher prices,” the document warned.

The CPPE identified several structural factors driving recurring farm price collapses in Nigeria, beyond the immediate impact of food imports.

The think tank warned that harvest glut remains a major challenge, with many farmers harvesting the same crops within the same period, causing sudden oversupply. This is compounded by the limited availability of storage facilities, drying centres and cold-chain systems, which forces farmers to sell immediately regardless of market conditions.

The organisation said this is also affected by weak rural logistics, characterised by poor roads, insecurity, high transport costs, and limited aggregation hubs, which make it difficult to move produce efficiently from production zones to high-demand markets.

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