General
Power Sector Must be Adequately Funded—Experts
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.
By Adedapo Adesanya
The Independent National Electoral Commission (INEC) on Sunday, August 16, 2026, declared the incumbent Governor of Osun State, Mr Ademola Adeleke, winner of the 2026 governorship election held a day earlier.
Mr Adeleke, who contested under the Accord Party, defeated his closest challenger, the All Progressives Congress (APC) candidate, Mr Bola Oyebamiji, to secure a second term in office.
The governor polled 511,067 votes, while Mr Oyebamiji scored 444,815 votes, giving Mr Adeleke a winning margin of 66,252 votes.
The African Democratic Congress (ADC) candidate, Mr Najeem Folasayo Salaam, came a distant third with 17,180 votes.
Mr Salaam had entered the election as one of the candidates expected to potentially emerge as a third force, particularly following the backing he received from former Osun Governor and former Minister of Interior, Mr Rauf Aregbesola.
However, that expectation did not translate into the numbers needed to seriously challenge the two leading candidates.
Mr Adeleke’s victory means he becomes only the third governor in Osun State’s history to win a second term through an election.
He joins Mr Olagunsoye Oyinlola and Mr Aregbesola in the state’s political history, although Mr Oyinlola’s tenure was later cut short following a court decision that nullified his election over irregularities.
Mr Aregbesola subsequently succeeded Oyinlola and went on to secure a second term, completing eight years in office.
Mr Adeleke’s re-election comes after a fiercely contested campaign marked by intense competition and reported violence from competing parties.
Despite those challenges, the governor consolidated his support across the state and secured a decisive victory over the APC candidate, extending his administration for another four years in the southwest states.
By Modupe Gbadeyanka
The Transmission Company of Nigeria (TCN) has confirmed the collapse of five transmission towers along the Ikot Abasi–Eket 132kV Double Circuit Transmission Line.
This was attributed to severe acts of vandalism, as TCN disclosed that the structure collapsed after vandals removed critical structural bracing members.
The affected towers were N9, J4, N10, N11 and N12, the organisation said in a statement on Friday.
It explained that the extensive damage was discovered during a routine joint line patrol conducted on August 9, 2026, by TCN linesmen.
Further inspection revealed that structural members from seven additional towers along the same transmission corridor had also been removed and stolen. The towers, J3, N8, N13, N14, N15, N18 and N19, are now structurally compromised and pose a risk of further collapse.
TCN condemned this act of sabotage and reiterated its commitment to working hard to maintain a robust and reliable national grid.
The statement said that to mitigate the impact on electricity supply, the network has been reconfigured to prioritise supply to Ekim transmission station, leaving Ibom Power as the only station without supply.
TCN said it is mobilising an urgent intervention to complete the reconstruction of the affected sections of the line, with security agencies also notified to aid investigations and prevent further acts of vandalism along the line route.
By Adedapo Adesanya
The Speaker of the House of Representatives, Mr Tajudeen Abbas, has urged all relevant government agencies to promptly initiate actions for the full implementation of the Nigerian Ports Economic Regulatory Agency Act, 2026, following its signing into law by President Bola Tinubu.
The bill, sponsored by Speaker Abbas, was aimed at repealing the Nigerian Shippers’ Council Act, Cap. N133, Laws of the Federation of Nigeria, 2004, and establish the Nigerian Ports Economic Regulatory Agency to ensure effective economic regulation of Nigerian ports while safeguarding the interests of shippers, service providers, and users of regulated port services. With the President’s assent, it has now been enacted as an Act of Parliament.
The legislation represents one of the landmark achievements of the 10th National Assembly. It reflects the Speaker’s commitment to legislative excellence, institutional reform, and sustainable economic growth, according to a press statement by the Special Adviser on Media and Publicity to the Speaker, Mr Musa Krishi.
The bill underwent a rigorous and inclusive legislative process, including extensive stakeholder consultations and a public hearing. It was passed by both Chambers of the National Assembly and subsequently assented to by the President.
The Act provides a robust legal and institutional framework to ensure effective economic regulation of Nigerian ports by fostering transparency, competitiveness, and efficiency in port operations; protecting the rights and interests of shippers, service providers, and other port users; and aligning Nigeria’s port regulatory system with global best practices, thereby enhancing the ease and cost-effectiveness of doing business.
Despite receiving presidential assent, the Act has yet to be fully operationalised.
He warned that any further delay would undermine the legislative intent of the reform, prolong the exposure of port users to arbitrary charges and operational inefficiencies, and deny the nation the anticipated benefits of increased revenue, improved trade facilitation, and stronger investor confidence in the marine and blue economy sector.
The Speaker urged the Federal Ministry of Marine and Blue Economy, in collaboration with all relevant Ministries, Departments and Agencies (MDAs) of the federal government, to take the necessary administrative, institutional, and financial measures for the prompt implementation of the Act.
He said this should include the formal transition to, as well as operational empowerment of, the Nigerian Ports Economic Regulatory Agency to discharge its statutory mandate effectively.
The full implementation of the Act is critical to unlocking the economic potential of Nigeria’s ports, reducing the cost of doing business, strengthening trade competitiveness, and positioning Nigeria as the leading maritime and logistics hub in West and Central Africa.
The statement noted that the Speaker reaffirmed the 10th House’s commitment to exercising the necessary legislative oversight to ensure this landmark legislation, along with others assented to by the President, is fully implemented and achieves its intended goals for the benefit of the Nigerian people.
