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Why ISOPADEC is Under Investigation—Irona

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Recently, the Imo State government constituted an investigative panel to look into the management of the Imo state Oil Producing areas Development Commission (ISOPADEC).

While some saw this as a welcome development, others claimed it was part of the present government’s agenda to witch-hunt the immediate past government of Senator Rochas Okorocha.

But Deputy Governor of Imo State, Mr Gerald Irona explained that the decision to probe the commission was because of reports of mismanagement of the agency by previous administrations in the state.

Speaking when he received a delegation of stakeholders from Ohaji, in Ohaji Egbema Local Government Area under the auspices of Ogbako Ohaji, a socio-cultural organisation, led by Chief Goddy Obodo, the Deputy Governor said, “Few weeks before the last administration of Rochas Okorocha left, over N420 million was released on the orders of the former Governor to buy vehicles.

“The funds were not for ISOPADEC use, but for other uses. The funds were ISOPADEC funds. The salary wage bill is a little over N40 million and they were receiving about N95 million.

“There were a lot of issues. We now insisted that we must look into what has transpired. We are not witch hunting anyone. We just want to get things right.”

“The government set up an investigative panel; a panel of enquiry to look into how the commission was managed in the past years. We need to know how much was received by the commission and how the funds were utilized. We need to know what they did with our money and who played what role. We want ISOPADEC to work well.”

“We must ensure that ISOPADEC functions properly as an interventionist agency. It is unacceptable that till date, communities in Ohaji/Egbema/Oguta do not have portable water and electricity. The new ISOPADEC management must rise to the challenge of addressing the needs of the people. We constituted an ISOPADEC Advisory Council to be able to guide and encourage the new management, with a view to ensuring that the spirit and letters of ISOPADEC are strictly adhered to. The era of sharing ISOPADEC money is over.”

Speaking on funding, the Deputy Governor assured that the Commission shall be funded according to the law establishing it, even as he charged the new management on accountability.

“ISOPADEC must be accountable. It shall be funded according to the law establishing it. Funding will not be an issue. The issue will be how to manage the funds. It calls for prudence. There must be consultation, transparency and accountability.”

He further assured the delegation that Adapalm Nigeria will be properly managed in the interest of the citizens.

Speaking earlier, leader of the delegation and former lawmaker, Chief Goddy Obodo expressed gratitude to the government of Chief Emeka Ihedioha for considering Ohaji indigenes in political appointments, assuring him of their continued support.

He described the Deputy Governor as a great gift to people of the area, promising that people of the area will not disappoint.

“We are here to identify with you. Carry our message of gratitude to Governor Emeka Ihedioha. We are here to express our happiness. Within one month of our administration, we are already feeling a wind of change. We are here to tell you that we are happy with the government. As long as politics is concerned, be rest assured that Ohaji is solidly behind you. Call us anytime, any day, we are for you.”

“For Eight years, ISOPADEC was almost closed down. For eight years, no one from Ohaji benefited anything from ISOPADEC. The people of Ohaji that have so far been given appointments are tested and trusted. They will not fail you.”

Speaking on Adapalm, Obodo stated: “Adapalm, at some point was in someone’s pocket. Today, the government has set up an Interim Management Committee to turn it around. Ohaji people are standing by you.”

On youth restiveness, Obodo argued that youth of the area were deceived into thuggery, urging the cooperation of all to change the narrative.

“They deceived Ohaji youth into thuggery. That is not our character. We are disciplined, honest and hardworking people. Please, help us to change this narrative.”

Other members of the delegation were: former Commissioner, Barr. Golden Nwosu, Chairman, Interim Management Committee of Adapalm, Dr. Anthony Kerunwa, ISOPADEC Chairman, Barr. Magnus Obido, member of ISOPADEC Board, Hon. Emeka Alihie, Imo State Publicity Secretary of the Peoples Democratic Party, Hon. Damian Opara, among others.

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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Lagos Consumes 30% of Total Power Off-Take in Nigeria—TCN

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TCN EKEDC Total Power Off-Take in Nigeria

By Aduragbemi Omiyale

The General Manager in charge of Transmission for Lagos Region of the Transmission Company of Nigeria (TCN), Mr Adeshina Adeonipekun, has stressed the critical role of Lagos in the national grid.

While receiving the chief executive of Eko Electricity Distribution Company (EKEDC), Ms Wola Joseph Condotti, at his office on Monday, he said the Lagos region accounts for about 30 per cent of total power off-take in Nigeria.

He stated that TCN was implementing strategic expansion and project upgrades aimed at enhancing grid stability and operational efficiency in response to rising demand.

Mr Adeonipekun highlighted recent key milestones achieved in the region, including the commissioning of a 100MVA power transformer at the Ijora 132/33kV Transmission Substation, a 300MVA transformer at the Lekki 330/132kV Transmission Substation, and a 125MVA unit at the Agbara 132/33kV Substation, among others.

According to him, these additions have further increased the region’s installed capacity to 5,470MVA on the 132/33kV network and 4,110MVA on the 330/132kV network.

He further said that there were several ongoing rehabilitations at key substations within the region, including Amuwo GIS, Akoka 132/33kV, and Itire 132/33kV Transmission Substations, all geared towards further improving reliability, reducing system constraints, and enhancing the overall efficiency of power delivery.

In her remarks, Ms Condotti expressed appreciation for TCN’s continued partnership and support, underscoring the importance of sustained collaboration between transmission and distribution companies in building a more stable and efficient electricity transmission and supply network.

Both parties explored ways to strengthen collaboration and ensure a more stable and efficient power supply in Lagos, the nation’s commercial hub.

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Anambra to Regain Economic Strength After End to Sit-at-Home—Soludo

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soludo second term

By Adedapo Adesanya

The Governor of Anambra, Mr Chukwuma Soludo, says the years-long sit-at-home is now a thing of the past in the state as it will bring back lost economic viability to the South East state.

The governor spoke on Tuesday during his inauguration for a second term as the leader of the state, noting that security has improved in Anambra.

“The debilitating one-sit-at-home is over, and our schools, markets, businesses, and public servants are back to work. Reports say that ours is now the safest, or at least one of the safest states in Nigeria,” Mr Soludo said.

The second inauguration of the former governor of the Central Bank of Nigeria (CBN) witnessed eminent Nigerians, including ex-presidents Mr Goodluck Jonathan and Mr Olusegun Obasanjo, as well as the Vice President, Mr Kashim Shettima, among others.

“I’m sure many of you flew into Anambra yesterday, being Monday. Previously, it was not possible,” he said at the Alex Ekwueme Square in Awka, the state capital.

Primarily associated with the Indigenous People of Biafra (IPOB), a separatist group advocating for an independent Biafran state, the sit-at-home saw millions of South-East residents remain indoors, shut their businesses, and stay off the roads on Mondays. Initially, it was declared as a weekly protest (especially on Mondays) to demand the release of IPOB leader, Mr Nnamdi Kanu, in 2021 by the Federal Government and draw attention to the separatist cause.

The cause had significant socio-economic consequences in the South-East states like Abia, Anambra, Ebonyi, Enugu, and Imo.

However, Mr Soludo referenced several milestones, including the destruction of criminal camps and the “mass return” of Anambra indigenes during the Yuletide, as evidence of improving security in the state.

“Some 62 criminal camps have been dismantled, and 8 local governments previously under total siege have been liberated,” the governor said.

“Anambra had its best Christmas season in decades last December with a mass return and over 10,000 visitors per day to the Solution City every day until the 10th of January.”

Part of the measures to address insecurity in Anambra was the Homeland Security Law 2025, a measure the governor said contributed to the reduction in criminality.

The Independent National Electoral Commission (INEC) declared Mr Soludo as the winner of the November 8, 2025, governorship election in Anambra State. The APGA candidate polled a total of 422,664 votes, defeating his closest rival, the candidate of the All Progressives Congress, Mr Nicholas Ukachukwu, who scored 99,445 votes, while the candidate of the Young Progressives Party, Mr Paul Chukwuma, came third with 37,753 votes.

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Don’t Pay Any Agent, Official for SCUML Registration—EFCC

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Pay for SCUML Registration

By Aduragbemi Omiyale

The Economic and Financial Crimes Commission (EFCC) has cautioned members of the public against making any payment for Special Control Unit Against Money Laundering (SCUML) certificate registration, stressing that it is free.

During a live radio programme on Enugu State Broadcasting Service, the Head of SCUML Department in Enugu Zonal Directorate of the EFCC, Mr Promise Oluigbo, said obtaining the certificate is now seamless.

According to him, with the introduction of electronic certification, which has improved efficiency and eliminated the risk of fake certificates, over 480,000 entities have been registered nationwide.

He warned members of the public against engaging agents who charge fees for SCUML registration, stressing that the commission does not authorise third-party registrations.

“The EFCC frowns at any individual or group collecting money from businesses under the guise of facilitating SCUML registration. The process is seamless and free of charge,” Mr Oluigbo declared.

He charged operators of Designated Non-Financial Businesses and Professions (DNFBPs) in the South-East to comply with mandatory SCUML registration to combat money laundering, terrorism financing, proliferation of weapons of mass destruction, safeguard businesses and strengthen the integrity of Nigeria’s financial system.

“DNFBPs are categories of businesses identified under Section 30 of the Money Laundering Act and include sectors such as automobile dealerships, real estate businesses, construction firms, hospitality services, supermarkets, legal practitioners, consultants, and non-profit organisations.

“As a regulatory body responsible for overseeing the activities of these businesses to curb money laundering and financing of terrorism, it’s important I say it here that the registration process is completely free.

“Business owners do not need to engage any third party. All they need to do is visit the SCUML portal and complete the registration process,” he said.

While emphasizing on the need for businesses to register and collect the certificate, he urged them to ensue adherence to statutory requirements such as Know Your Customer (KYC) procedures, customer due diligence, record keeping and reporting of suspicious transactions, adding that failure to comply constitutes a violation of the law and may attract fines, imprisonment or other regulatory sanctions as stipulated under the Act.

“The objective of the SCUML framework is not to stifle businesses but to protect the financial system and ensure transparency in commercial activities. It is designed to safeguard businesses and strengthen the integrity of Nigeria’s financial system,” he said.

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