General
Youth Council Calls for Speedy Confirmation of Bawa as EFCC Chairman
By Modupe Gbadeyanka
The Nigerian Senate has been urged not to delay the screening and confirmation of Mr Abdulrasheed Bawa as the substantive Chairman of the Economic and Financial Crimes Commission (EFCC).
On Tuesday, President Muhammadu Buhari nominated Mr Bawa as the new head of the country’s anti-corruption agency. He is to replace Mr Ibrahim Magu, who occupied the position for about five years in an acting capacity.
Reacting to the development, the National Youth Council of Nigeria (NYCN), through a statement signed by its president, Mr Solomon Adodo, commended the President for picking the 40-year-old “world-class crime buster” to lead his anti-corruption campaign as it is the “biggest masterstroke” in his administration’s effort to crush the monster called corruption.
They said the next step would be for the upper chamber of the parliament to confirm his appointment so as to enable him to get the ball rolling.
They appealed the Senate to “immediately screen and approve the nomination of Mr Abdulrasheed Bawa,” adding that, “We shall be mobilizing our members to the National Assembly within the next seven days to press home our point.”
The youth council emphasised that the services of Mr Bawa are “greatly needed to advance the fight against corruption in Nigeria as his appointment “signals a positive turn in the war against corruption” and must therefore be urgently considered for approval by the Senate.
It said Mr Bawa’s appointment was not only a great win for Nigerian youths but goes further to remind young Nigerians to always be prepared to take the position of leadership.
“We have diligently looked through the untainted records of this great and young compatriot who has risen through the ranks of the EFCC.
“No one can better understand the workings of the commission than a young officer who has spent all his career years within the establishment beginning from the point where the commission was set up with its unique mandate to halt the negative tide of financial crimes.
“It is imperative to stir to the memory of all discerning observers that Mr Bawa has been strongly averse to any act of corruption or financial crime, he has fought with all determination against this hydra-headed monster even at the risk of threats to his life, unfounded attempts to blackmail him and several concerted smear campaigns against this world-class crime buster.
“Mr Abdulrasheed Bawa has been assigned several sensitive investigations to head including the Diezani Allison-Madueke case between 2015 to Date which resulted in the recovery of millions of Dollars worth of properties in Nigeria, U.K., U.S.A, and U.A.E including 92 properties in Nigeria; the Atlantic Energy Group case between 2014 to 2015 where he recovered millions of Dollars worth of properties in Nigeria, UK, USA, Switzerland, UAE and Canada; the highly controversial Crude Oil Swaps and OPA case between 2014 to 2015, again he recovered Billions of Naira for the Federal Government putting an end to haemorrhagic loss revenue.
“Through diligent investigation, Mr Bawa was able to unearth the Petroleum Subsidy Fraud between 2012 and 2015 N70 billion, recovered billions and several companies were prosecuted duly.
“It may be recalled that several men hitherto identified as men of integrity (including Members of the House of Representatives) could not resist the massive bribes and inducement from the subsidy cabal, Mr Bawa, however, remained unbent and rather put the nation first.
“At all his duty posts, the records bear it clear that the sole and singular focus of this fearless fighter against corruption has been to ensure that all traces of financial crimes are identified, exposed and suffocated,” the group said.
The group noted that Bawa’s years of experience and training by global institutions such as the United States Federal Bureau of Investigation (FBI), United States Financial Crime Enforcement Network (FinCEN), the World Bank and the United Nations Office of Drug and Crimes, amongst others, could not have escaped the eyes of any employer seeking a competent hand to head to the anti-graft agency.
By Adedapo Adesanya
Nigeria’s electricity distribution companies (DisCos) generated N196.13 billion in revenue in March 2026, despite billing customers a total of N246.43 billion during the month, according to the latest commercial performance report released by the Nigerian Electricity Regulatory Commission (NERC).
The figure represents a slight decline from the N196.68 billion collected in February, highlighting persistent challenges in revenue recovery across the power distribution segment, even as energy supplied to the grid continued to improve.
NERC’s March 2026 fact sheet showed that electricity billing rose by 1.71 per cent from N242.29 billion recorded in February, reflecting increased energy deliveries and customer charges. However, collection efficiency declined to 79.59 per cent from 81.17 per cent in the previous month, indicating that a significant portion of billed revenue remained uncollected.
The regulator disclosed that DisCos received 293.76 million kilowatt-hours of electricity during the review period, representing a 6.02 per cent increase compared to February. The development suggests a modest improvement in power availability across the distribution network.
Despite the increase in energy supplied, revenue recovery remains uneven across the industry. NERC reported that the average approved tariff for March stood at N124.30 per kilowatt-hour, while actual collections averaged ₦100.75 per kilowatt-hour, resulting in an overall revenue recovery efficiency of 81.05 per cent.
Among the eleven DisCos, Ikeja Electric emerged as the strongest performer, posting a revenue recovery efficiency of 99.30 per cent. Eko Electricity Distribution Company followed with 95.73 per cent, while Benin DisCo recorded 85.18 per cent.
At the lower end of the performance table, Kaduna Electric recorded the weakest recovery rate at 35.65 per cent. Jos DisCo and Yola DisCo also struggled, achieving recovery efficiencies of 53.53 per cent and 58.58 per cent, respectively.
Ikeja Electric also led in collection efficiency with 96.38 per cent, ahead of Benin DisCo at 90.97 per cent and Eko DisCo at 87.68 per cent. Kaduna, Jos and Yola remained the poorest performers in this category, underlining the persistent commercial and operational challenges facing power distributors in parts of northern Nigeria.
In terms of billing efficiency, Eko DisCo ranked first with 92.30 per cent, followed by Port Harcourt DisCo at 90.36 per cent and Ikeja Electric at 87.76 per cent. Yola DisCo recorded the lowest billing efficiency at 58.68 per cent.
The latest figures underscore the mixed realities within Nigeria’s power sector. While electricity supply and customer billing continue to improve, revenue collection remains a major obstacle to the financial sustainability of the industry.
Analysts note that stronger metering penetration, improved customer confidence, reduction in energy theft and more efficient collection systems will be critical if DisCos are to close the widening gap between electricity supplied, billed revenue and actual collections.
The March performance report comes as regulators and industry stakeholders intensify efforts to strengthen the commercial viability of the electricity market, attract fresh investment and improve service delivery across the country.
By Adedapo Adesanya
Interswitch has entered into a partnership with Geneva-headquartered banking software provider Temenos to offer managed banking services to financial institutions across the continent, deepening its push into banking technology.
The partnership will see Interswitch adopt Temenos’ banking technology across core banking, digital banking, payments, wealth management, and financial crime management.
This will enable the firm to provide cloud-hosted and on-premises managed services to lenders on the continent. The service will initially target Nigeria, Ghana, Côte d’Ivoire, Kenya, and other African markets.
“This is a pivotal moment for Interswitch as we accelerate our expansion beyond payments and reimagine digital banking for Africa,” Mr Jonah Adams, managing director for Digital Infrastructure and Managed Services at Interswitch, said in a statement.
By combining Temenos’ software with its existing footprint across the continent, Interswitch is positioning itself as a technology partner that can help banks upgrade critical systems without having to manage the complexity of large-scale technology deployments.
“By adopting Temenos’ cloud-native, composable platform, Interswitch gains the flexibility and scalability to accelerate its next phase of growth and deliver banking services that meet the needs of African markets,” Mr Adams added.
For Temenos, the deal strengthens its presence in Africa through a partner with deep relationships across the banking sector. It lost one of its banking customers, Sterling Bank, in 2024 after the tier-2 Nigerian bank switched to SEABaaS, a new custom-built core banking application.
“Interswitch is an important new customer and partner for Temenos in Africa,” said Mr William Moroney, Chief Revenue Officer at Temenos. “Interswitch’s strong presence across the continent also extends our reach and further strengthens our ecosystem and partner network.”
Founded in 2002, Interswitch built its reputation as one of Africa’s largest payments companies through products such as Quickteller and Verve, its domestic card scheme.
By Adedapo Adesanya
Tropical General Investments (TGI) Group and Singapore-based Wilmar International have agreed to combine their Nigeria and Republic of Benin operations into a 50:50 joint venture aimed at building a dominant integrated food and agribusiness platform across West Africa, targeting a market estimated at $12 billion.
The proposed merger will consolidate operations across several value chains, including agriculture, oil palm plantations, edible oils, edible nuts, rice, food manufacturing, and distribution, creating one of the region’s largest end-to-end food production and supply chains.
Under the arrangement, both firms will integrate their complementary strengths, with Wilmar contributing global expertise in palm oil, speciality fats, and large-scale agribusiness operations, while TGI brings established local manufacturing capacity, consumer brands, and an extensive distribution network across Nigeria and neighbouring markets.
Chairman and Chief Executive Officer of Wilmar International, Mr Kuok Hong, said the partnership would enhance both firms’ ability to serve Africa’s expanding consumer base, describing Nigeria and Benin as strategic growth markets.
“For more than four decades, TGI Group has built a leading position in Nigerian food manufacturing and distribution. This partnership will leverage Wilmar’s global scale and expertise as well as TGI’s local knowledge to deliver innovative food solutions across Africa,” added TGI Group founder and chairman, Mr Cornelis Vink.
On his part, Vice Chairman of TGI Group, Mr Farouk Gumel, said the deal reflects confidence in Nigeria’s long-term economic prospects, adding that it would deepen domestic value addition, strengthen food security, support smallholder farmers, and create jobs.
Adding his input, Wilmar’s Africa Head, Mr Santosh Pillai, described the transaction as a strategic fit, noting that the combined entity would have the scale, local insight, and operational depth needed to better serve consumers in the region.
The companies said the transaction is expected to be completed in the 2026 financial year, subject to regulatory approvals and other customary conditions.
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