Tinubu promises to look into FG N4tn debt to GENCOS - Newstrends
Connect with us

metro

Tinubu promises to look into FG N4tn debt to GENCOS

Published

on

President Bola Ahmed Tinubu
President Bola Ahmed Tinubu

Tinubu promises to look into FG N4tn debt to GENCOS

President Bola Tinubu on Friday appealed to power generation companies (GENCOs) to give the federal government more time to complete the verification and validation of longstanding debts owed to them.

During a meeting with members of the Association of Power Generation Companies, led by Col. Sani Bello (rtd), at the Presidential Villa in Abuja, the President assured them of his administration’s commitment to resolving the liquidity challenges in the power sector.

The Special Adviser to the President on Energy, Mrs. Olu Verheijen, disclosed that a ¦ 4 trillion bond programme has received anticipatory approval from President Tinubu to address the liquidity shortfall in the sector.

President Tinubu acknowledged the historic liabilities inherited from previous administrations and pledged transparency and fairness in addressing them:

“I accept the assets and liabilities of my predecessors, and there is no question about that. But that acceptance must be on credible grounds. I need to wear the audit cap of verifiability, authenticity, and the fact that this inheritance is not a mere deodorant but a support structure for critical economic and industrial promotion.”

The President emphasised the need for patience from GENCOs and financial institutions, noting that government agencies are actively engaging audit and legal firms to scrutinise the claims.

READ ALSO:

“We are here. So market it to your other colleagues. Give us time to do verification and validation of the numbers,” he said.

While reaffirming his belief in a market-driven electricity sector, the President said the industry’s long-neglected legacy issues are now receiving the attention they deserve.

“This is a longstanding issue that is now being dealt with. I know how much we have been able to save on fuel subsidies. We introduced the alternative, CNG, to bring relief back to the people.”

President Tinubu also emphasised the government’s commitment to creating a stable investment environment and avoiding extreme measures, such as bank asset foreclosures, against the generation companies.

“Your Excellency, your presence at this meeting is a clear testament to your unwavering commitment to the sustainability, stability, and long-term development of Nigeria’s power sector. Under your leadership, we have recorded critical milestones in less than two years,” the Minister said.

Adelabu said the Tinubu administration signed into law the Electricity Act, 2023, which decentralises and liberalises the electricity market. This was the first legislation signed by the President upon assuming office.

He noted that the administration has launched Nigeria’s first Integrated National Electricity Policy in 24 years to drive coherence in sector planning and delivery.

He disclosed that over $2 billion in new private capital has been attracted to expand electricity access nationwide. At the same time, the sector’s annual revenue has grown by 70 per cent—from ¦ 1 trillion in 2023 to ¦ 1.7 trillion in 2024—resulting in a reduction of government subsidy obligations by over ¦ 700 billion.

He added that installed generation capacity has grown from 13,000 MW to 14,000 MW, with an all-time peak generation of 5,801 MW and a record maximum daily energy delivery of 120,370 MWh, achieved on March 4, 2025.

According to him, there has been no national grid collapse in 2025, a direct result of interventions under the Presidential Power Initiative, which has added over 700MW of transmission capacity.

He reported significant progress in narrowing Nigeria’s metering gap through the ¦ 700 billion Presidential Metering Initiative, funded via FAAC, and the World Bank-supported Distribution Sector Recovery Programme (DISREP), which has already delivered 300,000 smart meters out of 3.45 million procured.

While acknowledging these strides, Adelabu cautioned that the sector is grappling with an urgent liquidity crisis that could undermine the sustainability of ongoing reforms and investments.

“Mr. President, given the grave implications of this debt overhang, including the risk of a nationwide shutdown of generation assets, I humbly seek your immediate support for defraying these obligations, even if partially, over a defined period,” the Minister appealed.

He urged the President to continue supporting structural reforms to ensure a resilient and financially viable power market.

In separate remarks, business leaders Tony Elumelu and Kola Adesina appealed for urgent intervention to preserve operations and encourage further investment in the sector.

“Mr. President, we’ve come to you as a last hope. The generating companies are heavily indebted to banks, and foreclosure threats are real, not because we’re not doing our jobs, but because the system owes us trillions,” Elumelu said.

He commended the Tinubu administration for restoring the integrity of oil production and banking stability.
“Before you took office in 2023, we lost 97% of our daily oil production. Today, we are retaining 98%. That’s transformation. Investors are seeing greater stability and predictability,” he said.

On electricity, Elumelu added: “We don’t need power to complete your transformation, we need power to enable it. Power is critical to unlocking Nigeria’s full potential. We urge you to help solve this debt problem.”

Adesina reiterated the need for immediate liquidity support while raising concerns over gas supply shortfalls.
“Liquidity is the oxygen of our business. Without urgent intervention, generation capacity will stall, and Nigeria’s industrial and economic ambitions will be jeopardised.

“The plants in the Afam axis are underperforming because we have not paid gas suppliers. We propose unlocking 800 million cubic feet of gas through NLNG to boost supply to these power plants,” he said.

The meeting was attended by the Chief of Staff to the President, Femi Gbajabiamila; the Coordinating Minister of the Economy and Minister of Finance, Mr. Wale Edun; the Minister of Information and National Orientation, Alhaji Mohammed Idris; and other senior government officials, regulators, and stakeholders in Nigeria’s electricity industry.

Tinubu promises to look into FG N4tn debt to GENCOS

metro

Foreign Intelligence Operations Behind Recent Nigeria Killings – Gumi

Published

on

Prominent Islamic cleric Sheikh Ahmad Abubakar Gumi
Prominent Islamic cleric Sheikh Ahmad Abubakar Gumi

Foreign Intelligence Operations Behind Recent Nigeria Killings – Gumi

Prominent Islamic cleric Sheikh Ahmad Abubakar Gumi has raised alarms over the pattern of recent killings in Nigeria, suggesting that the violence may be linked to clandestine foreign intelligence operations, rather than purely domestic issues.

Gumi made the allegation in a Facebook post on Tuesday, just two days after the Palm Sunday attack on Gari Ya Waye community in Angwan Rukuba, Jos North, Plateau State, which left more than 20 residents dead and several others injured. He condemned the shedding of innocent blood, stressing that the attacks “have nothing to do with religion”.

“The pattern suggests a clandestine foreign intelligence operation. Many unscrupulous Nigerians are willing to serve as foot soldiers for these mercenaries,” Gumi wrote. He cited previous violent incidents, including the March 16, 2026, coordinated bomb blasts in Maiduguri, which killed at least 23 people and injured over 100, and the Palm Sunday killings in Jos, highlighting the complexity and coordination of these attacks.

READ ALSO:

Gumi warned against reliance on foreign involvement in Nigeria’s security architecture, urging the government to seek support only from benign superpowers for satellite intelligence and military equipment while strengthening domestic security capabilities. He emphasized the need for Nigeria to develop self-sufficient strategies that respect the country’s sovereignty and human lives.

The cleric prayed for the quick recovery of the injured and comfort for families who lost loved ones. He also warned that external interference in Nigeria’s security affairs could exacerbate tensions, especially in conflict-prone regions such as the Middle Belt and North East.

While Gumi’s claims have sparked discussion, security agencies have not verified any foreign intelligence involvement, and some officials continue to attribute the attacks to domestic armed groups and criminal networks. Nevertheless, his statement has reignited debate over the role of external actors in Nigeria’s security challenges and the need for innovative, homegrown solutions.

Foreign Intelligence Operations Behind Recent Nigeria Killings – Gumi

Continue Reading

metro

EFCC Pushes for Sule Lamido Retrial Before Former Judge

Published

on

Former governor of Jigawa State, Sule Lamido
Former governor of Jigawa State, Sule Lamido

EFCC Pushes for Sule Lamido Retrial Before Former Judge

The Economic and Financial Crimes Commission (EFCC) has reiterated its demand for the retrial of former Jigawa State governor, Sule Lamido, insisting that the case be concluded by the original trial judge, Justice Ijeoma Ojukwu.

At the resumed proceedings before Justice Peter Lifu of the Federal High Court in Abuja, EFCC counsel, Chile Okoroma (SAN), informed the court that the commission had formally written to the Chief Judge, Justice John Tsoho, seeking a fiat to enable Justice Ojukwu—now serving in the Calabar division—to return and conclude the long-running trial.

Okoroma explained that the request was in compliance with the directive of the Supreme Court of Nigeria, which had earlier ordered a retrial of the defendants. He emphasised that the prosecution had already made substantial progress in the case, having called at least 17 witnesses, and argued that justice would be best served if the same judge continues the matter.

According to him, the EFCC is currently awaiting an official response from the Chief Judge regarding the request.

Counsel to the defendants, Joe Agi (SAN), did not oppose the application for adjournment, paving the way for the court to defer proceedings.

READ ALSO:

Justice Lifu subsequently adjourned the case to April 30, 2026, for re-arraignment or further proceedings, stating that the decision was made in the interest of justice.

The planned re-arraignment had earlier been stalled on March 13 due to the absence of Lamido and his co-defendants in court.

The development follows a major ruling by the Supreme Court of Nigeria on January 16, 2026, which ordered a fresh trial after overturning earlier decisions of the Court of Appeal.

A five-member panel of the apex court, in unanimous judgments, set aside the July 25, 2023 rulings of the appellate court, which had upheld a no-case submission by Lamido and others and struck out the 37-count charge on jurisdictional grounds.

In its lead judgment delivered by Justice Abubakar Umar, the Supreme Court reinstated the earlier decision of Justice Ojukwu, which dismissed the defendants’ no-case submission and directed them to enter their defence.

The EFCC’s case centres on allegations that Lamido, during his tenure as governor of Jigawa State between 2007 and 2015, abused his office and laundered funds obtained as kickbacks from contractors awarded state projects.

Other defendants in the case include his sons, Aminu and Mustapha Lamido, as well as Aminu Wada Abubakar and two companies—Bamaina Holdings Ltd and Speeds International Ltd.

Legal analysts note that the EFCC’s push for the original trial judge to continue the case is aimed at avoiding a fresh start (trial de novo), which could prolong the already protracted proceedings and require recalling witnesses.

The outcome of the Chief Judge’s decision on granting the fiat will determine whether the case proceeds seamlessly or restarts entirely before a new judge.

EFCC Pushes for Sule Lamido Retrial Before Former Judge

Continue Reading

metro

Fresh Killings, Panic as Curfew Relaxation Backfires in Jos

Published

on

Plateau State Governor Caleb Mutfwang
Plateau State Governor Caleb Mutfwang

Fresh Killings, Panic as Curfew Relaxation Backfires in Jos

Heightened tension has returned to parts of Jos on Wednesday following the relaxation of the 48-hour curfew earlier imposed by the Plateau State Government after the deadly attack in Angwan Rukuba.

The curfew was initially enforced in Jos North Local Government Area after gunmen stormed Angwan Rukuba on Sunday, killing no fewer than 28 residents in one of the latest outbreaks of violence in the state.

In a bid to restore normalcy, the state government announced a partial relaxation of the restriction. The Commissioner for Information and Communication, Hon. Joyce Lohya Ramnap, disclosed that residents would now be allowed to move freely between 7:00 a.m. and 3:00 p.m. daily, beginning Wednesday, April 1, 2026.

However, rather than easing tension, the development appears to have triggered fresh unrest.

Reports from multiple areas indicate that hoodlums and irate mobs took advantage of the relaxed curfew to unleash attacks on motorists, commuters, and passers-by, leading to widespread panic across the city.

READ ALSO:

A particularly disturbing incident occurred along the road leading to the Permanent Site of the University of Jos, where a young man was reportedly hacked to death by suspected hoodlums.

Eyewitnesses also reported that several vehicles were vandalised, with windscreens smashed in areas including Terminus, Bauchi Road, and Gangare. Other flashpoints identified include Farin Gada, Tina Junction, Chobe, and parts of the University of Jos axis.

The renewed violence paralysed commercial activities in affected areas, forcing banks, shops, and other businesses to shut down abruptly amid fears of escalation.

“We are scared to open our shops. We don’t know what might happen,” said Joy Bature, a trader at Terminus Market, reflecting the anxiety gripping residents.

Many residents have expressed frustration that the curfew relaxation, which was intended to provide relief and allow people to attend to daily needs, instead created a security vacuum exploited by criminal elements.

Meanwhile, the University of Jos Alumni Association has raised alarm over the deteriorating security situation, warning that students and staff are increasingly at risk.

In a statement signed by its Global President, Gad Peter Shamaki, the association called on the state government and security agencies to urgently strengthen security deployment across all university campuses, student hostels, surrounding residential areas, and major access roads.

The group emphasised the need for proactive measures to prevent further loss of lives and ensure the safety of the academic community.

Security agencies have reportedly intensified patrols in some affected areas, while residents continue to call for a review of the curfew framework to prevent further breakdown of law and order.

As of the time of filing this report, the Plateau State Government had not announced any further adjustments to the curfew, despite mounting concerns from residents and stakeholders.

Fresh Killings, Panic as Curfew Relaxation Backfires in Jos

Continue Reading
HostArmada Affordable Cloud SSD Shared Hosting
HostArmada - Affordable Cloud SSD Web Hosting

Trending