TCN Injects 220MVA Into Lagos Grid, Boosts Power Supply to 134,000 Residents

The Transmission Company of Nigeria (TCN) has commissioned new power transformers at its Alausa and Lekki transmission substations in Lagos State, injecting a total of 220MVA into the Lagos electricity grid to boost supply and improve reliability for residents and businesses.

The projects, commissioned on Monday, involved the installation of a 1x100MVA, 132/33kV transformer at the Alausa Transmission Substation and two 60MVA, 132/33kV transformers at the Lekki Transmission Substation.

Speaking at the commissioning ceremonies, TCN Managing Director and Chief Executive Officer, Engr. Sule Ahmed Abdulaziz, said the projects were part of the Federal Government’s efforts to strengthen and expand Nigeria’s transmission infrastructure. At Alausa, Abdulaziz said the new 100MVA transformer replaced an existing 30MVA unit, increasing the substation’s capacity by 70MVA, from 135MVA to 205MVA. According to him, the project, executed by Shanghai Electric Ltd under a World Bank-funded initiative that commenced in January 2021, would upon energisation provide more stable and reliable electricity to at least 70,000 residents in Alausa and surrounding communities through Ikeja Electricity Distribution Company (IKEDC). He explained that the upgrade would not only benefit consumers in the immediate area but would also increase the volume of bulk electricity TCN could wheel to distribution load centres. “This upgrade meaningfully increases the quantum of bulk power that TCN can wheel to distribution load centres nationwide. It reinforces grid stability and ensures that more bulk power reaches the distribution companies’ load centres for onward delivery to electricity consumers,” he said.

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At Lekki, the TCN chief executive said the installation of two 60MVA transformers had doubled the substation’s capacity at the 132kV level, with an additional 120MVA transformer capacity translating to a 96MW increase in output. He said the additional capacity would enable TCN to wheel more bulk electricity to Eko Electricity Distribution Company (EKEDC) for distribution to consumers in Lekki and its environs. Abdulaziz noted that the development would support businesses and industries in the Lekki axis, create opportunities for economic expansion and contribute to job creation and the broader economic prosperity of Lagos State. “The newly installed 2x60MVA, 132/33kV power transformers we are commissioning today are more than just another power equipment; they are the backbone for industrial growth and more comfort for the homes of over 134,000 residents who will now enjoy more steady and reliable electricity,” he said.

The TCN boss said the two projects demonstrated the company’s commitment to developing a robust, resilient and future-ready national transmission grid. He disclosed that, apart from the newly commissioned transformers, several other transformer projects had recently been completed and energised, including the Apapa Road Transmission Substation which was upgraded from 60MVA to 180MVA on August 17, 2026. Additionally, TCN had previously boosted the Maryland Substation with a new 100MVA transformer, increasing its capacity from 90MVA to 190MVA, as part of ongoing grid expansion efforts across Lagos State. Abdulaziz also appealed to Nigerians to assist in protecting transmission infrastructure against vandalism, stressing that the network remained critical to the country’s economic development. His appeal comes amid recent reports of severe vandalism, including the collapse of five transmission towers along the Ikot Abasi-Eket line in Akwa Ibom following the removal of critical structural members. “Transmission infrastructure is the lifeline of our economy. By safeguarding it against vandalism, we enable TCN to continue to deliver on its mandate of transmitting bulk electricity more efficiently and effectively to every part of the country,” Abdulaziz said. The TCN MD expressed appreciation to the World Bank, Lagos State Government, contractors, engineers, host communities, security agencies and other stakeholders for their contributions to the projects. He also commended the Federal Government and the Minister of Power, Joseph Olasunkanmi Tegbe, for their support and direction in advancing transmission infrastructure across the country. Abdulaziz said TCN would continue to expand and strengthen the transmission network to ensure that increased power generation could be effectively evacuated and delivered to distribution companies for onward supply to electricity consumers.

TCN Injects 220MVA Into Lagos Grid, Boosts Power Supply to 134,000 Residents

Naira Appreciates at Official Market as Dollar Trades at N1,357.61 Today, August 17

The Nigerian naira opened the trading week on a relatively strong footing against the United States dollar, with the local currency appreciating at the official foreign exchange window while holding steady in the parallel market. Data from the Central Bank of Nigeria (CBN) showed the naira trading at N1,357.61 per dollar at the official Nigerian Foreign Exchange Market (NFEM) window as of Monday, August 17, 2026. This represents a notable improvement from the previous week’s rate of N1,365.69 per dollar, reflecting sustained gains in the official market. In the parallel market, also known as the black market, the dollar continued to command approximately N1,420, leaving a gap of roughly N62.39 between the two exchange rate windows. The exchange rate differential highlights the persistent segmentation between Nigeria’s official and unofficial foreign exchange channels, though market observers note the spread remains relatively contained compared to periods of severe volatility experienced in previous years.

The naira’s upward trajectory at the official window has been attributed to improved foreign exchange liquidity and supply conditions in the official market. Market analysts point to the CBN’s ongoing monetary policy interventions and enhanced dollar liquidity injections as key drivers of the currency’s stability. The latest official rate, which represents an appreciation of approximately 59 basis points, underscores the effectiveness of the CBN’s recent policy measures aimed at deepening liquidity and strengthening monetary policy transmission. According to Proshare, the naira had appreciated by 59 basis points at the official market to N1,357.61/$,whiletheparallel-marketrateremainedatN1,420/$.

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The naira’s recent performance comes against the backdrop of Nigeria’s external reserves reaching their highest level in 17 years. According to the CBN, the country’s foreign reserves rose to $52.25 billion as of mid-August 2026. This represents a significant 28.32 percent increase from the $40.72 billion recorded in the corresponding period of 2025. The sustained accretion in reserves has provided the CBN with greater firepower to support the naira and meet the country’s external obligations. The rise in reserves, combined with improved conditions in the foreign exchange market, has contributed to the relative stability observed across both official and parallel market segments.

As trading progressed on Monday morning, a live USD/NGN rate source quoted the dollar at approximately N1,358.30, while other market data placed the currency around the N1,358 level. These real-time figures align with the broader trend of relative currency stability that has characterized the Nigerian foreign exchange market in recent weeks. Currency conversion platforms also reflect the prevailing market sentiment, with the midpoint market rate hovering around the N1,392 level on some international exchange platforms. However, market participants typically reference the NFEM and parallel market rates for actual trading purposes.

For Nigerians and businesses buying or selling dollars outside the official market, the parallel market rate remains higher than the NFEM rate. The rate differential reflects the continued segmentation between the two foreign exchange channels and the persistent demand pressures that characterize the unofficial market. However, the spread has narrowed significantly compared to periods of severe market dislocation, offering some relief to economic agents who rely on the parallel market for their foreign exchange needs. The relatively contained premium also suggests growing confidence in the CBN’s ability to manage exchange rate pressures through its various policy interventions.

As trading continues on Monday, August 17, the official NFEM rate and parallel-market quotations remain subject to change depending on dollar supply dynamics, demand from importers and other foreign exchange users, CBN interventions, and broader global currency movements. Market participants are advised to monitor official CBN channels for the most accurate and up-to-date exchange rates, as rates can vary between different vendors and market segments. The CBN continues to emphasize that the NFEM rate represents the official exchange rate for government transactions and regulatory purposes.

Naira Appreciates at Official Market as Dollar Trades at N1,357.61 Today, August 17

ABC Transport Expands Hospitality Business, Secures Abia Approval for Aba City Transit Inn

ABC Transport Plc is set to expand its hospitality business with plans to establish a new City Transit Inn (CTI) hotel in Aba, Abia State, following approval granted by the Abia State Government for the development.

According to the company, the Aba project represents the next phase of CTI’s growth strategy as the hospitality arm of ABC Transport seeks to strengthen its presence in key commercial centres across Nigeria and provide travellers, business visitors and other customers with affordable, safe and quality accommodation.

The planned facility is expected to feature air-conditioned rooms with private showers, uninterrupted power supply, complimentary internet access and a comfortable environment, reinforcing CTI’s commitment to providing decent and accessible accommodation while delivering value to customers.

ABC Transport Plc is one of Nigeria’s diversified transportation companies, with core operations spanning passenger transportation, haulage, cargo logistics, hospitality and driver training.

Through City Transit Inn, the Group has operated in the hospitality sector for more than two decades, with its Abuja property serving as the foundation for the brand’s planned expansion into other major Nigerian cities.

ABC Transport Plc is quoted on the Nigerian stock market under the ticker ABCTRANS

Why Aba?

The decision to establish the new facility in Aba reflects the city’s growing commercial and business activities, supported in recent years by improvements in infrastructure, including road connectivity and power supply.

As one of southeastern Nigeria’s major commercial centres, Aba is said to offer a strategic opportunity for City Transit Inn to serve an expanding population of business travellers, visitors and other customers while complementing ABC Transport’s existing transportation and logistics operations in the region.

The Aba project is part of a broader hospitality expansion programme, with Port Harcourt and Lagos also identified as potential locations for future CTI facilities.

Building on CTI’s Experience

The expansion into Aba builds on the experience of City Transit Inn Abuja, a 113-room budget-friendly hotel owned and operated by ABC Transport since 2001.

Located in the Federal Capital Territory, CTI Abuja has provided travellers and visitors with affordable, decent and safe accommodation, allowing guests to maximise their budgets for experiences, dining and other activities.

The experience gained from operating CTI Abuja provides a strong foundation for the brand’s expansion into other commercial centres, with the Aba project marking an important step in the next phase of its growth.

Part of ABC Transport’s Diversification Strategy

The expansion of City Transit Inn is also aligned with ABC Transport Plc’s broader strategy of strengthening its non-passenger businesses and developing multiple complementary revenue streams beyond traditional passenger transportation.

In recent years, the company has pursued growth in its haulage and cargo logistics operations, with the expansion of these businesses contributing to the Group’s overall growth and profitability.

ABC Transport’s diversification strategy also encompasses its driver training and hospitality businesses, positioning the Group to participate across multiple segments of Nigeria’s transportation and mobility ecosystem.

The development of the Aba hotel, therefore, represents more than an expansion of the hospitality business; it is part of ABC Transport’s broader strategy to build a more diversified and resilient business portfolio.