The Nation Newspaper

Author: The Nation

  • Halima Abubakar seeks help for brain tumour surgery, accommodation

    Halima Abubakar seeks help for brain tumour surgery, accommodation

    Actress Halima Abubakar has renewed her public appeal for financial assistance, saying she urgently needs funds to undergo brain tumour surgery while grappling with homelessness and mounting medical bills.

    During a recent live broadcast, the actress disclosed that she has been diagnosed with a brain tumour and was recently forced out of her residence, a development she said has left her “homeless and desperate”.

    She explained that her situation worsened after she exhausted her savings to pay for her mother’s hernia surgery, which cost N9 million in October last year.

    Abubakar said she attempted to use money earlier contributed for her medical treatment to settle her rent but was turned away by her landlady, leaving her without accommodation.

    In an emotional plea, she called on prominent individuals and the public for support, directly mentioning Yahaya Bello, former governor of Kogi State; social media activist VeryDarkMan; and Seyi Tinubu, son of President Bola Tinubu, saying, “I need your help”.

    “I have just been evicted from my house. I have been diagnosed with a brain tumour. Yesterday, my caretaker came to tell me to leave the house. The money contributed for my health, which I wanted to use to pay my rent, was rejected by my landlady,” she said.

    “Do they want me to kill myself? From one situation to another, I have packed all my belongings and I have nowhere to go. I do not want to kill myself.

    “Yahaya Bello, VDM, Seyi Tinubu, everyone, I need your help. I have nobody. I cannot even reach any celebrities; none of them is answering my calls. I called Don Jazzy, but there was no response. What did I do?

    “I have a brain tumour. Nigerians, please help me. What have I done that everyone is turning their back on me? I withdrew my surgery money to pay my rent, but my landlady refused to accept it. I need help from Nigerians for money to handle many things.

    “I would not have come out to seek help if not for my mother’s hospital bill, which I paid in October. It was N9 million for her hernia surgery, and I am still owing.”

    Read Also: Bisola Badmus reveals three-year battle with brain tumour

    The actress also pushed back against allegations that she was exaggerating her condition to solicit sympathy or money, insisting that her health challenges are real.

    “Only a mad person would lie about being sick. It is embarrassing and heartbreaking that people think I am lying. I am coming out publicly to seek help because I have asked people around me and received none. I am ashamed to do this, but it is my only option,” she added.

    Providing further details of her condition, Abubakar said she now requires about N25 million to cover surgery, post-operative care, accommodation, and daily living expenses.

    “I have nothing to my name anymore except the money contributed for my surgery. I have suffered too much.

    “I need the help of my state governor. I need enough money for my surgery. My spleen needs to be removed. I need accommodation and feeding. I relocated to Abuja to be close to the hospital, Turkish Hospital. I have been on medication for a year now. I need N25 million for my health.”

    This is not the first time the actress has sought public assistance.

    In February 2025, she appealed to the Kogi State government for help, although she did not then reveal details of her illness. In 2022, Abubakar announced her withdrawal from acting, citing health-related challenges.

  • Kano Reps member Bichi rebuilds school, hires 180 teachers

    Kano Reps member Bichi rebuilds school, hires 180 teachers

    Hon. Abubakar Kabir Abubakar Bichi, Member of the House of Representatives for Bichi Federal Constituen-cy, Kano State, and Chairman of the House Committee on Appropriation, has commissioned the reconstructed Hagagawa Mega Primary School in Bichi Local Government Area.

    Hagagawa Primary School, which was established in 1930, had fallen into a state of serious disrepair and was on the verge of collapse before the comprehensive reconstruction.

    In addition to the school project, the lawmaker announced the employment of 180 additional classroom teachers, who will be deployed across primary schools in Bichi Local Government Area to strengthen teaching capacity.

    Read Also: Kano killing and the menace of drugs abuse

    With this latest engagement, the total number of teachers employed by Hon. Bichi has increased to 500, each earning a monthly salary of ₦60,000. This brings his monthly expenditure on teachers’ salaries to ₦30 million, amounting to ₦360 million annually.

    Speaking at the commissioning ceremony, Bichi reaffirmed commitment to improving education infra-structure, pledging to construct similar model schools in Danzabuwa (Bichi North), Saye (Bichi East) and Ci-ranci communities.

    Teachers’ and students’ associations across the local government commended the lawmaker for his sustained investment in education and human capital development.

    As part of the reconstruction, Bichi provided upgraded classrooms, a computer laboratory, a modern library, recreational facilities, and a mini-stadium designed to promote sports and extracurricular activities among pupils.

  • Ganduje launches 30 electric vehicles to operate as airport shuttles

    Ganduje launches 30 electric vehicles to operate as airport shuttles

    The Governing Board Chairman of the Federal Airports Authority of Nigeria (FAAN), Abdullahi Ganduje has launched 30 electric vehicles at the Nnamdi Azikiwe International Airport, Abuja to ease transportation. 

    The vehicles, which would be operated as airport shuttles, comprises 10 electric shuttle buses and 20 electric saloon vehicles for airport operations. 

    The vehicles would be used to support airside and landside logistics, staff movement and services, and strengthen passenger coordination and efficiency across the airport.

    Speaking during the commissioning of the vehicles in Abuja on Thursday, Ganduje said: “Electric vehicles offer clear operational and environmental benefits. They are cleaner, quieter and more energy-efficient, significantly reducing carbon emissions and helping FAAN minimise its ecological footprint. Their use will contribute to healthier airport environments and a more comfortable work and travel experience.

    “From a logistics standpoint, electric vehicles also enhance monitoring, coordination and compliance. Their predictable performance and lower maintenance demands improve operational planning, accountability and service reliability. Ultimately, this translates into more efficient, transparent and passenger-friendly services.

    “This initiative directly supports global sustainability targets, including International Civil Aviation Organisation’s goal of achieving net-zero carbon emissions by 2050. By embracing electric mobility, FAAN is positioning Nigerian airports to remain competitive, responsible and future-ready.”

    Ganduje pledged the commitment of the board to ensure that the initiative is utilised, maintained, and expanded to other airports in the country. 

    Read Also: Tinubu felicitates Ganduje at 76, Adesegun at 70, Bagudu at 64, Ashiru at 62

    The Managing Director of FAAN, Olubunmi Kuku disclosed that the Agency has secured approval to deploy 100 electric vehicles to operate as airport shuttles at Lagos and Abuja airports.

    She said: “We have secured approval to deploy 100 Electric Vehicles (EVs) to operate as airport shuttles at both Murtala Mohammed International Airport, Lagos, and Nnamdi Azikiwe International Airport, Abuja. It is a monumental step towards greening our operations and reducing our carbon footprint.

    “Today, we proudly begin this journey with the first phase: the launch of these 10 state-of-the-art electric shuttle buses. They represent more than just transport; they symbolise cleaner air, quieter terminals, and a commitment to pioneering sustainable infrastructure in Nigerian aviation”.

    She expressed optimism that the initiative would be replicated across all airports in the country.

    The Head of Fleet Operations of Possible EVS, Abimbola Gyer while stating that the transport fare would be subsidised for passengers, added that operations would commence from 7am to 7pm daily.

    “We partner with NEV Electric, the manufacturer of the electric buses. We would be moving passengers from the airport to the city centre at the rate of N10,000 and as demand continues, we will expand our hub. The operations will start from 7 a.m. to 7 p.m daily”.

  • FG approves ₦1 trillion metro rail service for Kano

    FG approves ₦1 trillion metro rail service for Kano

    The Federal Government has approved the construction of a ₦1 trillion Metropolitan Rail Service in Kano State to transform urban transportation, boost economic activities, and ease traffic congestion.

    Governor Abba Yusuf disclosed this on Thursday while addressing a Kano State contingent that participated in the 2025 National Qur’anic Recitation Competition in Borno State.

    Yusuf, in a statement by his spokesman Sanusi Bature, said the rail project aims to provide a modern, efficient, and affordable mass transit system, connecting key districts and enhancing mobility for residents.

    Read Also: Too frail to travel? Here’s how pensioners can get verified without visiting PTAD offices

    It is also expected to stimulate trade and investment, improve quality of life, and position Kano as a major transportation hub in the North.

    “The Kano State Government would work closely with federal agencies to ensure smooth implementation and transparency,” the governor added.

    Yusuf appreciated the Federal Government’s initiative and reaffirmed his administration’s commitment to supportive policies and infrastructure development.

  • Kano moves to resolve kingship impasse between Bayero, Sanusi II

    Kano moves to resolve kingship impasse between Bayero, Sanusi II

    Kano State Government on Thursday said the impasse surrounding the Emirate tussle will be resolved amicably soon.

    Commissioner for Information and Internal Affairs Ibrahim Waiya disclosed this in Kano while addressing newsmen on the recent defection of Governor Abba Yusuf from the New Nigeria People’s Party (NNPP) to the ruling All Progressives Congress (APC).

    Muhammadu Sanusi II was appointed Emir of Kano when Rabiu Kwankwaso was Governor but he was later dethroned by Abdullahi Ganduje, who appointed Aminu Ado Bayero as the new Emir and created four additional first class emirates.

    However, Governor Yusuf dethroned Bayero and reinstated Sanusi II as emir, citing the Kano State Emirate Council (Repeal) Law 2024, which dissolved the five emirate councils created by Ganduje, including Kano emirate.

    Read Also: Godfathers, godsons and Kano politics

    Aminu Bayero refused to vacate the palace, claiming he was the rightful Emir, leading to a standoff between his supporters and those of Sanusi II.

    The courts have issued conflicting orders with some rulings in favour of Sanusi II and others in favour of Bayero.

    The situation has sparked tensions and protests in Kano with both sides claiming legitimacy.

    Fielding a question on the situation on Thursday, Comrade Waiya assured residents that concrete measures have already been put in place to restore lasting peace and stability in the ancient city.

    He said the Kano State Government was committed to dialogue and peaceful engagement with all stakeholders, stressing that the administration is determined to ensure that the Emirate matter does not continue to generate tension or distract governance.

    According to him, the government’s approach is guided by respect for the rule of law, traditional institutions, and the collective interest of the people of Kano State.

    Speaking on the Governor’s switch to APC, Waiya said the Movement was a development that would bring significant benefits to the state.

    He said Kano residents should expect increased dividends of democracy, noting that closer alignment with the Federal Government would attract more interventions, projects, and development initiatives to the state.

    “The defection opens more doors for Kano. With stronger collaboration with the Federal Government, we expect more support in critical sectors such as infrastructure, health, education, and social welfare,” Waiya said.

    Waiya emphasised that the State Government remains focused on governance, unity, and development, urging Kano residents to remain calm and supportive as efforts were being put in place to resolve outstanding issues and move the state forward.

    He reaffirmed the Yusuf administration’s commitment to transparency, peace, and inclusive governance, assuring that the interests of Kano people would always remain paramount above personal interests.

  • PTAD: Resolving Pensioners’ Complaints

    PTAD: Resolving Pensioners’ Complaints

    BODUNDE: Dear Omobola, we the entire PaPD pensioners receiving monthly pension from Fidelity Bank are having issues with the bank. As at today, we are yet to be paid December monthly pension and arrears. Please we need your help Ma.

    MICAH: Good day, my complaint is on the non-implementation of my level 13 promotion after verification exercise was conducted in 2019. I was promoted to the rank of Controller Marketing and the effective date of my promotion was January 2019. My entry point on level 13 was Step 6 and my next incremental date is January 1, 2020. But my level 13 has not been implemented since my retirement. I have sent my complaints to you severally but no response. Kindly assist me. I am a FRCN pensioner

    SHERIFF: Dear Omobola, my name is Sheriff. Please, is PHCN & NITEL excluded in new pension increment?

    BOLA: Good day, my name is Bola. I am a PaPD pensioners receiving monthly pension from Fidelity Bank. But up till date, I am yet to receive my December and January monthly pension. Kindly help me.

    4.Why has ES PTAD, M s. Tolulope Abiodun Odunaiya, remained incommunicado over both 27months CP A and August, 2024 as effective date for N32000 minimum pension, even with N850b?-The Nation Newspaper, Wednesday, 10:12:2025.

    ANNONYMOUS: Good day, I have been complaining of deduction of N9000 from my pension allowance since September last year. Kindly use your office to rescue me from this situation. l have written several times for correction to no avail, why.

    PTAD: Dear PTAD PENSIONER, please send your verification slip to our email complaints@ptad.gov.ng to enable us to investigate and respond further. However, note that PTAD obtained a directive for the re-implementation of the CPA based on grade level in line with the clarification from the NSIWC before implementing the new 20 per cent / 28 per cent increment as applicable. The CPA which was as a result of the minimum wage approval in April 2019 was implemented in May 2021 based on pay-band application with subsequent payment of 24 months arrears covering from April 2019 to April 2021. It is, therefore, instructive to mention that arrears reconciliation arising from the re-implementation of the CPA based on grade level is set aside pending further directive.

    The clarification from the NSIWC which revised the implementation of the CPA to Grade level was taken into cognisance and accordingly implemented on the payroll before the application of the new pension increment of 20-28 per cent as applicable which will take effect from September 2024.

    Read Also: PTAD: Resolving pensioners’ issues

    Further to the above, the Executive Secretary gave directive to pay the 20/ 28 per cent pension increment arrears to only the pensioners whose monthly pension have been correctly computed and implemented as per the August payroll.

    In line with the directive of the Executive Secretary, the Department reviewed the August 2024 pension payroll to ascertain that only pensioners who are on their correctly computed monthly pension are paid the 20 – 28 per cent pension increment arrears and thereafter identified and excluded the following categories of pensioners:

    • Pensioners on the payroll with inherited monthly pension and whose monthly pension entitlement is yet to be computed to date;

    • Pensioners on the payroll with inherited monthly pension but whose monthly pension entitlement have been computed but not yet implemented;

    • Pensioners on the payroll with monthly pension figure that appears to be higher than the maximum monthly pension for their Grade Level.

  • Too frail to travel? Here’s how pensioners can get verified without visiting PTAD offices

    Too frail to travel? Here’s how pensioners can get verified without visiting PTAD offices

    Many pensioners and their families have questions about verification, complaints, and accessing benefits, especially when age, illness, or distance make travel difficult. The Nation explains clearly and simply pension verification, complaints and benefits

    I do not live close to any zonal office, I am frail and cannot travel. How do I get verified?

    Yes, you can still be verified.

    A pensioner who is unable to travel due to age or health conditions may apply for Mobile Verification. To do this, the pensioner should send the required documents through a third party with a formal request.

    The documents include: A full-sized recent photograph; complete contact details

    Career documents; a medical report confirming a condition that prevents travel

    Once the documents are reviewed and found satisfactory, a team of mobile verification officers will be deployed to verify the pensioner at home.

    My spouse is bedridden and cannot attend verification. What should I do?

    The same Mobile Verification process applies. You are required to gather all the documents listed above and proceed to the nearest zonal office to formally notify the Team Lead. Arrangements will then be made for officers to visit your spouse at home for verification and subsequent enrolment for Monthly Pension (MP).

    Read Also: PTAD: Resolving pensioners’ issues

    My husband was a pensioner but has passed away. The bank has frozen his account. How can I access his pension and outstanding benefits?

    The Next of Kin is required to formally notify the office of the pensioner’s death. A written notification should be addressed to the Executive Secretary, attention to the Director of the relevant Department, and accompanied by documents such as: Letter/Gazette of First Appointment; Letter/Gazette of Confirmation of Appointment; Letter of Last Promotion; Letter of Retirement; Death Certificate (from a Government Hospital or National Population Commission); Bank statement of the deceased from date of retirement to date of death; Letters of Administration issued by a court of competent jurisdiction; Computation sheet (for State pensioners with Federal share); Severance payslip (for downsized pensioners); Joint account statement of the Next of Kin; BVN printout of the Next of Kin; Recognisable means of identification; Affidavit of Next of Kin; Marriage certificate (where the claimant is the spouse).

    Where necessary, the Directorate will formally write to the bank to facilitate the release of any accrued funds. All outstanding benefits due to the deceased pensioner will then be computed and paid to the eligible Next of Kin.

    When will in-house verification start in all zonal offices?

    Plans are currently underway to extend in-house verification to additional zonal offices. For now, pensioners can access in-house verification services at the Abuja and Lagos offices.

    What bank statement period is required for verification or complaints?

    A duly stamped and signed NUBAN bank statement on the bank’s official letterhead is required.

    Where a complaint exists: From the date of retirement or date the complaint arose to the present.

    Where there is no complaint: Bank statement for the last six months only.

  • LASPEC takes pension awareness campaign to public servants

    LASPEC takes pension awareness campaign to public servants

    The Lagos State Pension Commission (LASPEC) on Friday held a day-long pension awareness programme to educate Lagos State public servants on terminal benefits options under the Contributory Pension Scheme (CPS).

    In a move that underscored its commitment to proactive engagement, LASPEC staff, alongside Pension Fund Administrators (PFAs) and annuity providers, took the awareness campaign beyond office walls, embarking on a walk from the Office of the Head of Service to the Budget Office at the Alausa Secretariat, Ikeja.

    As part of the exercise, LASPEC officials were deployed in groups to various ministries, departments and agencies within the Secretariat to engage workers directly, answer questions and clarify misconceptions surrounding pension administration.

    The awareness campaign extended beyond the secretariat as sound vehicles moved through the Ikeja environs, drawing public attention to pension matters and reinforcing Lagos State’s leadership role in pension administration across the country.

    The exercise, described by participants as both enlightening and innovative, attracted widespread attention and reaffirmed Lagos State’s reputation as a model for effective pension administration, which experts say should be understudied by other public and private institutions nationwide.

    Delivering a goodwill message at the programme, the Head of Service, Mr. Bode Agoro, described the awareness programme as a deliberate effort by the Lagos State Government to deepen understanding, transparency and trust in pension administration, noting that pension education should not be limited to officers nearing retirement but should begin early in service.

    Read Also: LASPEC: why public servants should embark on data recapture

    Agoro emphasised pensions represent security, dignity and continuity of care after years of dedicated service.

    Unfortunately, he said misconceptions and lack of awareness have sometimes undermined confidence in the system.

    This programme seeks to bridge those gaps through direct engagement and accurate information, he said.

    He encouraged LASPEC staff to see the assignment as an opportunity to serve as ambassadors of trust and accountability, adding that empathy, clarity and professionalism in their interactions would shape public perception of the pension system.

    The Head of Service reaffirmed the commitment of the Lagos State Government, under Governor Babajide Olusola Sanwo-Olu, to protecting the welfare of serving and retired public servants through continuous reforms and stakeholder engagement in line with global best practices and the THEMES+ Agenda.

    He further commended the Director-General of LASPEC, Mr. Babalola Obilana, and the Commission’s management and staff for their consistent and laudable initiatives.

    Speaking during the exercise, the Executive Director of LASPEC, who led the walk, said the pension awareness programme was the first of its kind in Lagos State and would be sustained.

    He explained that the programme was designed to sensitise public servants on their rights, responsibilities and available terminal benefits options under the CPS.

    He said: “The initiative was borne out of the need to address widespread gaps in pension knowledge among public servants. What we have discovered over time is that many officers are not fully informed about their pension rights and responsibilities under the Contributory Pension Scheme. Some do not even verify whether their monthly deductions are correctly remitted to their Retirement Savings Accounts,” Oshin said.

    He explained that the Commission decided to take pension education directly to workers in their offices to ensure early understanding and prevent challenges at retirement.

    “We want officers, even those who just resumed service one or two years ago, to understand that pension deductions are investments. They must regularly check that deductions are accurate and remitted promptly, because failure to do so could lead to loss of investment income over time,” he added.

    Oshin noted that LASPEC had previously focused on bi-annual pre-retirement workshops for officers within six months of retirement, but the Commission was now expanding its scope to reach officers at all stages of their careers.

    This awareness campaign complements our pre-retirement programmes. By starting early, we reduce anxiety, prevent delays at retirement and ensure a smoother pension process for our officers, he said.

    On the response from workers, Oshin said the turnout and engagement were encouraging.

    “The enthusiasm we saw today was remarkable. Officers were happy that LASPEC came to them. They asked questions that had bothered them for years, and with PFAs and annuity providers present, we were able to give immediate clarification,” he said.

    He assured that the awareness campaign would be sustained as part of LASPEC’s broader strategy to strengthen pension administration and safeguard the welfare of Lagos State public servants.

  • Mutual Benefits assures stakeholders of capital strength

    Mutual Benefits assures stakeholders of capital strength

    • Marks 30th anniversary

    Mutual Benefits Assurance Plc has assured stakeholders of its strong capital position and readiness to scale through the ongoing insurance industry recapitalisation exercise, as it celebrated its 30th anniversary with a thanksgiving service in Lagos.

    Speaking at the thanksgiving service, the Chairman of Mutual Benefits, Dr. Akin Ogunbiyi, said that the company has invested about $64 million in a producing oil asset, describing the move as a significant milestone for a firm that began operations three decades ago with an initial capital of about N5 million.

    Ogunbiyi said the investment reflects the company’s evolution, resilience and long-term growth strategy, noting that Mutual Benefits has successfully transformed from a modest local insurer into a diversified financial services group with regional footprints.

    He also highlighted the growing contribution of the company’s regional subsidiaries, revealing that Mutual Benefits’ operation in Niger Republic has emerged as the second-largest insurer in that market, with prospects of becoming the market leader following the exit of some francophone competitors.

    Reflecting on the company’s journey, Ogunbiyi recalled how Mutual Benefits navigated major financial and operational challenges, including a liquidity crisis in 2020, which was resolved through a $10 million capital injection from U.S. investors, as well as the successful resolution of a debt dispute at a London court.

    He paid glowing tribute to the company’s staff, recounting several storms the organisation weathered over the years, including the Daewoo loan crisis, which he said had threatened not only Mutual Benefits but other insurance firms in the industry.

    The chairman also traced the company’s humble beginnings and its expansion beyond Nigeria to countries such as Liberia and Niger, where it is steadily building a leadership position in the insurance market.

    On expansion strategy, the management of Mutual Benefits said the company remains cautious about mergers and acquisitions.

    The Managing Director/Chief Executive Officer, Mr. Olufemi Asenuga, explained that while acquisitions remain an option, they are not a priority at the moment, citing challenges encountered after the 2007 acquisition of Worldwide Insurance.

    Read Also: Mutual Benefits remains stable amid challenging economy, says Chairman

    Instead, Asenuga said the company is leveraging technology to revive and expand its microinsurance business, which had previously been constrained by high distribution costs.

    According to him, a technology-driven rollout is now being planned to deepen market penetration and improve efficiency in the segment.

    Asenuga assured stakeholders that Mutual Benefits is well positioned to navigate the ongoing recapitalisation exercise, having proactively strengthened its capital base long before the current regulatory push.

    He disclosed that despite several regulatory directives issued to the industry in the last five years, the company had already exceeded the capital thresholds of N10 billion for Life insurance and N15 billion for General insurance businesses.

    “By 2020, we had already complied with the initial directives. As we speak today, we have not only met the minimum requirements, we have surpassed them for both the Plc and the Life company,” Asenuga said.

    He added that the group’s focus has moved beyond regulatory compliance to injecting additional liquidity to support aggressive business growth and expansion.

    Beyond underwriting, Asenuga revealed that the group’s diversification into the energy sector serves as a hedge against domestic economic cycles.

    “It has not been easy for a company to stand this tall after 30 years, especially in an economy characterised by volatile government and regulatory policies,” he said.

    The thanksgiving service, held to mark Mutual Benefits Assurance Plc’s 30th anniversary with the theme “Fulfilling Purpose,” attracted industry stakeholders, financial sector leaders, staff, well-wishers and a former Commissioner for Insurance, Mr. Fola Daniel.

    The colourful event featured the presentation of long-service awards and cash gifts to staff in recognition of their dedication and loyalty to the company over the years, including the Managing Director/CEO himself, who has spent 30 years with the organisation.

    Asenuga emphasised the company’s commitment to customer satisfaction and a supportive work environment, noting that a strong workplace culture has played a key role in retaining talent and sustaining growth.

  • Fed Govt’s N501b power sector bond records 100% subscription

    Fed Govt’s N501b power sector bond records 100% subscription

    The Federal Government has successfully issued a N501 billion inaugural bond under the Presidential Power Sector Debt Reduction Programme (PPSDRP), recording 100 per cent subscription from pension funds, banks, asset managers and other investors. It also marked a significant step towards resolving legacy debts, restoring liquidity and strengthening confidence in the Nigerian Electricity Supply Industry (NESI).

    The initiative is designed to address long-standing payment arrears owed to power generation companies, which for over a decade constrained liquidity, weakened balance sheets and discouraged investment across the power sector value chain.

    The signing follows the successful completion of Series 1 Power Sector Bond Issuance by Nigeria Bulk Electricity Trading (NBET) Finance Company Plc. Series 1 issuance closed at N501 billion, comprising N300 billion raised from the capital markets and N201 billion in bonds allotted to participating power generation companies, reflecting strong investor confidence in the reform agenda.

    Under the Programme, verified receivables for electricity supplied between February 2015 and March 2025 are being settled through negotiated agreements with power generation companies. To date, five power generation companies representing 14 power plants nationwide: First Independent Power Limited (FIPL); Geregu Power Plc; Ibom Power Company Limited; Mabon Limited and Niger Delta Power Holding Company Limited (NDPHC)-  have executed Settlement Agreements with NBET. The total negotiated settlement amount for these companies stands at N827.16 billion, to be paid in four phased instalments.

    Proceeds from Series 1 issuance will fund the first and second instalment payments to participating power generation companies with signed settlement agreements, estimated at N421.42 billion, representing approximately 50 per cent of the total negotiated settlement amount. The payment for this initial phase will be made through a mix of cash and notes.

    When completed, the programme will impact 4,483.60MWh/h of electricity generation capacity by GenCos, effectively finalising settlement of payments for 290,644.84GWhr of electricity billed since February 2015 and providing a strong foundation for new investments into capacity enhancement and expansion by companies serving 12.03mn active registered customers across the country.

    Read Also: PTAD: Resolving pensioners’ issues

    Speaking at the bond issuance signing ceremony which held at the Grand African Ballroom, Lagos Continental Hotel, Victoria Island, Lagos, yesterday, Minister of Finance and Coordinating Minister of the Economy, Wale Edun, said the ceremony marked a critical turning point in the collective efforts to address long-standing structural challenges in Nigeria’s power sector and to lay a stronger foundation for its long-term sustainability.

    Edun, who was represented by the Director-General, Debt Management Office, Patience Oniha, explained that for many years, legacy debts owed to generation companies (GenCos) have constrained liquidity across the electricity value chain, weakening balance sheets, discouraged investment and ultimately limited the sector’s ability to deliver reliable power to Nigerian homes and businesses.

    According to him, the federal government recognised that resolving these legacy issues was not optional but essential, giving rise to the Presidential Power Sector Debt Reduction Programme (PPSDRP) and subsequently to the N4 trillion Power Sector Multi-Instrument Issuance Programme, designed as a structured, credible, and fiscally responsible mechanism for settling these obligations.

     “This transaction sends a clear and reassuring signal to the power sector and to the wider economy that the Federal Government is committed to honouring its obligations. We are prepared to deploy innovative financial solutions to resolve systemic challenges and we remain focused on restoring liquidity, confidence, and discipline across the electricity market. By settling legacy debts in a structured manner, we are enabling Generation Companies to stabilise  operations, improve maintenance and attract new investment- all of which are critical to improving power supply nationwide,” Edun said.

    He disclosed that the programme is anchored on strong governance, transparency and fiscal prudence. The Ministry of Finance, working closely with NBET and other stakeholders, remains committed to ensuring that this initiative supports sector reform while safeguarding macroeconomic stability.

    Edun was emphatic that a sustainable power sector is not just an energy objective, but an economic imperative because reliable electricity underpins industrial growth, job creation, and improved quality of life for millions of Nigerians.

    In similar vein, the Special Adviser to the President on Energy, Olu Arowolo Verheijen, stated that the programme represents a decisive reset of the electricity market, combining debt resolution with broader financial and structural reforms.

    She noted that the country’s electricity sector has been constrained not by lack of demand or installed capacity, but by unresolved legacy liabilities and chronic liquidity shortfalls. Those pressures, she argued, weakened balance sheets across the value chain, constrained gas supply, reduced plant availability and ultimately limited the pace at which electricity could be delivered reliably to homes and businesses.

    Aware of this, Verheijen said the President Bola Tinubu administration conviction of having a viable power sector led to the establishment of the Presidential Power Sector Debt Reduction Programme, chaired by the Minister of Finance/Coordinating Minister of the Economy and technically led by her office.

     “This Programme was not conceived as a bailout. It is a balance-sheet reset. Its purpose is straightforward: to clear verified legacy obligations, restore liquidity, and re-establish the conditions under which operators can plan, operate, and invest on commercial terms. Over the past several months, we have worked closely with the Ministry of Finance, NBET, NERC, and power generation companies to reconcile claims and negotiate settlements based strictly on verified obligations. Today’s signing marks the outcome of that process.

     “Fourteen generation companies have executed Full and Final Settlement Agreements, with a total negotiated value of approximately N827 billion. These agreements reflect discipline, compromise, and a shared commitment to closing the chapter on legacy arrears,” Verheijen said.

    Therefore, she said, resolving these liabilities restores liquidity across the value chain, strengthens payment certainty for gas suppliers and creates the financial headroom required for operators to stabilise assets, improve availability and plan new investment.

    Also speaking at the signing ceremony, the NBET Managing Director, Johnson Akinnawo, described the programme as a historic and defining moment for Nigeria’s power sector.

    “This historic programme received the resolute approval of President Bola Tinubu and the Federal Executive Council. Mr. President’s decisive endorsement is not just a procedural step; it is the bedrock of this ambition. It signals the highest level of commitment to the total revitalisation of our nation’s power sector,” Akinnawo said, adding that the development would strengthen market disciplines while enabling growth across generation and the other segments of the electricity value chain.

    Akinnawo stressed the broader significance of reliable electricity for national development, saying, “Reliable electricity is not just an enabler of economic activity. It is the backbone of national development, social advancement and global competitiveness.”

    Group Managing Director, Sahara Power Group, Kola Adesina, who’s conglomerate owns five power plants, said: “Capital formation can only come when there is confidence, when you can truly see a line of sight in recovering investments previously made. Because we were being owed so much, it was a bit of a problem for us to put in more money. But last year we took the bull by the horns, based on President Bola Ahmed Tinubu’s commitment in resolving the legacy issues and I can say that once this process is over, construction will commence immediately on the second phase of our Egbin Power Plant. On behalf of the Generation Companies, I’d like to thank the President for this resolution.”

    By clearing historic arrears, the programme is expected to improve liquidity for power generation companies, strengthen their ability to meet operating and debt obligations, unlock new investment across the sector and support more reliable electricity supply to homes and businesses. It also reinforces fiscal discipline through validated claims, negotiated settlements and transparent capital market financing.

    CardinalStone Partners Limited, an Investment banking firm, led the consortium of appointed professional parties as Lead Financial Adviser and Lead Issuing House to successfully execute the Series 1 Bond Issue, working closely with NBET that acted as Sponsor on the Transaction, and the Office of the Special Adviser on Energy that led the settlement negotiations and engagements with the Generation Companies.