Category: Business

  • Turkish Airlines reports $1.1b  profit in Q3

    Turkish Airlines reports $1.1b  profit in Q3

    Turkish Airlines has reported a profit from main operations of  $1.1 billion for third quarter 2025, driven by resilient operational performance and strong demand across its global network.

    During the July–September 2025 period, total revenues rose by 4.9 per cent to approximately $7 billion, bringing total revenues for the first nine months of the year to $17.8 billion.

    The airline noted that profit from main operations stood at $1.1 billion for the quarter and $ 1.7 billion for the January–September period.

    It added that consolidated assets reached $43.2 billion, while total employment, including subsidiaries, exceeded 101,000.

    It stated that I  line with its long-term investment strategy, the airline invested $ 3.6 billion during the first nine months of the year.

     “Despite global industry challenges such as trade disruptions and aircraft engine-related constraints, Turkish Airlines carried 27.2 million passengers during the third quarter, the highest third-quarter figure in its history. The airline has now sustained growth for 18 consecutive quarters, increasing passenger capacity by 8.2% compared to the same period last year and pushing capacity 43% above pre-pandemic levels.

     “Passenger revenues rose by 6.1%, supported by solid demand and higher capacity, while total revenues grew 4.9% year-on-year. Although yield softening and cost pressures impacted profitability, the company recorded a healthy EBITDAR of $ 2.1 billion, representing a margin of 29.6%,” it said.

    Commenting on the results, Prof. Ahmet Bolat, Chairman of the Board and Executive Committee of Turkish Airlines, stated: “The profit we achieved in the third quarter of 2025 once again underscores Turkish Airlines’ adaptability under diverse operational conditions through its diversified revenue structure. As Türkiye’s most valuable global brand and a recognized leader in the aviation industry, we remain committed to sustainable growth and long-term success in line with our 2033 strategy.”

    “Turkish Airlines also continued to strengthen its international partnerships during the quarter. In addition to new codeshare agreements signed with global airlines, the company finalized an agreement with Air Europa, one of Spain’s leading carriers, for the acquisition of a minority stake.

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     “This partnership is expected to enhance global connectivity, expand cargo and passenger traffic between Türkiye and Spain, and contribute to Türkiye’s tourism growth by opening new markets in Latin America.

    As of September 2025, the airline’s fleet had grown by 8.4% year-on-year, reaching 506 aircraft, despite ongoing production bottlenecks in the aviation industry. To further support its growth ambitions, Turkish Airlines concluded negotiations with Boeing for 50 firm and 25 option orders of B787-9/10 aircraft, along with 100 firm and 50 option orders of B737-8/10 MAX aircraft. These acquisitions align with its long-term goal of expanding its fleet to over 800 aircraft by 2033.

     “With strong October traffic results including a 19% increase in passenger numbers and a 16% rise in cargo volume and healthy forward bookings, the airline expects its 2025 year-end EBITDAR margin to remain within the 22–24% range, consistent with its long-term targets,” he said.

  • ACCI charge Nigerians to embrace mechanised agriculture

    ACCI charge Nigerians to embrace mechanised agriculture

    From Franca Ochigbo Abuja

    The President, Abuja Chambers of Commerce and Industry ACCI Emeka Obegolu has called on Nigerians to embrace mechanised farming, digital agriculture and Sustainable value chain practices stating that Nigeria’s agricultural sector remains a vital pillar of the economy, contributing significantly to employment and GDP.

    He noted that the country’s productivity levels are still far below potential, which is why the path forward is clear, turn to mechanised farming. Nigerians should note that technology is the new tractor, it drives growth, efficiency, and competitiveness. Mechanisation enables large-scale production, reduces labour intensity, and enhances efficiency across the entire value chain.

    Obegolu who was represented by the ACCI Vice President on Agriculture, Mr. Olasetemi Bode Thompson disclosed this at the opening ceremony of the 2nd edition of the farm, food allied technology FARMFATECH expo 2025 in Abuja, explaining that It also mitigates some of the challenges posed by insecurity and limited access to arable land.

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    He said, “This program marks another milestone in our collective effort to transform Nigeria’s agricultural landscape through mechanisation, innovation, and partnership, this year’s expo reinforces our shared commitment to reposition agriculture as the bedrock of national development and food security.

    “FARMFATECH 2025 speaks directly to the heart of Nigeria’s economic transformation agenda, the need to modernise our agricultural systems, strengthen food security, and expand investment in agribusiness through technology-driven solutions. Here, farmers, investors, policymakers, researchers, and innovators will engage, network, and explore new frontiers of opportunity across the entire agricultural value chain’.

    Speaking, the Permanent Secretary ministry of Agriculture, Marcus Olaniyi who was represented by Abubakar Musa, Director Federal Food and Drug Authority, Federal Ministry of Agriculture and Food Security said engagements and constructive dialogue stand as a critical component of the methodical and holistic efforts at charting a new course for the conceivable future of Nigeria’s agriculture by ensuring food and nutrition security, economic prosperity, and sustainable development.

    He added that growing the agricultural sector has remained a cardinal objective of the government, particularly deriving from its strategic value and role. The ministry of Agriculture and Food Security is very consistent with Digitalization, technology and innovation in agriculture and agribusiness and at present running her operations on the policy tagged National Agricultural Technology and innovation Policy (NATIP).

  • Telecommunication operators fault e-governance bill on regulatory overlaps

    Telecommunication operators fault e-governance bill on regulatory overlaps

    Telecom operators yesterday faulted the National Digital Economy and E-Governance Bill 2025 on regulatory overlap, artificial intelligence (AI) regulation, ministerial directives and regulatory independence and others.

    The operators, acting under the aegis of the Association of Licensed Telecommunications Operators of Nigeria (ALTON), urged the National Assembly to ensure clear jurisdictional boundaries, institutional independence, and structured collaboration to ensure the Bill’s objectives are achieved efficiently and sustainably.

    ALTON Chairman, Gbenga Adebayo, in a short presentation during the Public Hearing on the National Digital Economy and E-Governance Bill 2025 held at Senate Conference Hall 002, Senate new Building, National Assembly Complex, Abuja, also stressed the need for inter-agency collaboration.

    The forum was organized by the Senate and House of Representatives Joint Committee on ICT and Cyber Security and Digital and Information Technology (ICT).

    Adebayo said the position of the mobile network operators followed “a thorough review of the Bill and focuses on ensuring clarity, coherence, and regulatory harmony. While we acknowledge the transformative intent of the proposed law, we must highlight key areas of concern,” he noted.

    The first area of concern is regulatory overlap between the Nigerian Communications Commission (NCC) and the National Information Technology Development Agency (NITDA).

    He said: “The Bill vests broad powers in NITDA that intersect with the statutory mandate of the NCC. To avoid duplication, we recommend a clear delineation—NITDA to lead on digital policy, e-governance, and standard setting; NCC to retain regulatory oversight on telecommunications networks, infrastructure, and digital services.”

    The second observation is the regulation of AI. According to him, the provisions on AI should reflect international best practice by distinguishing between policy guidance (to be led by NITDA) and technical regulation (to remain under NCC).

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     “This dual structure—used in the UK, India, and the EU—ensures accountability while encouraging innovation,” he argued.

    Another has to do with what he described as ‘trust service providers’. He said certification and liability frameworks must not impose additional compliance burdens on licensed telecom operators already regulated by the NCC. “ALTON recommends that these provisions apply mainly to public-sector digital platforms, not private network operators,” he said.

    On ministerial directives and regulatory independence, ALTON said Section 82 should be reviewed to safeguard institutional independence and align with global standards that separate ministerial policy direction from operational regulation. This will promote investor confidence and regulatory certainty.

    The telcos pushed for inter-agency collaboration, arguing that to achieve coherence across Nigeria’s digital landscape, a formal National Digital Cooperation and Interoperability Framework should be embedded in the Bill, enabling NITDA, NCC, NDPC, and ONSA to collaborate effectively and avoid policy fragmentation.

     “We fully support the objectives of the Bill and the vision for a robust digital economy. However, we respectfully submit that: The Bill should complement, not override, existing sectoral laws; the NCC should retain regulatory oversight of the telecommunications sector; the Bill should promote structured collaboration between NITDA, NCC, and FCCPC; and institutional roles must be clearly defined to avoid jurisdictional overlaps and enhance investor confidence,” Adebayo submitted.

    Speaker of the House of Representatives, Tajudeen Abbas, represented by Hon Abiodun Ishaq Akinlade,

    said the bill represents a “historic leap” toward positioning Nigeria for the realities of the digital age.

    He noted that no nation can afford to lag behind in digital transformation, describing the bill as fundamental to economic sustainability, national security, and public sector transparency.

     “This bill aims to create a strong framework for efficient governance, national security, and public service delivery through technology,” Abbas said.

    “It provides support for international digital trade, investment, and builds our capacity for secure digital operations.”

    Minister of Communications, Innovation and Digital Economy, Dr. Bosun Tijani, commended the legislature for its “visionary and painstaking work” on the bill, describing it as a major step toward unlocking Nigeria’s digital potential.

    He revealed that the ICT and digital economy sector, which previously contributed between 16 and 18 percent to the country’s GDP, is now tracking at 19 percent.

    The administration, he said, is targeting a 21 percent contribution by the end of President Tinubu’s term.

    “This bill will open up opportunities for our private sector to innovate and invest,” the minister said.

    “We have chosen the path of building foundational infrastructure and policies that will allow technology to power every aspect of our economy.”

    Tijani also disclosed that over 20 million Nigerians remain unconnected to the internet, adding that the government is deploying connectivity infrastructure across nearly 4,000 unserved towns and communities.

    Senate President Godswill Akpabio, represented by the Deputy Senate Leader, Oyelola Ashiru, noted that the bill is not merely text on paper but represents a vision, a framework for how we perceive Nigeria’s role in the digital era.

    Akpabio said: “It embodies our ambition to build governance systems that are transparent, efficient, and responsive.

     “Where governance was once opaque, it will now become transparent. Where the economy once stumbled, it will now grow stronger.

     “The bill seeks to grant legal recognition to digital communications, electronic signatures, and online records.

     “It harmonizes our existing laws to provide clarity for the complexities of the modern economy.

    “We, the men and women entrusted with the destiny of our people, must act with vigilance and resolve.

     “The machinery of progress is not self-operating; it demands leadership.

     “I commend the Senate Committee on ICT and Cybersecurity, and their counterparts in the House of Representatives, for their dedication and unity of purpose.

    “We must recognize that digital technologies, while opening gates of opportunity, also create new frontiers of conflict.

     “Our responsibility is not to worship technology, but to wield it for the service of humanity, to educate the child in the village, empower the trader in the market, inform the citizen, and uphold the integrity of the state.

     “In the 10th National Assembly, we have resolved to leave behind not excuses but evidence, evidence of action, foresight, and commitment to progress.

     “We stand today at the crossroads of our nation’s digital destiny. We must choose the path of progress by enacting laws that promote digital growth, protect innovation, and preserve the dignity of every Nigerian who dares to dream in data and technology.

     “The time for timidity is gone. The era of isolation is over. Let us move forward in unity and with unshakable resolve.

     “Let this moment mark a new covenant between generations, one that ensures Nigeria will not be left behind in the digital revolution.”

    Chairman of the Senate Committee on ICT, Senator Shuaib Afolabi Salisu, said the legislation when passed into law, will be the first in Africa as far as digital economy and e – governance are concerned.

    He said: “The objective of this bill is to provide regulatory clarity for electronic transactions in the country.

     “The second objective is to mandate government agencies to digitise their operations and services .

    The  law when put in place , will serve as the backbone of digital economy “

    Chairman of House Committee on ICT, Hon Adedeji Olajide said the bill when passed into law, would bring about digital transformation of the country.

    All stakeholders present at the public hearing like the Nigerian Communications Commission (NCC), Nigeria Communication Satellite (NICOMSAT), Nigeria Postal Services (NIPOST), Galaxy Backbone, Office of the Head of Service, etc, supported the proposed legislation.

  • ‘Nigeria, others need $700b yearly investment to avert energy crisis’

    ‘Nigeria, others need $700b yearly investment to avert energy crisis’

    While global discussions have shifted from abandoning fossil fuels to promoting an energy mix, Nigeria and indeed, the global community still faces the risk of an energy crisis unless substantial investments — estimated at $700 billion yearly is made to sustain supply, Nigeria’s Minister of State for Petroleum Resources (Oil), Sen Heineken Lokpobiri, has said.

     “The world now speaks of an energy mix, not energy exclusion. Even those who once championed abandoning oil and gas now admit that fossil fuels will remain a key component of global energy security for decades to come,” he explained.

    Lokpobiri, however, reaffirmed the Federal Government’s commitment to restoring exploration momentum in the nation’s oil and gas industry through strict implementation of the Petroleum Industry Act (PIA) and the judicious use of the Frontier Exploration Fund.

    Speaking at the 2025 Nigerian Association of Petroleum Explorationists (NAPE) Conference, in Lagos, with “Revitalizing Energy: Strategies for Petroleum Exploration and Production”  as theme, the minister described the gathering as a crucial platform for rethinking Nigeria’s exploration strategy amid global energy transition dynamics.

     “This is a gathering of Nigeria’s foremost petroleum explorers, geoscientists, and leaders of the oil and gas industry. You form the backbone of this sector and play a vital role in shaping Nigeria’s energy future,” the minister said.

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    He stressed that Nigeria, as Africa’s leading oil and gas producer, must continue to play a strategic role in meeting global and domestic energy needs. This, he said, requires renewed commitment to exploration — the foundation of the petroleum industry and the core of NAPE’s mission.

    The minister lamented the decline in exploration activity across the country, with several fields remaining underdeveloped or idle despite holding licenses.

    “Many operators hold assets for years without meaningful exploration. This cannot continue. We will implement the PIA’s provisions on license revocation to ensure that only those with proven capacity retain such assets. Licenses must no longer serve as speculative instruments,” he warned.

    Lokpobiri said under the PIA, the Frontier Exploration Fund is now being deployed to stimulate exploration in new basins. He pledged transparency and accountability in the use of the fund to drive discovery and build local capacity.

    He also underscored the need for African solutions to Africa’s energy challenges, urging Nigeria and other African countries to take ownership of their energy future rather than rely on unfulfilled promises of transition financing from developed nations.

     “Those who told us to abandon our resources continue to exploit theirs. No one can care more about Africa’s energy future than Africans themselves,” he said.

    While affirming Nigeria’s support for renewable energy development, the minister emphasized that the pace of renewable investment is slowing globally, even in advanced economies, and that oil and gas will remain critical to sustaining economic growth.

    He assured industry players of the government’s support in creating an enabling environment for investment, technology adoption, and data-driven exploration, in line with the administration’s eight-point agenda which prioritises energy security.

    Lokpobiri commended NAPE for its pivotal role in advancing exploration and capacity building within the industry.

     “NAPE remains indispensable to our national energy agenda. You are the innovators who discover new reserves, the scientists who interpret data and the professionals who turn discoveries into sustainable production,” he stated.

    He reaffirmed the government’s readiness to collaborate with NAPE, investors, and other stakeholders to unlock Nigeria’s untapped oil and gas potential, ensuring that the country continues to lead Africa’s energy evolution.

    Also speaking, Ondo State governor, Lucky Aiyedatiwa, called for homegrown strategies to end Nigeria’s dependence on imported fuel and achieve true energy self-sufficiency.

    Aiyedatiwa, who served as Special Guest of Honour, described the oil and gas sector as the backbone of Nigeria’s economy for over seven decades — a driver of infrastructure development and a key revenue source.

    He urged stakeholders to embrace a balanced energy mix that integrates renewable resources, saying this would strengthen diversification and long-term economic stability.

     “As Nigeria strives to diversify its revenue base, it is crucial to support and fund other sectors that can expand wealth creation and ensure sustainability,” he stated.

    Highlighting Ondo State’s contributions to national energy security, the governor said the state ranks fifth among Nigeria’s hydrocarbon-producing regions, with an output of about 60,000 barrels of crude oil per day. He also noted that the state holds the largest deposit of bitumen in the country — and the second-largest globally — yet remains largely untapped.

    Aiyedatiwa recalled the state’s landmark Public-Private Partnership (PPP) deal signed in July 2025 with Backbone Infrastructure Limited and the Nigerian National Petroleum Company Limited (NNPC) to establish a 500,000 barrels-per-day refinery in Ilaje Local Government Area.

     “This project will not only enhance domestic refining capacity but also create thousands of jobs and support the federal government’s vision for energy sufficiency,” he said.

    He commended NAPE’s leadership for building a vibrant community of explorationists and geoscientists whose innovations continue to propel Nigeria’s energy advancement. He also congratulated the incoming NAPE President, Olajumoke Ajayi — an Ondo State indigene — wishing her a tenure of progress, innovation, and impact.

  • Dangote Fertiliser, German firm partner to boost fertiliser production

    Dangote Fertiliser, German firm partner to boost fertiliser production

    A German firm, thyssenkrupp Uhde Fertilizer Technology (UFT), a subsidiary of thyssenkrupp Uhde, has entered into a strategic agreement with Dangote Fertiliser Limited (DFL) to license its advanced UFT fluid bed granulation technology for four new urea granulation units in Nigeria.

    The agreement included the provision of the technology license, a comprehensive process design package (PDP), and the supply of proprietary equipment such as granulators and scrubbers.

    Each of the four new units will have a nameplate capacity of 4,235 metric tons per day, significantly boosting DFL’s annual urea granule production from approximately 2.65 million tons to over 8.0 million tons. The units will be constructed in Lekki, adjacent to DFL’s existing fertilizer complexes, which have been operating with UFT technology since 2021 and produce 3,850 metric tons per day each.

    The new facilities will incorporate UFT’s energy-efficient scrubbing system, designed to minimize pressure drop while effectively controlling dust and ammonia emissions to meet stringent environmental standards. Additionally, the plants will feature the Ammonia Convert Technology (ACT), which integrates ammonium sulfate byproducts into the urea granules, eliminating waste streams and offering logistical and commercial advantages.

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    thyssenkrupp Uhde’s UFT® Fluid Bed Granulation Technology is recognised globally as one of the most advanced solutions for producing urea granules. Currently, over 70 per cent of the world’s urea granule output is produced using this technology, contributing significantly to global food supply while maintaining emissions well below regulatory limits.

    Chief Executive Officer, thyssenkrupp Uhde, Nadja Haakansson said the partnership with Dangote Fertiliser Limited underscored the company’s shared vision for sustainable industrial development and global food security.

    He said: “By deploying our proven UFT fluid bed granulation technology, we are setting new standards in efficiency and environmental stewardship in fertilizer production. We are proud to support DFL in building resilient and future-ready value chains”.

    President, Dangote Group, Aliko Dangote, said the new agreement reflected the group’s commitment to agricultural self-sufficiency and industrial progress across Africa.

    “With UFT® technology, we are ensuring the production of high-quality urea fertilizer that meets global standards while reducing environmental impact. This investment further positions Nigeria as a leading fertilizer producer,” Dangote said.

  • Equinix mulls new $22 million Lagos data centre

    Equinix mulls new $22 million Lagos data centre

    Digital infrastructure company, Equinix, Inc. yesterday said it plans to open its latest high performance data center in Lagos, Nigeria.

    The $22 million investment in LG3 marks the first phase of an ambitious investment plan of around $100 million aimed at transforming Africa’s digital landscape over the next two years.

    Set to open in the first quarter (Q10 2026, the new site will deliver vital new infrastructure to Nigeria empowering local businesses to scale, while drawing international companies to the country in this strategically positioned hub for global connectivity.

    The addition of the new LG3 Data center in Nigeria also brings the incorporation of Equinix Fabric into the metro, enabling businesses to securely connect their physical and virtual infrastructure to cloud service providers, partners, and other companies to other Equinix locations all around the world.

    Managing Director for West Africa at Equinix, Wole Abu, said the facility will help in accelerating access to technologies such as cloud, artificial intelligence (AI), and the next wave of startups.

    Abu said: “LG3 marks a significant milestone in Equinix’s long-term commitment to bridging Africa’s digital divide. As Lagos emerges at the crossroads of talent, innovation, and global connectivity, this facility is accelerating access to technologies like cloud, AI (artificial intelligence), and the next wave of startups. We’re not just building data centers, we’re fostering growth, empowering innovation, and laying the groundwork for an interconnected African economy ready to lead on the global stage.”

    Also speaking on the development, Managing Director at Cedarview, Olawale Owoeye, said the new data centre will provide a resilient platform for customers to expand his company’s footprint in the digital ecosystem. “Equinix’s Lagos data center will provide us with the robust and resilient platform our customers demand to expand our digital footprint. The unparalleled reliability and access to a global ecosystem empower us to deliver high performance solutions to our customers and the new LG3 data center in Lagos is key step in ensuring we remain at the forefront of businesses connecting Africa,” Owoeye said.

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    Nigeria is the second-largest economy in sub-Saharan Africa and it is home to a vibrant and increasingly tech-savvy population. Lagos, in particular, is at the epicenter of Africa’s digital transformation, recognised as the only African city in the Global Top 100 Startup Ecosystems.

    Commenting on the opportunity for Equinix in Africa, Vice President, EMEA Growth & Emerging Markets at Equinix, Aslıhan Güreşcier, said: “Africa’s digital transformation is accelerating, driven by a young population, rising internet access, and increasing demand for secure data infrastructure. With the opening of our newest data center in Lagos, Equinix is proud to invest in this dynamic region, supporting our customers’ growth with world-class data centres that power everything from banking and education to emergency services and commerce.”

    Since entering the African market in 2022, Equinix has expanded its presence in key African markets including Nigeria, Ghana, and Côte d’Ivoire. Last year the company also opened its first data center in Johannesburg, South Africa, significantly strengthening Equinix’s global presence on the continent, accelerating Africa’s digital transformation by delivering sustainable, carrier neutral infrastructure that reliably connects it with the rest of the global economy.

    With a footprint spanning over 270 data centers globally, Equinix is continuing to bring its global expertise and infrastructure to the region. This includes harnessing Nigeria’s strategic position as an international hub for global subsea cable connections, linking Africa with Europe, Asia, and beyond.

    Equinix is committed to responsible investment and operations that prioritise sustainability. Across all our sites, including LG3, we work to reduce environmental impact and improve efficiency.

  • FAO applauds Oyetola’s drive on fish production

    FAO applauds Oyetola’s drive on fish production

    The Food and Agriculture Organization (FAO) of the United Nations has applauded the Minister of Marine and Blue Economy, Adegboyega Oyetola, for his strengthened commitment to increasing Nigeria’s fish production and advancing sustainable development within the nation’s blue economy.

    The commendation came from the FAO Representative in Nigeria and to the Economic Community of West African States (ECOWAS), Dr Hussein Gadain, during a visit to the Minister’s office in Abuja.

    Gadain praised the Ministry for developing the National Policy on Marine and Blue Economy, describing it as a critical roadmap for the sustainable harnessing of Nigeria’s marine resources. He noted that the UN agency was glad to have contributed to the fisheries and aquaculture chapter of the policy.

    He said: “The policy is comprehensive and positions Nigeria as a pacesetter in the development of the marine and blue economy in Africa.

    We are pleased to be part of this process, particularly in strengthening the fisheries and aquaculture components that are vital for food security and livelihood creation.”

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    He added that the FAO would continue to provide technical support and deepen collaboration with the Ministry to increase fish production and strengthen the fish value chain across the country.

    Responding, Dr Oyetola expressed appreciation for FAO’s long-standing partnership and reiterated the Ministry’s determination to expand domestic fish production, reduce dependence on importation and stimulate economic growth.

    “We value FAO’s consistent technical input and cooperation. Nigeria has the capacity to meet its own fish demand and our goal is to close the production gaps that have forced us to rely on importation for decades. By boosting local production, we can conserve foreign exchange, create new jobs and open up opportunities for thousands of young people and investors in line with President Bola Tinubu’s Renewed Hope Agenda,” the Minister said.

    He emphasised that fisheries and aquaculture remain central to the Ministry’s strategic priorities. “We see Fisheries and Aquaculture as flagship drivers of the blue economy because of their potential to enhance nutrition, stimulate enterprise development and support sustainable livelihoods,” Dr Oyetola stated.

    The Minister added that the Ministry was committed to ensuring that Nigeria’s marine and blue economy sector evolves into a major contributor to national development.

    With the right policies, strong partnerships and the renewed focus, Oyeyola said are bringing into the sector, Nigeria can become a regional leader in sustainable fisheries production.”

  • N28B debts cripple Ibom Power

    N28B debts cripple Ibom Power

    Acting Managing Director, Ibom Power Company, Engr Camillus Umoh has said that huge debts running to N28 billion has crippled the company’s operations.

    Umoh, who admitted that the liquidity crisis in the nation’s power sector has taken a toll on the company, however, refuted claims of a drop in the company’s generating capacity.

    Speaking yesterday to journalists, he  explained that the company’s debt as at July 2025 is over N28 billion, being part of the about N6 trillion owed power generation companies (GENCOS) by the Federal Government of Nigeria.

    “Presently, because of the unfortunate liquidity issue in the Nigerian electricity supply industry, there’s not been gas supply to Ibom Power, despite the fact that our two turbines are very much available to generate” he hinted.

    According to him, the last endurance check carried out by the Nigerian Electricity Regulatory Commission (NERC) indicated that its biggest Gas Turbine (GT3) alone generated about 105 megawatts, out of the three turbines with a combined capacity of 191 megawatts.

    “So why has Ibom Power not generated, again, I reiterate that due to no fault of Ibom Power, but because of the combined issues like lack of liquidity in the ecosystem, lack of gas supply to the GENCOS, hence we’ve not been able to generate” he quipped.

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    The former Commissioner for Power explained that the liquidity crisis has posed serious threat to the nation’s power sector, a situation that has created lots of problems for most players in the sector’s value chain, including the none supply of gas from a third party contractor, Acugas Savannah.

    It would be recalled that the Nigerian Electricity Regulatory Commission (NERC) had months ago revealed that GenCos have received less than 40% of the value of their 2024 invoices, leading to severe liquidity crisis, which has left them struggling to meet financial obligations, sustain operations, and procure essential spare parts.

    The M.D expressed concern that most electricity consumers in Nigeria are illegally bypassing their prepaid meters and consuming power without payment,  thereby compounding the problems in the sector, as utilities already struggling with poor revenue collection, now face widespread energy theft and issues of vandalism.

    According to him, meter bypassing is undermining the financial stability of the sector. To guarantee optimum electricity supply, Nigerians must be willing to play active roles in the sector and make deliberate efforts to curb theft and leakages within the system.

    “Just this morning, we had a meeting with the Presidential Power Sector Debt Recovery Committee, headed by the Minister of Finance and Coordinating Minister of the Economy, on the fact that GENSCOS, of which Ibom Power is one of them, are collectively owed N4 trillion as at December 2024, and Ibom Power alone is owed about N28 billion”.

    Speaking further, he said the money as at July 2025 has risen to about N6.3 trillion, wondering which sector in the Nigerian economy would be owed that quantum of money and are still expected to function optimally in business.

    “Whilst we completely connect with the painful realities of the epileptic power situation as it is, but because it is a collective issue, not just the evidenced direct players alone, but with the handiwork of charlatans among us in our communities, who repeatedly vandalize our facilities, we are suffering a double jeopardy” he lamented.

    He went on to enumerate communities in Ikot Abasi, Ikot Ekpene and Obot Akara who are out of power for weeks because electricity towers, some linked to critical units that ought to be 24/7 on power, have been vandalized, thereby creating more problems for the system.

    “Gentlemen, it’s a very pathetic situation, a situation that is not desired in this country, but that’s the unfortunate, aggregated situation we’ve found ourselves as citizens of Nigeria. It is a big pain, an undesired situation that is very painful, because you have salaries to pay, you have physical elements to run with” the Acting M.D explained.

    According to him, experienced personnel from Akwa Ibom, which was the first state that built its own power generating plant, has exported her much needed manpower to other plants in the country, because of the situation the company had found itself. “At least four of the nation’s generating companies are manned by personnel trained and had earlier carrier start at Ibom Power”.

    The situation he noted has prevented investors who would have come into the power space to make a name, to change conductors, change the cables, towers and transformers, cannot make that system, because you cannot continuously fund a system that cannot guarantee you a return on investment.

    Engr Umoh disclosed that the new State law on electricity has made it mandatory for all new buildings that must be connected to the national grid, must of necessity have a metre, because that’s the only fiscalisation instrument and equipment that guarantees the return of investment.

    To address the problems, the M.D who spoke in company of Ibom Power’s Admin Manager, Ms. Imaobong Akpabio, said the State Government during her first electricity summit, has already developed a roadmap, action parties identified and timelines agreed upon and further steps taken including the constitution of the State Regulatory Electricity Committee to commence the recruitment process.

    He listed the commitment of the State Government to tackling the issues in the sector as a boost to surmounting the power challenges in the State, adding that such means a lot the future of steady power supply in the State.

    Describing Power as a condition precedent for development, the former Commissioner who has spent nine months on the saddle as the MD of Ibom Power, explained that power has a multiplier effect on all other forms of development indices like education, health, and good standard of living.

    To him, the power problems in State are surmountable, all that is required is patience, collaboration and sincerity of purpose and that starts with the citizens owning electricity metres in their houses, because that’s the only way to guarantee that the payments for electricity are returned back to the investment.

    Citing the example of the telecom sector, where mobile networks installations had commenced from mega cities down to the rural areas, Umoh said same applies to power, that is expected to radiate from users that can pay premium prices to those at the rural areas.

    He explained that electricity infrastructures like the Aba-Itu Line, constructed 45 years ago have been overwhelmed by the developments in Akwa Ibom State, which recently marked her 38th anniversary, emphasizing the need for an extra-ordinary maintenance of the facilities, which has worst still been repeatedly touched by vandals.

    This he said is necessary to ensure that the lines can supply power the way it was intended. According to him, some of these issues are currently being tackled, but in a very slow pace due largely to the illiquidity of the system.

    He seized the opportunity to call on the citizens to be disciplined and participate fully in protecting government infrastructure including transformers among other equipment.

  • Lagos gives NUPENG deadline on Lekki e-call up compliance

    Lagos gives NUPENG deadline on Lekki e-call up compliance

    Lagos State Commissioner for Transportation Mr Oluwaseun Osiyemi has issued a firm November 10 deadline to the Nigeria Union of Petroleum and Natural Gas Workers to comply with the Lekki e-call up system after a crucial meeting in Alausa on persistent violations of the platform.

    At the meeting held in the Ministry of Transportation conference room in Ikeja, Osiyemi expressed strong displeasure over what he described as a pattern of disregard for the online booking process by some tanker operators.

    Read Also: DisCos installed 70,888 new meters in August, says NERC

    He said the breaches have encouraged cash collections and the unchecked parking of trucks along the Lekki Epe corridor, creating congestion and undermining the efficiency of the traffic management system the state put in place.

    Osiyemi restated that the e-call up system requires every truck to undergo validation and secure clearance before moving to designated parks. He said the process is straightforward and leaves no room for shortcuts. He warned that the state government will commence enforcement if NUPENG members fail to align with the guidelines before the November 10 deadline.

    Responding, NUPENG officials pledged to immediately sensitise their members and ensure full compliance. They also promised to address other operational issues raised by the ministry.

    Senior officials of the e call up system and management staff of the Ministry of Transportation were also present at the meeting.

  • ‘DisCos installed 70,888 new meters in August’

    ‘DisCos installed 70,888 new meters in August’

    Electricity distribution companies (DisCos) installed 70,888 new meters in August 2025,  Nigerian Electricity Regulatory Commission (NERC) has said

    This was disclosed in its Metering Factsheet for July and August 2025, released yesterday.

    The fact sheet disclosed that the Nigerian Electricity Supply Industry (NESI) recorded marginal growth in the number of active electricity customers to 11.96 million in August 2025 from 11.89 million meters in July 2025.

    NERC said of the numbers, 6.58 million customers were metered, resulting in a metering rate of 55.01 per cent, up slightly from 54.71 per cent in July.

    The top performing DisCos, according to the Factsheet, include

    Rating DisCos performance, NERC said Eko: 84.25 per cent, Ikeja: 84.83 per cent, and Abuja: 73.92 per cent, respectively top the list.

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    These figures highlight gradual progress inclosing Nigeria’s metering gap and improving transparency and billing accuracy for electricity consumers.

    Recall that NERC recently approved the sum of N28 billion for the DisCos, to procure and install meters for unmetered Band ‘A’ and ‘B’ customers within their franchise areas.

    The Commission explained that the funds shall be allocated in proportion to the respective contributions of the DisCos, and are intended to meter all outstanding unmetered Band A customers while also expediting the closure of the metering gap for customers currently classified under Tariff Band B.

    According  to the factsheet, due to the inability of the DisCos to secure financing, whether through debt or additional equity, for the acquisition and deployment of end-use meters and other critical capital investments that it created the Meter Acquisition Fund (MAF).