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Presidency To Settle N2tn Power Debt Next Quarter

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NERC, Reps differ on Feb 1 power tariff hike

Strategic efforts to stabilise Nigeria’s power sector have seen the Presidency commence internal approval processes to resolve the N2tn legacy debt to electricity generation companies.

It was gathered that the plan is to sort it out before the end of the coming quarter.

A representative of the Special Adviser to the President on Energy, Eriye Onagoruwa, disclosed this on Monday at the second Nigerian Electricity Supply Industry Stakeholders Meeting of 2025, hosted by the Nigerian Electricity Regulatory Commission.

Onagoruwa said the Presidency recognises the urgency of addressing the debt overhang, which has strained GenCos and impeded electricity supply nationwide. She revealed that alternative debt instruments are being explored due to the Federal Government’s current fiscal constraints.

ALSO READ: FG Seeks $25bn To Build Undersea Gas Pipeline To Europe

“We are empathetic to what GenCos are facing,” she said. “We are exploring alternative debt instruments, and I can confirm that both the Coordinating Minister of the Economy and the Debt Management Office are aligned with this effort. Internal approvals are currently underway.”

While she did not give a definitive timeline, Onagoruwa expressed hope that a clear update would be available before the next quarterly NESI Stakeholders Meeting, suggesting progress could be announced within the next three months.

“I hope by the next NESI meeting, I will be able to share a clear update,” she said.

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Corruption Trials: EFCC, NJI Push Specialised Judges, Digital Evidence Reforms

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Economic and Financial Crimes Commission, EFCC,

The Economic and Financial Crimes Commission (EFCC) and the National Judicial Institute (NJI) have called for specialised judges, improved digital evidence management and legal reforms to accelerate the prosecution of corruption and other financial crime cases in Nigeria.

The recommendations were contained in a communiqué issued at the end of the 8th Capacity Building Workshop for Justices and Judges, held in Abuja from October 13 to 15, 2026.

The workshop, organised by the EFCC in collaboration with the NJI, was themed “Investigation and Prosecution of Economic and Financial Crimes in a Digital Age.”

SEE MORE: EFCC Arrests Enugu Estate MD Over Alleged N128m Land Scam

According to a statement signed by the EFCC’s Head of Media and Publicity, Dele Oyewale, the workshop brought together justices and judges from across the country, alongside EFCC investigators and prosecutors, for three days of lectures and deliberations.

Participants resolved that designating specialised judges and court staff to handle corruption cases, alongside targeted training, would help address delays in the administration of justice.

According to the communiqué, delays in resolving corruption cases “will be greatly reduced by designating specialised judges and court staff to handle such cases as well as equipping such judges and courts with necessary skills through training to ensure efficient, certain and consistent application of existing laws in the administration of justice.”

The participants also called for a balance between protecting the rights of defendants and ensuring the speedy administration of justice.

They said the criminal justice system “must strike the proper balance between fairness, efficiency and legal certainty in the protection of individual rights on one hand and the speedy administration of justice, on the other hand.”

To achieve this, they recommended reviewing relevant provisions of the Administration of Criminal Justice Act where necessary.

EFCC, NJI Seek Better Digital Evidence Management

The participants called for stronger investigation standards, including improved digital management protocols, to ensure that prosecutions rely on credible and admissible evidence.

They also recommended a more coordinated approach to obtaining confessional statements, stressing that institutionalising video recording and other necessary safeguards would protect suspects’ rights and preserve the integrity of investigations.

On asset recovery, the communiqué described Non-Conviction Based Asset Forfeiture proceedings as “an effective tool for recovery of stolen assets.”

However, participants stressed that its use “must follow extant legal protocols, adherence to human rights standards and strong institutional oversight.”

They also called for procedural reforms to allow extensions of time for freezing suspected proceeds of financial crimes.

Participants Recommend AI Guidelines for Judiciary

The communiqué further called on Ministries, Departments and Agencies in the anti-corruption sector to work with the National Assembly and the Judiciary to develop governance protocols and policy guidelines for adopting and deploying artificial intelligence in the administration of justice.

Participants also urged stakeholders to familiarise themselves with existing laws and regulations governing the investigation, prosecution and adjudication of financial crime cases involving virtual assets.

These include the Investment and Securities Act (2025), the Executive Order on Virtual Assets Coordination (2026), the Rules on Digital and Virtual Assets Operations (2026) and the Proceeds of Crime Act (2022).

The workshop also highlighted the need for increased investment in digital forensic laboratories, technology infrastructure and specialised training for investigators, prosecutors and judicial officers.

Participants called for continuous training to equip judicial officers and anti-corruption agencies with the skills required to address evolving economic and financial crimes in line with global best practices.

On the use of open-source intelligence, they said investigators, prosecutors and judicial officers should treat it primarily as a source of investigative leads and corroboration, while ensuring that evidence relied upon in court complies with applicable evidential rules.

NJI, NJC Urged to Develop Certification Courses

The communiqué recommended that the NJI, working with the National Judicial Council (NJC), develop accredited certificate and diploma courses to equip judges and other relevant stakeholders with the skills required to improve justice delivery, subject to any necessary legislative review.

Participants also called for sustained coordination among stakeholders in the administration of criminal justice, particularly in sharing information on emerging trends in the investigation and prosecution of economic and financial crimes in the digital age.

They urged heads of courts to use insights from the workshop to develop policies clarifying judicial practice on the technical issues discussed.

The workshop featured nine interactive sessions covering the admissibility of confessional statements, garnishee proceedings, abuse of court processes, asset forfeiture, artificial intelligence in investigations and prosecutions, virtual asset recovery and digital forensics.

Attendees included justices of the Supreme Court and Court of Appeal, judges of the Federal High Court, State High Courts and the High Court of the Federal Capital Territory, alongside other stakeholders in the judiciary and anti-corruption sector.

Participants expressed appreciation to President Bola Ahmed Tinubu, who was represented at the workshop by Vice-President Kashim Shettima, as well as other stakeholders and organisers who contributed to its success.

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LASTMA Alerts Motorists to Traffic Delays on Ogunnusi Road

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The Lagos State Traffic Management Authority (LASTMA) has alerted motorists to traffic delays along Ogunnusi Road towards Ojodu-Berger due to ongoing rehabilitation work.

LASTMA disclosed this in a post on its official X account on Sunday, stating that the road rehabilitation was being carried out by the Lagos State Public Works Corporation (LSPWC).

According to the agency, “The ongoing work is affecting traffic flow, with vehicles moving at a slower pace in both directions.”

ALSO READ: Chaos On Lagos-Ibadan Expressway As LASTMA Shuts Otedola Bridge

To ease the situation, LASTMA said a contraflow arrangement had been introduced for motorists travelling from Omole Junction towards Vis Junction.

“A contraflow arrangement is in place for vehicles coming from Omole Junction towards Vis Junction to facilitate the movement of traffic,” the agency stated.

LASTMA added that its personnel had been deployed to manage traffic and ensure the continuous movement of vehicles around the affected area.

“Our personnel are on ground managing the traffic situation and ensuring the continuous flow of vehicular movement,” the agency said.

The traffic management authority advised motorists to remain patient and exercise caution while the rehabilitation work continues.

“Motorists are advised to exercise patience and drive with caution while the rehabilitation work continues,” LASTMA stated.

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Dangote Investments are Catalysts for Africa’s Economic Growth – AFC

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Leading economists, financial experts and industry stakeholders have described the Dangote Group’s investments as major drivers of industrialisation and economic transformation across Nigeria and Africa.

The experts cited the Group’s impact on job creation, import substitution, foreign exchange conservation and economic competitiveness.

They voiced their thoughts at the Lagos Economic Summit themed “The Real Deal: Africa’s Greatest Investment Opportunity,” where they urged governments to implement policies that strengthen local industries and accelerate economic diversification.

President and Chief Executive Officer of the Africa Finance Corporation (AFC), Samaila Zubairu, commended the Dangote Group’s sustained investments across Africa, describing them as critical to unlocking the continent’s economic potential.

He noted that while recent economic reforms have improved foreign exchange stability, strengthened reserves and eased inflationary pressures, the focus must now shift to growth in industry, productivity and employment.

READ ALSO: NMDPRA Shares July Domestic Cooking Gas Supply Details

Also speaking, Chief Executive Officer of the Centre for the Promotion of Private Enterprise (CPPE), Muda Yusuf, said industrialisation remains the most effective path to sustainable economic development.

He called for better alignment of trade and industrial policies, stressing that local manufacturers require strategic support to compete effectively and drive broader economic benefits.

Founder and CEO of Nairametrics, Ugodre Obi-Chukwu, said Africa’s growing population presents a significant industrial opportunity, noting that investments such as the Dangote Refinery are helping to retain capital within the continent while strengthening local production capacity.

In his keynote address, Managing Director of Financial Derivatives Company Limited, Bismarck Rewane, said Nigeria is gradually transitioning from a consumption-led economy to one driven by investment and production.

He added that sustained investments in productive sectors will continue to stimulate growth, create jobs and improve living standards.

Participants at the summit also advocated stronger credit infrastructure, improved national identification systems and increased investment in skills development to enhance the productivity and global competitiveness of Africa’s growing youth population.

Photo Caption: From Left – Chief Economist, Dangote Industries Limited, Dr. Hassan Mahmud; Lady Maiden Alex-Ibru; Chairman of Occasion/Special Guest of Honour, Samaila Zubairu; Key Note Speaker Session 1, Bismarck Rewane; during the Real Deal: Africa’s Greatest Investment Opportunity, Sponsored by Dangote Industry Limited in Lagos on Thursday 3, September 2026.

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