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Breaking : 10 years Failure, DisCos renewals will not be automatic, the power sector privatisation failed, Says Tinubu
Ten years after the partial privatisation of the Nigerian Electricity Supply Industry, NESI, the Federal Government, on Monday, admitted that the exercise had failed to meet its objectives.
The government described as shameful the current generation, transmission and distribution level of just over 4,000 Megawatts.
Speaking in Abuja at the 2023 NESI Market Participants and Stakeholders Roundtable, NMPSR, President Bola Tinubu said after 10 years of privatisation about 90 million Nigerians were still without power supply.
The three-day conference has as theme: ‘NESI privatisation and its 10-year milestone: the journey so far, opportunities and prospects’.
Represented by the Special Adviser, Energy and Infrastructure, Office of the Vice President, Mr Sodiq Wanka, President Tinubu noted that the investments expected from the private sector never came.
According to him, “the key objectives of the privatisation effort were to improve the efficiency of the power sector, unlock private sector investments and unleash the potential of the nation through an energized economy.
“10 years on, I believe it is fair to say that the objectives of sector privatisation have by and large, not been met.
“Over 90 million Nigerians lack access to electricity. The national grid only serves about 15% of the country’s demand. This has left households and factories to rely on expensive self-generation, which supplies a staggering 40% of the country’s demand.
“What is worse, the total amount of electricity that can be wheeled through the national grid has remained relatively flat in the last 10 years.
“The grid capacity has increased from just over 3000Mw to typically just over 4,000Mw today. Versus a 40,000Mw target by 2020 that the Federal Government had set pre-privatisation.”
Blackout as Nigeria’s electricity generation drops 93.5% to 273MW
‘No automatic renewal of licence’
On his part, the Minister of Power, Mr. Adebayo Adelabu expressed misgivings over the decision of the past government to embark on privatisation, noting that commercialisation would have been the best option.
Mr Adelabu stated that the licences granted to investors in the assets would not be automatically renewed until they prove that they have met the terms contained in the original licence.
According to him, “The question for everyone is: have we achieved the objectives of the privatisation on the scale of 0-100? I will say no.
“Which is why it is pertinent for all the players in the industry to come to a roundtable to discuss the reasons for the failures and steps to be taken to remedy this.”
He noted that the government ought to have commercialised the sector in 2013.
The Minister pointed out that “most countries throughout the world do not privatise their electricity supply value chain, from generation to transmission and distribution.
“But, bad enough that we have done this, how can we work around the current status to achieve our priorities and objectives? This is not a job for one person or entity but it requires collaboration from all players.”
Chief Adelabu warned that at the expiration of operational licences of the distribution companies, DisCos, renewals will not be automatic.
“Ten years down the line, the licences are expiring and it is now the time for renewals. Renewals are not automatic. Any of the privatised company that has not lived up to expectations will not have its licence renewed,” he stressed.
In his remarks, the Senate President, Godswill Akpabio pointed out that while the sector had been acknowledged as critical to the economic growth of the country, not much has been achieved.
Senator Akpabio who was represented by the Chairman of the Senate Committee on Power, Eyinaya Abaribe, noted that while some progress has been made, the objective of improving power supply to Nigerians has remained unmet.
He said the parliament was committed to backing the sector with laws that would create the best business environment for the sector, adding that an amendment of the 2023 Electricity Act was underway that would take into cognizance of the latest developments in the industry.
Earlier, the Chairman of, the Conference Organising Committee, Prof. Stephen Ogaji described the challenges facing the power sector as formidable.
Prof Ogaji pointed observed that “without a doubt, the energy sector is the heartbeat of any thriving economy, and the NESI Roundtable demonstrates our collective commitment to advancing this critical sector.
“We gather here today as representatives from various sectors — public and private, regulatory bodies, investors, technocrats, and visionaries — all driven by a shared purpose, which is to enhance and shape the trajectory of Nigeria’s energy future.”
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Update : Road Crash: Anthony Joshua Hospitalised, Two Confirmed Dead — Ogun Police Spokesperson
Former heavyweight champion Anthony Joshua has been hospitalised after a road accident in the Makun area of the Lagos-Ibadan Expressway, Ogun State.
Ogun State Police Public Relations Officer, Babaseyi Oluseyi, confirmed this in a statement.
The incident occurred shortly after 11 am on Monday.
Our reporter, who was at the scene, said the crash happened just before the Danco Filling Station in Makun, ahead of the Sagamu Interchange on the Ibadan-bound axis.
Adeniyi Orojo stated that the Lexus Jeep carrying Joshua, with number plate KRD 850 HN, collided with a stationary truck.
The eyewitness revealed that Joshua sustained minor injuries, while two others died at the scene.
“It was a two-vehicle convoy: a Lexus SUV and a Pajero SUV. Joshua was seated behind the driver, with another person beside him. A passenger sat beside the driver, making four occupants in the Lexus that crashed.
His security detail followed in the vehicle behind.
“Other eyewitnesses and I began the rescue and flagged down oncoming vehicles for help. Minutes after the crash, Federal Road Safety Corps officials arrived. The passenger beside the driver and the person beside Joshua died on the spot,” he said.
In a statement sent to Newsthumb on Monday, Oluseyi confirmed that Joshua and other injured persons were involved in a car accident and rushed to an undisclosed hospital.
He said, “The Ogun State Police Command confirms a road accident today in front of Sinoma, before Danco, along the Lagos–Ibadan Expressway. Anthony Joshua and other injured persons have been rushed to the hospital.
“Further updates will be communicated.”
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Tinubu Leaves Nigeria for Europe, UAE to Attend ADSW 2026 Summit, Says Onanuga
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President Bola Ahmed Tinubu departed Lagos on Sunday, December 28, for Europe, continuing his end-of-year break and ahead of his official trip to Abu Dhabi, in the United Arab Emirates.
His Highness Sheikh Mohamed bin Zayed AlNahyan, President of the United Arab Emirates, has invited President Tinubu to participate in the 2026 edition of Abu Dhabi Sustainability Week (ADSW 2026) Summit, which will take place in the emirate early in January.
The weeklong summit is an annual event that mobilises leaders from government, business, and society to chart the next era of sustainable development.
With the theme “The Nexus of Next: All Systems Go”, ADSW will connect ambition with action across innovation, finance, and people, showcasing how the world can move forward with confidence.’
The President will return to the country after the Summit.
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BREAKING: Fayose Alleges N45.5bn from N50bn Ibadan Explosion Fund Diverted by Makinde for Political Ambitions
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Former Ekiti State Governor, Ayo Fayose, has released what he described as documentary evidence to support his claim that Oyo State Governor, Seyi Makinde, received N50 billion from the Federal Government as a special intervention fund following the January 2024 explosion in Ibadan.
Fayose made the documents public on Sunday in a statement accompanied by a memo from the Office of the Accountant-General of the Federation.
He said the disclosure followed a challenge by Makinde to substantiate his earlier claim that the Oyo State Government received the funds.
“Two days ago, I stated on national television that Oyo State under Governor Seyi Makinde received N50bn from the Federal Government as intervention for the Ibadan explosion. Yesterday, the governor asked me to provide evidence, and here is the evidence he requested,” Fayose said.
The former governor further alleged that only N4.5 billion was disbursed to victims of the explosion, accusing Makinde of diverting the remaining funds for personal political ambitions.
“Only N4.5bn was paid to victims of the Ibadan explosion. The rest, alongside other intervention funds, was diverted to fund his presidential ambition. This, in part, explains the crisis in the PDP and his frequent attacks on President Bola Ahmed Tinubu and his administration,” he alleged.
Fayose further said he was compelled to release official documents, despite his reluctance to do so, in the interest of transparency and public accountability.
“Even though it is not in my character to go public with official government documents, I had to do this so Nigerians will know who is saying the truth and who has not been sincere with the people of Oyo State,” he said.
The former governor said that Makinde’s alleged disclosure of detail from private meeting with President Tinubu made fuller public disclosure necessary.
He challenged the governor to take legal action if he believed the allegations were false, insisting that he had sufficient proof to defend his claims.
“I challenge Governor Seyi Makinde to sue me on this. There are also proofs of other intervention funds received from Tinubu’s administration by the Oyo State Government which the governor refused to disclose to the people,” he said.
He further claimed to have documentary evidence of Oyo State’s actual Internally Generated Revenue, contrary to figures publicly stated by Makinde, noting that he would release the details at a later time.
“There are documentary evidences on the actual Internally Generated Revenue (IGR) of Oyo State, as against Governor Makinde’s claim, but we will keep our gunpowder dry for now.
“My name is still Ayo Fayose. I don’t say what I can’t prove,” he said.
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