PRESS SUMMARY FOR MONDAY, 14 SEPTEMBER 2026
NEWS
PHED GIVES FREE METERS TO RIVERS SCHOOLS, WRITES OFF POWER DEBT
The Port Harcourt Electricity Distribution Company (PHED) has distributed free electricity meters to selected government schools in Rivers State and sensitised students on electrical safety as part of its 2026 Corporate Social Responsibility (CSR) programme. The initiative, which was carried out at Government Model Secondary School, GRA, Port Harcourt, is aimed at improving the learning environment while reducing incidents of electric shock and other hazards associated with unsafe electricity use. Speaking with journalists after the exercise yesterday, PHED Head of Communications, Mrs Olubukola Olawale, said the programme demonstrated the company’s commitment to giving back to the communities it serves. “Being a socially responsible organisation, one of the things we do at PHED is to ensure that we touch the lives of our customers. It is not only about collecting bills; we also think about what we can do to impact society,” she said. Olawale explained that the beneficiary schools were carefully selected based on identified needs and their demonstrated commitment to protecting the facilities provided. “We didn’t just select schools randomly. We carried out sensitisation and developed indices to identify schools that we considered responsible enough to take care of the meters,” she said. She added that school authorities were educated on meter preservation and warned against tampering with the equipment or engaging unqualified personnel. “If there are issues, we have educated them that they should reach out to qualified personnel from PHED to ensure that they don’t tamper with the meter. We also have a monitoring team to checkmate any such incidents,” Olawale stated.
According to her, PHED, which operates across Rivers, Bayelsa, Akwa Ibom and Cross River States, would extend similar interventions to schools in other states. She disclosed that the company had also written off long-standing electricity debts owed by some beneficiary schools. “For this particular school, the Model Secondary School, GRA, it was a long-standing debt, bills that had accumulated for years. You cannot say you are giving free meters and then put the old debt on that meter. That is why management decided to write off the debt as part of the CSR,” she said. Responding, the Principal of Model Senior Secondary School, GRA, Mrs Tamunoinaba Phillips, commended PHED for the intervention, saying the lack of electricity had created an uncomfortable learning environment. “We know how much it costs to buy fuel for generators. When the weather is hot, it is difficult to sit in the classrooms. Now you have given us a meter free of charge and also cancelled the debt that was accrued by previous bills. We are grateful,” Phillips said. She urged the students to protect the meter and report any attempt to vandalise or tamper with it. Similarly, the Principal of Government Secondary School, Borokiri, Nwala Uzoma, expressed appreciation for the debt relief, noting that he inherited a debt of about N500,000 when he assumed office in 2024. “I was highly overwhelmed with joy and happiness over the bill of N500,000 that had been on our neck. I inherited that debt, but today they have come to write it off for us,” he said. The beneficiary schools include Model Secondary School, GRA; Pabod Model Secondary School, Bernard Carr; Community Comprehensive Secondary School, Rumuokrushi; Community Comprehensive Secondary School, Rukpokwu; Township Model Primary School 2, Moscow Road; Government Secondary School, Borokiri; and Government Secondary School, Umusoya.
. Coverage:
. Page 12 – Thisday
POWER MINISTER SECURES CHINESE COMMITMENT TO POWER PROJECTS
Minister of Power, Joseph Tegbe, has secured commitments from Chinese power engineering firms and financial institutions to accelerate delivery of Presidential Power Initiative (PPI) projects and expand Chinese participation in Nigeria’s electricity value chain. The commitments were secured during high-level engagements in Beijing as part of the ongoing Nigeria-China power sector mission, which covers generation, transmission, project financing, and industrial manufacturing. At a strategic meeting with Sinomach Group and China Machinery Engineering Corporation (CMEC), two major contractors involved in Nigeria’s generation and transmission programme, Tegbe pressed for firm and accelerated completion schedules for ongoing PPI projects. In a statement signed by the Special Adviser, Media and Publicity to the Minister, Adeola Labzy. Tegbe also proposed a shift from conventional engineering, procurement and construction (EPC) contracts to a broader partnership model under which Chinese companies would co-invest in projects, bringing capital, technology and technical expertise to generation, transmission, hydropower and associated industrial investments.
Building on CMEC’s established footprint in Nigeria, the minister said the partnership should deliver faster project completion, additional wheeling capacity and blended financing structures. Tegbe, according to Labzy, also visited the China National Electric Engineering Corporation (CNEEC) to advance EPC cooperation on Nigeria’s transmission network, where bottlenecks continue to constrain the delivery of electricity to homes and industries. As part of the delegation’s focus on transmission expansion, it witnessed a factory acceptance test for high-voltage cables and related transmission materials at Hengfei Cable’s Changsha Industrial Park. The test was conducted to confirm that equipment destined for Nigerian transmission projects meets the required technical standards before shipment. According to the ministry, the process would help shorten installation timelines and reduce the risk of delays once the materials arrive in Nigeria. Beyond electricity infrastructure, Tegbe invited Chinese corporations to invest in sectors that are major consumers of power and drivers of economic activity, including steel, automotive manufacturing, digital infrastructure and data centres, cold-chain logistics and sugar processing. He proposed a structured Nigeria-China industrial cooperation platform to originate, screen and develop bankable projects aligned with Nigeria’s industrialisation priorities. The proposed platform would seek to match new generation and transmission capacity with anchor industrial demand, with the aim of supporting job creation and improving the commercial viability of the power sector.
. Coverage:
. Page 7 – The Guardian
. Page 22– Punch
GROUP LAUDS AEDC MD FOR IMPROVED POWER SUPPLY
The Coalition of Nigerian Youth Leaders (CONYL) has commended the managing director and chief executive officer of the Abuja Electricity Distribution Company (AEDC), Engr. Chijioke Okwuokenye, for what it described as encouraging improvement in electricity supply across the company’s franchise area. At a press conference, the group said Okwuokenye had demonstrated administrative competence and purposeful leadership since assuming the leadership of the electricity distribution company. It said his approach had brought a renewed sense of direction and urgency to AEDC’s operations, particularly in efforts to improve electricity distribution and service delivery. According to CONYL, the improvements being witnessed in the AEDC service areas were worthy of public recognition, considering the longstanding challenges in Nigeria’s power sector. The coalition said better electricity supply was important to businesses, hospitals, schools, telecommunications infrastructure, households and other sectors of the economy. It added that dependable electricity would enhance productivity, support businesses and improve the quality of life of Nigerians.
CONYL also praised Okwuokenye for what it described as his commitment to confronting operational challenges and pursuing improved outcomes. “Where leadership succeeds, society must have the courage to say so,” the group said, stressing that institutions demonstrating improvement should receive recognition and constructive public support. The coalition, however, urged AEDC management and workers to sustain the momentum by strengthening infrastructure, improving customer service and deepening engagement with stakeholders. It also appealed to electricity consumers to reciprocate improvements in service delivery through responsible energy consumption, timely payment of legitimate bills, protection of electricity infrastructure and constructive engagement with the distribution company. CONYL said improving Nigeria’s power sector required a collective effort involving government, distribution companies, regulators, workers, communities and consumers. The group urged Okwuokenye to remain focused on improving efficiency, reliability and customer satisfaction, saying Abuja residents and businesses deserved dependable electricity. The statement was signed by Comrade Goodluck Ibem, President General; Comrade Adeyemo Adewale, Publicity Secretary; Comrade Junaid Abubakar, Secretary; and Comrade Iniobong Sampson, PRO.
. Coverage:
. Page 14 – Leadership
RECAPITALISATION: NAICOM DISMISSES N100BN FRAUD ALLEGATION, DENIES EFCC DETENTION
The National Insurance Commission has dismissed allegations of a N100bn fraud in Nigeria’s insurance recapitalisation exercise, rejecting claims that its Commissioner for Insurance and a Director were detained by the Economic and Financial Crimes Commission (EFCC). The regulator described the allegations as false and malicious, saying they were part of an attempt to discredit its officials and undermine the recapitalisation programme. NAICOM was reacting to a 9 September 2026 report alleging “N100 Billion Fraudulent Insurance Recapitalization” and claiming that its Commissioner for Insurance and a Director had been detained by the EFCC and subsequently released on bail. In a statement signed by its management, NAICOM said the publication was allegedly sponsored, noting that the report was “false, misleading, malicious, and a deliberate misrepresentation of facts” intended to damage the reputation of the regulator and erode public confidence in the insurance industry. NAICOM specifically denied that its Commissioner for Insurance or any of its directors had been indicted, charged or found culpable of fraudulent activity. According to the regulator, the allegations contained in the report were entirely unsubstantiated, speculative, and misleading. NAICOM, however, confirmed that the EFCC had contacted the commission over allegations circulated in the media.
The regulator said it supplied the anti-graft agency with the information and explanations requested. It maintained that an agency’s request for information should not be interpreted as evidence that the recipient had committed an offence. NAICOM said it had not received any findings from the EFCC establishing wrongdoing in relation to the issues on which the agency sought clarification. “At no time did the Commission receive any finding of wrongdoing,” NAICOM said. The allegations come against the backdrop of a dispute between NAICOM and NICON Insurance and Nigeria Re over the implementation of the Nigerian Insurance Industry Reform Act (NIIRA) 2025. The law introduced higher minimum capital requirements for insurance and reinsurance companies as part of efforts to strengthen the industry’s balance sheets and improve their ability to absorb risks. NAICOM said the recapitalisation programme was implemented in accordance with NIIRA 2025 and the regulatory guidelines issued under the law.
It said the exercise was designed to strengthen the solvency and financial capacity of operators, protect policyholders and enhance stability in the insurance market. The matter is currently in court. The commission also rejected arguments that a court order had prevented it from carrying out its statutory responsibilities. “NAICOM remains fully empowered and obligated to discharge its functions in accordance with extant legislation and regulatory requirements,” it said. NICON Insurance and Nigeria Re have challenged several aspects of NAICOM’s recapitalisation requirements. Among the disputed provisions is a one percent capital injection fee, alongside processing and verification charges contained in Appendix 2 of NAICOM’s Minimum Capital Requirement Guidelines. The companies have also challenged NAICOM’s directive requiring existing operators to transfer their capital injection funds into an escrow account with the Central Bank of Nigeria (CBN). In a petition to the Ministry of Finance, they argued that the escrow requirement was inconsistent with Section 16(3) of NIIRA 2025, which provides for a 10 percent statutory deposit with the CBN.
. Coverage:
. Page 23 – The Punch
. Page 3 – Businessday
INSURANCE MUST DRIVE NIGERIA’S $1TRN ECONOMY – NAICOM
The Nigerian insurance industry must strengthen its financial capacity, embrace technology, improve claims settlement and rebuild public confidence to play a stronger role in driving the country’s economic transformation, the National Insurance Commission and industry experts have said. The stakeholders spoke on Thursday at the 2026 Insurance Professional Forum of the Chartered Insurance Institute of Nigeria, held in Abeokuta, Ogun State, with the theme, “The Economics of Risk: Sustaining a Resilient Insurance Industry.” The Commissioner for Insurance and Chief Executive Officer of NAICOM, Olusegun Omosehin, said insurance was more than a financial service, describing it as an important infrastructure for economic development and stability. Omosehin said the industry had entered a new phase following recent regulatory reforms, with stronger expectations around financial soundness, governance, policyholder protection, and professional standards. According to him, the changing risk environment, characterised by economic volatility, climate-related disasters, technological disruption, cyber threats, geopolitical uncertainties and changing consumer expectations, requires insurers to move beyond traditional approaches to risk management. He said insurers must increasingly deploy predictive analytics, enterprise risk management, scenario modelling, climate intelligence, and other advanced technologies to strengthen their ability to withstand shocks.
The commissioner said the recapitalisation exercise was not simply about increasing the size of insurers’ balance sheets, but about building institutions capable of retaining larger risks, investing in technology and human capital, underwriting major national projects and meeting their obligations during periods of economic stress. He said the success of the exercise would ultimately be measured by the resilience of insurance institutions and the confidence of policyholders. “Insurance is a promise,” Omosehin said, stressing that insurers must ensure that valid claims are handled promptly and transparently. He identified public confidence as the industry’s most valuable asset, warning that no amount of capital, technology, or regulation could substitute for trust. Omosehin also disclosed that the regulator had introduced a Policyholder Protection Fund, supported by operators, to provide an additional layer of protection for policyholders in the event of institutional failures. He, however, stressed that the fund should not become an excuse for insurers to neglect their obligations to policyholders. The NAICOM boss urged insurance professionals to continuously upgrade their skills as artificial intelligence, machine learning, predictive analytics, and digital platforms transform underwriting, claims management, customer engagement, and risk assessment. He also called for stronger collaboration among insurers, reinsurers, brokers, government agencies, technology providers, professional bodies, educational institutions, and consumers.
. Coverage:
. Page 23 – The Punch
EKO DISCO: AJEGUNLE RESIDENTS TACKLE EKO DISCO OVER DISCONNECTION OF COMMUNITY
THE Ajegunle Peoples Movement, APM, has demanded the immediate reconnection of Ibitoye community in Ajeromi-Ifelodun Local Government Area of Lagos State by Eko Electricity Distribution Company, Eko Disco, following the community’s disconnection over disputed electricity bills. APM, in a statement by its Secretary, Mr. Babatunde Yusuf, also called for an immediate review and cancellation of what it described as unjustified estimated and multiple electricity bills imposed on residents. The group alleged that residents had been subjected to multiple bills within a single month since August 2024, despite inadequate electricity supply. According to APM, the development compelled the group to intervene and demand accountability from Eko Disco, leading to a town hall meeting organised by the electricity company. It is, however, alleged that representatives of the company failed to provide satisfactory explanations for the billing practices during the meeting. The movement said residents had made several attempts to resolve the matter through peaceful engagements and petitions at the company’s Orege Zonal Office, Apapa District Office and Marina Head Office. It alleged that rather than address the concerns, Eko Disco disconnected the Ibitoye community. APM further claimed that some residents had paid more than N20,000 for electricity despite receiving less than two hours of supply within a week, followed by more than two weeks without power during the period under review.
. Coverage:
. Page 6 – Vanguard
FEATURE
POWER IS CRITICAL TO INDUSTRIALISATION
By Baba Yusuf
On (Tuesday 17th February 2026), President Bola Ahmed Tinubu launched the Nigeria Industrial Policy, 2025. The policy which is an initiative of the Honorable Minister of State for Industry, Senator John Owan Enoh, under the leadership of Mr. President, is a strategic roadmap to catalyze the recovery, reactivation, and development of our industries and productive sector where manufacturing is key. The policy will also catalyze Nigeria’s economic diversification and prepare Nigeria to be competitive as a leading industrial hub in Africa and as a major global player. Sadly, Nigeria is one of the most underpowered countries in the world, with actual consumption that is 80% below expectations based on current population and income levels. Given that Nigeria’s current power generation is less than 3,000 MW, despite the national energy demand of about 31,210 MW. It is clear that the success of the national industrial policy will heavily depend on the availability and sustainability of power across Nigeria. Furthermore, according to CEIC, a global economic data insights provider: electricity production in Nigeria reached about 8,879GWh in 2024, while electricity production in Egypt reached 16,900 GWh in 2024, and electricity Production in South Africa reached 18,961 GWh in 2024. Whereas the combined population of Egypt and South Africa is about 178million population as against about 227million population of Nigeria. This speaks to the precarious and unfortunate situation of infrastructural deficit that we have found ourselves in this country, and unless we deal with this issue of electricity (power) deficit, all economic recovery, development, and growth strategies and initiatives will never be achieved.
With over 200 million citizens, Nigeria has Africa’s largest population and economy, but Nigerians consume 144 kwh per capita annually, which is only 3.5% as much as South Africans. Essentially, the Nigerian power production falls far short of demand, which is a critical failure factor to economic growth. Consequently, Nigerians and businesses in Nigeria resort to self-generation using diesel generators, and bear significant economic and environmental costs, which in most cases the business pass to consumers with attendant economic consequences like high cost of living and high cost of doing business. Just two months into this year 2026, Nigerians have experienced 3 major national gird failures, apart from incessant power supply failures in states across the Country. This trend must be stopped not just by rhetoric, but by actions and performance. So far, the investment made on Power generation, transmission, and distribution, by successive administrations, have been under par and far below demand. This does not demonstrate the seriousness of Nigeria to push electricity forward as a key driver of socio-economic growth and development. One of President Bola Ahmed Tinubu’s key promises to Nigerians is power availability. For instance, according to the Central Bank of Nigeria (CBN), in 2025, Foreign Direct Investments (FDIs) rose to $720 million in the third quarter (Q3) from $90 million in the preceding quarter. Year-on-year FDI inflows are also higher than the $570 million posted in Q3 2024, reflecting 26.3% increase. Interestingly, out of the total 2025 Nigeria’s annual investment, $3.1 billion, representing 54%, was to the banking sector, but about 2.3%, which is $129 million production and manufacturing. So, we can see that there has not been serious investment and execution in the power and subsequently production and manufacturing sectors – and those sectors should be the key focus areas to actually get the actual growth target, in the economy.
. Coverage:
. BPage – The Nation
