Minister of Power, Adebayo Adelabu, has said that the country’s economy can no longer afford to maintain electricity subsidies. He advised Nigerians to prepare for the introduction of tariffs that reflect the true costs of electricity.
At a meeting with the Chairmen of Nigeria’s Generating Companies in Abuja, Adelabu emphasized that, “We have to understand that our economy cannot sustain subsidies indefinitely.”
He, nonetheless, emphasized the government’s commitment to offering targeted subsidies to support economically disadvantaged Nigerians.
The Federal Government presently has an outstanding debt exceeding N4 trillion owed to Generating Companies (Gencos) for overdue subsidy payments.
In its performance report for February, the Nigerian Electricity Regulatory Commission (NERC) indicated that the average real tariff stands at N116.18 per kilowatt-hour, whereas consumers are charged N88.2 per kilowatt-hour.
In February, the subsidy cost per kilowatt-hour was represented by the gap between the real tariff and the average collection, which amounted to N27.97 kWh.
All NESI customers, except for the 15 percent classified as Band A, benefit from a subsidy.
Mr. Bolaji Tunji, Adelabu’s spokesperson, reported that the minister emphasized to the power generation companies that, “Citizens must pay the appropriate price for the energy consumed. The Federal Government will continue to provide targeted subsidies for economically disadvantaged Nigerians.”
Adelabu mentioned that the Federal Government is committed to addressing a significant portion of the N4 trillion debt that is hindering power generation in the country. This will be done using cash and financial tools like promissory notes.
He said, “There is a need to pay a substantial amount of the debt in cash. At the minimum, let us pay a substantial amount, then ask for a debt instrument in promissory notes to pay the rest.
“We recognise the urgency of this matter. The government is committed to resolving this debt to stabilise the sector and prevent further crisis.”
Justice Yellin Bogoro of the Federal High Court, sitting in Ikoyi, Lagos, on Friday, May 2, 2025, convicted and sentenced the duo of Folake Adeoti and Modupe Adewuyi to one year imprisonment, each for hawking Naira notes.
They arraigned by the Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission, EFCC, Awolowo Road, Ikoyi, Lagos on a separate one-count charge, bordering on illegal hawking of Naira notes.
The charge against Adeoti reads: “That you, Folake Adeoti, on the 21st day of March, 2025, opposite Regency Hall, Jobi Felé,Way, Ikeja, in Lagos within the jurisdiction of this Honourable Court, hawked the sum of N3,850,000.00 (Three Million, Eight Hundred and Fifty Thousand Naira) issued by the Central Bank of Nigeria and thereby committed an offence contrary to and punishable under Section 21(4)) of the Central Bank of Nigeria Act, 2007.”
That of Adewuyi reads: “That you, Modupe Adewuyi, on the 21st day of March, 2025, at Jobi Fele Street, opposite Regency Event Center, Alausa Ikeja, in Lagos, within the jurisdiction of this Honourable Court, engaged in hawking the total sum of N1,600,000 (One Million, Six Hundred Thousand Naira) of N500 and N1000 denominations, issued by the Central Bank of Nigeria and thereby committed an offence contrary to section 21(4) and punishable under Section 21(1) of the Central Bank of Nigeria (Establishment) Act, 2007.”
They pleaded “guilty” to their charges, following which prosecution counsel, Z.B. Atiku tendered their confessional statement as well as the money recovered from them in evidence and urged the court to convict and sentence them accordingly. The prosecution counsel further informed the court that Adeoti was an ex-convict, having been prosecuted before Justice Ibrahim Kala and convicted on the same matter of Naira abuse.
Justice Bogoro sentenced Adeoti to one year imprisonment without an option of fine. In addition, her POS machine as well as the money recovered from her were forfeited to the federal government. Adewuyi also bagged one year imprisonment or to pay N500,000 (Five Hundred Thousand Naira) fine. In addition, her POS machine and money recovered from her were also forfeited to the federal government.
Adeoti and Adewuyi were intercepted on March 21, 2025 along Jobi Fele Way, Ikeja, Lagos, while hawking Naira notes to the tune of N3,850,000.00 and N1,600,000, respectively.
The former President of Nigeria, Olusegun Obasanjo, Governor of Oyo State, Engr. Seyi Makinde, Governor of Ogundoyin State, Prince Dapo Abiodun among several other signatories that were in attendance during the funeral ceremony of the late Afenifere Leader, Pa Ayo Adebanjo,
Ogun State Governor, Prince Dapo Abiodun, while eulogizing the late Afenifere leader stated that the late Afenifere leader, Pa Ayodeji Adebanjo’s selfless service for an egalitarian society and the preservation of human dignity would remain fresh in the minds of Nigerians for years to come.
The governor stated this on Saturday at the funeral service for Pa Adebanjo, held at St. Philip’s Anglican Church, Isanya-Ogbo, Ijebu, Odogbolu Local Government Area of Ogun State.
Pa Adebanjo, Governor Abiodun noted, played prominent roles in the politics of Nigeria from the colonial period and remained unwavering in the struggle for the restoration of democracy and true federalism in the country.
He said: “Baba’s passing marks the end of an era, but his legacy will continue to shape Nigeria’s democratic evolution and federalist ideals. This statesman and politician remained an unwavering opponent of military dictatorship, a staunch supporter of the National Democratic Coalition (NADECO), and a vocal advocate for the return to civilian rule, particularly when democracy hung in the balance after the annulment of June 12.
“Beyond politics, Baba was deeply committed to the promotion of Yoruba culture and unity. His role in defending the socio-political rights of the Yoruba people earned him reverence across traditional and contemporary institutions, as BBC News reported. He stood as a symbol of Yoruba resistance to marginalization and cultural erosion.
“His advocacy transcended ethnic boundaries, reflecting the ethos of Dr. Martin Luther King Jr., whose words he embodied: ‘Injustice anywhere is a threat to justice everywhere.’
“He denounced corruption and nepotism wherever they showed their heads, becoming a moral compass in Nigeria’s turbulent political landscape.”
Abiodun described the late Afenifere chieftain as a good man who did everything in his power to ensure the triumph of justice, fairness, and progress, adding that he also feared, loved, and served God till the end.
He called on Nigerians to emulate the deceased by living an impactful life and being at peace with all manner of people, noting that Pa Adebanjo loved, respected, and coexisted with people irrespective of political affiliations.
In his sermon, the Bishop of Remo Anglican Diocese and the Archbishop of the Ecclesiastical Province of Lagos, Most Rev. Olusina Fape, said every man and woman has a purpose in life, and it is left for individuals to fulfill their purpose while alive.
Speaking on the topic “The Glory of a Purposeful Life” and taking his Bible text from John 28, verses 37 and 38, Most Rev. Fape noted that Jesus’ purpose on earth was to show the light and to make God’s truth known to man, urging the people to discover their purpose and work towards realizing it.
Death, the clergyman stated, is inevitable, as every man born of woman would surely die, calling on Nigerians to emulate the late Pa Adebanjo, who lived a purposeful life by contributing to the development of the nation, state, and community.
He called on those in leadership positions to serve the people diligently and avoid selfishness, as they would give account to the Almighty on how they led while alive.
The Ekiti State Police Command wishes to debunk the news circulating on the social media that one HELEN KAYODE, a graduate of Ekiti State University, was kidnapped and kept in an uncompleted building surrounded by bush, as she was never kidnapped but masterminded the false information for the reason still under investigation.
The Command, after receiving the disturbing information from a family member that their relative was kidnapped between Iworoko-Ekiti and Ado-Ekiti, swung into action and apprehended the boyfriend of the alleged victim, one OLUWANIFEMI OLUSESAN, who was seen with her yesterday being 01/05/2025 based on a tip-off.
During interrogation, the boyfriend stated that he was with the alleged victim all through the night before she left for Lagos in the early hours of today. He however, said that he was not aware of any message of being kidnapped sent by his girlfriend. He immediately called the girlfriend who confirmed that she was already in Lagos but promised to return tomorrow being 03/05/2025.
The Command implores members of the public to disregard the false information while reassuring citizens that the State is safe and secured, as the Command has continued to prioritize the maximum security of all and sundry.
The Ekiti State Commissioner of Polce, CP JOSEPH ERIBO, warns against the creation and publication of false information that is capable of creating unnecessary tension in the State, as well as the circulation of such false and unverified information, as the Command will ensure anyone found wanting will be made to face the wrath of the law.
The President of the African Development Bank (AfDB), Dr. Akinwumi Adesina, has raised serious concerns about Nigeria’s economic state, revealing that the country’s GDP per capita has dropped to $824 far below the $1,847 recorded at independence in 1960.
Speaking at the 20th anniversary dinner of Chapel Hill Denham in Lagos on Thursday, Adesina said Nigeria is facing a deeper economic decline than widely acknowledged, and urgently needs a radical overhaul of its economic structure to become globally competitive by 2050.
“Today, Nigerians are worse off than they were 64 years ago,” he stated, pointing to long-standing issues such as poor policy decisions, weak institutions, heavy dependence on oil, and underinvestment in vital sectors.
Despite being Africa’s biggest economy by overall GDP, Nigeria’s economic framework remains fragile and unsustainable, he added. Adesina compared Nigeria’s situation to that of South Korea – a country that had lower GDP per capita in 1960 but now enjoys over $36,000 per person thanks to focused industrialisation. “Nigeria has the potential to join the ranks of developed nations, but we must change our mindset and drive rapid growth,” he stressed. “Underdevelopment is not our destiny.”
He outlined five urgent reforms needed to revive the economy: universal electricity access, top-tier infrastructure, accelerated industrialisation, innovation-based growth, and competitive agriculture.
Adesina called for bold structural changes, citing the Dangote Refinery as a model for large-scale, private-led industrial projects. He urged the country to tap into its pension funds, diaspora talent, and capital markets to fund such initiatives.
He emphasized that meaningful reform will only happen with strong institutions, consistent policies, and good governance. “Without a credible reform agenda, Nigeria risks falling further behind,” he warned, insisting the country must be “deliberately shaped, developed, and corruption-free” by 2050.
The Economic and Financial Crimes Commission (EFCC) has arrested several recently sacked managing directors and top officials of the Port Harcourt, Warri, and Kaduna refineries in connection with the alleged mismanagement of $2.9 billion allocated for the rehabilitation of the state-owned facilities.
Among those arrested are the former Managing Director of the Port Harcourt Refining Company Ltd, Mr. Ibrahim Onoja; former MD of the Warri Refining and Petrochemical Company Ltd, Efifia Chu; and former MD of the Kaduna Refining and Petrochemical Company Ltd, Mustafa Sugungun.
Investigations by the anti-graft agency revealed shocking financial discrepancies, including the discovery of N80 billion in a personal account belonging to one of the former MDs. The revelation comes amid rising public scrutiny over the continuous non-performance of Nigeria’s refineries despite repeated claims of rehabilitation and huge financial allocations.
According to exclusive findings, the EFCC is examining the allocation and potential diversion of: • $1.5 billion earmarked for the Port Harcourt refinery, • $740 million for the Kaduna refinery, and • $656 million for the Warri refinery.
A senior EFCC official, speaking under the condition of anonymity, confirmed that the arrests were part of a wider investigation targeting the disbursement and use of the massive funds designated for quick-fix maintenance of the refineries.
“We are investigating the money that was released for the rehabilitation of all three refineries—funds disbursed in recent times. All the principal officers who held key positions during this period are being invited for questioning. Some have already been arrested; others are under watch,” the EFCC source stated.
“Nigerians are eager to see functional refineries. The question we are asking is: where is the money, and what has happened to the refineries?”
A document obtained from the Nigerian National Petroleum Company Limited (NNPCL), dated April 28, 2025, titled “Investigation Activities: Request for Information”, confirmed that the investigation also extends to the immediate past Group Chief Executive Officer of NNPCL, Mele Kyari.
The EFCC document reportedly includes the names of 13 additional former senior executives of the NNPCL who are now under investigation for alleged misappropriation of public funds.
This development marks one of the most significant anti-corruption actions in the oil sector in recent years, further intensifying public demand for transparency and accountability in Nigeria’s petroleum industry.
The EFCC has yet to issue an official public statement, but sources say more arrests and disclosures are expected in the coming days as investigations progress.
The Lagos state high court sitting at the Tafawa Balewa Square has sentenced Andrew Nice Ominikoron, a driver of Lagos bus rap!d trans!t (BRT), to death by hanging for killing Bamise Ayanwola, a 22-year-old fashion designer.
Delivering judgment on Friday, Justice Sherifat Sonaike held that the prosecution successfully proved its case, relying on the doctrine of “last seen” and the victim’s dying declaration to establish Ominikoron’s guilt.
Ominikoron was arraigned on a five-count charge bordering on conspiracy to commit felony, rape, murder, and sexual assault.
Bamise was last seen on February 26, 2022, after boarding a BRT bus driven by Ominikoron at the Ajah axis of Lagos. Her disappearance sparked public outrage and a widespread search.
Nine days later, her lifeless body was found on Carter Bridge in Lagos Island.
Seyi Tinubu, son of President Bola Tinubu, has strongly denied allegations made by the President of the National Association of Nigerian Students (NANS), Comrade Atiku Abubakar Isah, claiming he orchestrated a violent attack during the students’ inauguration event in Abuja.
Atiku Isah had alleged that thugs loyal to Seyi Tinubu stormed The Wells Carlton Hotel in Asokoro, disrupting the ceremony with cutlasses and firearms.
The student leader claimed the attackers stabbed attendees, looted property, and forced dignitaries such as Senator Ibrahim Shekarau and former Governor Idris Wada to flee. He described the attack as “politically motivated” and linked it to an alleged bribe offer aimed at silencing his leadership.
In a swift and unequivocal response posted on his official Instagram handle, Seyi Tinubu dismissed the claims as baseless and defamatory.
“I have never held a meeting to discuss any subject matter with Comrade Isah in Lagos or anywhere else in the world,” Seyi wrote. “I have never knowingly met him before. Neither did I visit any location with thugs. All these allegations by Atiku Isah are completely fictional.”
Expressing disbelief, he added: “Wow…how can someone lie with so much confidence? Wow wow…an attempt to defame any character. May God be with you Comrade Atiku Isah.”
Seyi Tinubu’s statement has drawn support from his followers, many of whom called for a formal investigation to clear the air. As of now, no official complaint has been filed against him.
The Osun State Security Network Agency, codenamed Amotekun Corps, is deeply saddened to announce the tragic death of one of its operatives, Mr. Lamidi Abiodun, who was killed during an ambush by suspected armed hoodlums at the Papa boundary area in Iwo, Osun State.
The incident occurred on Wednesday, following a distress call from local farmers operating in the Papa Farm area Iwo. The farmers alerted the Iwo Area Command of Osun Amotekun Corps about an ongoing attack on their farmland. In swift response, a team of Amotekun operatives, in company with members of the Vigilante Group of Nigeria (VGN), mobilized to the scene to confront the threat and safeguard lives and property.
Upon arriving at the location, the team was ambushed by a group of armed men allegedly led by a notorious criminal known as Akeem Olofa, who has been a menace in the region. During the confrontation, Mr. Abiodun was attacked. Although initial gunfire did not penetrate his body, he was brutally assaulted with a machete to the head and died instantly at the scene.
While most of the operatives managed to escape the ambush, one member of the VGN identified as Nurudeen Alowonle remains unaccounted for as of the time of this report and one Alex Sola was shot on the leg. The tragic loss of Mr. Abiodun has sent waves of grief throughout the Amotekun Corps and the entire security community in Osun State.
The incident has been formally reported to the Nigeria Police in Iwo, and the body of the fallen hero has been deposited at a local mortuary for further procedures. Investigations are ongoing, and efforts are being intensified to bring the perpetrators of this heinous crime to justice.
The Osun Amotekun Corps remains resolute in its mission to protect the people and communities of Osun State from all forms of insecurity. We urge residents to remain vigilant and report any suspicious activities to the appropriate authorities.
We extend our deepest condolences to the family of Mr. Lamidi Abiodun and stand united in honor of his bravery and ultimate sacrifice in the line of duty.
Ogun State Governor, Prince Dapo Abiodun, has disclosed that President Bola Ahmed Tinubu would perform the groundbreaking for the establishment of the biggest cotton and polyester processing factory in the world at the Special Agro Processing Zone located at the Gateway International Airport, Iperu/Ilisan area of the State.
Speaking while receiving the former Accountant General of the Federation (AGF), Mrs. Oluwatoyin Madein, and members of the Iperu Development Association in his office at Oke-Mosan, Abeokuta, Governor Abiodun said the factory, which is under the “Renewed Hope Cotton Resurgent Initiative,” would sit on 400 hectares of land and would employ about 250,000 people daily.
He said: “In the next 30-45 days, we will be doing the groundbreaking of the Renewed Hope Cotton Resurgent Initiative that will be done by Mr. President himself. It is going to be a bigger factory, and it will be the biggest cotton and polyester processing factory in the world.
“It will employ 250,000 people per day. The promoters of this factory went around the whole state, and they decided that this is the place they want to site this factory because of the existing infrastructure like the airport, proximity to consumers, and the ability of raw materials to come in centrally.
“We are clearing the site, and this factory is going to sit on 400 hectares of land. It is like a whole new town. The requirements to support this industry can best be imagined. The economic impact on Iperu and its environs, the entire Remoland, Ijebu land, and the whole of Ogun State is beyond imagination,” Governor Abiodun said.
He said that apart from the cotton industry, the Nigerian Air Force (NAF) has also indicated interest in siting a base in the town to secure not only the airport but also to provide adequate security to Iperu and the adjoining towns.
Explaining the rationale behind the siting of the airport at Iperu, Abiodun noted that the town is at the central point of the state, which could be easily accessible from any part of the state, adding that the 100 housing units built by his administration at the Airport Housing Estate would soon be commissioned.
The present administration, the governor informed, embarked on the reconstruction of the old Ibadan and other township roads while public schools and primary healthcare centers were renovated, and a mother-and-child hospital was brought to the town.
He commended the former Accountant General of the Federation for her meritorious service to her state and fatherland, describing her as a true daughter of the state who served without blemish.
“Thank you for all you have done. You have attracted laudable projects like a women’s empowerment center, a mini stadium, and the erosion control project to the town as a form of giving back to society.
“You started from a humble background. You began your primary and secondary education here in Iperu and later went to Ogun State Polytechnic, Abeokuta, before proceeding to Ogun State University and working with the Ogun State Property and Investment Corporation (OPIC) before moving to the federal level.
“You are hardworking, diligent, focused, intentional, and a disciplined person. Thank you for making us proud; you are a pride to womanhood. It shows that gender must not be a limitation to what one can attain,” he added.
Speaking, Mrs. Madein appreciated the governor for creating a conducive business environment that has attracted a lot of investments to the state.
She said her reason for the visit was to give a report of her stewardship and to inform the governor of her various contributions to state and national development.
“The purpose of this visit is to come and give the report of my stewardship as the Accountant General of the Federation and to let you know that I have represented Ogun State well and contributed to national development.
“It is also to appreciate Your Excellency for the support you gave to me that enabled my success during my tenure,” she said.
Chairman of the Iperu Development Association, Otunba Taiwo Oyebanjo, noted that the combination of the governor and the Accountant General has greatly impacted the socio-economic development of Iperu, as the town now boasts modern facilities that have improved the standard of living.
The Ebi of Idena, Oba Lukman Salami, in his contribution, lauded the governor for the transformation witnessed in the last couple of years, noting that the town has moved from a village to a town with modern facilities.
