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GenCos, DisCos Owe Banks N836bn Amid Crisis – Report

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Power generation and distribution companies owe Nigerian banks N836.09bn amid the lingering problems plaguing the sector since it was privatised over eight years ago.

This is according to the Central Bank of Nigeria’s June 2022 data obtained by The Punch.

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While power generation firms and independent power producers owed banks N562.19bn, power transmission and distribution firms were indebted to the tune of N273.89bn.

Report had it earlier in July 2020 that the core investors in the distribution companies were looking to restructure the loans advanced to them by banks for the acquisition of the power assets.

READ ALSO: Why There’s Drop In Electricity Generation – FG

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In November 2013, the nation’s distribution and generation companies were privatised through the Bureau of Public Enterprises, fetching about $3.2bn for the Federal Government. The Discos and Gencos were sold for $1.7bn and $1.5bn respectively.

The Federal Government officially privatised the six successor power generation companies and 11 distribution firms that were unbundled from the defunct Power Holding Company of Nigeria.

The acquisitions by the core investors were financed mostly by debts, a significant portion of which was provided by local banks.

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Recall that the crisis rocking Nigeria’s power sector seems to be expanding annually despite efforts by the Federal Government and the private sector in managing it.

From power generation to transmission down to distribution, there have been diverse concerns, as well as in other arms of the business such as in the regulation of the industry.

These concerns have made stakeholders express doubts over the viability of the privatisation of the distribution and generation arms of the industry.

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They stated that the recent takeover or re-acquisition of some power distribution companies by a Deposit Money Bank, the Asset Management Corporation of Nigeria and another investor, for instance, showed that all was not well with the Discos.

Chris Akamnonu, who served as managing director in three Discos in the South-East and South-West for about 13 years, told The PUNCH, “The situation is more complex than the ordinary person sees. The entire experiment may not be yielding the desired results; that is the frank truth.”

In July this year, it was reported that the Federal Government alongside Fidelity Bank and AMCON had taken over the affairs of five electricity distribution companies, also known as DISCOs, over debts owed to Fidelity Bank.

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READ ALSO: Energy Crisis: Blackout As Electricity National Grid Collapses Again

The affected companies were Kano Electricity Distribution Company, Ibadan Electricity Distribution Company, Benin Electricity Distribution Company, Kaduna Electric, and Port Harcourt Electricity Distribution Company.

The companies had failed to repay loans obtained to pay for assets acquired in the 2013 privatisation exercise.

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Also, the government, through its BPE, announced that with the takeover of Ibadan Disco by the AMCON, the BPE had obtained approval from the Nigerian Electricity Regulatory Commission to appoint an interim managing director for the distressed power firm.

PUNCH.

 

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Immigration Officer Gets N5m For Arresting Fleeing Ritualist

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An immigration officer, Ugochukwu Orji, who arrested a fleeing Enugu State-based native doctor accused of killing and kidnapping people for rituals, has been rewarded with N5 million for his efforts by an industrialist, Ebuka Onunkwo.

Onunkwo, who is also a senatorial aspirant for the Anambra South senatorial by-election on the platform of the All Progressives Grand Alliance, hosted the immigration officer at his residence in Ihembosi, Ekwusigo Local Government Area of Anambra State, according to a press statement released by his media team on Tuesday.

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Orji was at his duty post along the Seme Border area last month when the fleeing native doctor, popularly known as “Ichie Billion” attempted to use a motorcycle to cross over to the Benin Republic from Nigeria at Seme Border, but having seen his face on the internet, he quickly intercepted him.

READ ALSO: Our Country A Home, Not Hotel, Badenoch Decries UK Immigration Crisis

Recall that “Ichie Billion”, who hails from Umuojor village in the Isiagu Community of Enugu State, had been on the run after being declared wanted by the Nigerian Police Force in connection with the kidnapping of a 13-year-old girl and alleged multiple ritual killings.

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The native doctor was thereafter intercepted by the Nigerian Immigration Service and subsequently handed over to the Lagos State Police Command following his arrest at the border by the immigration officers.

Onunkwo, an industrialist, while presenting a cheque of ₦5 million to the immigration officer at his residence, said the gesture was part of his company’s Corporate Social Responsibility and encouragement for moral renaissance in the society.

 

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Tariff Hikes Won’t Solve Nigeria’s Power Crisis, Expert Tells Tinubu

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Attempts by the current administration to rely on increased electricity tariffs to resolve Nigeria’s chronic power supply issues are unlikely to succeed, according to energy expert Nick Agu.

Speaking during an interview on Arise TV on Tuesday, Agu argued for a fundamental restructuring of the power sector, prioritising infrastructure over tariff hikes.

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Responding to the Minister of Power, Adebayo Adelabu’s optimism and recent celebration of Nigeria reaching a new peak generation of over 5,000 megawatts, Agu acknowledged the incremental increase as “a good thing, is good news.”

However, he quickly added, “But should we celebrate? The answer is probably not.”

READ ALSO: Investors Gain N1.93trn In 2 Days As Stock Market Hits 15-year High

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Agu underscored Nigeria’s severe “energy poverty” by drawing comparisons with other nations.

He noted that while Nigeria, with over 200 million people, struggles with around 5,000 megawatts, South Africa (65 million people) boasts 55,000 megawatts, Brazil (200 million people) supplies 150,000 megawatts, and even Qatar (3 million people) provides 8,000 megawatts.

So, you can see that three million people are enjoying more electricity than Nigeria, which has 200 million people,” he highlighted.

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READ ALSO: Tinubu Hosts Gov Adeleke, Deji Adeleke, Davido In Lagos

Agu underscored Nigeria’s severe “energy poverty” by drawing comparisons with other nations.

He noted that while Nigeria, with over 200 million people, struggles with around 5,000 megawatts, South Africa (65 million people) boasts 55,000 megawatts, Brazil (200 million people) supplies 150,000 megawatts, and even Qatar (3 million people) provides 8,000 megawatts.

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“So, you can see that three million people are enjoying more electricity than Nigeria, which has 200 million people,” he highlighted.

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From 158 To 351: Lagos Teen Excels In UTME After Initial Glitch

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A 16-year-old student, Oyindamola Apampa, has achieved a remarkable aggregate score of 351 in the 2025 Unified Tertiary Matriculation Examination, with 65 in English Language, 98 in Mathematics, 98 in Physics, and 90 in Chemistry.

Apampa, a student of Lagoon Secondary School in Lagos, described the feat as the result of determination, strategic preparation, and divine favour.

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A statement on Tuesday revealed that it was her second attempt at the UTME, explaining that her initial score of 158 was later invalidated due to technical issues experienced at her exam centre.

She said, “In my first UTME attempt, I scored 158. However, the results were widely criticised and later acknowledged by the authorities as inaccurate due to technical glitches affecting several examination centres, including mine.

READ ALSO: Mass Failure: UTME Candidates To Sue JAMB Over Technical Glitches

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“Consequently, the examination body authorised a resit to address these irregularities. In the resit, I achieved a score of 351.”

She added that her parents played a crucial role in supporting her academic journey by fostering a learning-friendly environment at home.

“My parents made our home a positive place for studying. We have a full library in the family living room, in addition to a separate multimedia study room where the whole family often gets together to talk about different topics and help each other learn,” she shared.

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Apampa also credited a learning centre in Lekki, Lagos, for providing her with additional academic support through UTME preparation classes and frequent mock examinations.

READ ALSO: BREAKING: JAMB Admits To Errors In 2025 UTME

The frequent mock exams at our learning centre were a great help in my preparation for UTME,” she said.

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In his reaction to the learning centre head, Osayi Izedonmwen, stellar 98 per cent pass rate in the 2025 UTME, attributed the achievement to its hybrid learning approach.

“At Teesas, we are fully IT-equipped to seamlessly support both online and physical learning within a convenient and friendly environment. This has played a key role in helping our students excel,” Izedonmwen stated.

Apampa is no stranger to academic excellence. She was placed on her school’s Honours list after securing 10 As and one B in her Junior WAEC.

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She has also represented her school in international competitions, such as the Conrad Challenge, where her team reached the final stage and earned a special mention.

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