The federal government has confirmed that the Naira-for-crude-oil swap deal remains in place, countering recent reports of its termination at the end of this month.

The clarification followed reports that the Nigerian National Petroleum Company Limited (NNPC) has ended the agreement with local refiners including the Dangote Refinery.

Chairman of the Technical Sub-Committee on Crude-for-Naira initiative, Zacch Adedeji, responding to the reports said there is no decision at the policy level to discontinue the initiative.

Adedeji said these reports do not reflect the realities of the ongoing work under the Federal Executive Council Initiative on Domestic Sales of Crude Oil and Refined Products in Naira.

“Our attention has been drawn to reports suggesting that the Naira-based crude oil supply arrangement with local refineries has been discontinued, forcing them to rely solely on international crude purchases.

“As the committee driving the implementation of this initiative, we wish to provide an update on the Federal Executive Council initiative and confirm as follows: The Naira-Based Domestic Sales Framework Remains in Place.

“The policy framework enabling the sale of crude oil in naira for domestic refining remains in force. The initiative was designed to ensure supply stability and optimise the utilisation of local refining capacity.

“There has been no decision at the policy level to discontinue this approach nor is it being considered. After implementing the policy for some months, evidence abounds that it is the right way to go and it will continue to help the economy.

“The engagement process for crude oil supply to domestic refineries therefore remains in place by structured agreements, balancing factors such as availability, demand, and market conditions.

“There is no exclusion of local refineries from access to domestic crude. The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) is actively ensuring compliance with the Domestic Crude Oil Obligations provisions of the Petroleum Industry Act.”

Adedeji, who is also the chair of the Federal Inland Revenue Service (FIRS), said that the framework for domestic crude transactions is designed to promote a competitive and efficient pricing environment.
“We remain committed to ensuring the efficient execution of this initiative in line with its core objectives – enhancing local refining, reducing foreign exchange exposure, and stabilising the domestic fuel supply,” he said.

[Leadership]

Politics has been variously defined as ‘authoritative allocation of values or “who gets what when and how”. But I think in terms of intrigue that goes into balancing the interest of pressure groups and public interest, deviousness and ruthlessness of office seekers and for our purpose in this write up ‘politics as the art of the possible will be more appropriate (Otto Von Bismarck, German statesman and First Chancellor of Unified Germany 1815-1898).

The truth is that not all office seekers or office holders are politicians. Politicians are a special breed of selfless public servants who are not deterred by the fact they that are hardly trusted by the public they serve who often see them as corrupt, devious and men of many words. These largely misunderstood patriots ruled and may sometimes be addressed as their excellences, but others call the tune. Unfortunately, no matter how much politicians are detested, our survival as an organized society depends on their resourcefulness and brinkmanship.

Of course, bluffing Governor Similayi Fubara who had all his past battle fought for him is not a politician. In fact he is not smart enough to learn from our recent history.

We once had a Raji Babatunde Fashola, a non-politician but a very smart guy as governor of Lagos State. He was not his party’s but his godfather’s choice. When he had a slight disagreement with his godfather, all those who had wanted his job, rose up in his defence not because they loved him, but to spite his godfather. Opposition parties were dangling their party’s’ ticket in his face in case he was denied his party’s ticket for a second term.

But instead of swallowing the poison as Fubara did, he went for an international engagement where he gave a lecture and announced to the whole world that “Tinubu made me governor”. That became newspaper headlines in both local and international newspaper the following day. The godfather was humbled. If the godfather today takes credit for landmark projects like the Lagos rail line and Atlantic City, it was because his trusted godson, the actualiser, unlike Ambode who ignored some of the projects during his four years tenure, remained faithful to his godfather and his dream project.

Ex-President Goodluck Jonathan, following some disagreement with Obasanjo also joined forces with his estranged godfather’s political foes including James Ibori who also headed the Yar’Adua group that did not want Jonathan to succeed the ailing President Yar’Adua. This was long after he had declared publicly that apart from God and his biological parents, Obasanjo was the next most important personality in is life. Jonathan was hijacked by the late pa Edwin Clark, who gave himself the title of ’father of the president’ to spite Obasanjo. Jonathan forgot his battle was fought by the likes of Tunde Bakare on the streets of Lagos and Abuja with the ‘doctrine of necessity’ slogan. The rest is history.

Today, facing the same scenario, Fubara, like Jonathan, teamed up with enemies of Wike, his estranged godfather including Imo Ikenga Ugochinyere, who has today become Fubara’s interpreter of court pronouncements. Others include PDP stalwarts in borrowed robe of media men who would not forgive Wike for bringing PDP down during the 2023 elections. Some of them pretend to be news anchors without appreciating that the greatest attributes of a news anchor include  journalistic integrity, professionalism  and ability to be ‘silent and listen”. These men lionized Fubara, encouraged him to stand up to his estranged godfather and talked him out of his initial undertaking to implement term of truce reached when the president first intervened.

Unfortunately, Fubara still does not understand that the only people benefiting from the tragedy he has inadvertently brought upon his people are these self-serving advisers and media promoters who smile to the banks at the expense of besieged people of Rivers.

For instance, ‘News commercialisation’ which refers to situation “whereby the electronic media report as news or news analysis a commercial message by an unidentified or unidentifiable sponsor giving the audience the impression that news is fair, objective and socially responsible”(Nnorom,1994) is not cheap. The 30 minutes slot cannot be anything less than N20m. That is what someone coughs out to allow the likes of Ikenga Ugochinyere to speak without substance on TV for 30 minutes in the name of fighting Fubara’s war. He was pathetic to watch last week on Fubara’s favourite TV platform as he gave his own interpretation of the Supreme Court judgment after which he urged Fubara to ‘carry on’ the battle.

The above forces that exploited Fubara’s lack of capacity to understand that sometimes in political warfare , you may have to stoop to conquer, were behind his missing of an historic opportunity provided by last week landmark  Supreme Court judgment to end his people’s nightmare after two years of his unstable government.

The Supreme Court judgment was straight forward.

The court ruled there is no evidence that the 27 members of the Rivers State House of Assembly defected from the Peoples Democratic Party (PDP) to the All Progressives Congress (APC), because without evidence presented before the court, in the eyes of the law, no defection took place and consequently the status quo in the House of Assembly must remain.

It criticized the governor for behaving likes a despot by demolishing the House of Assembly complex and preventing the 27 lawmakers from sitting. It also condemned Fubara for destroying of Rivers State over his fear of impeachment

“Since the executive arm of the government has chosen to collapse the legislature to enable him to govern without the legislature as a despot, the Supreme Court held that “As it is, there is no government in Rivers State”.

It held that “The doctrine of necessity cannot be invoked to justify the continued existence of a deliberately contrived illegal or unconstitutional status quo.

That “political disagreements cannot justify these attacks and contempt for the rule of law by the governor of a state or any person.

That “The part of the judgment of the Court of Appeal, affirming the judgment of the Federal High Court in suit No. FHC/AB)/CS/984/2024 is hereby affirmed.

That “The said judgment of the Federal High Court in suit No. FHC/AB)/CS/984/2024 is hereby restored.

That “For the avoidance of doubt, it is hereby ordered that the Central Bank of Nigeria and the Accountant General of the Federation should forthwith stop releasing and paying to the Government of Rivers State, its organs,… until an Appropriation Law is made by Rivers State House of Assembly constituted as prescribed by the 1999 Constitution.

That “The Rt. Honourable Martin Chike Amaewhule and the other 26 members should forthwith resume unhindered sitting as Speaker and members respectively of the Rivers State House of Assembly.

With all the roads blocked, if only Fubara understands politics as the art of the possible, and had without the meddlesomeness of elders and politicians on both sides of the aisle who speak from both sides of the mouth, picked up the phone to congratulate the speaker of his state House of Assembly and his colleagues over their victory at the court and offer to forward the 2025 budget and the list of his commissioners as directed by the Supreme Court, the following day.

And let us for a moment imagine Fubara with awesome apparatus of his office storming Wike’s victory church thanksgiving in Abuja and insisting Rivers State seat of power remains in his house until he agrees to join him for another thanksgiving in Port Harcourt to convince the mass of Rivers people in whose name they all swore, that the battle was over.

Of course Fubara would have seized the initiative while Wike would have been humbled.

Unfortunately, Fubara who cannot appreciate the worth of the office he never fought for will rather keep on playing the ostrich. Whilst he claims to wait for certified copy of the court judgment to start complying with the Supreme Court judgment, that has not stopped him from starting preparation for the conduct of a new local government election.  A few days after informing his street boys to wait for signals, a trending video of AK-47 wielding militants in the creeks threatening to attack oil installations emerged. The Punch gave an elaborate coverage to them and their demand.

Ijaw youths have also joined the fray in support of Fubara, the first Rivers governor of Ijaw ethnic extraction.

The question now is with Fubara’s resolve to continue waging war against his own government, politicians admitting treachery against their state, elders speaking from both side of the mouth while our once beautiful ‘Garden City’ turns into a city of blood by militants groomed and armed by Rivers’ successive governors, who is going to save Rivers?

The Presidency and the ruling All Progressives Congress, on Monday, dismissed moves by former Kaduna State Governor, Nasir El-Rufai, to galvanise opposition figures towards unseating President Bola Tinubu in the 2027 election.

They accused El-Rufai of being driven by “an inordinate ambition that is destined to fail” in his defection to the Social Democratic Party.

Also on Monday, the APC noted that El-Rufai’s plan to mobilise against Tinubu’s re-election in 2027 would not produce any significant outcomes.

El-Rufai, earlier on Monday, announced his defection from the APC to the opposition SDP, vowing to mobilise against the APC government in 2027.

“I will focus on engaging with and persuading other opposition leaders and parties to join us and congregate under a unified democratic platform to challenge the APC in all elections and by-elections,” El-Rufai stated.

Citing irreconcilable differences with the APC leadership, El-Rufai expressed disappointment in the ruling party, stating that over the past two years, the party had strayed from its progressive principles.

He highlighted his previous efforts to address internal issues privately and publicly, which he felt were ignored, leading to his decision to seek an alternative platform that aligns with his values.

In a resignation letter submitted to his ward in Kaduna State and shared on his X account, El-Rufai stated, “As a founding member of the All Progressives Congress, I have fond memories of working with other compatriots to negotiate the merger of political parties that created the APC.

“Since 2013, I have hoped that my personal values and those of the APC will continue to align until I choose to retire from politics.

“Developments in the last two years confirm that those who currently control and run the APC do not desire to acknowledge, much less address, the party’s unhealthy situation.

“I have raised concerns in private and, more recently, in public regarding the party’s capricious trajectory.

“Therefore, at this point in my political journey, I have come to the conclusion that I must seek another political platform to pursue the progressive values I cherish.

“Founders rightly feel attached towards institutions they helped create, but one must be pragmatic enough to admit when a divergence appears unbridgeable.”

It added, “I have diligently served the APC and made my contributions to its viability as a political platform, but I recognize that the party has since strayed and left me stuck in the vision of its well-meaning founding fathers and mothers.

“As a loyal party man, I worked to help secure the APC’s election victories in 2015, 2019 and 2023. I was one of the many governors elected on the party’s platform in 2015 and 2019 that stood for certain democratic and progressive principles to advance nation-building.”

El-Rufai confirmed he had submitted his resignation letter to the ruling party and further explained that after consulting with his mentors, colleagues and supporters, he decided to join the SDP in preparation for the 2027 general election.

“Without prejudice to this decision, as a member of the SDP, I will focus on engaging with and persuading other opposition leaders and parties to join us and congregate under a unified democratic platform to challenge the APC in all elections and bye-elections between now and 2027 by the grace of God,” he said.

Presidency tackles ex-gov

The Presidency, however, said El-Rufai’s switch to the SDP was a flawed move if he intended to unseat the governing party.

The Special Adviser to the President on Policy Communications, Daniel Bwala, stated that while El-Rufai has the constitutional right to change parties, his motives will be closely examined in the coming days.

Bwala, in a post on his verified X handle, @DanielBwala, downplayed El-Rufai’s political significance in politics, arguing that his relevance was neither sudden nor extraordinary.

He criticised the former governor’s decision to side with opposition figures, saying that attempting to unseat the incumbent government was not necessarily an ideological change.

Bwala wrote, “Senior, @elrufai, I read the news today that you resigned from APC to join SDP. Well, I have nothing against you because you exercised your constitutional right.

“However, the motive is what we would interrogate in the coming days and remind Nigerians that you are not a phenomenon that emerges like a clap of thunder out of a blue sky.

“We would intellectually remind you that associating with sore losers to unseat the incumbent is not an ideology, neither is it progressivism; It is simply an inordinate ambition that is destined to fail.”

In its reaction, the Kaduna APC said it was not worried by El-Rufai’s exit from the party, describing it as political gyration.

Speaking to journalists in Kaduna on Monday, the Kaduna APC Secretary, Yahaya Baba-Pate, said the party remained focused on securing the state for President Bola Tinubu and Governor Uba Sani in 2027.

Pate expressed confidence in the party’s growing strength in the state, pointing to the influx of prominent politicians into the party.

He assured APC members that El-Rufai’s departure would not impact the party’s prospects.

Pate said, “We are unperturbed by former Governor Nasir El-Rufai’s defection to another party. Our main focus in Kaduna is on how to deliver the state to both President Bola Tinubu and Governor Uba Sani in 2027.

“The APC in Kaduna State is growing day by day, judging from the calibre of politicians streaming into the party daily.

“So, we are not disturbed by anybody defecting to another party based on our governor’s inclusive governance in the state.

“We are not disturbed and we are not going to lose our sleep over El-Rufai’s moves. The party in the state is growing more than before.”

The former Federal Capital Territory minister had been associating with the 2023 Peoples Democratic Party presidential candidate, Atiku Abubakar, and other opposition political figures of late.

At a national conference on strengthening democracy in Nigeria, held in Abuja in January, El-Rufai asked the opposition parties in the country to unite to face the APC.

Also at the event were Atiku, a former governor of Ekiti State, Dr Kayode Fayemi; representative of the presidential candidate of the Labour Party in the 2023 election, Peter Obi, among others.

El-Rufai, after the conference, granted an interview on Arise TV, where he blasted the leadership of the party for derailing from the vision of the founding fathers.

He criticised the National Executive Council and the Board of Trustees of the ruling party for failing to convene meetings throughout last year.

After the interview, he visited the national chairman of the SDP, Musa Garbam and the leadership of the Kaduna State chapter of the PDP.

He skipped a meeting of the APC national caucus and National Executive Council held last month in Abuja, claiming he did not get the invite.

The former Kaduna governor met with former President Muhammadu Buhari at the weekend, followed by a trip to Lagos to meet with former Osun State governor and former Minister of Interior, Rauf Aregbesola and the founder of the Citadel Global Community Church and former APC presidential aspirant, Pastor Tunde Bakare.

While the specifics of El-Rufai’s discussions with the two figures were not disclosed, the visits were believed to be part of his political manoeuvring ahead of the 2027 general election.

He rounded off his activities for Sunday with the breaking of fast at Atiku’s residence in Abuja.

Less than 24 hours after their meeting on Sunday evening, Atiku and El-Rufai were again seen together on Monday afternoon at the burial of a classmate of the former vice president, Prof Kharisu Chukkol, at the National Mosque, Abuja.

Posting the photo on his X handle, Atiku wrote, “Inna lillahi wa inna ilayhi raji’un. With total submission to the will of the Almighty Allah, I joined others at the funeral prayer of my classmate, Prof Kharisu Chukkol, at the National Mosque, Abuja.

“May his family be comforted. I pray that Allah will forgive his sins and grant him Jannatul Firdaus. Amin. -AA.”

Sani carpets ex-gov

A former lawmaker, Shehu Sani, poohed-poohed El-Rufai’s move to the SDP, saying it would not alter the political landscape of the state.

Sani, who represented the Kaduna Central Senatorial District in the 8th National Assembly, noted that El-Rufai’s political relevance and influence had waned.

“Leaving APC for SDP wouldn’t make any difference for someone with no political relevance again,” he declared.

Sani also expressed the assurance that both Tinubu and Sani would secure re-election in 2027.

“But one thing is sure, President Bola Ahmed Tinubu and Governor Uba Sani will be voted again,” he said.

Defection premature – Lukman

The former National Vice Chairman (North-West) of the APC and a key strategist in the ongoing proposed coalition among opposition parties, Salihu Lukman, bemoaned the defection of El-Rufai to the SDP.

Lukman, a loyalist of the ex-governor, said the defection was too premature and was not the kind of collective move they earlier projected.

The former Director-General of the Progressives Governors Forum disclosed this in an interview with some selected journalists in Abuja.

He said, “Yes, I am close to Mallam El-Rufai to the extent that we come from the same state and were in the same party.

“I had the privilege of being nominated by him to serve on the National Working Committee of the APC. Of course, as everybody knows, we have our own disagreements.

“It (defection) is expected. Even after the interview he granted on Arise TV, you can see the handwriting. However, I expected that he should have been a bit patient for us to walk out as a group, based on the ongoing negotiation.

“But he knows better, and I do hope his decision is not going to become like a kind of breakaway from whatever we are doing. I hope that in the end, we should be able to reconcile and work together under one platform.”

When asked if his camp and some key northern elites would join El-Rufai in the SDP, Lukman expressed reservations about the leadership of the opposition party.

The former APC chieftain, however, noted that they might take their chances if certain conditions were met.

He stated, “The challenge is whether SDP will submit itself to some of the conditions that we believe are necessary.

“Frankly speaking, unlike most conventional politicians, most conventional politicians who just want a platform where they will present candidates and use it to win elections, there are a few of us who believe the issue is beyond that.

“What Nigerians need is a platform that will promote political competition in the country. If you remember, the challenge Nigerians had with the PDP was the problem of imposition of candidates.

“When the APC came and promised ‘change’, the expectation was that we would change the culture of imposition.

“Unfortunately, we have failed in that. In fact, it has become worse. If things continue as they are, you can predict that President Tinubu will become the candidate of APC, and you can predict all the first-time governors of APC will emerge as the candidate of APC, whether they are popular in their states or not.”

He added, “You can also predict all legislators at federal and state levels, whether they have performed or not, will return. So long as they are in the good books of Asiwaju and the party leadership, they will be returned.

“So, we may move if the SDP meets the conditions I have highlighted. We are in discussion, no doubt about it. If they meet it tomorrow, fine.”

PDP, Utomi-led NCFront disagree

While the Pat Utomi-led National Consultative Front embraced El-Rufai’s return to the opposition, describing him as a strong and influential figure in the proposed mega coalition, the PDP referred to his defection to the SDP as a mistake.

In its response, the Pat Utomi-led National Consultative Front welcomed El-Rufai back to the opposition, describing him as a powerful and influential figure in the planned mega coalition.

NCFront’s Director-General, Olawale Okunniyi, praised El-Rufai’s coalition-building experience—particularly his role in establishing the APC—as a valuable asset in the ongoing talks to create a political alliance to challenge the APC in the 2027 elections.

Speaking to The PUNCH, Okunniyi highlighted El-Rufai’s negotiation skills, his experience as a former governor, and his strong political support in the northern region as crucial to the opposition’s strategy.

While noting that the SDP was one of the platforms being considered, Okunniyi mentioned that discussions on the coalition’s chosen platform were still ongoing and should be concluded by July.

He stated, “El-Rufai, coming from the North and being a former governor who previously collaborated with General Muhammadu Buhari, is a significant force. He cannot be underestimated.

“He has successfully built coalitions before, facilitated high-level discussions, and played a vital role in promoting an alternative political platform. His experience makes him a formidable and influential force.

“Mallam Nasir El-Rufai is once again welcomed back to the fold of the opposition in Nigeria, just as he was embraced into the Congress for Progressive Change in 2012/2013 during the formation of the APC.

“It appears that he and others within the APC are working to establish their opposition platform, enabling them to actively engage in the ongoing consultations and discussions aimed at creating a mega coalition party to challenge the ruling party.”

Okunniyi also disclosed that a national political summit for opposition stakeholders was planned for July, where a final decision on the coalition’s platform would be made.

He, however, said the decision would be made through a bottom-up approach, ensuring the selected party reflected the interests of all involved stakeholders.

“Discussions regarding the opposition platform for the 2027 elections have reached an advanced stage.

“El-Rufai and his allies must strategically align themselves with a credible opposition platform to effectively participate in the ongoing consultations and negotiations.

“They cannot claim to represent the APC in these opposition engagements,” he explained.

He further noted that a mega-platform of opposition stakeholders was expected to emerge in the coming months, based on extensive consultations and a consensus-building process.

“One certainty is that whichever platform is ultimately chosen must undergo rebranding and restructuring to accommodate the diverse interests involved in these negotiations,” he said.

Okunniyi added that while forming a new political party remains an option—provided the Independent National Electoral Commission does not pose an obstacle—existing opposition parties such as the Labour Party, SDP, PDP, African Democratic Congress, and New Nigeria People’s Party could also be adopted.

The PDP National Deputy Youth Leader, Timothy Osadolor, however, referred to El-Rufai’s defection to the SDP as a mistake.

Osadolor, in an interview with The PUNCH, pointed out that a strong politician like El-Rufai should have joined the PDP, which he called the most powerful opposition party in Nigeria.

He stated, “El-Rufai’s defection from the APC further confirms the issues within the ruling party. He is a critical stakeholder in Northwest politics.

“He is a great strategist and a valuable asset that any strong political party would want to have. However, I believe he made a mistake by joining the SDP.

“The PDP platform remains the most credible and viable opposition party in Nigeria, with all the necessary reach to challenge the APC.”

The SDP presidential candidate in the 2023 elections, Adewole Adebayo, welcomed the former Kaduna State governor to the party.

Writing on his verified X handle, @Pres_Adebayo, he said: “On behalf of the teeming members of the SDP and patriotic democrats who believe in Nigeria and her promise of inevitable greatness, I heartily welcome my dear brother El-Rufai to our party.

“With the hardworking and sagacious Mallam joining our ranks, an avid worker for the people has been enlisted in our forces against poverty and insecurity.

“Now is the time for us to put our collective shoulders behind the efforts to fulfil Chapter 2 of the Constitution and rescue Nigerians from bad governance and underdevelopment to restore #HopeAgain 2027 to the suffering masses callously left behind in the locust years of the APC and its co-traveller PDP.”

He emphasised that all genuine democrats and true nationalists who believed in order, decency and honesty were welcome to the SDP, “where we are governed by law, not men, the constitution not constipation of money or personal ambition.”

Adebayo added, “Together, following the law, the constitution and the manifesto of our party, we can set a good example of clean and ethical politics to emulate and rally Nigeria to the forefront of the liberation of Africa and peoples of the Black World.

“Good politics begets good governance. Let no one sit on the fence any further. There is no time to waste. Join us on the March again. God bless Nigeria.”

[Punch]

Abba Aliyu, the managing director of the Rural Electrification Agency (REA), says the federal government has approved the establishment of Renewable Asset Management Company.

Speaking at an event in Abuja on Monday, Aliyu said the Renewable Asset Management Company has a capital raise target of almost N1 trillion, which will serve as intervention funding in the industry in the absence of loans and grants.

“This is something that we want to achieve. To ensure the sustainability of all these interventions, the Rural Electrification Agency has secured the approval for the establishment of Renewable Asset Management Company,” he said.

“A company that will warehouse on its balance sheet all the mega assets, infrastructure that will be deployed at the universities, close to $500 million worth of assets.

“This company will warehouse these assets and will leverage on the assets to raise close to $1 trillion so that we will continue to intervene even if there is no availability of loans and grants.

“The country will be standing on its own to continue to drive electricity access and infrastructure in the next many years to come. So that ramp-up is also something that we have started, and we intend to make sure that it comes to reality before the end of the year.”

Also, Aliyu said by this time next year, “the first 600 megawatt line will be up and we will be able to begin to supply this local market, not just Nigeria, but also the continent as a whole”.

“It will also be the first, on the African continent, solar modular assembly plant with a recycling line,” he said.

“So we’re building a solar modular assembly plant in Nigeria that will not only roll out solar panels, but also be able to take solar panels that are no longer working, maybe due to age or dysfunction, and recycle them into raw materials that we can then send back to those who use them for different purposes.”

Aliyu said it is not only about building infrastructure for energy provision but to ensure that the supply chain is embedded within Nigeria.

[TheCable]

On March 6, 2025, chaos erupted at the Ikeja Electricity Distribution Company (DISCO) in Lagos when a group of Nigerian Air Force personnel stormed the premises. Their reason? The power supply to their base had been disconnected. The attack, reminiscent of a military-style raid, left DISCO staff in panic and confusion.

This incident occurred at a time when Nigerians were still processing the news that the country’s power generation had increased from an embarrassingly low 4,000 megawatts—woefully inadequate for a nation of over 200 million people—to 5,800 megawatts. Coincidentally, following the assault on Ikeja DISCO, the national electricity grid suffered yet another collapse on March 7, 2025, plunging the nation into darkness.

Some conspiracy theorists speculate that the grid failure may have been an act of silent protest by electricity workers, sympathizing with their assaulted colleagues. Others point to the alarming pattern: the March 7 collapse was the third nationwide blackout in just three months, with the previous one occurring on February 12. A look at historical data paints an even grimmer picture—Nigeria experienced 12 system failures last year, averaging one per month, while over the past decade, the grid has collapsed more than 100 times, often leaving the country without power for hours or even days.

The Root Cause of Nigeria’s Power Crisis

At the heart of this crisis lies an aging electricity infrastructure inherited from the colonial era, now severely outdated. To illustrate the severity of the situation, consider this analogy:

A friend of mine owned a battered Volkswagen Beetle while studying at the University of Benin. The car was so old and unreliable that it wouldn’t start with just the turn of a key—it needed to be pushed to get moving. Aware of this, my friend always parked on a slope, ensuring he could start the car without help. This strategy allowed him to keep using the car, even though it was far from ideal. However, if an unsuspecting driver parked it on flat ground, they would be stranded without assistance.

Nigeria’s power system is like that Volkswagen Beetle—an outdated, fragile infrastructure barely kept running by experienced operators who know its weaknesses. For decades, these professionals have managed to sustain the grid at a suboptimal level, much like my friend kept his car running. However, when a “new driver”—in this case, the Minister of Power, Mr. Adebayo Adelabu—attempts to overload the system without addressing its weaknesses, the result is frequent, catastrophic failures. Experts have warned that the transmission infrastructure is too fragile to handle increased power loads, yet these warnings have been ignored, leading to repeated grid collapses.

A Century of Neglect

Nigeria’s electricity system has suffered from a lack of investment, maintenance, and modernization since colonial times. Infrastructure that should be displayed in a museum as a relic of the past remains the backbone of the nation’s power supply. For nearly a century, successive governments have failed to replace this antiquated system, leaving Nigeria trapped in a cycle of power shortages and economic stagnation.

If Nigeria is to escape this crisis, urgent reforms and large-scale investments in modern electricity infrastructure are needed. Without these changes, the country will remain stuck with a failing system—much like a driver trying to start a broken-down car on level ground, hoping for a miracle.

Why Nigeria’s Power Supply Remains Unstable 65 Years After Independence

More than six decades after gaining independence, Nigeria continues to struggle with an unreliable power supply, largely due to its outdated electricity infrastructure. The country’s national grid dates back to the colonial era, with its foundations laid as early as 1914, when the northern and southern protectorates were amalgamated. Despite the passage of time, the power sector has seen little progress, particularly in the transmission segment, which remains in a state of disrepair.

The reason for this is rooted in the flawed privatization of the power sector. While the generation (GENCOs) and distribution (DISCOs) segments were transferred to private ownership, the transmission network remained under government control through the Transmission Company of Nigeria (TCN). As a result, while private investors have upgraded parts of the generation and distribution infrastructure, the transmission system has remained stagnant due to bureaucratic inefficiencies and lack of investment.

A Flawed Privatization Process

The unbundling of Nigeria’s power sector began in 2005 under President Olusegun Obasanjo, with Vice President Atiku Abubakar leading the initiative and Nasir El-Rufai overseeing it as Director General of the Bureau of Public Enterprises (BPE). The process continued under President Goodluck Jonathan, who, in 2013, further liberalized the sector by selling power assets to private investors.

However, political conflicts—particularly the fallout between Obasanjo and Abubakar towards the end of their tenure—disrupted what could have been a successful transition. Unlike the telecommunications sector, which attracted major global players like MTN and Econet during its privatization, the power sector was largely taken over by local businessmen with limited financial and technical expertise. Instead of industry giants like Siemens or General Electric, Nigeria’s electricity assets ended up in the hands of investors who lacked the capacity to revamp the sector.

Limited Success and Persistent Challenges

A decade after privatization, the expected improvements in power supply have not materialized. While a few DISCOs—such as Ikeja, Eko, and Abuja—have made some progress, many others struggle to remain viable. On the other hand, the generation sector has seen notable improvements, with output increasing from 4,000 megawatts to 15,000 megawatts due to investments in upgrading old power plants and new entrants like Azure Power in Edo State and Geometric Power in Abia State.

However, the biggest bottleneck remains the transmission network. Despite the increased power generation, only a fraction of the electricity produced reaches end-users due to the outdated and insufficient transmission infrastructure, which is at least 50 years old. The inefficiency of TCN—still under government control—has prevented the electricity sector from functioning optimally.

A Better Approach to Power Sector Reform

Nigeria’s electricity privatization model deviates from global best practices. In many countries, the entire power supply chain—generation, transmission, and distribution—is sold to a single investor, ensuring integrated operations and accountability. In contrast, Nigeria split the sector into three separate entities, each with different operators who have varying capacities and resources. This fragmented approach has resulted in inefficiencies, with TCN becoming the weak link in the value chain.

To address this issue, Nigeria must either privatize the transmission segment to attract serious investors or adopt a more integrated approach to power sector management. Without these reforms, the country will continue to experience erratic power supply, regardless of how much electricity is generated.

Strengthening Nigeria’s Power Sector: Lessons from China and India

Nigeria’s electricity supply chain—spanning generation, transmission, and distribution—has proven to be weak, particularly at the points where these three segments intersect. This situation can be likened to a relay race where the baton handoff between runners is frequently botched, leading to inefficiencies and failures.

In more advanced economies, power companies are typically granted exclusive market zones where they generate, transmit, and distribute electricity seamlessly. However, Nigeria adopted a different approach, similar to the telecom sector, where multiple operators were licensed to handle different aspects of the power supply chain in an interconnected system. This model, while theoretically workable, has not delivered the expected results due to poor coordination and weak infrastructure.

To understand the depth of the problem, Nigeria’s power sector can be compared to a river that began to be polluted in 2005, became heavily contaminated by 2013, and now, in 2025, requires urgent purification. Instead of continuous complaints about the failures in the sector, it is time to take decisive action to remove the barriers hindering the generation, transmission, and distribution of electricity. Industrialization—a key driver of national development—depends on solving this crisis.

Learning from China and India

A possible way forward is to draw lessons from China and India, two countries that were once in similar power supply crises but successfully transformed into industrial powerhouses.

China’s Strategy for Electrification

China tackled its electricity challenges through a multi-pronged strategy, integrating electrification into its national development plans as part of its broader poverty eradication strategy. Key steps included:

 1. Infrastructure Development: The “Infrastructure to Every Village Project” ensured that electricity, roads, water, and telecoms reached rural areas.

 2. Stakeholder Coordination: The central government led policy formulation and investment, while provincial governments handled implementation. This coordination was critical in expanding and upgrading the national grid.

 3. Renewable Energy Investments: China aggressively pursued clean energy, setting a target for non-fossil energy to contribute 20% of its total energy consumption by 2025. It built mega renewable energy projects, smart grids, and hybrid high-voltage transmission lines to balance power supply across regions.

These efforts culminated in China achieving full electrification by 2015, positioning the country as the world’s leading industrial hub.

India’s Path to Energy Security

Like Nigeria, India was once a British colony and faced similar electricity shortages. However, through targeted reforms and investments, India overcame its power crisis and became an economic powerhouse. The key measures taken included:

 1. Institutional Reforms:

 • Establishment of Electricity Regulatory Commissions (ERCs) to ensure fair competition and consumer protection.

 • Creation of the Central Electricity Authority (CEA) to coordinate the national power system.

 2. Policy Reforms:

 • Electricity Act (2003): Unbundled state electricity boards, promoted private sector participation, and established a national grid.

 • National Electricity Policy (2005): Aimed at universal electricity access, energy efficiency, and reliable power supply.

 • Renewable Energy Policy: Set ambitious targets for non-fossil fuel energy sources, aiming for 40% of installed capacity by 2030.

 3. Infrastructure Investments:

 • Expansion of Power Generation: Increased capacity from 112 GW in 2005 to over 400 GW by 2022, focusing on renewable energy.

 • National Grid Development: Strengthened the grid to ensure efficient power transmission across the country.

 • Smart Grid Initiatives: Modernized grid infrastructure, improving energy efficiency and customer experience.

 4. Financial Incentives:

 • Viability Gap Funding (VGF): Government support for renewable energy projects to make them financially viable.

 • Tax Incentives: Encouraged private sector investment in the power sector.

 • Low-Cost Funding: Provided affordable financing for power sector projects through institutions like the Power Finance Corporation.

By implementing these measures, India scaled up its energy production from 190 GW to 400 GW, transforming itself into a global manufacturing hub. The success of its “Make in India” initiative underscores the role of stable electricity in industrial growth.

The Way Forward for Nigeria

Nigeria can no longer afford to lag in electricity reform. The success stories of China and India prove that targeted policies, infrastructure investments, and strong regulatory frameworks can turn an electricity-deficient nation into an industrial powerhouse. If Nigeria adopts a similar approach—prioritizing electrification in national development plans, streamlining regulatory frameworks, and attracting serious investors—it can finally break free from its chronic power shortages and achieve long-overdue industrialization.

Nigeria has much to learn from both China and India, particularly the latter, which successfully leveraged World Bank funding to address its electricity challenges—something Nigeria has attempted but with less commitment.

A closer examination of Nigeria’s energy crisis reveals a troubling reality. Despite the country’s numerous political and administrative reforms over the years, the electricity sector has remained largely unchanged since colonial times. While Nigeria has evolved from its amalgamation in 1914 to independence in 1960 and has since expanded from three regions to 36 states, its electricity infrastructure remains centralized and outdated.

This stagnation is evident in the persistent lack of investment in critical areas, particularly transmission. Given this reality, it is unrealistic for Nigerians to expect stable and adequate power supply when the sector remains underfunded and structurally inefficient. For instance, the Minister of Power, Adebayo Adelabu, recently revealed that power generation companies (GENCOs) are owed approximately ₦350 billion. This financial strain threatens the viability of the sector, which depends on consistent investment to sustain operations and generate returns for private investors. Many of these investors rely on bank loans, and if they default, it could trigger a broader financial crisis with severe economic consequences.

The challenges extend to the distribution companies (DISCOs), where workers face significant risks while delivering electricity to end users. A recent case in Lagos saw officers from the Nigerian Air Force storming Ikeja Electricity Distribution Company’s premises after the company disconnected power to the air force base due to an unpaid ₦4 billion debt. This reflects a broader problem, as many government agencies and military installations across the country regularly default on their electricity bills. Even the Aso Rock Presidential Villa and several state governments have been threatened with disconnection due to outstanding payments.

This persistent non-payment culture stems from an outdated mindset in the public sector, where officials still view electricity as a government-provided service rather than a privatized utility that requires payment. The 2013 privatization of the power sector failed to address this issue, leading to ongoing financial distress and operational inefficiencies.

Addressing these challenges requires significant structural reforms. Unlike generation and distribution, which are privately owned, the Transmission Company of Nigeria (TCN) remains government-controlled. This presents an opportunity for privatization, allowing for a more integrated and efficient electricity supply chain. Furthermore, of the 11 DISCOs operating in Nigeria, only three are financially viable, while the remaining eight have effectively been taken over by the government. A logical next step would be to merge the viable DISCOs with strong GENCOs and allow them to acquire transmission infrastructure in their respective zones, creating a model similar to those in advanced economies.

This restructuring will be difficult but necessary. As the saying goes, “No pain, no gain.” To succeed, Nigeria’s leadership must embrace bold reforms. Sheikh Mohammed Bin Rashid Al Maktoum once said, “An easy life doesn’t make men, nor does it build nations. Challenges make men, and it is these men who build nations.” Nigeria’s energy crisis demands decisive action.

President Bola Tinubu should take inspiration from the transformative approaches of China and India by declaring a state of emergency in the electricity sector. These countries recognized that reliable power was the foundation of industrial growth and took radical steps to achieve it.

As Ernest Hemingway put it, “Go all the way with it. Do not back off. For once, go all the way with what matters.” For Nigeria, nothing matters more at this moment than ensuring abundant electricity supply—because without it, the nation’s industrial ambitions will remain unfulfilled.

Magnus Onyibe, an entrepreneur, public policy analyst, author, democracy advocate, development strategist, alumnus of the Fletcher School of Law and Diplomacy, Tufts University, Massachusetts, USA, and a former commissioner in the Delta State government, sent this piece from Lagos, Nigeria.  

The Singapore Exchange plans to list bitcoin perpetual futures in the second half of 2025, targeting institutional clients and professional investors, Bloomberg News reported on Monday.

The firm thinks its offering will "significantly expand institutional market access", a spokesperson for firm told Bloomberg. Retail customers would be barred from trading the instruments, the report said.

(Reuters)

Bitcoin tumbled as low as $80,000 on Sunday, slightly bouncing back before hitting a new low this year, as fears of a recession loom.

The cryptocurrency is down almost 2% and trading at around $82,860 as of Monday morning, marking a more than 10% decline over the past seven days and 1% in the last 24 hours. Ethereum has been down 1% over the last 24 hours, as are Tether and XRP, while Solana has been down 4%. Cardano has shed 2% over in that time, adding to a 24% decline over the last week.

Crypto stocks are behaving much like the broader market, as President Donald Trump’s tariffs on Canada, Mexico, and China spark fears of a recession. Major business groups have warned that Trump’s planned taxes on imports of foreign goods will hurt their industries and consumers.

Goldman Sachs (GS) said on Friday that the likelihood of a recession within the next 12 months has increased to 20% from 15%. If the White House continues with additional tariffs, such as the planned 25% duties on aluminum and steel set to kick in on March 12, the bank said the risk of a recession could increase.

On Sunday, Trump was asked by Fox News (FOXA) host Maria Bartiromo if he was expecting a recession this year. The president didn’t deny that was a potential outcome.

“I hate to predict things like that,” Trump replied. “There is a period of transition, because what we’re doing is very big. We’re bringing wealth back to America. That’s a big thing, and there are always periods of, it takes a little time. It takes a little time, but I think it should be great for us.”

Crypto stocks also didn’t react favorably to the president’s plans to establish a strategic Bitcoin reserve and a separate stockpile of digital assets. The U.S. owns more than 198,000 Bitcoin, worth about $16.6 billion, according to Arkham, along with hundreds of millions of dollars worth of other cryptocurrencies.

After a wave of support from the Securities and Exchange Commission, which withdrew litigation against major crypto firms and declared that memecoins are generally not securities, some in the industry had expected something more from the president. Others have praised the initiative and said it would benefit Bitcoin in the long-term.

Trump, who has slapped his name on a few crypto projects, on Friday was somewhat optimistic about the industry, telling a group of industry leaders that “we feel like pioneers in a way.”

“From this day on, America will follow the rule that every bitcoin knows very well: Never sell your Bitcoin. That’s a little phrase that they have,” he said at the White House’s crypto summit. “I don’t know if that’s right or not. Who the hell knows, right? Who knows? Who knows, but so far, it’s been right, and well, let’s keep it that way.”

[Quartz]

A Standard Chartered analyst said that while implementing President Donald Trump's most recent executive order, the U.S. government may buy Bitcoin using multiple budget-neutral approaches.

According to a report by decrypt, Geoff Kendrick, who is the global director of digital assets research at the UK bank, the policies would steer clear of "incremental costs on United States taxpayers," forbidden under Trump's creation of a strategic Bitcoin reserve on Thursday.

The U.S. government could buy Bitcoin via "several budget-neutral means," including selling some of its gold reserves or tapping into the Treasury's ERF, which has $39 billion in net assets, as Kendrick wrote in a Friday research note.

Impact of 'gold card' on global finance

First presenting the idea of the "Gold Card" on February 25, 2025, President Donald Trump proposed a new immigration program providing U.S. residence and a road to citizenship for a $5 million investment.

Targeting wealthy people to enhance economic development, this project seeks to replace the current EB-5 visa program.

Experts are now sharing their thoughts about it.

Adding to the discussion, crypto industry experts like David Balikey, the CEO of Bitcoin Magazine, recommend that the U.S. also use Bitcoin for its immigration policy, suggesting that "President Trump should accept Bitcoin paid into the SBR in exchange for the "Gold Card. "

The Gold Card is a measure that would potentially help net-worth billionaires avoid capital restrictions in more and more developing countries.

"Many elites in emerging markets want to live in the U.S. but struggle to move $5M in USD out of their home countries. Bitcoin offers a simpler, safer, and more discreet solution." Bailey wrote in a recent post on social media.

Drawing on a recent Deutsche Bank report, Matthew Sigel, head of digital assets research at VanEck U.S., also chimed in, saying the economic and geopolitical advantages of a Bitcoin reserve asset for the U.S., noting that Bitcoin could help cement American dominance in digital finance.

Launching the U.S. Strategic Bitcoin Reserve to reconstruct the financial markets as such steps would reflect U.S. confidence in Bitcoin as a hedge against inflation and dollar devaluation.

[The Street]