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How OBJ, Yar’Adua, Jonathan spent N2.74 trillion on power sector
IT emerged on Tuesday that Nigeria has spent the sum of N2.740 trillion on the power sector in the last 16 years.
While the Permanent Secretary, Ministry of Power, Ambassador Godknows Igali, had told the Senate ad hoc committee investigating the power sector that the Ministry of Power spent the sum of N948 billion since 1999, the Managing Director, Niger Delta Power Holding company (NDPHC), Mr James Olotu, also said that the National Independent Power Project (NIPP) activities funded from the Excess Crude Account had gulped $8.23 billon (about N1.640 trillion).
Igali also told the Senate committee that former military heads of state, who administrated the country from 1983 to 1999, failed to recruit engineers for the power sector throughout the period.
The committee, headed by Senator Abubakar Kyari, was inaugurated two weeks ago by the Senate President, Dr Bukola Saraki, who charged members to probe into the sources of darkness in the country.
Igali told the committee that though the sum of N1.6 trillion was appropriated to the Ministry of Power within the period, the sum of N948 billion was eventually released.
He also stated that the sum of N155 billion was released to the ministry to cushion the effects of the shortfalls in expenditure for the sector between 2009 and 2013.
Speaking at the hearing, Igali said that out of 79 power generation units existing at the time, only 19 were functioning, adding that no new power plant was built between 1991 and 1999.
He stated that former president, Chief Olusegun Obasanjo, brought life to the power sector, as the sector had largely depreciated with no new engineers when democracy returned in 1999.
Despite the effort at investment by government, we have not been able to invest in a consistent manner in the power sector.
“Investment from government and the private sector must go up gradually but consistently, as flunctuation will not help in our economic development.
“I do know that despite government’s effort at funding power sector, the nation continues to experience epileptic power supply, however, it takes time to stabilise,” he said.
According to the permanent secretary, power generation stood at 1,750 megawatt in 1999 when Obasanjo took over.
He gave the breakdown of the appropriated funds released to the ministry from 1999, saying that in 1999, N11,205,842,051 was appropriated, but N6,697,964,119 released; in 2000, N59,064,381,817 was appropriated, N49,784,641,521 released; in 2001, N103,397,000,000 was appropriated, with N70,927,000,000 released; in 2002, N54,647,252,061 was appropriated, N41,196,117,172 released; in 2003, N55,583,099,000 was appropriated and N5,207,500,000 was released.
He continued that in 2004, N54,647,252,061 was appropriated, N54,647,252,061 was released; in 2005, N90,282,833,404 was appropriated, N71,888,606,274 released; in 2006, N74,308,240,085 was appropriated, N74.3 billion released; in 2007, N100 billion was appropriated, N99.8 billion released; in 2008, N156 billion appropriated, N112 billion released and in 2009, N89.5 billion was appropriated, with N87 billion released.
He added that in 2010, N172 billion was appropriated and N70 billion released; in 2011, N125 billion was appropriated, N61 billion released; in 2012, N197.9 billion was appropriated and N53.5 billion released; in 2013, N146 billion was appropriated and N49 billion released; in 2014, N69.8 billion was appropriated and N48 billion was released, while in 2015, N5,240,000,000 was appropriated, with no money released.
He also gave a breakdown of the N155 billion intervention fund released to the ministry, adding that the ministry got a total sum of N30.8 billion in 2009, N43.2 billion in 2010, N37.0 billion in 2011; N11.5 billion in 2012 and the sum of N32.6 billion in 2013.
He told the committee that the nation was experiencing increased power generation as the pipeline vandals had stemmed their activities.
According to him, Nigeria’s electricity generation had risen to 4,600 megawatts from 3,500 megawatts in 2013.
He disclosed that the rise in generation capacity was due to the reduction in the degree of vandalism of power pipelines.
The Permanent Secretary also stated that only 2,000 former workers of the defunct Power Holding Company of Nigeria (PHCN) were yet to be paid their severance allowance, as, according to him, many of those who claimed to have worked with the National Electric Power Authority (NEPA) had no valid documents to prove their claims.
He also said the Bureau of Public Enterprises (BPE) used the proceeds of privatisation of the sector to settle claims of over 46,000 workers through the office of the Accountant General of the Federation and Pension Commission.
The committee, however, expressed worry over the failure of the government to ensure that the local governments were represented on the board of NIPP, though the councils were also part of the sponsors of the project.
The committee also asked the permanent secretary to submit the detailed audit report of the ministry, to allow it tidy some of the inconsistencies in submissions.
While inaugurating the committee two weeks ago, Senator Saraki had mandated it to get to the roots of the persistent blackouts in the country, despite huge financial commitments to the power sector.
Committee of the chairman, Senator Kyari, had also assured the Senate that the task would be taken seriously, adding that the committee would interact with all stakeholders to determine the cause of the nation’s electricity woes.
“A close look at the entire power value chain (generation, transmission and distribution) calls for review of our policies, in order to obtain optimum performances across the board.
“The abysmal performance of the generation segment is no longer news, in view of the current deteriorating power supply which hovers around 4,600 megawatts for a population of over 170 million people, despite the huge resources committed into it.
“This compared with our contemporaries is highly regrettable. No wonder so many companies have relocated from the shores of this nation, due to increasing cost of production.
“The issue of turn-around maintenance, gas pipeline vandalism, just to mention but a few, are some of the teething problems bedeviling the sector. We must address it now in order to stem this destructive tide. The committee will beam its searchlight in this direction to put things in proper perspectives.
“Having realised that the transmission segment is the major linkage between the generation and distribution fronts, increasing our capacity in this direction is also very necessary, since power produced must be utilised immediately.
“Deteriorating infrastructure in this segment must be addressed forthwith. The committee attaches great importance to this and would work assiduously in ensuring that all these leakages or slippages in this area are brought to the front burner and dealt with,” the committee chairman had said.
Tribune
More than ₦3 billion was targeted, but about ₦677 million reached the culprits, with recovery and prosecutions underway, reflecting how banks are responding to more sophisticated fraud risks.
Nigeria’s expanding digital banking sector is facing increasingly sophisticated fraud attempts, as financial institutions adapt to faster transactions and broader online services.
A recent case involving First City Monument Bank (FCMB), linked to fraudulent activity detected in December 2025, has drawn attention to how banks are responding to such incidents, with a focus on limiting exposure, recovering funds and working with law enforcement.
According to findings referenced in proceedings before the Lagos State Special Offences Court, the incident involved unauthorised transactions tied to a digital product. Early reports erroneously suggested more than ₦3 billion was lost. Subsequent clarification shows that over ₦3 billion was targeted, ₦2.4 billion was blocked and recovered, while ₦677 million got into the possession of the culprits. This outcome reflects the bank’s cyber security and monitoring capabilities, as well as improved collaboration among regulated financial institutions and with law enforcement agencies. Several suspects and beneficiaries have been apprehended, while recovery and prosecution efforts are ongoing, led by the Economic and Financial Crimes Commission (EFCC).
Proceedings at the Lagos State Special Offences Court have resulted in convictions, including that of a repeat offender, with restitution orders issued. Related matters are also being handled at the Federal High Court in Lagos, where additional suspects are being tried in connection with the scheme. This process is aimed at ensuring that bad actors are identified and permanently blacklisted from the financial system.
Authorities say recovery efforts are continuing as additional funds are traced.
Analysts note that the pace of legal action reflects closer coordination between financial institutions and enforcement agencies in addressing cyber-related financial crime.
The case comes as banks contend with more complex fraud methods, including social engineering and automated exploitation of system processes.
As digital products and platforms expand, so too does the risk associated with cyber-crime and related fraud.
“The scale of digital banking means risks are evolving alongside the systems,” said a Lagos-based financial analyst. “Institutions are now judged by how they manage these events.”
Observers say the sector is moving toward a stronger focus on response and recovery, rather than prevention alone.
This includes improving monitoring capabilities, strengthening transaction controls and enhancing collaboration with regulators and law enforcement. The FCMB case, with limited exposure relative to the amount targeted and ongoing recovery, reflects that shift.
For customers, the primary concern is the safety of their funds. In this case, there has been no indication of losses affecting customer deposits. Maintaining that level of protection remains central to sustaining trust in the financial system.
Nigeria’s financial sector continues to grow, supported by digital innovation and expanding access to banking services.
However, analysts say fraud attempts are likely to persist as systems become more complex and interconnected.
They say institutions will increasingly be judged not only on their ability to prevent incidents, but on how effectively they respond and recover when they occur.
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Ex-APC Deputy Guber flag bearer, Joshua MacIver backs Tinubu, express fears over implosion in Bayelsa APC
….congratulates new State Party Chairman, Warman Ogoriba
APC Deputy Governorship Candidate in the 2023 general elections in Bayelsa State, Great Joshua MacIver has declared his total commitment to the re-election of President Bola Tinubu come 2027, declaring that the Tinubu re-election project is non-negotiable.
Great Joshua MacIver, in his statement titled ” BAYELSA APC CONGRESSES: GOING FORWARD, A CALL TO LOOK INWARDS” and made available to newsmen in Yenagoa, warned APC leaders in the state to look Inward and take note of certain factors which may hinder or cut short our victory.
According to Great Joshua MacIver, such noticeable pitfalls include the imbalance in the united front being put up by the State Governor,Senator Douye Diri among various political blocs in the state.
In the statement issued at the weekend. Great Joshua MacIver stated that “First, before His Excellency, Senator Douye Diri, joined the APC in the state, there were clearly two political blocs that made up the party, with the approximate population ratios of the blocs standing at 95% to 5%.”
“After the entrance of His Excellency, Senator Douye Diri, ONLY THE SMALLER BLOC IS BEING CARRIED ALONG IN THE AFFAIRS OF THE PARTY, leaving the greater percentage to their fate, and this situation has the potential to build anger and dissatisfaction in our dear party.”
” The consequence of this has been the high level defection we have witnessed in the party recently and we believe more may likely follow, if we do not put our house in order.”
” If we do not pull together as a party, we may witness a situation where we will lose key stakeholders, especially after the State and National Assembly Primaries as well the Gubernatorial Primaries.”
“Finally, while it is very clear that we are the party to beat in the 2027 elections and that our loyalty to Mr. President IS NON-NEGOTIABLE, we must make haste to say that we cannot afford to create situations or loopholes in our unity which will be exploited by other political interests in the state. We cannot afford to under-rate anyone.”
“Our core interest remains the re-election of Mr. President, a project to which we have committed our all. We also pledge our total loyalty to the party as we have no alternative to the APC. However, our concern is that we must, as a party, look inwards and ensure that we do not create loopholes that can impede our common goal.”
Great Joshua MacIver, however congratulated the newly elected State Executives of the APC in Bayelsà State led by Hon. Warman Ogoriba, saying their emergence is welcomed at this critical time in our national history.
At least 23 people were killed in a series of suspected suicide bombings, police in Nigeria’s northeastern city of Maiduguri said on Tuesday.
https://www.stanbicibtcbank.com/nigeriabank/personal/products-and-services/all-loans/stanbic-ibtc-mreif-home-loans
More than 100 other people were injured in the blasts that took place on Monday evening in the capital of Nigeria’s restive Borno state.
No group has claimed responsibility for the suspected attacks.
The deadly blasts come after a military post was attacked overnight Sunday to Monday, which authorities blamed on suspected Islamist militants.
This sad incident is coming barely two weeks after Primate Elijah Ayodele, the Leader of INRI Evangelical Spiritual Church specifically warned against attacks in some states. He mentioned these states while calling on security operatives to pay close attention to them.
These were his words:
“Another attack is coming up in these following states where the military must watch carefully and intelligently; Kano, Kaduna, Zamfara, Kebbi, Niger, Borno, Kwara and Kogi state. They want to do a deadly attack, it’s preventable but it depends on how they will handle it. I have told you about the danger coming up.”
@primateayodele
Unfortunately, some of our military agencies don’t believe spiritual intelligence can save the country from so much danger hence, their neglect of this prophetic warning but now, it has been fulfilled with the miliary losing credibility by the day while Primate Ayodele continues to gain momentum.
Likewise, At least 26 passengers and crew sustained varying degrees of injuries on Monday following an accident involving the Kaduna–Abuja train, according to the Nigerian Railway Corporation (NRC).
Opeifa explained that the train departed Rigasa in Kaduna at 7:15 a.m. and was approaching Asham station around 9:16 a.m. when a loud bang was heard after the power car and trailing locomotive collided with one of the passenger coaches.
In July 2025, Primate Ayodele asked nigerians to pray not to see train mishap on the Kaduna-Abuja route.
@primateayodele #nigeriantiktok🇳🇬 #fulfillment #train #abuja #primateayodele
“Let’s pray not to see train mishap in Abuja-Kaduna, Kaduna-Abuja route.”
This has also been fulfilled.
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