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Main reasons Nigeria is suffering from Shortage of electricity supply – Lamu Audu reveals

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9 years ago

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Managing Director of Mainstream Energy Solutions, Mr Lamu Audu, has dismissed claims by the Transmission Company of Nigeria, TCN, that low water level was partially responsible for the current gross inadequate power supply in the country.  He told journalists in Abuja that the issue of low water level did not arise, because, indeed, the level of water in the nation’s two main electricity generating dams in Kainji and Jebba were still rising, due to the black flood from Lake Chad. He said: “For anybody to mention water level is unacceptable. It is not true.  The issue of water does not arise.”

According to Audu, of the total generation on the grid of  2,929 megawatts, as at Monday morning, Mainstream operators of both Kainji and Jebba Hydro Power plants contributed about 700megawatts  and adding that Shiroro hydro power also had about 300 megawatts. He said the electricity industry was facing grave challenges that needed to be urgently addressed, especially to ensure the evacuation of all the power generated by his plants and that of others. He revealed that the industry had suffered three system collapses since the beginning of the year and that until the current crisis, occasioned mainly by gas pipelines vandalism, electricity generation frequency was too high and damaging plants. “There has been three-system collapse this year alone; two full collapse and one partial within the same month and this is what is causing all these fluctuations. Part of the problem is that when this system collapse happens, it affects our machines and now Jeba is suffering. “We have been having up to this week, high frequency which is as a result of somebody not using the power they are having, that is the only explanation. So, most of these high frequencies cause this system collapse.”

Electricity generated  not being utilised. Audu said that it was ironical that power generation companies such as Mainstream were suffering losses due to unutilized power, while Nigerians have no power to run their businesses and for domestic uses. He said: “Our system is feeling it. The problem with generation of electricity is that electrical energy cannot be stored. You use as produced. So, these machines monitor that  what it tries to put on the grid  is actually utilized, if it is not, the frequency will shoot up and the machine will see it and then begins to de-load and if the machine is not designed to de-load on its own, it will trip to protect itself from the high frequency. “And by the time our machines trip, so many sequence of events happen within that machine and it causes a lot of wear and tear and with the aged machines that we have and by the time you go through one, two, three system collapse, the damage is much.” The Mainstream boss challenged the TCN to tell Nigerians why there have been consistent high frequency of above 50, with a record of 51.84 as at Monday morning. He said: “I think TCN should answer because they are the ones taking the energy from us and giving to the DISCOs but if the DISCOs are not utilizing it, they will know better than anybody else. “The DISCOs can deny but TCN should have the records to tell us what is happening to the energy that we are generating. Simple question: why has the frequency been high. Even from the system collapse, it shows from the broadcast 51.48 instead of 50 which means that someone is not taking the power we are producing. “It has been observed recently that the frequency has been on the high side, why? They should tell Nigerians why? Because if you ask the DISCO man, he will deny it, he will tell you there is no generation.”

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Bank

Atlantian Crown Bank Rebrands as Arizona Global Bank LLC, Begins Licensing for Global Expansion 

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7 hours ago

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May 12, 2026

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*Atlantian Crown Bank Rebrands as Arizona Global Bank LLC, Begins Licensing for Global Expansion* 

_By AGP News 

 

*UNITED KINGDOM OF ATLANTIS* — In a move signaling a push into international markets, the Royal Throne of the United Kingdom of Atlantis on Sunday announced the corporate transformation of Atlantian Crown Bank LLC into *Arizona Global Bank LLC*, as part of a wider restructuring to position the institution for global banking and financial innovation.

 

The announcement was made at a press conference in the UKA capital by *HRM Queen Amb. Cletus C. Leaticia*, Chief Executive Officer of the newly named bank. She told reporters the rebranding marks _“more than a name change”_ and reflects a strategic pivot toward digital finance, cross-border investment, and modern banking standards.

 

_“This transformation represents our commitment to innovation-driven banking and our vision to become a globally competitive financial institution,”_ Queen Leaticia said.

 

*Licensing Process Underway*

According to the Department of Financial Administration and Corporate Affairs, which issued the official communication, Arizona Global Bank LLC has formally begun the process of applying for a *Banking Operational Licence* under UKA’s financial regulatory framework.

 

Once licensed, the bank plans to operate as a modern financial enterprise focused on four pillars:

1. Innovation-driven banking and digital financial solutions

2. Corporate financing and structured investment services

3. International financial partnerships and cross-border trade facilitation

4. Financial inclusion initiatives

 

Bank officials stressed that the institution will _“maintain strict compliance with all banking regulations and supervisory standards”_ set by UKA financial authorities.

 

*Strategic Shift Amid Global Ambitions*

Management described the rebranding as part of a broader restructuring initiative to _“strengthen the bank’s international identity, expand its global financial footprint, and align operations with contemporary banking standards.”_

 

Representatives called the licensing and rebranding process a _“major milestone”_ aimed at supporting economic growth, international trade, and cross-border investment initiatives.

 

*No Disruption to Existing Commitments*

Addressing potential concerns from clients and partners, management reassured stakeholders that _“all existing institutional commitments, operational objectives, and long-term strategic plans remain fully intact throughout the transition process.”_

 

The Royal Throne indicated that further updates on the licence approval, commencement of operations, corporate partnerships, and investment programmes will be released through official UKA and Arizona Global Bank LLC channels.

 

_The Department of Financial Administration and Corporate Affairs, Royal Throne of United Kingdom of Atlantis, issued the official statement._

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Bank

Fidelity Bank grows Gross Earnings by 45.6% for FY 2025 

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8 hours ago

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May 12, 2026

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Fidelity Bank grows Gross Earnings by 45.6% for FY 2025 

 

Lagos, Nigeria – Fidelity Bank Plc, a leading Nigerian financial institution, has announced its audited financial results for the year ended 31 December 2025, reporting Gross Earnings growth of 45.6% from N1.04 trillion in 2024 to N1.52 trillion in FY 2025, reflecting stronger topline momentum across core business segments.

 

 

The Group recorded a Profit Before Tax of N347.7 billion.  This performance was underpinned by a 38.7% year-on-year increase in interest income to N1.11 trillion (FY 2024: N803.1 billion) and a 44.7% year-on-year rise in fees and commission income to N113.4 billion (FY 2024: N78.4 billion).

 

 

On the balance sheet, total assets grew by 18.6% year-on-year to N10.46 trillion (FY 2024: N8.82 trillion), while customer deposits increased by 16.1% year on year to N6.89 trillion (FY 2024: N5.94 trillion), reflecting continued franchise strength and growing customer confidence in the brand. Net loans and advances declined by 2.4% year-on-year to N4.28 trillion (FY 2024: N4.39 trillion) as customers paid down on their mature obligations.

 

 

The Bank also strengthened its capital position during the period, with eligible capital rising to N561 billion, above the regulatory minimum of N500 billion for banks with international authorisation. In addition, capital adequacy remained robust, with Capital Adequacy Ratio of 30.94 percent as at 31 December 2025 (FY 2024: 23.47 percent).

 

 

Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving over 9.1 million customers through digital banking channels, its 255 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.

 

 

The Bank is the recipient of multiple local and international Awards, including the 2024 Excellence in Digital Transformation & MSME Banking Award by BusinessDay Banks and Financial Institutions (BAFI) Awards; the 2024 Most Innovative Mobile Banking Application award for its Fidelity Mobile App by Global Business Outlook, and the 2024 Most Innovative Investment Banking Service Provider award by Global Brands Magazine. Additionally, the Bank was recognized as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence and as the Export Financing Bank of the Year by the BusinessDay Banks and Financial Institutions (BAFI) Awards.

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Business

ALIKO DANGOTE FOUNDATION’S FORGES PARTNERSHIP WITH ISLAMIC DEVELOPMENT BANK

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10 hours ago

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May 12, 2026

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ALIKO DANGOTE FOUNDATION’S FORGES PARTNERSHIP WITH ISLAMIC DEVELOPMENT BANK

ALIKO DANGOTE FOUNDATION’S FORGES PARTNERSHIP WITH ISLAMIC DEVELOPMENT BANK

 

 

 

Ms. Zouera Youssoufou, Managing Director & CEO of Aliko Dangote Foundation (ADF) in company with Mr. Ahmed Iya, Head of Community Engagement & Polio Eradication of ADF visited Dr. Rami Ahmad, Vice President (Operations) of the Islamic Development Bank at IsDB Headquarters in Jeddah.

 

The delegation used the occasion to highlight the activities of the Foundation so far which made great impact on people of all races by enhancing opportunities for social change through strategic investments that improve health and wellbeing, promote quality education, and broaden empowerment opportunities for individuals and communities.

 

 

 

Dr. Rami also expressed his expectation of a good and rewarding partnership between the two organisations, as many member countries of the IsDB face pressing debt challenges that constrain their investments in people and livelihoods.

 

ALIKO DANGOTE FOUNDATION’S FORGES PARTNERSHIP WITH ISLAMIC DEVELOPMENT BANK

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