Business
Why my administration can’t cancel Privatization of the Power sector – President Buhari reveals
President Muhammadu Buhari has explained why his administration cannot cancel the privatisation of the power sector done by the Goodluck Jonathan administration despite its apparent failings.
Speaking in Abuja on Thursday at the closing plenary of the Nigerian Economic Summit, NES, the president said, “The privatisation is a complex investment that government cannot wake up to cancel the contract, because there are consequences.”
Mr. Buhari, who was represented by the Minister of State for Budget and National Planning, Zainab Ahmed, said his administration’s decision to review the power sector privatisation is to open up the sector for investors with the financial capacity and technical expertise to inject fresh investments to turn the sector around.
Since November 2013 when the Power Holding Company of Nigeria, PHCN successor companies were handed over to their new owners, Nigerians expected improved stable supply of electricity, with government targeting the generation capacity of 10,000 megawatts, MW.
At the closing plenary of the Nigerian Economic Summit on Thursday, Mr. Buhari said owners of privatised power companies have not been able to realize the objectives for which they acquired the assets.
“The power sector has been privatised. Investors are holding large portions of the shares. But the privatisation has not worked well, in the sense that what government sort to achieve, by way of development of the power sector, has not yet happened,” the President said.
The President, who was represented by the Minister of State for Budget and National Planning, Zainab Ahmed, said government has decided to meet with the operators of the sector, starting with the distribution companies, DISCOs, to restructure their equity holdings.
He said the restructuring would involve the government and other private operators ceding some of their holdings to new investors to inject fresh funds and expertise to help turn the sector around in a way that would serve Nigerians.
“The process is ongoing to negotiate with the existing owners to restructure the investment to determine the right level of holding to give up for another round of sales. The equities would be sold to investors with the resources and capacity to bring in the level of investment to turn around the sector.
He described as false the privatisation of assets, which saw the defunct PHCN broken into 11 distribution companies and nine generation companies as well as one transmission company, pointing out that false buyers of the power companies were owing more than they could pay.
The situation, the president said, has been so bad that if the banks were not strong, they could have gone under from the weight of the debt from the power sector.
At the closing media briefing, Mrs. Ahmed said government was committed to reviewing the recommendations from the Summit and urgently plan towards immediate implementation of NES 23 to fast track the realization of the objectives of the National Economic Recovery and Growth Plan (ERGP).
The summit, which had the theme: “Opportunities, Productivity & Employment: Actualising the Economic Recovery & Growth Plan,” focused on five areas.
These include the need to need to redress the constraints to stabilize macro-economic environment and ensure inclusive economic growth, manufacturing, food security through agricultural development, provision of infrastructure, including railway, road and power.
Mrs. Ahmed said apart from stabilizing the macroeconomic environment, government’ focus was to reduce interest rate and inflation to single digits by 2020, while ensuring that the ease of doing business initiative brought efficiencies in public service functions in its interface with the private sector.
Business
PUBLIC NOTICE*: Revalidation of UNIPGC Organizational Status
*PUBLIC NOTICE*: Revalidation of UNIPGC Organizational Status
To prevent any misunderstanding regarding our affiliation with the United Nations, we hereby provide a formal clarification on the status and identity of the United International Peace and Governance Council (UNIPGC), formerly known as IPGC.
UNIPGC is an independent Civil Society Organization and Non-Governmental Organization with continental chapters registered in the United States, Germany, Canada, and several countries across Africa. The organization is committed to promoting the values and principles of the United Nations, particularly in advancing Sustainable Development Goal 16 (Peace, Justice, and Strong Institutions), as well as advocating for good governance globally.
In furtherance of its mandate, UNIPGC has established partnerships with reputable diplomatic civil society organizations, including the United Nations Association of Nigeria and the United Nations Association of Ghana. These collaborations are aimed at strengthening its engagement with initiatives aligned with United Nations ideals.
Additionally, UNIPGC has entered into diplomatic relations with the International Organization for Economic Development (IOED), an Intergovernmental Organization (IGO), to enhance its capacity for international cooperation and diplomatic engagement.
We wish to clearly state that UNIPGC is **not** an entity, agency, or organ of the United Nations.
Members of the public and media practitioners are respectfully advised to refer to the organization by its full and correct name: **United International Peace and Governance Council (UNIPGC)**, and not as the United Nations.
Thank you.
Business
Laffmattazz Announces Strategic Partnership with First Bank of Nigeria Limited for 2026 International Tour
Laffmattazz Announces Strategic Partnership with First Bank of Nigeria Limited for 2026 International Tour
Laffmattazz, one of Nigeria’s foremost comedy and live entertainment brands, is pleased to announce its official partnership with First Bank of Nigeria Limited for the highly anticipated Laffmattazz 2026 International Tour, themed “Next Chapter: A New Season of Laughter.”
Now in its 15th year, Laffmattazz—the brainchild of renowned Nigerian comedian Gbenga Adeyinka (Gbenga Adeyinka 1st)—has evolved into a cultural phenomenon, celebrated for its seamless fusion of comedy, music, and live stage performances.
The 2026 tour, which kicked off on Easter Sunday, April 5th, 2026 at the Jogor Centre, Ibadan, marks a significant milestone in the brand’s journey. Building on over a decade of success across Nigeria, this year’s edition signals a bold expansion into the international market, with a multi-city run in Canada, alongside major stops in Akure, Abeokuta, and Lagos.
This strategic partnership with First Bank of Nigeria Limited underscores a shared commitment to excellence and innovation. It is also aligned with FirstBank’s First@Arts initiative—a significant and ongoing program dedicated to supporting the creative arts, entertainment, and cultural sectors. Through this initiative, FirstBank provides financing, advisory services, and actively fosters a sustainable value chain for artists and creative entrepreneurs, while supporting key industry platforms such as the Nigerian Entertainment Conference.
Speaking on the collaboration, the Laffmattazz team stated:
“We are delighted to welcome First Bank of Nigeria Limited as a strategic partner for the Laffmattazz 2026 International Tour. As we mark 15 remarkable years of Laffmattazz, this partnership reinforces our vision to take premium Nigerian entertainment beyond borders, while delivering even bigger, better, and more memorable experiences for our audiences.”
As a key partner, First Bank will enrich the tour through innovative customer engagement initiatives, experiential activations, and exclusive fan experiences across all tour locations.
With its distinctive blend of humor, culture, and live entertainment, the Laffmattazz 2026 Tour is poised to connect audiences across cities and continents, bringing laughter to thousands of fans worldwide.
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About Laffmattazz
Laffmattazz is a premier Nigerian comedy and entertainment brand, now in its 15th year, renowned for its vibrant live shows and nationwide tours. Founded by Gbenga Adeyinka 1st, the brand continues to deliver high-quality experiences that celebrate creativity, culture, and laughter.
About First Bank of Nigeria Limited
First Bank of Nigeria Limited is Nigeria’s oldest financial institution, widely respected for its legacy of trust, innovation, and customer-centric financial solutions that support economic growth and development. Through its First@Arts initiative, the Bank continues to play a pivotal role in empowering the creative industry and driving sustainable growth across the sector.
Business
MREIF is Better: FirstBank’s Mortgage Loan Is the Game-Changer for Home Ownership in Nigeria
MREIF is Better: FirstBank’s Mortgage Loan Is the Game-Changer for Home Ownership in Nigeria
Anyone who has tried to get a loan to buy a house in Nigeria knows the drill: endless forms, property valuation, and eventual down payment of a minimum 25% or more on the property. Sometimes, interest rates could go as high as 30% per annum, while the typical loan limit is N50 million.
Now, FirstBank is making homeownership more attractive.
FirstBank, in partnership with the Ministry of Finance Incorporated (MOFI), has introduced the MREIF Home Loan. MREIF loan is a game-changer, offering a single-digit interest rate of 9.75% per annum, with a loan amount of up to ₦100 million and a repayment period of up to 20 years. This is perfect for salaried individuals, including Nigerians in the diaspora, looking to purchase homes in approved locations.
The MREIF loan stands out with its lower interest rate, higher loan amount, and flexible equity contribution as low as 10%. This makes it an attractive option for those seeking affordable homeownership.
You are one quick decision away from being a landlord.
If you’ve been waiting for the right time to buy a home, FirstBank’s MREIF Home Loan is the smartest route to owning property in Nigeria today. Visit the FirstBank website https://www.firstbanknigeria.com/personal/loans/mreif-home-loan/ to get started.
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