The Federal Government has revealed that approximately ₦8.8bn has been spent to repair power transmission towers damaged by vandals and bandits across the country.
This disclosure was made by the Managing Director of the Transmission Company of Nigeria, Suleiman Ahmed Abdulaziz, at the Quarterly Power Sector Working Group meeting in Abuja.
Speaking through the TCN’s Executive Director of Transmission Service Provider, Olugbenga Emmanuel Ajiboye, Abdulaziz highlighted the severity of the situation.
“As I talk to you today, 128 of our towers have been destroyed by either vandals or bandits. Till date, we have spent about ₦8.8 billion, by our estimation, to put them back to full and functional use,” he stated.
Abdulaziz lamented the challenges in prosecuting the culprits, pointing out issues with the legal process.
“It is so sad that each time the vandals were caught and taken to police for prosecution, police would arrest them for theft, instead of vandalism, and they would be bailed. If they are charged for vandalism, they cannot be bailed, but this is where we are. So many of them have been arrested, but each time they will be bailed because police often incident their cases as that of theft,” he explained.
He also described the security challenges faced during repair operations.
“When the Shiroro-Mando-Kaduna towers were destroyed, we had to get full military escorts for our contractors to restore the transmission lines and towers. In some cases, they would tell us we could only work for two hours a day. Sometimes, it was even declared unsafe to move. How can we deliver electricity to Nigerians under these terrible circumstances? These are part of the challenges we are facing in the power sector,” Abdulaziz added.
Meanwhile, the Minister of Power, Adebayo Adelabu, disclosed that the Federal Government is collaborating with the World Bank and the African Development Bank to provide electricity to 50 million Nigerians by 2030.
Represented by his Chief Technical Adviser, Adedayo Olowoniyi, Adelabu emphasized Nigeria’s role in the broader “Mission 300” initiative, which aims to provide electricity to 300 million Africans by 2030.
“Nigeria has a large population without electricity, and this is a great opportunity for us.
“The Compact document will be signed by our President, Asiwaju Bola Ahmed Tinubu, in Tanzania in January 2025. We worked extensively with the World Bank, AfDB, and the Ministry of Finance to develop the document with all the participating countries,” Adelabu added.
He stressed that Nigeria must take charge of the process through both public and private sector participation.
“We will achieve this through solar farm systems, mini and micro grids, and grid extension and connections,” the Minister concluded.
SEC issues warning against Marino FX Ltd over false licensing claims
The Securities and Exchange Commission has issued a stern warning to the public, cautioning against engaging in any business dealings with Marino FX Ltd, a company falsely claiming SEC registration.
In a notice released on Wednesday in Abuja, the Commission clarified that Marino FX Ltd is neither registered nor licensed to operate within Nigeria’s capital market.
“We hereby notify the public that Marino FX Ltd, which is parading itself as a SEC-licensed cryptocurrency exchange, is NOT registered or licensed by the SEC to operate in any capacity in the Nigerian capital market, including cryptocurrency exchanges,” the statement read.
The Commission stressed that any claims made by Marino FX Ltd regarding its registration or licensing are “false and misleading.”
SEC urged the public to exercise caution and refrain from engaging with Marino FX Ltd or its representatives.
The notice highlighted the financial risks associated with dealing with unregistered and unregulated entities, including potential fraud and loss of investment.
The Commission reaffirmed its commitment to safeguarding investors, stating, “The SEC is dedicated to protecting investors in the Nigerian capital market and is working diligently to curb scams and other fraudulent activities.”
This warning comes shortly after a public hearing on the proposed Investments and Securities Bill (ISB) 2024. The new bill seeks to impose strict penalties on Ponzi scheme operators, including fines of up to ₦20 million or 10 years imprisonment, or both.
At the hearing, SEC Director General, Emomotimi Agama emphasized the importance of the bill in combating fraudulent schemes. “The bill prescribes stringent jail terms and other stiff sanctions for the promoters of Ponzi schemes,” Agama stated.
He noted that the SEC has introduced express prohibitions against Ponzi and pyramid schemes to protect Nigerians from illegal fund managers.
“The Commission identified areas requiring review in the ISB 2007 to strengthen existing provisions, remove ambiguities, and introduce new measures to enhance the international competitiveness of the Nigerian capital market,” Agama added.
He came to the conclusion that these initiatives seek to reorient the market to promote economic development on a national level and shield investors from dishonest practices.
