Managing Director of Precise Financial Systems, Yele Okeremi, has called on the Federal Government to play a leading role in positioning Nigeria’s fintech sector for global leadership. Speaking on the C-Suite Café podcast hosted by journalist and brand strategist Mr. Ikem Okuhu, Okeremi said Nigeria’s fintech industry has the potential to compete globally but would struggle to do so without active government support and strategic policy interventions. He cited the example of China’s UnionPay, which rose to become a global card payment giant through deliberate government backing. “UnionPay started as China UnionPay. Today, its cards are accepted all over the world. It didn’t happen by magic; it was a result of a deliberate government strategy,” he said in a statement on Thursday. Okeremi sought to know why Verve, a homegrown Nigerian card scheme, has failed to achieve similar global status despite its capabilities. “The people behind Verve had sellable technology but could not withstand the headwinds of global competition. For local payments, we are issuing Mastercard and Visa when we have Verve. Who does that?” he queried. The fintech pioneer argued that the country’s market size and natural resources give it all it needs to create globally competitive financial technologies. However, he said the private sector alone cannot bear the burden of scaling these innovations. “Until the government provides the needed support and policy leverage, the private sector will achieve only limited success. Without sovereign backing, you can’t fly,” he noted. Okeremi also expressed concern over the dominance of foreign ownership in fintech startups often celebrated as Nigerian unicorns. He referenced his role as one of the founding figures behind Interswitch, explaining that firms like it had to partner with foreign entities due to an unfavourable environment for scale. “I don’t blame those who sold out to foreign interests. But should we continue on this trajectory? It reflects people going nowhere,” he said. He urged the government to identify promising local fintech players and actively promote them on the global stage, using storytelling and strategic partnerships to create international trust and adoption. The veteran also called for a leadership system that entrusts key political and economic roles to individuals with proven records of wealth creation and innovation.  “The real meaning of wealth is not cash, but the capacity to create from nothing,” he stated.

Vitel Wireless, a mobile virtual network operator in Nigeria, has announced the successful completion of its network integration with MTN Nigeria, setting the stage for the launch of its telecom services across the country. In a statement on Thursday by the Chief Operating Officer, Chudi Nwabueze, Vitel Wireless said the integration with MTN’s extensive network infrastructure would allow it to deliver high-quality voice, data, and value-added services to customers nationwide. “This partnership marks a significant milestone in our journey to provide innovative and affordable telecommunications services to Nigerians,” Nwabueze stated. He added, “With MTN’s nationwide coverage, we are now positioned to offer reliable connectivity and competitive mobile packages to diverse customer segments across all 36 states and the Federal Capital Territory.” Nwabueze said Vitel Wireless is at the forefront of shaping Nigeria’s emerging MVNO landscape following the Nigerian Communications Commission’s licensing of 46 operators. He noted that Vitel has already achieved several industry firsts, including being the first MVNO to secure a numbering plan and national and international routing codes and to achieve interconnection with Airtel, Glo, and 9mobile. Significantly, Vitel Wireless is also the first MVNO in Nigeria to integrate with a major mobile network operator, MTN, as a roaming partner, a development Nwabueze described as a game-changer for affordable telecom access. He added, “We are excited to officially launch our services through this strategic partnership. Our mission is to contribute meaningfully to Nigeria’s digital transformation by delivering accessible, customer-focused mobile solutions.”

The emergence of Prof Nentawe Yilwatda as National Chairman of the ruling All Progressives Congress on Tuesday is already generating ripples across Nigeria’s political space — and with good reason, ADEBAYO FOLORUNSHO-FRANCIS reports With the choice of a young professor as the national chairman of the biggest political party in Africa, many political observers have posited that President Bola Tinubu deserves his flowers. It was like a thunderbolt. Not many people saw it coming. However, beneath the routine nature of Thursday’s confirmation of the National Executive Committee lies a complex matrix of power balancing, ethnic and religious realignments and 2027 succession politics. With former Vice President Atiku Abubakar and Labour Party’s Peter Obi still casting long shadows across the political horizon, the APC leadership knows it cannot afford internal fractures. Nentawe’s selection appears to be a deliberate countermeasure — not just a response to former party chairman Umar Ganduje’s exit, but a strategic move to reposition the party for broader acceptability and cohesion, particularly ahead of the next presidential election. De-escalation of political tension One of the unspoken tensions in APC’s zoning arrangement had been the precarious situation of Vice President Kashim Shettima, who hails from Borno State in the North-East. Before Nentawe’s emergence, the acting APC National Chairman, Ali Dalori, was also from the same geopolitical zone — a configuration many insiders believed could complicate Shettima’s political viability in 2027, should he seek to remain as running mate or emerge as a presidential contender. The appointment of Nentawe, who hails from the North-Central zone (Plateau State), neutralises this zoning conflict. It effectively removes the threat of regional redundancy at the top party echelon, a concern that could have tilted the balance against Shettima when high-level succession plans come under scrutiny. By reassigning the powerful office of national chairman away from the North-East, the APC appears to have restored a delicate regional equilibrium — one that could keep Shettima’s 2027 prospects alive, or even strengthened. However, there are growing concerns within political and insider circles that another influential stalwart of the APC from the North-East, and the current National Security Adviser, Mallam Nuhu Ribadu, is being quietly positioned as a potential replacement for Vice President Shettima ahead of the 2027 presidential race.
Ribadu, a former chairman of the Economic and Financial Crimes Commission, is reportedly enjoying strong backing from a shadowy network of power brokers and inner-circle figures close to the Presidency.
These individuals are believed to be plotting a dramatic reshuffle that could upend the existing power structure within the APC.
Despite the increasing speculation and whispers in Abuja corridors of power, Ribadu has consistently avoided addressing the matter directly. He has tactfully deflected or declined to respond to such insinuations at public functions and in private discussions, fuelling further speculation about whether his silence is strategic or coincidental. The Christian factor More subtly — but just as significantly — Nentawe’s Christian faith provides a much-needed religious counterbalance within the APC, especially following the Tinubu-Shettima Muslim-Muslim ticket that drew strong criticism in 2023. For a party that needs to regain the trust of Christian voters across the Middle Belt and Southern Nigeria, this is more than symbolic. Nentawe’s emergence may help pacify concerns about marginalization, particularly in the North-Central region where religious plurality often shapes political loyalty. As the son of a reverend and a respected technocrat with wide appeal among Christian communities, Nentawe brings a moral and cultural nuance the party desperately needs. His Christian identity, coupled with Shettima’s Islamic background, subtly rebuilds a narrative of inclusion — and could become a selling point for the APC in regions previously alienated by its ticket choices. The North-Central zone had previously held the APC chairmanship through Senator Abdullahi Adamu before he was replaced by Kano-born Abdullahi Ganduje in a move that attracted internal criticism. The return of the chairmanship to the zone can be interpreted as a strategic peace offering — and a bid to re-secure the allegiance of a region that has oscillated in its loyalty since 2015. Governor Hope Uzodimma, who moved the motion for zoning the chairmanship back to the North-Central and nominated Nentawe, perhaps articulated the party’s intent: to reengage and reenergize its base in the Middle Belt. Nentawe’s close relationship with former Plateau Governor Simon Lalong further reinforces this political realignment. Technocrat turned politician Nentawe brings more than zoning comfort to the table. His pedigree as a university professor, digital governance expert, and former INEC commissioner gives him a unique technocratic edge. His extensive work with international partners like the UN, World Bank, and EU adds global credibility to his portfolio. Moreover, his previous role as Director of ICT at the Federal University of Agriculture, Makurdi, and as Plateau’s 2023 APC governorship candidate, underscores a dual identity as both scholar and strategist. While some may see his loss to the PDP in the Plateau gubernatorial election as a blemish, others view his court challenge and ultimate respect for the Supreme Court’s ruling as evidence of democratic maturity — a trait increasingly scarce in Nigeria’s high-stakes political landscape. Win for Shettima’s camp? As one of the state coordinators of the Tinubu/Shettima campaign in 2023, Nentawe is no stranger to the current ruling bloc. His loyalty to the Tinubu-Shettima ticket and his grassroots influence in the North-Central make him a valuable ally for the vice president. Some analysts believe that should Tinubu decide not to seek re-election in 2027 — either for personal or political reasons — Shettima’s path to the ticket would be heavily influenced by internal party dynamics. Having an ally at the helm of the party’s national structure could prove decisive. Even if Tinubu runs for a second term, having a Christian national chairman from the North-Central may shield the party from some of the polarization that plagued its 2023 campaign, especially if Shettima is retained as VP. In Nigerian politics, every major party appointment is rarely what it seems on the surface. In Nentawe’s case, the APC appears to have killed multiple birds with one stone: regional balance, religious inclusivity, internal realignment, and technocratic competence. Whether this move will eventually translate into electoral gains remains to be seen. But for now, it’s fair to say that with Nentawe as chairman, the APC is rearming itself structurally and ideologically. And for Kashim Shettima, it might just be the clearest signal yet that his political future within the ruling party is not only secure — but looking increasingly promising. APC chieftains react Former Minister of Communications, Adebayo Shittu, praised Nentawe’s emergence, describing him as a brilliant academic. On whether he believes the new chairman can hold his own against governors and heavyweights in the party, Shittu said he doesn’t see Nentawe as a pushover. “There is no doubt that the governors are gods. There’s no doubt about that. But not being in politics for too long does mean he can’t operate with common sense. “But I pray that he will be able to impress now that he has an opportunity. For as long as he administers the party well and listens to concerns raised by members with a view to addressing them, he will get it right.” Shittu also issued a caution against any attempt to drop Shettima ahead of 2027. “I think the president ought to stabilise the government hierarchy. If he attempts to remove Shettima, the likelihood is that our people and party supporters in North-East are likely to rebel. “It is still in the realm of speculation though. I don’t see him doing that. You know that Shettima is a brilliant man and also very loyal. He has always represented the President admirably.” Another party chieftain from the North-Central, Dominic Alancha also weighed in. He warned against underestimating Nentawe. He said, “Obviously, people don’t know Nentawe. He has been a grassroots person. Otherwise, he wouldn’t have emerged as a governorship candidate and our flag bearer in the 2023 election for our party.” Alancha dismissed age-related criticisms, noting that many past Nigerian leaders took power in their youth. “Those saying he is too young to become APC national chairman should tell us what age was Yakubu Gowon when he became the President… Again, what age was the likes of Obafemi Awolowo when he became a force to reckon with? We can name a whole lot of them.” He added: “What we have been advocating for is to mainstream young people into the leadership position of the party. So Nentawe’s emergence is a plus for APC. He is going to galvanize Nigerian youth into the party. Many people are of the view that if you must be a political party chairman in Nigeria, you must be a former governor.” On whether Nentawe’s emergence can end talks of replacing Shettima, Alancha deferred to the president’s prerogative but emphasized that the North’s ethnic minorities should no longer be overlooked. “The truth of the matter is that in a short while, we are going to demystify the idea that if you are not a Muslim, you cannot deputize a southerner or the belief that the vote that makes Asiwaju the president is the Muslim vote. No, that is not true. Northern ethnic nationalities play a very vital role.” “What I am saying is that whether his running mate is from North East, North Central or anywhere, it is the prerogative of the president to decide.” “Some people from the North West are even saying that they have not even seen the impact of the Muslim-Muslim ticket. It is all about governance. That is where our attention should be,” he argued. With Nentawe now steering the APC, a new chapter may be unfolding — one that could reshape internal dynamics, reframe the party’s national outlook, and potentially brighten the path for Kashim Shettima in 2027.

Two years after its assent, President Bola Tinubu’s Electricity Act is facing major tests, sparking crises between state regulators and operators, reports DARE OLAWIN When President Bola Tinubu signed the Electricity Act into law in 2023, the purpose was to decentralise power by removing it from the exclusive legislative list. This was also intended to give sub-national entities the power to generate, transmit and distribute electricity. The states would also have the authority to regulate their electricity markets, granting licences to power generators, distributors and others in the value chain within their jurisdictions. Aside from decentralisation, the Act also introduced amendments to existing laws governing the Nigerian electricity supply industry. The Nigerian Electricity Regulatory Commission wasted no time in implementing the Act, issuing various orders and regulations aimed at transforming the sector and attracting investors. The Act has been described by stakeholders as a milestone for the power sector. Many have argued that it could end the nation’s electricity woes. Tinubu and his supporters have also rated the Electricity Act as a major achievement of the current administration — though it did not originate the bill. However, recent developments have created apprehension in the sector. Stakeholders fear that the Act could spell doom if not well-managed or properly harnessed. It appears the Electricity Act is undergoing a test of its viability in the power sector, especially as states become autonomous in regulating their electricity markets. Within two years of its enactment, the law is now up for a second amendment in the Senate, facing stiff resistance from the 36 state governors and organised labour. According to a NERC report, the commission has transferred regulatory oversight over intra-state electricity markets to Edo, Ekiti, Enugu, Imo, Kogi, Lagos, Niger, Ogun, Ondo and Oyo, through regulatory institutions established by those states, pursuant to the provisions for the orderly transfer of regulatory oversight specified in Section 230 of the Electricity Act. It stated that full regulatory oversight would be transferred to Plateau on September 12, while preparatory transfer readiness notices have been received from Abia and Delta states. Tariff crisis The recent tariff adjustment by the Enugu Electricity Regulatory Commission sparked major controversy in the sector, and the dust has yet to settle. The EERC had issued a tariff order to MainPower Electricity Distribution Limited, revising the electricity cost for Band A customers from N209 per kilowatt-hour to N160/kWh, effective August 1, 2025. MainPower, the utility that succeeded the Enugu Electricity Distribution Company after the state received NERC approval to manage its electricity market, was asked to reduce the Band A tariff to reflect the peculiarities of Enugu State. The commission said its decision was cost-reflective, insisting that “the tariff must reflect the power generation subsidy by the Federal Government for the benefit of electricity consumers.” The EERC Chairman Chijioke Okonkwo said the reduction in tariff became imperative following the commission’s review of MainPower’s tariff and licence applications. “We reviewed their entire costs, using our Tariff Methodology Regulations 2024 and the supporting Distribution Tariff Model, to get an average price of N94. The price is low because the Federal Government has been subsidising electricity generation costs, which cover only N45 out of the actual cost of N112. That was how we arrived at the average tariff of N94 as a cost-reflective tariff at our level as a sub-national electricity market. “Breaking this across the various tariff bands means that Band A will be paying N160, while other Bands B, C, D and E are frozen. Band A, at N160, will help MainPower to manage the rate shock, and if the subsidy is removed, the savings will assist them in stabilising the tariff over a defined period. Nevertheless, at all times, the tariff will be cost-reflective and will not require any state subsidy,” Okonkwo stated. He noted, however, that the N160 Band A tariff could be difficult to sustain should the Federal Government remove the generation tariff subsidy currently enjoyed by electricity consumers across the country, as tariffs would likely rise beyond these new rates. But the Enugu tariff cut triggered disagreements. Power generation companies responded swiftly, accusing Enugu of plans to deepen the sector’s indebtedness by relying on Federal Government subsidies. The distribution companies argued that the state should be prepared to pay the shortfall if it wanted to reduce the Band A tariff below actual cost. This same position was echoed by the Minister of Power, Adebayo Adelabu. The Chief Executive Officer of the Association of Power Generation Companies, Joy Ogaji, warned that the Enugu’s decision relied on questionable subsidy assumptions and posed serious risks to the country’s fragile power sector. She said the tariff revision set a precedent for other states and failed to reflect the true cost of electricity generation. Ogaji stated that there is no existing government policy on subsidies, only growing debt, questioning why the Enugu State Government was placing more burden on generation companies, who already bear the brunt of unpaid subsidies. “The N45 per kWh being covered leaves a 60 per cent cost gap that the EERC assumed would be filled by the Federal Government, despite no official or cash-backed subsidies in place. This tariff issued by the EERC has set a precedent for all other states. From their tariff order, only N45 is captured for the generation cost out of N112. This portends a bigger issue in the decentralisation of electricity to the states. “Does this position mean the EERC expects the Federal Government to continue subsidising its electricity? How does the EERC account for its share of accumulated sector debt — or is it assuming assets without liabilities? Shouldn’t the EERC be designing its tariffs to eliminate dependence on the Federal Government and make its market attractive to investors?” she queried. Ogaji recalled that power generators are collectively owed over N4tn — including another N1.2tn in the first half of 2025 — and warned against further debt accumulation. Similarly, the CEO of the Association of Nigerian Electricity Distributors, Sunday Oduntan, told Enugu and other states planning tariff cuts to be prepared to cover the shortfall. NERC also reminded the EERC that it does not have jurisdiction over generation and transmission, as those remain under the purview of the Federal Government. The battle continues as the EERC insists on its new tariff. The Special Adviser to the Enugu State Governor on Power, Joe Aneke, responded to NERC on Saturday, saying the state did not tamper with the cost of generation and transmission. He said the EERC only reviewed MainPower’s distribution costs before reducing the tariff. Notably, other states like Lagos, Ondo and Plateau are also working towards cutting tariffs. State vs Senate Before the tariff crisis, the Forum of Commissioners of Power and Energy in Nigeria had opposed a bill in the Senate seeking to amend the Electricity Act. The forum expressed surprise and concern regarding the proposed Electricity Act (Amendment) Bill, 2025, describing the move as premature. According to the forum, more than 16 states have passed their own electricity laws since the enactment of the Electricity Act in 2023. They criticised the lack of consultation with state governments or their respective electricity regulators during the drafting and presentation of the amendment bill in the Senate. “This oversight is particularly concerning given the significant strides made in decentralising Nigeria’s electricity sector. The Electricity Act 2023 stands as a signature achievement of President Bola Tinubu’s administration. Its enactment followed the groundbreaking fifth alteration to the 1999 Constitution, which decisively removed ambiguities regarding the ability of states to legislate and regulate electricity markets within their territories. This transformative legislation has since catalysed a wave of reforms, empowering sub-national governments to drive electricity development, attract investment and address their citizens’ unique power needs. “It is therefore surprising that within two years of its passage, the Electricity Act 2023 is now subject to sweeping amendments to key provisions, without any consultation whatsoever with state governments or their regulatory institutions,” the commissioners said. The states described the bill as a “backdoor amendment” to the 1999 Constitution, arguing that it seeks to reintroduce constraints that were explicitly removed. They said several provisions of the bill violate constitutional federalism and could derail progress in decentralising the power sector. “If passed, the amendment bill will create constitutional conflict between the Federal Government and the states, as well as legal and regulatory clashes between federal and state regulators. It undermines the principle of cooperative federalism and invites judicial challenges,” they warned. They further argued that the amendment “surprisingly seeks to entrench a subsidy regime in the power sector,” despite a sector debt burden of over N5tn. Just like Enugu, the forum maintained that NERC does not have overriding regulatory authority over electricity distribution and tariff setting, noting that the fifth constitutional alteration and the 2023 Act give states exclusive jurisdiction over electricity distribution, whether connected to the national grid or not. The forum stated, “We firmly believe that this is not the right time for an amendment to the Electricity Act 2023, as the Act is still in its early implementation phase. Several states have only just begun operationalising their laws to build viable electricity markets. We therefore call on the National Assembly to suspend further consideration of the bill.” Separately, Lagos State Commissioner for Energy and Mineral Resources, Biodun Ogunleye, alleged that the bill was sponsored by the Discos to frustrate state efforts. “You know we are battling with our Discos; they are not in agreement with anything we are doing. The Discos are the ones behind this amendment bill that is in the Senate,” he said. Labour unions kick Amid the tariff crisis, organised labour raised the alarm about plans to bar trade unions in the power sector from embarking on strikes or picketing without a formally negotiated Minimum Service Agreement. The Nigeria Labour Congress, Trade Union Congress and National Union of Electricity Employees on Thursday resisted the proposed strike ban contained in the Electricity Act (Amendment) Bill, 2025. A draft of the bill declares the generation, transmission and distribution of electricity in Nigeria as essential services, thereby placing restrictions on industrial action by sector workers. The amendment states that no employee or trade union in the Nigerian electricity supply industry shall embark on any strike, lockout, picketing or other industrial action that would disrupt or halt generation, transmission, system operations or the supply of electricity, except as provided for under a duly negotiated and approved Minimum Service Agreement. “Any person who contravenes the provisions of subsection (1) of this section commits an offence and shall, upon conviction, be liable to a fine of N2m or imprisonment for up to five years, or both,” the draft reads. Reacting, NLC Chairman Joe Ajaero fumed: “Banning workers from acting entirely is akin to beating a child and telling them not to cry. It’s unrealistic. If passed, this law will be violated immediately because it is unjust and unworkable. You can’t expect employees to remain silent if their wages are withheld or their conditions worsen. That’s a human rights issue. “The 2023 Electricity Act was about deregulating the power sector, allowing states to set up their own electricity markets and promoting renewable energy integration. That’s its purpose — not labour control. Lawmakers must understand that the Electricity Act is not a labour law.” As the Electricity Act encounters multiple tests and challenges, stakeholders have called on regulators, operators, and labour leaders to come together at a roundtable for the overall benefit of the nation. Individuals and groups must drop selfish interests and chart a new course for the struggling power sector. Only then can Nigerians truly reap the benefits of the Electricity Act. The growing tensions between states, federal regulators, market operators and labour unions reveal deep cracks in Nigeria’s push for power sector reform. What was once hailed as a revolutionary policy is now caught in legal, regulatory and political crossfire. With the much-desired decentralisation already underway, stakeholders said only genuine collaboration, clarity of roles and respect for the constitution can prevent Tinubu’s Electricity Act from becoming another chapter in Nigeria’s long list of failed power sector interventions.