Nigeria’s electricity crisis may worsen in the coming weeks as gas suppliers halt supply to thermal power plants over an estimated N3.3tn debt owed by power generation companies, a development that could deepen the nationwide power shortage.

The Chief Executive Officer of the Association of Power Generation Companies, Dr Joy Ogaji, disclosed this during an interview on Fresh FM, monitored by our correspondent, warning that the mounting debt across the power value chain is pushing the sector toward a major crisis.

Her comments come amid worsening electricity supply across the country, with many Nigerians experiencing prolonged blackouts since the beginning of the year.

Data from the Nigerian Independent System Operator shows that power generation dropped below 4,000 megawatts in recent weeks, largely due to gas constraints affecting thermal power plants. As of Tuesday, the 11 power distribution companies were sharing only 3,053MW, making the reliable supply of electricity impossible across their franchise areas.

Electricity consumers, regardless of the supply bands they belong to, have continued to lament the situation, especially amid rising fuel prices and the severe heat.

Recently, NISO provided operational data illustrating the scale of the shortfall, noting that thermal power plants require an estimated 1,629.75 million standard cubic feet of gas per day to operate at optimal capacity. However, as of February 23, 2026, actual supply stood at about 692.00 mmscf per day—representing less than 43 per cent of the required volume.

As gas supply continues to decline, it was gathered that several power plants have shut down while the Transmission Company of Nigeria engages in load shedding, rationing the limited energy available among the DisCos. On their various platforms, the distribution companies have repeatedly appealed to customers, attributing the outages to gas shortages.

Speaking on the situation, Ogaji explained that the crisis stems from the failure of the Nigerian Bulk Electricity Trading Plc to fully pay for electricity generated by GenCos since the sector’s privatisation. According to her, the government currently owes generation companies about N6.8tn, with roughly 70 per cent of the amount relating to thermal plants.

She explained that about 70 per cent of whatever the government owes gas-fired power plants belongs to gas suppliers, meaning gas companies are owed about N3.3tn out of the N4.76tn tied to thermal generation.

Ogaji disclosed that gas suppliers have informed generation companies that they will no longer supply gas to power plants unless payments are made. She added that power generation companies have continued to keep records of all outstanding payments owed to them by the Nigerian Bulk Electricity Trading Plc.

“NBET is set up to buy power from GenCos and sell to DisCos. The aim is that as they buy power, they will pay in full, but since 2013 till today, they’ve never paid in full, so this debt is now N6.8tn,” she said.

Providing a breakdown of the debt, Ogaji stated that the liabilities have grown significantly over time.

“From 2015 to December 2024, the debt profile grew to N4tn. In each month of 2025, there is a shortfall of N200bn, so if you calculate N200bn times 12, that is N2.4tn, making the whole debt N6.4tn after December 2025. We’re already in March 2026. The debt grew to N6.6tn in January and N6.8tn in February. At the end of March, you need to add N200bn again to make it N7tn,” she said.

Ogaji added that a significant portion of the outstanding debt is owed to gas suppliers because thermal plants account for the majority of electricity generation on the national grid.

She said, “The generation companies have hydros, and we have thermal power plants. The thermal power plants are the ones that use gas. The hydro plants use water, so they do not owe gas suppliers.

“On the grid, we have 30 power plants; out of that, about 30 per cent are hydro now because Zungeru has added 700 MW, and there are other smaller hydro plants.

So, the remaining 70 per cent comes from gas.

“Therefore, for every N100 the thermal plants invoice NBET, N70 belongs to the gas suppliers. So, if we go by that ratio, out of the N6.8tn that I’m quoting, if we take out 70 per cent of that money that belongs to thermal plants, we need to work out another 70 per cent of that thermal 70 per cent, and that belongs to gas suppliers.”

Industry estimates based on this calculation show that about N3.3tn of the total debt is owed to gas producers, whose fuel powers most of Nigeria’s electricity generation.

The GenCo chief warned that the worsening debt crisis is directly responsible for the current electricity shortages. “Yes, it is 120 per cent correct to say that the debt is the reason why we are in darkness,” she said.

Ogaji added that gas producers are increasingly insisting on payment before supplying fuel to power plants.

“Gas is not available because the gas suppliers have told us that if we need gas, we need to put money on the ground to get gas in the pipe. We owed them a lot of money.

“The gas suppliers have really been very kind to us. They are the reason why the thermal plants are still generating power. But now, they have told us that if there’s no payment, there will be no gas for the thermal power plants,” she said.

According to Ogaji, the inability of generation companies to receive payments has also left them struggling to service bank loans obtained during the 2013 power sector privatisation.

“We owe gas suppliers, and we also owe lenders. You may have read in the papers that First Bank has been threatening to take over Egbin because of the acquisition loan,” she said.

She explained that GenCos’ financial burden has worsened significantly due to the sharp depreciation of the naira since the loans were obtained.

The Bank of Industry and the Plateau State Government have officially signed a Memorandum of Understanding for a N4bn matching fund in a strategic move to catalyse industrial growth and provide a lifeline to small businesses.

The agreement, according to a statement, was signed on Wednesday and aims to provide affordable, long-term financing to Micro, Small, and Medium Enterprises across all 17 local government areas of the state.

Under the “BOI-PLSG” initiative, both parties are contributing N2bn each to create a pool of capital accessible at single-digit interest rates.

Speaking at the signing ceremony in Jos, the Executive Governor, Caleb Manasseh Mutfwang, emphasised that this is more than just a financial transaction; it is a blueprint for state-wide prosperity.

“This partnership will improve the state’s contribution to the country’s GDP in alignment with the vision of President Bola Tinubu to build a $1 Trillion economy,” Mutfwang stated.

He highlighted that the fund is specifically designed to stimulate the local economy by prioritising high-impact demographics, adding that “the Plateau State Government and the Bank of Industry are contributing N2bn each to facilitate this partnership aimed at stimulating MSMEs in the state with a focus on women and youths.”

The Managing Director and Chief Executive Officer of the Bank of Industry, Dr Olasupo Olusi, reiterated the bank’s long-standing commitment to the region, noting that Plateau has become a hub for successful interventions over the last six years.

“The Bank has maintained an active presence in Plateau State since 2020, disbursing N8.46 bn to 257 enterprises, supporting Micro, Small and Medium Enterprises as well as Large Enterprises across the state,” Olusi remarked.

He further commended the state’s administrative reforms, which have made Plateau an increasingly attractive destination for institutional investment, noting that “Plateau State’s improved ranking on the Ease of Doing Business index, according to the Presidential Enabling Business Environment Council’s subnational report, reflects deliberate reforms aimed at creating a conducive environment for investment and private sector participation.”

The N4bn fund is structured to ensure sustainability and manageable repayment for beneficiaries, with a single obligor limit not exceeding N100m, a maximum tenor of five years, and a moratorium period of up to 12 months from disbursement. Beyond the cash injection, the MoU includes a robust capacity-building component in collaboration with accredited Entrepreneurship Development Centres.

This programme will focus on value addition in sectors such as poultry, block making, oil and rice milling, agro-mechanisation, packaging, pharmaceuticals, and bakery services. The partnership leverages the BOI’s 65-year history of development finance to ensure that MSMEs in Plateau State do not just receive capital but also the technical expertise required to scale sustainably through the establishment of specialised product clusters.

The Securities and Exchange Commission has officially launched its inaugural Regulator/FinTech Clinic, signalling a proactive step towards strengthening dialogue with Nigeria’s rapidly growing financial technology ecosystem.

The event, held on Tuesday, aims to align innovation with regulatory compliance while ensuring investor protection.

Opening the clinic, the SEC DG Emomotimi Agama highlighted the significance of a collaborative approach between regulators and innovators in one of the most dynamic segments of Nigeria’s financial system.

“This engagement reflects a deliberate step by the Commission to deepen dialogue between the regulator and the FinTech sector,” he said.

Nigeria has emerged as a leading innovation hub in Africa, with FinTech entrepreneurs expanding financial access, democratizing investment opportunities, and leveraging technology to bridge structural gaps in the financial system.

The SEC DG emphasised that while this progress is commendable, regulatory frameworks must evolve in tandem with technological advancements.

He said, “Responsible innovation requires regulatory frameworks that are both protective and adaptable. The Clinic forms part of that continuous review process to ensure our Rules remain proportionate, responsive, and aligned with market realities.”

He said the SEC’s mandate, which is protecting investors, ensuring fair and transparent markets, and facilitating capital formation, remains compatible with innovation.

Agama noted that clarity, predictability, and trust are critical conditions for innovation to thrive.

He states further that since 2018, the Commission has demonstrated a commitment to facilitating technological innovation in Nigeria’s capital market, including the creation of a dedicated FinTech department, adoption of Innovation Facilitators, and drafting of FinTech-focused rules.

The recent enactment of the Investments and Securities Act, 2025, he added, has further strengthened the Commission’s capacity to regulate emerging digital products and platforms while enhancing investor protection.

The clinic serves three primary purposes: providing clarity on the regulatory landscape under the new Act, engaging directly with FinTech operators on common pitfalls, and reinforcing the understanding that legitimacy is foundational to sustainable growth.

“FinTech business models often evolve faster than regulatory frameworks,” the SEC DG noted.

“Early dialogue prevents costly missteps. Compliance embedded at the design stage is far more effective than corrective measures after market entry.”

He encouraged stakeholders to view the clinic as a constructive platform rather than an adversarial forum.

The SEC DG emphasized the Commission’s commitment to helping innovators succeed within a framework that safeguards investor interests and the integrity of Nigeria’s capital market.

He also highlighted the evolving digital financing landscape, referencing the 2021 Crowdfunding framework and ongoing reviews of structural elements to enhance capital formation while maintaining strong investor protections.

He stressed the importance of regulatory clarity, particularly for retail investors who may not fully grasp the complexities of digital financial products.

He reiterated that innovation must be matched with robust governance to ensure sustainable growth and investor confidence.

“As we launch this inaugural Clinic, our goal is to align innovation with integrity, growth with governance, and technology with trust,” the SEC DG said.

In a keynote address, the Executive Commissioner of Operations, SEC, Mr. Bola Ajomale, stated that among the young people, Digital assets have caught their imagination, saying that the future is great.

He said, “We believe that the responsibilities we have and everyone has as players, it must grow in complement with the enthusiasm. There are some risks emerging, and some that have been there are heightened, including unregistered investment platforms, among others.

“We continue to ensure we protect investors, ensure  fair and efficient market and facilitate capital formation. We have taken more than 500 firms to understand how they are evolving and what they are bringing to the market. That is why we are engaging the players to understand what they are bringing to the market and then to set up a framework where we can regulate them”.

The Nigeria Customs Service said it seized 13 containers of prohibited, expired, and falsely declared goods worth over N6.38bn at Apapa Port.

The Comptroller-General of Customs, Adewale Adeniyi, disclosed this while addressing newsmen at the APMT Terminals in Apapa on Tuesday. Adeniyi explained that officers of the command uncovered the contraband following detailed scanning analysis and physical examination.

Giving details of the seizures, he said that a 40-foot container with a registration number was conveying large quantities of expired pharmaceutical products.

Adeniyi added that another two 40-foot containers with registration numbers, MRSU 4584911 and MRSU 6913370, respectively, were conveying large consignments of Hyegra 200 and Sildenafil Citrate, unregistered pharmaceuticals.

He also stated that another 20-foot container with registration number, MRKU 8830266, conveying 800 cartons of codeine was deliberately concealed inside toilet flushing cisterns and sanitary ware, and a 40-foot container (MRSU 5147562) conveying cartons of Artesunate 60 injections.

He hinted that a 20-foot container with registration number, PCIU 286888, was conveying restricted security equipment, including bulletproof vests, helmets, walkie-talkies, and tactical torches, without the End User Certificates.

“Additional seizures include: a 20-foot container with registration number, TCLU 3819607, conveying expired muffin cookie biscuits; a 20-foot container with registration number, UGMU 8692902, containing 36,000 cans of expired Primo energy drinks; a 20-foot container with registration number, SUDU 1696593, loaded with expired tomato paste; and another 20-foot container with registration number, TCLU 1923314, containing expired tomato paste.

“A 40-foot container with registration number, TCNU 7257465, containing 1,700 cartons of codeine cough syrup concealed with luxury food flasks. Another 40-foot container with registration number CAAU 8375050 was found to contain 1,575 cartons of CSMIX with codeine concealed with 156 cartons of electric kettles, alongside additional pharmaceutical seizures including 13 cartons of Bristol brand Co-codamol 500mg and two cartons of Zevita brand Co-codamol 500mg,” he said.

He added that officers also intercepted 13 jumbo bags of cannabis sativa, commonly known as Colorado, weighing 347.57kg, concealed inside a Toyota Sienna vehicle with chassis number 5TDDK3DC7DS057669. “The cumulative duty paid value of the various seizures is N6.38bn,” he stated.

Adeniyi said the importation of expired drugs and controlled substances poses a direct threat to public health, while the concealment of codeine-based products represents a calculated attempt to fuel substance abuse and undermine the nation’s healthcare system.

He warned that Apapa Port is no longer a playground for smugglers or criminal syndicates hiding behind legitimate trade documentation. Adeniyi announced that in accordance with the NCS Act, 2023, the consignments are liable to outright forfeiture, while penalties will be imposed, evaded revenues recovered, and all persons connected to the shipments will face prosecution.

He said Apapa Port remains Nigeria’s busiest maritime gateway and one of the most strategic trade corridors in West Africa, adding that the service had been working closely with government agencies and industry stakeholders to address the persistent challenge of port congestion and improve efficiency across Nigeria’s maritime gateways.

“Measures such as the recent launch of the Green Channel at Lekki Deep Seaport are part of our broader strategy to accelerate cargo clearance for compliant traders and strengthen enforcement against high-risk consignments. Today’s engagement should therefore be seen as part of that continuing effort to modernise our cargo control processes,” he said.

According to him, as the volume of trade passing through Nigerian ports continues to grow, the responsibility placed on the service becomes even greater. He added that thousands of containers pass through this port every day, carrying goods that support businesses, sustain industries, and drive the national economy.

Adeniyi mentioned that while the mandate of the NCS requires trade facilitation, “we must also ensure that our ports are not exploited by criminals.”

“Current operational data from Apapa Port shows that 3,236 consignments were processed through the Orange channel (Non-Intrusive Inspection – scanning), 5,490 through the Yellow channel (documentary checks), while a significantly higher 21,373 consignments were subjected to full physical examination under the Red channel.

The Nigerian National Petroleum Company Limited recorded a profit after tax of N385bn in January 2026, even as crude oil and condensate production rose to 1.64 million barrels per day, according to the firm’s latest monthly operational report.

The January 2026 NNPC Monthly Report Summary, released on Monday, showed that the state-owned energy company generated N2.571tn in revenue during the month while remitting N726bn as statutory payments to the Federation.

This means the company recorded a sharp 47 per cent decline in its monthly revenue, which fell from N4.82tn in December 2025 to N2.57tn in January 2026. This contraction came despite a marginal increase in the company’s profit after tax.

The report indicated that production recovery during the month was driven largely by the completion of maintenance work at key offshore assets, particularly the Agbami field, as well as operational improvements in other upstream facilities.

It disclosed that Nigeria produced 1.64 million barrels per day, up from 1.55 million barrels per day recorded in December 2025. This represents an increase of 0.09mbpd, or about 5.8 per cent month-on-month.

The development indicates a partial recovery from the production slowdown recorded in the last quarter of 2025, when output had slipped to around 1.54mbpd in October and 1.55mbpd in December.

According to the report, “Production increased month-on-month following the completion of Turn Around Maintenance at Agbami and Renaissance (Estuary Area – EA).”

However, the company noted that operational challenges still affected crude delivery volumes.

It stated, “Despite the improved production profile, planned deliveries for January were reduced due to adverse weather conditions, evacuation constraints, and asset integrity challenges across some production corridors.”

The report also showed that natural gas production rose to 7,283 million standard cubic feet per day, representing a rebound from 6,914 mmscf/d recorded in December 2025.

Gas production had fluctuated throughout 2025, reaching a high of about 7,722 mmscf/d in July before declining later in the year due to operational and supply disruptions. This translates to an increase of 369mmscf/d, representing a 5.3 per cent rise month-on-month.

The rebound suggests stronger upstream performance after several months of fluctuations in 2025, when gas production fell sharply to 6,284mmscf/d in September before gradually recovering towards the end of the year.

Despite these fluctuations, gas production in January reflected renewed output stability as infrastructure upgrades and upstream operations improved. Gas sales also strengthened during the period, with the report indicating that the company sold about 4,978 mmscf/d of gas, one of the highest levels recorded within the past year.

The increase of 224mmscf/d represents growth of about 4.7 per cent month-on-month. This suggests improved gas delivery to power plants, industrial users, and export channels.

FCMB Group Plc has reached a pivotal milestone in its race to meet the Central Bank of Nigeria’s new capital requirements, announcing a verified capital base of N288.96bn.

The financial powerhouse is now awaiting final validation from the apex bank to cement its status as a top-tier international banking institution.

The Group’s current capital position follows a rigorous two-phase strategic fund-raising exercise. Despite the remaining gap toward the N500bn threshold required for international licences, the Group remains confident that its recent market activities and pending approvals will bridge the deficit.

“The additional capital will be deployed to strengthen our capital adequacy ratio and accelerate growth. We will invest in human capital and technology, support our international expansion, and reduce high-cost deposits,” stated Ladi Balogun, Group Chief Executive Officer of FCMB Group, during a recent engagement with stakeholders

To address the initial funding gap, FCMB executed a high-velocity capital-raising strategy. Phase 1 of its Public Offer successfully generated N147.5bn, while Phase 2 added another N160bn to the coffers.

While these figures significantly bolster the Group’s balance sheet, they remain subject to formal CBN verification, a routine but critical process for all Nigerian banks ahead of the 31 March 2026 deadline.

Industry analysts suggest that the bank’s proactive approach has placed it within striking distance of its ultimate target.

“We project our earnings per share to grow by over 50 per cent on average over the next two years. This positions FCMB to outperform the market while delivering stronger dividends and shareholder returns,” Balogun added, emphasising the long-term value for investors.

Recognising the high stakes of the recapitalisation exercise, FCMB has established a “Rapid Response” contingency plan. Should the CBN’s final validation reveal any shortfall, the Group is prepared to deploy a Private Placement to instantly secure the remaining funds. This move underscores the urgency felt by international banks to remain competitive in a landscape being reshaped by the CBN’s N500 bn mandate.

Beyond mere compliance, the recapitalisation is expected to transform FCMB’s operational capacity. With a larger capital base, the bank will be better equipped to handle large-scale corporate lending and complex cross-border transactions.

“Together, the public offer and minority divestment provide sufficient capital for the bank to meet the revised N500 bn minimum capital requirement. This is based on verified eligible capital of N266.5 bn as of late 2025, now climbing toward our final goal,” a representative for the Group noted in a regulatory filing.

As the March deadline approaches, all eyes remain on the Central Bank’s headquarters in Abuja. For FCMB, the “nod” from the CBN will not just be a regulatory green light but a signal to the global market that the bank is ready for its next chapter of international expansion.

More than 100,000 airport access cards have been issued to motorists across the country as part of efforts to implement the Federal Government’s cashless policy at airport tollgates, the Managing Director of the Federal Airports Authority of Nigeria, Mrs Olubunmi Kuku, has disclosed.

Kuku revealed on Monday that 62,000 of the cards were issued within just three days of enforcing the cashless policy at airports, a development that turned chaotic as the rollout of the policy at major airports triggered disruptions.

The development comes as motorists have continued to enjoy free access into Nigerian airports for the past five days after President Bola Tinubu ordered that the airport gates be thrown open in response to the disruption caused by the policy’s enforcement.

Recall that attempts to enforce the cashless regime at airport tollgates, effective March 1, led to severe gridlock and confusion, with long queues of vehicles at entry points while many passengers struggled to catch their flights.

Amid public outcry, the President directed that tollgates be opened to allow free passage for motorists as an immediate relief measure.

Speaking on the development and the surge in access card registrations, Kuku acknowledged that the initial enforcement created significant bottlenecks despite prior public awareness campaigns, but also put the number of cards already collected at over 100,000.

She said, “Of course, in the implementation of the cashless policy, it made it quite hectic because a lot of the commuters and even some of the passengers, despite a lot of the awareness, did not believe that we would actually start the enforcement on March 1st. It did create a huge bottleneck over the first few days, but we saw that it actually started to ease up. I gave some interviews yesterday where I reeled out some data from October, when we actually started the implementation, to March 3rd.

“We’ve registered about 100,000 customers, of which 62,000 were actually done in the last three days. In Abuja, for example, we saw the traffic start to ease up. But despite that, we are an airport. And our ultimate goal outside of safety and security is also to make sure that our passengers and the neighbouring areas have a seamless experience. We’re grateful to Mr President. He was able to step in.”

Findings by The PUNCH showed that immediately the directive was issued, officials of FAAN who had been stationed at airport gates to collect tolls vacated the entry points, leaving the barricades open.

A motorist, who identified himself simply as Idris and had been passing through the tollgate after the announcement, confirmed that vehicles were moving freely without payment or checks in the last five days.

Idris said, “I’m surprised. I have been passing through the tollgate for about five days now, and not a single official of FAAN was on the ground. I guess they are restrategising.”

Eyewitnesses noted that the sudden absence of officials created a free flow of traffic at the usually congested tollgates, a sharp contrast to the long queues experienced earlier when the cashless policy was being enforced.

The Federal Government had earlier announced the suspension of the new payment system after the initial rollout sparked confusion and traffic gridlock at major airports, particularly in Lagos and Abuja.

The Minister of Aviation and Aerospace Development, Festus Keyamo, confirmed the President’s directive while briefing State House correspondents after the Federal Executive Council meeting.

“Mr President was very concerned about the welfare of Nigerians and the fact that most Nigerians were missing their flights. So Mr President, out of empathy, directed today that we should suspend the present system because it creates a lot of gridlock and Nigerians are suffering as a result of it,” Keyamo said.

He added that the President had instructed the ministry and FAAN to temporarily revert to the previous payment arrangement while officials work on a more efficient electronic solution for airport access nationwide.