Why Power ?sector privatisation failed – Nnaji

A former Minister of Power, Prof. Barth Nnaji, has said one of the major challenges facing Distribution Companies (DisCos) was the failure of government to allow them to operate on cost-reflective tariffs as promised during the 2012/2013 privatisation exercise.

Nnaji, Chairman and Chief Executive Officer of Geometric Power, said this while speaking at the third edition of the Lagos Country Club Business Forum on Friday evening in Lagos.

The was held under the theme, ‘Energy Costs and Business Survival’.

He identified tariff challenges, irregularities in the privatisation process and investors’ quest for quick returns as major factors responsible for the failure of Nigeria’s power sector privatisation.

Nnaji said that investors had committed funds to the DisCos based on the understanding that tariffs would reflect the actual cost of electricity supply.

‘In preparation for privatisation, I had gone to former President Goodluck Jonathan to tell him that no investor would come to Nigeria unless we had cost-reflective tariffs.

‘People may not remember that the tariff before June 2012 was N6 per kilowatt-hour.

‘ My team and I raised it in one go to N22 per kilowatt-hour,’ he said.

He explained that his team engaged traditional rulers, government officials and other stakeholders to prepare the public for the tariff adjustment.

According to him, the government also adopted a strategy to protect low-income earners and rural dwellers, who consumed a relatively small proportion of electricity.

He said that a strong desire for immediate and huge profits contributed to the abuses recorded during the privatisation of the Power Holding Company of Nigeria (PHCN) assets in 2013.

Nnaji described the abuse of the process as a major reason for the poor state of the electricity sector 13 years after privatisation.

He added that the manner in which the exercise was conducted also posed risks to the Nigerian banking system.

‘If not for the Federal Government’s intervention through subsidies, the power sector loans, which now amount to more than N7 trillion, according to the Association of Power Generation Companies of

Nigeria, the major banks that participated in the privatisation might have gone under,’ he said.

Nnaji noted that electricity business required huge capital investment, patience and a long gestation period.

He said that some investments in the sector could take between seven and 10 years to break even and become profitable.

He added that commitment to addressing the country’s electricity deficit should be as important as the profit motive.

At Geometric Power, he said, the priority was to provide reliable electricity to support manufacturing firms, hospitals, laboratories, schools, markets and other businesses.

He said that the company’s investment philosophy aligned with the World Economic Forum’s advocacy for businesses to embrace a stakeholder-oriented approach that considered the interests of society beyond shareholders.

Earlier, Mrs Ifeoma Ukabiala, Senior Energy Executive and Managing Partner of JDR Energy Ltd., said that manufacturers spent about N1.35 trillion on alternative power sources in 2025.

She said that businesses were forced to switch to diesel whenever the national grid failed.

Ukabiala expressed concern that despite Nigeria’s proven gas reserves of about 215 trillion cubic feet as of January 2026, many Nigerians still depended on firewood for cooking.

Also speaking, the immediate past President of the Manufacturers Association of Nigeria, Mr Seyi Adewunmi, described the forum’s theme as timely, saying it addressed a major challenge confronting businesses across the country.

In his welcome address, the President of Lagos Country Club, Adewunmi, said the club, established in 1949, had remained committed to providing a platform for discussions on issues affecting businesses, communities and national development.

He said that the Business Forum was part of the club’s commitment to promoting meaningful conversations beyond recreation and social interaction.

Adewunmi noted that grid failures, rising fuel prices and increasing operational costs had brought the Nigerian economy to a critical crossroads.

Go turns over Super Health Center in Davao City

The opening of a Super Health Center in Barangay Tibungco marked a milestone in bringing accessible healthcare closer to residents of Davao City, according to Sen. Bong Go.

On Tuesday, Go joined local officials, health workers and residents for the turnover of the facility. He underscored the importance of strengthening primary healthcare services at the grassroots level.

Located in Bunawan district, the village of Tibungco is a busy community where residents face challenges in accessing hospital services due to distance and traffic.

Go said he had been pushing for the realization of the project since 2023.

‘This is a project of the Department of Health (DOH). It will be turned over to the local government unit (LGU), which will manage and provide facilities and manpower including personnel and doctors,’ Go said.

He emphasized the importance of cooperation between the DOH and the LGU in ensuring the full operation of the health facility.

Over 60,000 passengers leave ports for Undas – PCG

More than 60,000 passengers have departed from ports nationwide as Filipinos travel for the observance of Undas 2026, the Philippine Coast Guard (PCG) said.

Based on data posted on the PCG’s official Facebook page on Saturday, October 31, the agency recorded 60,411 outbound passengers and 54,291 inbound passengers across ports nationwide from noon to 6 p.m. on Saturday, October 31.

To ensure passenger safety and smooth port operations, the agency deployed 6,221 frontline personnel from its 17 districts.

Coast Guard personnel also inspected 540 vessels and 806 motorbancas as part of its preparations for the expected increase in passenger traffic during the holiday period.

The PCG placed all its districts, stations and substations on heightened alert from October 29 to November 3 to monitor port operations and assist travelers.

The agency said the measures aim to ensure safe and efficient travel as more passengers head to their provinces and other destinations for the observance of All Saints’ Day and All Souls’ Day.

One of the robbers stabbed me in many places and my intestines poured out’

A victim of suspected armed robbers arrested by Oyo State Police Command, Alhaji Wahab Olatokunbo (surname withheld), has narrated the experiences of his family members in the hands of hoodlums whom he said invaded his home, killed his wife by stabbing and almost ended his own life too through several knife stabs and machete cuts. He also spoke of how they almost raped his wife’s younger sisters who he regarded as his children, which awakened him from almost an unconscious state to seek help, and which sent the criminals away from achieving their lustful desire.

Saturday Tribune wrote about the arrest of Matthew, Tobi and Ibrahim arrested by the operatives of Violent Crime Response Unit (VCRU), following their invasion of Alhaji Wahab’s house at Wofun, Olodo area in Ibadan, and other victims at Moniya area. The Police Public Relations Officer, DSP Olayinka Ayanlade, said that the suspects allegedly killed Mrs Rukayat, the wife of Alhaji Wahab, stabbed the husband severally, attempted rape on members of the family, and carted away foreign currency, phones and other valuables. One of the suspects, Matthew, admitted to killing the woman through stabbing in an interview.

Alhaji Olatokunbo, who had his left hand and right knee bandaged, limped to a seat to speak with Saturday Tribune, looking so traumatised. His shirt unbuttoned, a vertical gash, which was said to be the wound of the surgery he had at the University College Hospital (UCH), Ibadan, told the story of the attack by the suspects.

The Ibadan indigene, who is a travel consultant and also trades in vehicles, said: ‘On August 4, 2026, I was in my residence with my wife, two biological children and two sisters-in-law who have been staying with us since they were young and who I regard as my children also. At about 3a.m., the opening of the mosquito net door of my room woke me up. I quickly got up to check who it was. I saw my wife in front, with two men, who I later knew as Matthew and Tobi, following her. They held cutlasses, knives and a pestle. Before then, my wife had stood up to check when she heard noise from the kitchen. She thought something fell, only to discover it was the armed robbers who had broken the kitchen window, as she met them in the living room.

‘The armed robbers led my wife into my room. I quickly rose from the bed and started pleading: ‘please, please,’ but one of them, Matthew, raised the pestle he held, ready to strike it on my head. I quickly used my left hand to block the pestle. He tried it second time and in my attempt to block it again, my hand broke. Matthew went into the room with my wife while he instructed another gang member, whom I believe was Tobi: ‘stab him, stab him fatally’ (gun, gun pa). I started pleading with them not to kill me, but Matthew insisted.

‘Tobi started stabbing me, and I was trying to stop him, dragging the knife with him. My wife knelt and started begging them not to kill me, but from my back, Matthew struck my head with a machete. Blood started spurting from the deep cut. He moved in front of me and struck my head with the cutlass again, saying ‘ayé e maa bàjé ni. Sèbí o rò pé o lè bá wa fàá ni?’ (you are doomed, you think you can drag issues with us?) Again, he struck me on the thigh towards my private part with the cutlass. I became powerless. Tobi continued stabbing me and he was joined by Matthew who stabbed me by the left side, close to my heart. My intestines poured out. He also hit my right knee with the pestle he held.

‘When they noticed I was no longer moving, Matthew turned to my wife and stabbed her. When I no longer heard her voice, I thought it was the shock. She slumped to the ground. Then, Matthew went for the phones belonging to me and my wife. He went to my wardrobe and took the $400 he found there. They also went for two laptops but couldn’t take them away eventually. They also took my car key. They went away with seven phones.’

Wahab continued: ‘After that, Matthew went to the children’s room and told them: ‘we have killed your father. Don’t allow your lives to be wasted.’ He asked my sisters-in-law for their phones. I was already blinded by my own blood but peeped to identify Tobi in case I survive. Matthew kept returning to kick me to know if I had died. The next thing was that Matthew ordered one of my sisters-in-law to pull off her dress as he wanted to have sex with her. She replied him that she was menstruating, and he confirmed it, disclosing that he watched her from the bathroom window when she had a bath and changed the sanitary pad she previously used to a fresh one. Tobi ordered her back into a room to lie down. Matthew removed his boxers and became naked from waist down. Tobi did the same, aiming at the second sister.

‘At that time, in my state, I became agitated because of their intentions. My in-laws and children had already locked themselves in a room, but the armed robbers repeatedly kicked it until it forcefully opened. They shared my sisters-in-law between themselves. When I noticed that they were in the room, I forced myself up, packed my intestines in my hand with blood pouring, opened a sliding door and crept out of the kitchen after unlocking it. I staggered outside, hitting my parked vehicle when stumbling in movement. As I was within my compound, I started shouting ‘armed robbers, armed robbers’ to alert neighbours. I heard Matthew as he hissed loudly, because at that time, he had ripped off the girl’s dress and she later told us that he was about putting his mouth to her breast when I shouted. Tobi had also slapped the other sister-in-law when she was trying to protect my teenage daughter. But as he drew her to himself, he heard the alarm I raised.

‘Tobi rushed out, but I had opened the small gate. Fortunately, we forgot to padlock it. I went to my neighbour’s house, and he got up with a cutlass, but couldn’t come out as they could not get the key to his own gate. I went back to my gate entrance and saw Tobi, followed by Matthew. They forgot a cross bag they brought. They also left their boxers and shoes on the platform they used in scaling my house fence. Aside the knives and cutlasses they brought, they also to a knife from our kitchen.’

With tears welling up in his eyes, Alhaji Wahab said: ‘They killed my wife. She died on the spot. My children later told me that when I came out and raised the alarm, they thought: ‘oh! Daddy has killed us. These criminals would kill us in anger.’ As the armed robbers escaped, the children told me that they rushed to my room and saw their mother’s body at the toilet’s doorway. She was gasping. She stopped breathing in their arms as they held her. Matthew stabbed her three times on the left side of the chest. There was so much blood from me and her on the room floor. They targeted the hearts of both of us. And my wife was pleading with him not to kill me. I initially told people to help rush my wife to the hospital, believing she was in shock. I didn’t know I would survive the attack. It was just God.’

Alhaji Wahab said that when he was also taken for medical attention, he was rejected by three hospitals before he was given first aid at a fourth one. ‘The doctor sutured my head and other places, but couldn’t touch the spot from where my intestines poured out. I had internal bleeding as blood was pouring in and out of my stomach. There was too much blood loss. My PCV (packed cell volume) went as low as 21 percent.

‘From there, I was referred to the University College Hospital (UCH), Ibadan. Doctors there operated me between the late hours of August 4 into the following day. I was told that I had a 50-50 chance of survival. They also told me that if they discover during the operation that the stabbing affected my large intestine, they would do colostomy and I would be defecating from it between six months and a year. They had to rip my stomach open to clean congealed blood inside, with my intestines on one side.

‘The doctors started cleaning the intestines of the blood. I was told that the knife pierced my spine and they had to work on that too. They told me to quickly go to hospital whenever I have a headache, saying it could be as a result of the spine injury because it is what protects the spinal cord. I have been prescribed three injections every year.’

He said that if the armed robbers had asked for the family belongings, they would have been given. ‘I would have transferred money to them if they had demanded for it. They should have left my wife alone,’ Wahab said, sobbing uncontrollably.

Alhaji Wahab’s 19-year-old second daughter, a student of Kwara State University, also recounted how she and her siblings witnessed the horrific attack on their family, saying she was working on her computer when she first heard a voice outside their home. ‘My sister and I were inside the room when we heard someone talking, but we thought the person was outside our compound because there is a place close to us where sachet alcohol is sold. My sister was scared and slept, but I continued working on my system,’ she told Saturday Tribune.

She said she eventually went to sleep after remembering reports that a motorcyclist had been killed on a nearby field. ‘A few hours later, my father’s voice, crying, ‘Ah! E joo! E joo! (please, please) Ah!’ woke me up. My sister and I rushed to our two aunties, and we all went to our dad. We met the armed robbers stabbing him, with blood on the floor. My mother gestured to us to go back. She was still alive at that time. I knelt down because I couldn’t leave. I am closer to my dad, so watching him like that was painful. I was begging them,’ she said.

According to her, she and her relatives later retreated into a room and locked the door, but the attackers forced their way in after kicking it about five times. ‘As they wanted to enter, I tried to drag my sister with me, but she was rooted to a spot, so I ran into the toilet and locked the door,’ she said, adding that the attackers demanded their phones, money and the password to her father’s phones. ‘I heard one of them telling my sister, ‘We have killed your father. Don’t allow him to waste your lives too.”

The teenager said she became more terrified when the attackers began checking the toilets and asked her aunt about the whereabouts of the fourth girl. ‘That made me know that they knew the number of people in the house. I hid close to our WC, which was in darkness, and I was breathing fast. As they opened my aunt’s toilet door, I unlocked mine at the same time so they would not hear the sound,’ she said.

She said the attackers eventually left after hearing her father’s voice again. ‘The next thing I heard was, ‘Ole! Ole!’ (thief, thief!) It was my dad’s voice. One of the armed robbers hissed and they left. Immediately they left, I was already outside to rescue my parents. I saw them as they were going, but I could not do anything. I rushed out to look for my dad, but I could not find him outside. When I went back inside, I saw my mum on the floor, dead. She had been stabbed in three places – at the back and on the upper and lower parts of her left breast,’ she said.

Expressing her desire for justice, the 19-year-old called for the death penalty for the suspects, alleging that the attackers also attempted to rape her aunties. ‘These criminals should be killed because they are not worthy to be among the living. If allowed to live, they might do it to some other people. They almost raped my aunties, but God intervened in our matter. That is the reason they did not succeed,’ she said.

NGX Group CEO felicitates with Frank Aigbogun at 70

Nigerian Exchange Group (NGX Group) has felicitated with Frank Aigbogun, publisher and chief executive officer of BusinessDay Media Limited who clocks 70 years on November 1.

In a congratulatory message signed on Saturday, October 31 by Temi Popoola, group managing director/chief executive officer, NGX Group, he said Aigbogun’s commitment to credible, independent journalism has contributed meaningfully to the evolution of Nigeria’s capital market.

Popoola further said Aigbogun’s leadership had helped shape economic discourse, promote transparency and deepen public understanding of issues critical to national development.

‘Your commitment to credible, independent journalism has also contributed meaningfully to the evolution of Nigeria’s capital market by fostering informed conversations around investment, corporate governance and capital formation,’ Popoola said in the congratulatory message.

Popoola said BusinessDay had become a respected voice in business and financial journalism through Aigbogun’s leadership, adding that his achievements reflected ‘a remarkable legacy of enterprise, leadership and service’.

He also celebrated Aigbogun’s contributions to media entrepreneurship and Nigeria’s economic development, wishing him continued good health, happiness and fulfilment in the years ahead.

UAAP: Tovera, La Salle escape Ateneo in OT for 3rd straight win

La Salle shook up the UAAP Season 89 men’s basketball standings even more on Saturday night after it slipped past rival Ateneo, 76-73, in overtime at Araneta Coliseum.

The Green Archers escaped with their sixth victory in 10 games to overtake Far Eastern University (5-4) at No. 3 despite missing five of their last free throws in the final 17 seconds.

‘Every time we face Ateneo, we know it will be a good game,’ said La Salle swingman JC Macalalag, who finished with 11 points, three rebounds and two steals to help the Archers notch their third consecutive win.

‘When we went to OT, during those moments all we thought about was the message before the game, which is to be the strongest team for the moment.’

La Salle rookie Joaquin Tovera shone with an all-around game of 21 points, seven rebounds and six assists, including a drive and dish to Henry Agunanne down low for the game-tying dunk, 66-66, with 12.1 seconds left in regulation.

Kieffer Alas had a chance to win it for the Eagles, but his contested short jumper hit the front rim as time ran out.

Ateneo trailed by six, 75-69, after Mason Amos buried a triple with 1:35 remaining, but the Blue Eagles rallied and were still in it up until the final buzzer when Ian Espinosa’s heave from past halfcourt hit all board following missed freebies from Vhoris Marasigan and Doy Dungo inside the last six seconds.

Jared Bahay had 18 points on 5-of-14 shooting, nine rebounds, four assists and three steals for Ateneo, while Alas also tallied 18 points on top of four rebounds, three assists and two steals. Alas, however, had a crucial turnover-a bad pass on the inbound to Bahay-with 4.4 ticks to go with Ateneo down by only three.

Agunanne, Dungo and Amos added eight points a piece for La Salle, which continued to miss the services of star guard Jacob Cortez due to a knee injury.

Ateneo, which was coming off a victory over National University on Wednesday, dropped to fifth at 5-5.

Mayor of Colombo joins British High Commission and delegation of European Union to launch joint solar initiative

Mayor of Colombo Vraie Cally Balthazaar today joined the British High Commission Colombo and the Delegation of the European Union to Sri Lanka to launch their joint solar energy initiative, marking a practical partnership for more sustainable operations.

The Mayor joined British High Commissioner Andrew Patrick and EU Ambassador-designate Sylvia Hartleif and Deputy High Commissioner Theresa O’Mahony for a ceremonial switch on and a showcase of the High Commission’s wider greening initiatives.

Approximately 240 kWp of installed solar capacity across the High Commission’s office estate is projected to generate 365,000 kWh of electricity annually, avoiding an estimated 193 tonnes of carbon dioxide emissions each year.

British High Commissioner Andrew Patrick, subject to approval: ‘The UK and the European Union share a commitment to a cleaner future and a belief that we achieve more together. This joint solar initiative puts that commitment into practice here in Colombo, generating renewable energy and reducing our environmental footprint. It is a practical partnership we can build on.’

The solar partnership forms part of a wider effort to reduce the High Commission’s environmental footprint. More efficient cooling, lighting and building systems, alongside solar water heating, offer estimated energy savings of 79,200 kWh a year.

Other measures include 10,000 litres of rainwater storage capacity and a vehicle fleet that is 25% plug-in hybrid. Waste segregation and safe disposal, including recycling and composting, account for approximately 1.13 tonnes on an annualised basis.

EU Ambassador-designate Sylvia Hartleif noted: ‘Transitioning to cleaner energy requires ambition, partnership and practical action. This joint solar initiative demonstrates how we can turn our shared climate commitments into tangible results, reducing emissions while making our operations more sustainable. It also reflects the European Union’s broader support for Sri Lanka’s Green Recovery, advancing renewable energy, fostering an inclusive and climate-resilient energy transition, and contributing to greater access to affordable, sustainable energy.’

The solar partnership forms part of a wider effort to reduce the High Commission’s environmental footprint. More efficient cooling, lighting and building systems, alongside solar water heating, offer estimated energy savings of 79,200 kWh a year.

Other measures include 10,000 litres of rainwater storage capacity and a vehicle fleet that is 25% plug-in hybrid. Waste segregation and safe disposal, including recycling and composting, account for approximately 1.13 tonnes on an annualised basis.

Deputy High Commissioner Theresa O’Mahony said: ‘Greening our operations goes beyond installing solar panels. It is also about how we use water, manage waste, travel and care for our surroundings. Bringing these efforts together helps us make sustainability part of everyday life at the High Commission.’

2027: Abejide targets 2m votes for Tinubu in Kano, empowers Yoruba, Ebira, Igala communities

A member of the House of Representatives, Hon. Leke Abejide, has challenged Yoruba and other non-indigenous communities in Kano state to mobilise at least two million votes for President Bola Ahmed Tinubu and other All Progressives Congress (APC) candidates in the 2027 general elections.

Abejide made the call on Saturday during the 2026/2027 Kano State Empowerment Programme organised by the Leke Abejide Foundation, where hundreds of millions of naira worth of financial and material support were unveiled for women, widows and other beneficiaries from Yoruba, Ebira and Igala communities resident in the state.

The lawmaker, who represents Yagba West, Yagba East and Mopamuro Federal Constituency of Kogi State, said the beneficiaries were drawn from Yoruba communities originating from Lagos, Oyo, Ogun, Osun, Ondo, Ekiti, Kwara and Kogi states, as well as the Ebira and Igala ethnic groups of Kogi State.

Abejide, who is also the Asiwaju of Yoruba people in Kano, explained that the decision to extend his foundation’s empowerment initiative to Kano was informed by his longstanding relationship with the people, having lived and conducted business in the state for about 34 years.

He said the intervention was designed to provide sustainable economic opportunities and lift beneficiaries out of poverty through business support, rather than relying on temporary handouts.

The lawmaker disclosed that the foundation had earmarked N500 million for interest-free loans to women organised into cooperative societies, including widows and other businesswomen, to strengthen their businesses and improve their economic independence.

He also announced the distribution of food items, clothing and direct financial assistance to widows, assuring beneficiaries that the programme would continue beyond the 2027 general elections.

‘The era of our women going to borrow from financial institutions with interest they cannot pay is over for good. As long as you are a serious businesswoman resident here in Kano, your season of dryness is over by the grace of God,’ he said.

To ensure accountability and sustainability, Abejide said the foundation had established a monitoring mechanism to track the loans and ensure repayment. He warned that beneficiaries who failed to fulfil their repayment obligations would not qualify for subsequent rounds of the scheme.

He further disclosed plans to introduce a separate empowerment programme for youths and male entrepreneurs, particularly unemployed young people, to equip them with the resources and opportunities needed to become self-reliant.

However, Abejide urged the beneficiaries and the wider non-indigenous communities to translate their appreciation of the intervention into political participation, calling for massive support for President Tinubu and all APC candidates in 2027.

‘I am not just here to spend my hard-earned resources but I am soliciting for your support for President Bola Ahmed Tinubu. Do not treat the election as a party affair but as a collective responsibility,’ he said.

Former Kogi State Governor, Alhaji Yahaya Bello, who attended the event, expressed dissatisfaction with the nearly 500,000 votes President Tinubu received in Kano State during the 2023 presidential election, arguing that the voting strength of non-indigenous communities in the state should not be underestimated.

He challenged the Yoruba and other ethnic communities to consolidate their political participation and work towards delivering a higher number of votes in the 2027 elections.

‘Your voting population in Kano delivered nearly 500,000 votes for President Bola Ahmed Tinubu in the last presidential election. That performance was not satisfactory, and we must do better this time,’ Bello said.

The former governor expressed confidence in Abejide’s mobilisation capacity, saying he expected the lawmaker to mobilise at least two million votes for Tinubu in the next presidential election.

‘I am convinced that the votes he mobilises for Mr President should not be less than two million, if not more. And this should not be limited to the presidential election. We must also work for all APC candidates, from the President to the Senate, House of Representatives and State House of Assembly,’ he added.

Bello also appealed to Nigerians, particularly those in the North, to support Tinubu’s re-election bid, arguing that the president should be allowed to complete two terms in office in the interest of political stability.