News
Revisiting The Electricity Question In Nigeria

The question as to whether the Nigeria’s tech ecosystem can truly develop without steady power supply has always been agitating my mind.
This question keeps coming up because of the epileptic power supply that has consistently been the lot of the citizens of this country for way over 5 decades now. The epileptic power supply has constantly left most of our small, medium and large scale businesses in Nigeria in dire straits. This is because they power their businesses with generators which run on fuel and this shoots up the operating/running expenses of these businesses.
It is no longer news that many industries in Nigeria have either closed shop and relocated to other countries that have relatively stable electricity or disengage a number of their staff and increased the work load of those remaining in a bid to reduce operating/running cost.
This is happening in a country where we already have a very high rate of unemployment. The news gets worse when the reality stares us in the face that, unless the government, through the NERC and the Discos, Gencos and the Transmission companies gets their acts together and cooperate, coordinate and synergize to give us the much required stable electricity supply, more businesses are likely to die, be irrespective of the field of endeavour.
It is worthy to note that, without steady power supply, there simply cannot be any significant technological advancement or innovation and in the same vein, no section of the power ecosystem, (generation, transmission, distribution, billing, the regulator or what have you), can work effectively and efficiently without inputting modern technology. They are all partners in progress.
In many climes, people in government have come to recognize that stable electricity supply is the fulcrum on which many businesses depend, to enable them deliver optimally at relatively cheaper prices. Electricity is also seen as the chief driver of technological innovations that has given birth to the Internet of Things.
This has now turned the universe into a global village through internet connectivity. The Internet of Things is set to take the world by the storm in the next two or three years’ time, when your household gadgets, such as your refrigerator, electronic doors and gates, Television, Microwaves, etc., will be interconnected.
Without stable electricity, I do not see how we will be able to cope in Nigeria in this regards as connectivity is dependent on the availability of electricity supply.
Today, within the twinkling of an eye, you can transact and close business deals with anyone, anywhere in the world, without leaving the comfort of your home through an internet-connected computer device, powered by electricity.
Technology and its variants of innovations, of which electricity is a major one, I have always maintained, has come to make our daily living a lot easier.
There is no doubt that the high unemployment rate we are presently facing in Nigeria can be drastically reduced with relatively stable supply of electricity.
Many people will find their employment bearing in what is usually called the blue collar job sector of the economy, which is capable of accommodating millions of employable Nigerians. Name it; Welding workshops, Barbing saloons, Hair dressing saloons, Internet Café, Fashion designers, Cold room operators, etc., will all have stable jobs and move away from riding bikes, popularly referred to as Okada, with grave implications to their health, if they have access to stable electricity to run their businesses seamlessly.
Also, and importantly too, manufacturing will once again boom in Nigeria as factories will be able to run their machines at cheaper electricity rates compared to the exorbitant cost of running them presently on diesel generators, if the issue of electricity is fixed. This means that there will be a reduction in the cost of production.
A reduction in the cost of production will drive the prices of produced goods down, thus, making them affordable to the average Nigerian.
Further benefits of fixing the electricity issue in Nigeria is that, as reduction in production costs drives down prices, our products will be able to compete for export, especially, in our immediate African market.
This can, indeed, be the beginning of Nigeria earning serious foreign exchange from exports. Exports earnings can improve the strength of the Naira against stronger currencies like the Dollar and save us from the present foreign exchange imbroglio we find ourselves. Nigerians can then start to breathe a sigh of relieve.
One of the reasons adduced for the increase in electricity tariff is that the Disco’s need to gather more funds to invest in old equipment. One is tempted to ask; what did the Disco’s thought they were buying into when they were bidding for the aspect of PHCN which they bought?
Did they inspect the equipment they were buying at all? Did they price down the old equipment they were buying into when they bought, knowing that they have to invest in better equipment? Why should it now be the electricity consumers that should indirectly be funding the Fixed Asset side of the Balance Sheet of the Disco’s by financing their equipment purchase through the increase in tariffs? All these questions are begging for answers.
The truth is that no nation can be truly economically viable if its electricity sector is in the kind of crisis that ours is in Nigeria. There is the need to really deregulate the electricity sector in Nigeria instead of removing it from the government’s bureaucratic shackles and placing it on the laps of investors with oligarchic tendencies.
The issue of alternative sources of electricity should also not be discountenanced in seeking to solve the electricity crisis in Nigeria. Technology has provided various other options, such as wind, solar and many more. The government should look at each community and see how best they can be helped to benefit from these alternative sources of electricity, thus, by-passing the Discos.
We expect to see positive changes in the direction of improving the supply of electricity with the supply of prepaid meters to every consumer of electricity in the nearest future, otherwise, our Tech ecosystem and other businesses will keep crawling.
CFA is the Founder, www.CFAtech.ng & Co-producer/Presenter,Tech Trends on Channels Television
News
NIA Questions Legality of Reps’ Financial Probe

The Nigerian Insurers Association has urged the House Committee on Capital Market and Institutions to respect the constitutional separation of powers as it carries out a probe on over 20 insurance firms.
In a statement on Tuesday night, the Director General/Chief Executive Officer of NIA, Mrs Bola Odukale, said the decision of NIA and the affected firms to approach the court was to seek clarity on the constitutional limits of the House Committee’s probe.
It would be recalled that the House of Representatives on Monday is investigating no fewer than 25 insurance companies operating in the country for various financial infractions spanning financial reporting, claims settlement, premium remittance, and issuance of policies.
The Chairman, House Sub-Committee on Capital Market and Institutions, Kwamoti Laori, during a meeting with the management of the insurance companies at the National Assembly Complex in Abuja, said the meeting was convened following the receipt of a petition on infractions by the insurance companies.
In the statement, Odukale said, “The Association wishes to state unequivocally that all actions taken by the NIA and the affected member companies in response to the Committee’s invitations and pronouncements were based entirely on legal advice by its Solicitors. It was on the firm instruction of legal counsel that recourse was made to the courts.
“The objective of approaching the Court is to seek judicial guidance on the legality, propriety, and constitutional limits of the Committee’s intervention in order to safeguard institutional integrity, uphold regulatory independence, and ensure that legislative oversight remains within the bounds of law.
“The Court action seeks to determine whether the current posture of the Committee reflects an exercise of legislative judgment, which, by constitutional design, is the exclusive province of statutory regulators, such as the National Insurance Commission, Securities and Exchange Commission, Nigerian Exchange, Financial Reporting Council, Nigeria Data Protection Commission, and the National Information Technology Development Agency.
“This raises serious questions about legislative overreach and an erosion of the doctrine of separation of powers, a cornerstone of Nigeria’s constitutional democracy.”
Odukale maintained that the NIA was committed to lawful and constructive engagement with all arms of government, provided that such engagement respects the autonomy of statutory regulators and the boundaries established by the Constitution.
“The NIA will continue to provide its full support to all member companies while upholding the principles of legal compliance and sector-wide integrity,” Odukale concluded.
17 of the companies that went to court were represented by their lawyer, Mr Abimbola Kayode, at the meeting with the committee.
News
Horn of Africa Leaders Seek Enhanced Digital Integration for Increased Regional Growth

Finance ministers and development partners from the Horn of Africa have called for enhanced digital integration to boost trade, drive economic growth and promote regional stability during the 25th Ministerial Meeting of the Horn of Africa Initiative (HoAI).
Held in Nairobi, on July 14, the meeting was co-chaired by the African Development Bank’s Vice President for Regional Development, Integration and Business Delivery, Nnenna Nwabufo and Somalia’s Minister of Finance, Bihi Iman Egeh. Discussions underscored the critical role of digital integration in reducing trade barriers, boosting government service delivery and creating employment — particularly for the region’s youth.
“Digital technologies are shaping today’s economy and tomorrow’s industries. By embedding these technologies into our programs, we can not only improve inclusion but also leapfrog outdated development models,” said Nwabufo.
She called for digital integration a “central enabler” in each of the Horn of Africa Initiative’s pillars – trade, infrastructure, resilience, and human capital,
Learning through experience
Drawing from global and regional success stories, speakers highlighted the transformative potential of technology-led development. The ministers pointed to the Philippines as a strong example, where ICT has generated millions of jobs in business process outsourcing. Similarly, Kenya’s fintech innovation—especially the success of M-PESA—was cited as a model for scaling digital financial services across the region.
Participants urged governments to proactively foster digital ecosystems by capitalizing on the demographic dividend, identifying infrastructure upgrades, tighter regulatory reforms, and digital skills trainings as priorities to enable broader participation in the digital economy.
Minister Egeh reiterated the need for more coordinated regional efforts to create the enabling environment required for accelerated digital integration and expansion. He referenced the HoAI Digital Policy Matrix, adopted in 2023 which provides a blueprint on how to address key obstacles to achieving effective digital integration across the region.
Barack Makokha, Kenya’s Cabinet Secretary for National Treasury, underscored the importance of regionally-aligned public private partnerships and advocated for blended financing to reduce investment risk and expand digital access in underserved areas.
World Bank Vice President for Eastern and Southern Africa, Ndiame Diop, called for a comprehensive multi-pronged approach, combining cross-border coordination, large-scale financing, robust policy support, and digital infrastructure investments. He pointed out that such measures could transform digital integration into, “a powerful engine of economic transformation” for the Horn of Africa—ensuring no one is left behind in the digital era.
The meeting concluded with a shared recognition that sustained political will and the determination to implement a multifaceted approach are essential to unlocking the region’s economic potential and driving long-term growth.
The event also welcomed observers from the East African Community, Agence française de développement, and Shelter Afrique, reflecting strong regional and international backing for the HoAI in the development community.
News
CSCS Inaugurates Custodian Portal to Enhance Digital Access, Operational Efficiency

Central Securities Clearing System Plc (CSCS), Nigeria’s capital market infrastructure provider, has launched its Custodian Portal, a user-centric digital solution designed to optimise custodian operations through intuitive, secure and efficient features.
Haruna Jalo-Waziri, Chief Executive Officer (CEO), CSCS, announced this in a statement on Monday.
The CSCS is a Public Limited Company with a diversified shareholder base, which serves as the Central Securities Depository for the Nigerian Capital Market.
It serves as the Central Depository for Equities, Commercial Papers, Corporate Bonds, Sub-National Bonds, certain Sovereign Bonds like the FGN Sukuk and the FGN Savings Bond, Equity-traded Funds, Real Estate Investment Trusts, Mutual funds and Commodities.
Jalo-Waziri said that the custodian portal offered a streamlined experience for market participants with powerful tools that facilitate comprehensive portfolio and trade management, document tracking, share transfer operations, client symbol search, and real-time access to vital data.
He explained that the portal, designed to operate through a flexible subscription-based model, empowered users to manage their records effortlessly and securely through convenient payment channels such as GTPay and Paystack.
According to him, “Digital transformation remains at the core of our strategy to enhance the efficiency, transparency and accessibility of Nigeria’s capital market services.
“The custodian portal is a significant leap in that direction, offering custodians a centralised platform to manage critical processes in real-time.
“We are excited about the value this innovation brings to our stakeholders, and we will continue to evolve the platform in line with users’ needs and industry trends.”
The CEO also explained that the portal was designed with user experience in mind with feature tools like portfolio viewing and downloads in PDF or Excel format.
He further said that it also featured tracking of stock movements across date ranges, inbox messaging and request tracking, as well as robust user management capabilities including role assignment and status tracking.
Similarly, the Divisional Head, Business Technology and Digital Innovation, CSCS Plc, Tobe Nnadozie, said that the portal aligned with CSCS’s drive to automate the market.
“In addition to the normal features, the platform is a part of an omnichannel platform for custodians, and includes API services.
“It also connects to the market-wide workflow, which CSCS has built to ensure secured communication and approvals across all major stakeholders in the market.
“The platform is well secured with best-of-breed cybersecurity solutions and our SOC,” he said.
The Custodian Portal reinforces CSCS’s commitment to leveraging technology to streamline back-office functions and support a more agile, data-driven capital market ecosystem.
All custodians in the Nigerian capital market have now been successfully on-boarded on the Custodian Portal, marking a significant milestone in CSCS’s ongoing drive to enhance collaboration, standardise operational processes, and promote digital adoption across the market.
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