Nigeria loses an estimated $26 billion yearly to power failures, according to the latest Africa Trade Barometer report which said the cost excludes spending on off-grid generators.

“Economic losses arising from Nigeria’s electricity shortages are estimated to be USD 26 billion annually, without accounting for spending on fuel for off-grid generators, which is estimated to be a further USD 22 billion,” the report by Standard Bank said.

It said businesses spend about $22 billion annually on off-grid fuel to offset the impact of power shortages. This further pushes operational costs.

“In Nigeria, surveyed businesses must contend with a national grid that frequently collapses as it fails to meet a daily peak demand which is nearly four times its generation capacity,” the report reads.

It identified electricity supply as a major challenge to business operations in Nigeria and across the African continent.

“Across the 10 African markets, power supply infrastructure remains the most severe obstacle to surveyed businesses’ operations,” the Standard Bank read.

“It is reported as one of the most poorly perceived infrastructural attributes as well as the one presenting the most severe obstacle to business operations,” the report added.

“Blackouts cause a downtime of production, risk the quality of goods that require controlled environments, impact water supply, and affect telecommunications infrastructure which businesses may rely on for payments. The result is reduced sales and income.”

The report comes amid the incessant national grid collapse in recent weeks. Just this month, there was a blackout in many parts of the country after the grid collapsed thrice in seven days.

According to the National Electricity Regulatory Commission (NERC), the development was due to an explosion of a transformer in one of the transmission stations.

“Initial reports on the grid disturbance that occurred this morning indicate that today’s outage was triggered by an explosion of a current transformer at the Jebba transmission station at 0815hrs and an associated cascade of power plants shut down arising from the loss of load,” NERC said.

The House of Representatives said it was going to probe the incessant national grid collapse.

Economic and Financial Crimes Commission (EFCC) has said that it is establishing a 24-hour Cybercrime Rapid Response Desk, which will receive information on cyber-crimes from the public and respond without delay.

The response desk has both local and international phone numbers for contacting the EFCC.

The unveiling was one of the highlights of the National Cybercrime Summit, which was organised by the EFCC with support from the Rule of Law and Anti-Corruption programme, the European Union, and the International Institute for Democracy and Electoral Assistance.

Oluremi Tinubu, Nigeria’s first lady, launched the initiative at the Presidential Villa in Abuja, with the theme: “Alternatives to cyber-crime: optimising cyber skills for national development.”

She noted that the theme of the summit resonated with the current challenges cyber crime posed to Nigeria and the globe.

“Cyber-crime is not a crime against individuals and businesses. It is an assault on our collective integrity, economic stability and the future of our youth,” Tinubu said.

“It is therefore crucial that we address these challenges head on and explore not only the harmful consequences of cyber-crimes but also the sustainable alternatives that can redirect our youths towards productive and positive endeavours.”

Tinubu said with young people accounting for more than 60 percent of Nigeria’s population, the involvement of youths in cyber-crime was a threat to the nation’s quest for economic stability.

Known locally as the “Yahoo Boys”, tertiary graduates struggling to secure formal jobs are reportedly the main perpetrators of these crimes.

The Nigeria Communications Commission (NCC) reports that the West African country loses an estimated $500 million per annum to cyber criminals.

Ola Olukoyede, executive chairman of the EFCC, said: “The menace of cyber-crimes, like most economic and financial crimes, is a burning challenge that we cannot deny, ignore or wish away.”

Federal government has filed a six-count charge against nine defendants over allegations bordering on disseminating false information on the recent rumour about the impeachment of Godswil Akpabio, senate president.

Godswil Akpabio, senate president

The charge, marked: FHC/ABJ/CR/555/2024, was filed at a Federal High Court in Abuja on October 21 by A. A. Yusuf, deputy director of Public Prosecution of the Federation.

The News Agency of Nigeria recalls that the defendants were alleged to have published the false information on October 16 that the Department of State Services laid siege to the National Assembly with a view to effecting Akpabio’s impeachment.

The Federal Government sued the Incorporated Trustee of Order Paper (on whose online platform the false information was allegedly published), Oke Epia (Founder/Publisher and Executive Director of Order Paper), and Tony Okeke Ofodile (Head of Operations) as first to third defendants.

Also joined as fourth and fifth defendants were Edna Bill Ulaeto (Admin/Finance Executive) and Elizabeth Atime (National Assembly lead reporter, author of report).

Others were Regina Udo (Coordinator of Programmes), Leah Twaki (Social Media Executive), Idongesit Joseph Ekoh (Admin Support) and Edoesomi Sharon Omonegho (National Assembly correspondent) as sixth to 9th defendants respectively.

In count one, the prosecution accused the Order Paper (Incorporated Trustee), of Suit C12, Halima Plaza, Plot 1496, Balanga Street, Area 11, Garki, Abuja, through its agents; Oke Epia, Tony Okeke Ofordile, Edna Bill Ulacto, and Elizabeth Atime, and others at large, of publishing a false information via its online platform.

They were said to have on or about October 16 alleged that “the DSS laid siege to the National Assembly over plans to impeach the Senate President, which you knew to be false, thereby committing an offence contrary to Section 24(1)(a) of the Cybercrimes (Prohibition, Prevention, Etc.) Act 2015 and punishable under the same section.”

The defendants and others at large, in count two, were alleged to have intentionally published defamatory statements regarding the DSS and Akpabio on their online platforms.

The case is yet to be assigned to a judge as of the time of filing the report.