Against the backdrop of Lagos State’s proactive efforts to reform its electricity sector, the Consumer Advocacy and Empowerment Foundation (CADEF) has launched its ‘Renew Energy Nigeria’ platform, a nationwide initiative with potential synergies for the state’s ambitious energy goals.

Professor Chiso Ndukwe-Okafor, CADEF’s Executive Director, introduced the platform in Lagos, highlighting its aim to empower Nigerians with information and access to decentralized renewable energy (DER) solutions. “The launch of this platform marks a significant step towards democratizing access to information and resources within Nigeria’s burgeoning sustainable energy sector.”

The platform’s launch comes as Lagos State, under the Lagos State Electricity Law, is actively establishing a regulatory framework and attracting private sector investment. Kamaldeen Abiodun-Balogun, General Manager of the LSEB, detailed the state’s progress in creating a functional electricity market, ensuring payment security, and addressing infrastructure challenges. “This law enabled us to create policy documents and establish regulatory agencies to initiate the implementation of the Lagos electricity market,” he explained, adding that private sector involvement will be key in areas where existing Discos face performance issues.

Segun Adaju, a private sector player deeply engaged in the energy sector, lauded Lagos State’s leadership. “In all these, Lagos State is always setting the pace. Many of us in the private sector players like myself, we are also looking up to Lagos State to set the pace,” he said, also mentioning his work on the Centralized Renewable Energy Desk for the state government.

While acknowledging national-level challenges such as import restrictions and forex fluctuations as noted by Professor Ndukwe-Okafor: “The recent federal plan on restrictions on the importation of solar products and the fluctuation of forex rate have made clean energy solutions costly”, the focus on Lagos State’s progress suggests a promising local environment for DER adoption, potentially amplified by CADEF’s new platform.

The broader socio-economic context, as highlighted by Olumide Ajayi, “Over 40% of Nigerians do not have access to reliable electricity”, underscored the importance of initiatives like ‘Renew Energy Nigeria’ and the enabling policies being implemented in states like Lagos.

Professor Ndukwe-Okafor concluded with a powerful call to action. “This platform is not an isolated intervention. It is aligned with our ideal country’s national vision, the 30-30-30 initiative. Let us not build a solar future that only serves the wealthy. Let us democratize clean energy. Let us make it local, inclusive, and scalable.”

The launch of “Renew Energy Nigeria” marks a significant step towards a more sustainable and equitable energy future for Nigeria, driven by innovation, collaboration, and a commitment to empowering its citizens. The platform is now live and accessible to all Nigerians seeking reliable and clean energy alternatives

A federal high court in Abuja has granted permission to the Economic and Financial Crimes Commission (EFCC) to arrest and detain six Crypto Bridge Exchange (CBEX) promoters over allegations of investment fraud to the tune of over one billion dollars.

Emeka Nwite, presiding judge, gave the order following an ex parte application moved by Fadila Yusuf, counsel to the EFCC.

In the application by the EFCC, the six suspects are Adefowora Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, Seyi Oloyede, Avwerosuo Otorudo and Chukwuebuka Ehirim.

The commission sought an order of the court for a warrant of arrest of the defendants.

They also prayed the court for “an order remanding the defendants in the custody of the complainant/applicant pending the conclusion of investigation of the alleged offences and possible prosecution”.

Yusuf said that the defendants are at large and a warrant of arrest is required to arrest the defendants for proper investigation and prosecution of this case.

In the affidavit in support of the motion, the EFCC said preliminary investigation into the intel revealed that the defendants “using their company ST Technologies International Limited, promoted another company Crypto Bridge Exchange (CBEX) by making adverts and lured unsuspecting members of the public to invest crypto cryptocurrencies on the CBEX investment platform”.

The EFCC said the defendants promised an unrealistic return on investment of up to 100 percent.

“The victims were made to convert their digital assets into a stablecoin of USDT for onward deposit into the suspects’ crypto wallet,” Yusuf said.

“The victims were initially given full access to the platform to monitor their investment.

“Following the deposits valued at over $1 billion by the victims, the CBEX investment platform became inaccessible to them, and they could no longer withdraw from the investment made.

“The victims later discovered that the said scheme is a scam.

“During the course of investigation, it was discovered that the said ST Technologies International Limited, though registered with the Corporate Affairs Commission (CAC), it was not registered with the Securities and Exchange Commission (SEC) for investment purposes.

“It was also discovered during the investigation that the defendants had moved out of their last known address in Lagos and Ogun states.”

The anti-graft agency said obtaining a warrant of arrest was necessary in order to place the defendants on a watch list, enabling authorities to trace and apprehend the suspects to face the charges brought against them.

Nwite granted the request for a warrant of arrest and remand, adding that the order was necessary to enable the commission to apprehend the defendants and conclude its investigation.

“I have listened to the submission of the learned counsel for the applicant,” Nwite said.

“I have also gone through the affidavit evidence with exhibits thereto, along with the written address.

“I am of the view and I so hold that the application is meritorious.

“Consequently, the application is granted as prayed.”

Earlier in April, reports emerged that CBEX users could no longer withdraw their funds.

On Monday, angry investors stormed and looted the office of Smart Treasure (ST Team), an affiliate of CBEX, in Ibadan, Oyo State.

The EFCC recently confirmed receiving multiple complaints about the platform.

Dele Oyewale, the commission spokesperson, assured affected investors that efforts were underway to recover their funds.