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FG Plans $1.6Bn Investment in Power Transmission

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Federal Government on Thursday said it would invest 1.6 billion dollars to upgrade and expand the power transmission network.

Prof. Chinedu Nebo, minister of Power, made this known when a delegation of the Bankers’ Forum visited him in his office in Abuja.

Nebo said the investment, which was to ensure stable power supply in the country, had been approved by the National Economic Council.

He said the fund would be sourced from the proceeds of the National Integrated Power Projects (NIPP) in the country.

Nebo said the Federal Government would also source 500 million dollars from the World Bank and 150 million dollars from African Development Bank (AfDB) to turn around the sector.

He said that the renewed vigor was geared toward infrastructure development of the transmission sub-sector, which was important to power supply chain.

The minister described transmission as the life-wire in the electricity value chain, and expressed government’s commitment to expanding transmission capacity to 120 per cent of generation.

He said the Federal government was also trying to address the issue of gas challenge to the power plants and adequate funding for the sector as a whole.

Nebo called on the banking sector to intensify their partnership with the Federal Government and private investors in the sector as a way of fast tracking its development.

He stressed the need for the banking sector to help genuine investors and individuals willing to invest in the sector with loans.

Earlier, Ifie Sekibo, Managing Director, Heritage Bank and Chairman of the forum, said that the visit was to show their support for the transformation of the power sector.

Sekibo pledged the forum’s continued support for the sector, and called on other stakeholders to join the transformation train.

He stressed the need for government to tackle the issue of gas challenge, infrastructure decay and adequate funding for the sector to make it more vibrant.


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Xenophobic Attacks: Anonymous Nigeria Threatens to Leak South African Stolen Data

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Anonymous Nigeria, hacktivism, known for launching coordinated cyberattacks and protests in support of socio-political movements, has threatened to leak stolen South African government data unless its demands were met.

Xenophobic Attacks: Anonymous Nigeria Threatens to Leak South African Stolen Data

The group, called for the department to stop xenophobic attacks on Nigerians in South Africa, or it will expose the data.

“They call themselves correctional services, but they can’t correct the citizens. What a shame,” the group said in its Telegram channel, MyBroadband reported.

“They killed a lot of Nigerians while the so-called correctional services watched and the ministry of justice.”

It is immediately know if Anonymous Nigeria is affiliated to Nullsec Nigeria.

But in a post on a hacker forum, Nullsec Nigeria included a link showcasing an example of data stolen from the department.

It included two bid invitation notices, bid results, a copy of the bids received, and a notice of a bid awarded in various formats.

“We’ll expose all your evil deeds for the world to see, unless this attack stops. But if not, we’ll leak everything they got,” Nullsec Nigeria said.

“Unless the government of South Africa ends these xenophobic attacks on Nigeria, we’ll expose everything about you, your evil deeds will be exposed, and the world shall know.”

MyBroadband asked the Department of Correctional Services about the claimed breach and Nullsec Nigeria’s demands, but it did not immediately respond to our questions.

Nullsec Nigeria also claimed responsibility for breaching several other entities in South Africa, while responding to an X post about its OpSouthAfrica campaign in its Telegram channel.

“I wanna express something here. I saw a report on the #OpSouthAfrica hack by Nullsec Nigeria, but it was stolen by another person,” it said. “Tag the real breachers next time.”

In a separate thread on the hacker forum, Nullsec Nigeria also claimed responsibility for breaching the Ephraim Mogale Local Municipality’s systems.

It claimed to have hacked the local government’s website and threatened to expose “everything you got for others to see how heartless you are. You killed mothers, brothers, students.”

Nullsec Nigeria said the breach and the threats were in response to the xenophobic attacks on and killing of Nigerians and the South African government’s supposed silence on the issue.

“These attacks are still going on in the dark, and we’ll expose them all. If the South African government doesn’t act first, the whole of South Africa will suffer,” it said.

“This is just a wave. These documents are about 11GB, but we decided to pull just this one.”

Its post included two images: one for a public hearing and another, a handwritten tender document for the appointment of an insurance service provider.

It also included a link to several other documents, including an old annual report, council resolutions, financial statements, and various other notices.

The Nigerian Government recently announced plans to bring citizens back to the country from South Africa after violent protests over foreign nationals in the country erupted earlier in May.

President Cyril Ramaphosa condemned the protests and criminal acts directed at foreign nationals in his From the Desk of The President weekly newsletter on 11 May 2026.

He emphasised the recent demonstrations and attacks did not represent the views of the South African people, nor the government’s policy.

“These are the acts of opportunists who are exploiting the legitimate grievances, particularly those of the poor, under the false guise of ‘community activism’,” The President said.

“Some of these people are assuming functions that only state officials are permitted to perform, including stopping people to check identification and conducting searches of private property.”

He added that such lawlessness would not be tolerated, regardless of who the perpetrators or victims were.


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MTN Targets 8m Homes in Fibre Expansion Drive

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MTN Nigeria says it plans to pass fibre to eight million homes over the next three years as part of efforts to deepen broadband penetration and expand digital service offerings across the country.

MTN Targets 8m Homes in Fibre Expansion Drive

Tobe Okigbo

Tobe Okigbo, Chief Corporate Services and Sustainability Officer, disclosed this at the MTN Media Innovation Programme (MIP) Alumni “Ask Me Anything” session held on Saturday.

Okigbo said the telecom company was making significant investments in home fibre infrastructure despite challenges such as regulatory approvals, physical deployment requirements and the long period needed to recover costs.

According to him, fibre broadband differs from mobile internet services because customers pay for connection speed rather than bandwidth consumption.

He said the investment formed part of MTN’s broader strategy to gradually shift customers from mobile-heavy internet usage to fixed broadband services for home connectivity.

Okigbo noted that the global telecommunications industry was evolving beyond traditional voice and data services, driven by advances in artificial intelligence, 5G, smart devices and internet-connected homes.

He warned that telecom operators that fail to adapt risk becoming mere providers of connectivity infrastructure while technology companies capture greater value from digital services.

“The future of telecoms is no longer just about expanding coverage. It is also about building services and platforms around network infrastructure to remain relevant and competitive,” he said.

On recent tariff increases, Okigbo said the adjustments were necessary to address rising operating costs, inflation and sector sustainability concerns.

He cited increased diesel prices and other operational expenses as major factors affecting the cost of delivering telecom services in Nigeria.

According to him, tariff pricing should increasingly reflect market realities and inflation trends, while allowing consumers to switch providers offering better value.

Speaking on service quality, Okigbo said MTN had compensated customers in cases of poor network performance and remained in discussions with regulators on accountability for service failures.

He explained that discussions were ongoing to distinguish between network issues caused directly by operators and those resulting from external factors such as vandalism, construction activities and infrastructure damage.

Okigbo said MTN supported compensating customers for genuine service lapses but sought clarity on regulatory parameters guiding such liabilities.

He added that fibre deployment remained more complex than mobile network expansion because it involved physical cable installation, local government approvals and detailed service planning.

On mobile money operations, Okigbo said MTN Group had acquired a 60 per cent stake in MoMo across its markets to strengthen competitiveness and improve customer experience.

He said the future of telecoms would also be shaped by embedded connectivity, smart homes, connected vehicles and broader Internet of Things adoption.


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World Bank Blocks Social Media Comments from Nigerians over Loan Backlash

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World Bank has restricted comments on its Instagram page after thousands of Nigerians flooded the platform begging them to stop lending money to Nigeria.

World Bank Blocks Social Media Comments from Nigerians over Loan Backlash

The protest erupted after reports that President Bola Ahmed Tinubu is seeking a fresh $1.25 billion dollar loan for approval on June 26.

Some Nigerians asked the World Bank to provide more details about the purpose of the loan and how the funds would be managed.

Others said the country should reduce dependence on foreign loans and focus on improving local revenue.

The federal government has continued to defend its borrowing plans.

Officials say the funds will support economic reforms, development projects and efforts to strengthen the economy.

Nigeria remains one of the major borrowers from the World Bank in Africa, with different administrations securing loans over the years for infrastructure, social programmes and economic support.


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