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Elumelu’s Heirs Holdings to Generate ¼ of Nigeria’s Power Consumption

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Tony Elumelu, well-known global business leader and chairman of Heirs Holdings has said that the group “has the ambition to generate at least a quarter of Nigeria’s power consumption needs in the next five years.” 

Heirs Holdings’ interests in the power sector include Transcorp Ughelli Power, a gas-fired, thermal power generating plant which was acquired under the privatisation of Nigeria’s power sector.

Elumelu will deliver the keynote address at this year’s West African Power Industry Convention (WAPIC) in Lagos from November 18-19.

The 11th edition of this long running, high-level energy conference and expo will once again gather government, utilities, consultants and investors to discuss the challenges of local markets, capacity building and investment.

According to the Heirs Holdings chairman “the power industry is a catalytic sector and the development of our country and our continent cannot happen without fixing it.”

He described the USA’s Power Africa Initiative as “an amazing opportunity to democratize access to power for Africans, and the $2.5 billion investment commitment we have made reflects exactly how excited I am about it.

The present administration made a bold decision when it decided to affect the changes envisaged by the Power Sector Reform Act — legislation that had been on the books since 2005.

And that bold step was reinforced during President Barack Obama’s last visit to Africa. We felt more strongly than ever, the need to help power Africa.”

He continued  “our experience so far at Ughelli power plant is testimony to the size of the opportunity; our amazing team has taken that plant from 150MW capacity when we took over in November 2013, to 450MW today; we expect it to increase 700MW by October and to achieve 1000MW by the second quarter of 2015. At that rate, we’ll be contributing 20 per cent of Nigeria’s total power generation.“

Furthermore, he said that  they are working on a greenfield project that will expand the capacity of Ughelli by an additional 1000MW in the next three to five years and they have signed an MOU with GE and Symbion Power to facilitate this.

Elumelu listed  three main challenges in the Nigerian power sector, namely unreliable transmission infrastructure, access to uninterrupted gas supply and timely settlement of invoiced payments.

He added: “in Nigeria, one of the biggest challenges to power generation is transmission and in fact, while Ughelli Power Plant generated at full capacity for the first time in July, we’ve been asked to scale down generation because of the outdated transmission systems; for every 100MW generated and sent to transmission companies, 40 per cent is lost, in part because of this infrastructure issue.”

While regulation is not a key challenge, says the Heirs Holdings chairman, it is an issue within the sector that if addressed, has the potential to speed sector growth exponentially.

“We need pragmatic regulation that recognizes that within Nigeria, the sector is nascent and so policies must be designed to encourage growth. In fairness, the federal government is confronting these challenges head on.”

Elumelu has termed his economic philosophy as “Africapitalism”, which he says places more weight on long-term investments in key sectors that drive growth.

He explained: “my personal experience also suggests that sustained economic prosperity must be inclusive and must create social wealth.  Africapitalism is my attempt to advocate and promote what has worked for me. We as Africans are uniquely qualified to take the lead and develop Africa. I think we need to be more self-confident in order to create the sort of future our children deserve. All the ingredients for success are here in Africa and investing for the long term in key sectors, our people, and processes, will help to solve our problems and retain wealth within the continent.”

 During his keynote address at WAPIC in Lagos in November, Tony Elumelu said  he will “discuss the opportunities that I have discovered in the power space and the efforts of African power sector leaders through the West African Energy Leaders Forum to improve access to electricity across West Africa.”

The event is organised by Spintelligent, leading Cape Town-based trade exhibition and conference organiser, and the African office of Clarion Events Ltd in the UK.


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Catholic Bishops Urge FG to Give Tax Laws Human Face

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Catholic Bishops of the Ibadan Ecclesiastical Province has called on the Federal Government to implement the ongoing tax reforms with equity, openness and empathy, cautioning that policies devoid of human consideration could further compound the suffering of millions of Nigerians.

Catholic Bishops Urge FG to Give Tax Laws Human Face

The appeal was contained in a communiqué released after the bishops’ first provincial meeting for 2026, which took place at the Jubilee Conference Centre in Ibadan, Oyo State.

The document was jointly signed by Most Rev. Gabriel Abegunrin, chairman of the Ibadan Ecclesiastical Province, and Most Rev. John Oyejola, secretary.

Recall that the tax reforms were introduced by the administration of President Bola Tinubu and assented to on June 26, 2025.

They officially came into effect on January 1, 2026, and have continued to attract diverse reactions across the country.

In the communiqué, titled “Sustaining Hope and Strengthening Our Good Efforts,” the bishops acknowledged the government’s desire to overhaul Nigeria’s tax system but expressed concern that its implementation had sparked widespread unease and debate, especially among the poor and vulnerable.

“The reforms should be anchored on fairness, transparency and accountability, urging the government to apply them with compassion.

“The bishops also advised that vulnerable citizens should be given sufficient time to adapt to the new tax regime before strict enforcement measures are introduced.”

The clerics warned that economic policies pursued without sensitivity could widen inequality and heighten social unrest, noting that taxation should not become an added burden for Nigerians already grappling with inflation, unemployment, and rising costs of living.

The bishops encouraged Nigerians to remain hopeful while backing prayers with responsible citizenship, diligence and respect for justice and the rule of law.

“As shepherds of God’s people, we urge Nigerians to reject cynicism and despair. Prayer must be accompanied by good works. This is the only country we have,” the communiqué concluded.


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Taraba Adopts Electronic Case Management System

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Taraba State in Nigeria has developed an electronic platform for filing criminal cases in the state’s High Courts, marking the implementation of the new National Case Management System.

The launch, announced on Monday, marks a move from manual to electronic filing of criminal cases and is part of attempts to reform court processes and expand access to justice using technology.

Governor Agbu Kefas stated that the action underlines the government’s dedication to institutional strengthening, the rule of law, and effective governance.

Kefas pledged continued government support for the judiciary, noting that technology is essential for delivering swift, fair and transparent justice.

He also stated that the state would give the resources and infrastructure required to maintain the ongoing judicial reforms.

Justice Joel Agya, Chief Judge of Taraba State, stated that the e-filing facility will enable the electronic filing of originating processes and subsequent applications.

He explained that the system would enhance case tracking from filing to final determination while reducing delays caused by manual registry procedures.

Justice Agya went on to say that the platform would improve the security and accessibility of court records, as well as help judges manage dockets and time better.

He emphasised that the platform is intended to supplement rather than replace judicial decision-making, ensuring that administrative procedures do not impede the delivery of speedy justice.

The development is consistent with a broader national push to digitalise judicial processes across Nigerian courts, which has already been implemented in several regions.


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Cybersecurity Firm Detects a Wave of Crypto Phishing Following BlockFi Bankruptcy

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Kaspersky has detected a wave of phishing attacks preying on former customers of the bankrupt crypto lending platform BlockFi.

These scams leverage the ongoing distribution of customer assets following BlockFi’s 2022 bankruptcy, tricking victims into surrendering cryptocurrency wallet seed phrases, potentially leading to financial losses.

BlockFi, once a prominent provider of high-yield interest accounts and crypto-backed loans, announced bankruptcy in November 2022. The company began disbursing repayments to affected clients in 2024 as part of its restructuring plan.

Kaspersky has detected fraudulent emails mimicking BlockFi’s official branding, which falsely invite recipients to “claim the payment” they are “entitled to.” After clicking on the link, users land on a phishing page and are prompted to “connect their wallet”.

The attackers suggest that users import their existing wallet by typing in the secret phrase – this grants attackers direct access to the funds in the victim’s wallet.

“Phishing attacks like this are widespread, capitalising on real-world events to build trust and urgency. Victims who fall for these scams risk exposing their crypto wallets to theft. It’s critical for individuals to verify any communications directly through official channels and to check the address from where the email originates for legitimacy,” comments Roman Dedenok, anti-spam expert at Kaspersky.

The phishing emails feature convincing logos, colour schemes, and language, making them difficult to spot at first glance. Kaspersky recommends the following steps to avoid falling victim to this or similar scams:

  • Do not click on links or respond to unsolicited emails.
  • Protect Sensitive Information: Never share banking credentials, wallet seed phrases, or other private keys in response to an email or online form.
  • Use Security Tools: Enable two-factor authentication (2FA) on all financial accounts, employ reputable security software like Kaspersky Premium, and consider using a password manager to safeguard credentials.

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