E-Financial
Experts Say Steady Power Supply’ll Boost Economy
Economists have predicted that if Nigeria gets its public electricity grid working 24 hours, the nation would greatly reduce business costs by up to 40 percent and add up three percent to GDP.
This is will also cut unemployment that seems to fuel social unrest in nearly all six geo-political regions of the country.
Dayo Samuel, of the department of Economics Education at the Adeniran Ogunsanya College of Education, Ijanikin (Lagos) noted that Nigeria’s man-hour lost as a result of the poor national power supply cannot be quantified.
“But I bet you, if this president is able to fix the power challenge as his singular achievement, you’ll see an accelerated growth in national productivity. I believe we could achieve up to four per cent increase in gross domestic product (GDP) and cut unemployment drastically,” said Samuel.
But Afiz Olaosebikan, of the department of Economics at the Lagos State University, Ojo while agreeing that Nigeria could achieve dramatic increase in GDP if power is fix, does not share in any optimistic expectation of that realization.
“Honestly, I don’t see any increase in power generation during the life of this administration. The president appears more of a talking man than working. I’d like to see practical steps towards his projection of achieving 10, 000MW by December 2013. I don’t see that target being achieved,” said Olaosebikan.
Some experts have estimated that Nigeria spends a whopping $13 billion yearly on imported diesel to run factories. This estimation does not include domestic usage which could run even higher.
Already, President Goodluck Jonathan is rethinking the attainability of the much taunted Vision 20:2020 goal inherited from former President Olusegun Obasanjo. The vision document envisioned that Nigeria could attain a global top 20 economic power status by 2020.
So far public power supply from the national grid has grown from less than 3000 MV in 2010 to about 4000MW, still a far cry from the projected 10, 000MW by December 2013.
Penultimate week, the President hosted a group of private investors at the Presidential Villa, in Abuja where he laid out the planned cannibalization of the public electricity company, the Power Holding Company of Nigeria (PHCN), to about 17 distinct generation and distribution firms.
Although Nigeria is expecting to reap in excess of $2.5 Billion from the PHCN balkanization, the process of auctioning these firms has raised issues of transparency with several leading political bigwigs and their business cronies as major beneficiaries.
Unlike the 2001 GSM auctioning process which was globally acclaimed as very transparent and has seen the country leapfrog as one of the leading mobile markets in the Middle East and Africa (MEA) region, and one of the fastest growing telecom investment ports of destination, the electricity project hasn’t been that fair.
Yet there seem to be a gleam in the horizon especially with the technical presence of multinational firms like GE, Siemens, Schneider Electric and Manila Electric.
President Jonathan told the investors that Nigerians would not take anything for less, except they begin to see power like their mobile phones. “Much has been achieved, yet the race will not be over until Nigerians can take electricity supply for granted,” said Jonathan.
Last Friday, the President assured Nigerians on his facebook page progress was being made on the national electricity project.
“Two weeks ago, I hosted the Presidential Power Reform Transactions Signing Ceremony. The five power generation companies that emerged successful in the bidding process of the privatization of the sector received their certificates and are set to run their companies in a way as to guarantee electricity for domestic and industrial use even as the world is celebrating the transparent bidding process that culminated in the signing.
I want to assure you my friends on facebook that we shall put the darkness of these past decades behind us in no distant time. We shall only keep a forward movement in the critical sectors of our economy and may Almighty God help us all.”
Elsewhere, appallingly, Nigeria’s current 4000MW power output is comparably a tenth of the continent’s economic powerhouse; South Africa whose population is just about a third of Nigeria’s 160 million.
David Ladipo, an investor, whose company Azura is spending $700 million to build a 450 MW plant told an international wire agency: “It will probably take Nigeria another 50 years before it attains the same level of electricity consumption per capita as South Africa currently enjoys today.”
Last week workers union of the now defunct PHCN threatened to throw the nation into total darkness if government goes ahead with plans to lay off about 20, 000 staff as demanded by some of its core investors despite assuances they would be fully paid off.
Both the World Bank and the African Development Bank (AfDB) are investing substantial sums into the power project and expectations are that Nigeria’s horizons would be brighter soon.
Nigeria Deposit Insurance Corporation (NDIC) has urged youths to shun investment scams and embrace the habit of saving.
NDIC said that for a nation to be prosperous, its citizens must learn to build legitimate wealth through savings and then advance to investment.
Mr Adegbenga Fagbuyi, assistant director, Communication and Corporate Affairs, NDIC, made the remarks while addressing students of Lagelu Grammar School, Ibadan, during the 2026 Financial Literacy Day.
Delivering his speech on “Smart Money,” Fagbuyi highlighted the importance of having basic knowledge of the financial system, making sound financial decisions, understanding the benefits of saving in banks, setting financial goals, maintaining financial discipline, and avoiding Ponzi schemes that promise high returns.
Fagbuyi said youths are among the major targets of the government’s financial inclusion drive, adding that the Financial Literacy Day formed part of activities marking Global Money Week, adopted by the Bankers’ Committee in Nigeria as a platform for mentoring youths on savings and investment.
He said, “The government wants everybody to be participants in the financial sector. But how can you be a participant if you don’t know how to save? How can you be a participant if you cannot convert your savings into an investment? So, most importantly, youths are one of the major targets of the financial inclusion drive of the government.”
Fagbuyi described financial inclusion as bringing everybody into the financial safety net by encouraging participation in banking, insurance, pensions, and the capital market.
He stressed that the government does not want youths to become adults who lack knowledge of safe banking practices, insurance, and the capital market.
“Government does not want them to grow old, to become adults who do not know about savings, safe banking habits, insurance, and the capital market. That is why we go to schools to sensitise students to all these basic financial matters, particularly savings, so that our students can begin to learn to save, learn credible investment habits through which they can be making legitimate income.
“We also educate them about the deposit insurance system administered by NDIC. When you save in banks, the banks are supervised and regulated. And if eventually they fail, you will not lose your money. That is what NDIC does,” Fagbuyi said.
He revealed that the sensitisation programme, which started about 10 years ago and is organised by the Bankers’ Committee, comprising the Central Bank of Nigeria, the Nigeria Deposit Insurance Corporation, and all the deposit money banks in Nigeria, has been held across states nationwide.
He said, “Minimum, every year, we go to 10 states. And we normally sensitise 200 students in each school. So this year, that means we are targeting 2,000 students.”
Fagbuyi, however, said the objective of the programme is not to cover all schools across the country but to set a standard for state governments and schools to replicate.
“But I must emphasise that the objective is not to cover all schools. It is to set a standard for state governments and for schools to replicate. You agree with me that we cannot be everywhere.
“But as a partner, as a key stakeholder in the financial inclusion drive of the federal government, we go to states to showcase what the government’s intention, so that states and schools can replicate. So it is on this note that we always urge states’ Ministries of Education, Science and Technology to replicate and expand these programmes across their respective states.”
In his address, Olusegun Olayiwola, Oyo State Commissioner for Education, Science and Technology, represented by Alhaji Lukuman Kareem, permanent secretary, Education Inspectorate, Ibadan North, commended the NDIC for selecting a school in Ibadan for the financial literacy sensitisation programme.
He noted that such initiatives must go beyond the classroom to shape young minds, adding that children cannot achieve expected outcomes unless they are properly guided.
“That’s why we significantly appreciate the efforts of the Bankers’ Committee, NDIC, the Central Bank of Nigeria, and all other members for this,” he said.
The commissioner charged the students to take the lessons seriously, noting that opportunities lost may not be easily regained. He also advised the NDIC to expand the programme to include students from neighbouring schools in future editions to maximise its impact without additional transportation costs.
Additionally, Olayiwola urged teachers to cascade the training to other students, who should in turn enlighten their siblings at home.
Nigeria Revenue Service (NRS) has set a July 31 deadline for all large taxpayers to wholly adopt the national e-invoicing and electronic fiscal system (EFS)- called digital exchange of structured invoice data between a supplier and a buyer.
This is sequel to a public notice issued by NRS on February 17, 2026 on the implementation timeline and the mandatory adoption of the national e-invoicing and EFS otherwise known as the Merchant Buyer Solution (MBS).
Zacch Adedeji, chairman, NRS, personally signed the public notice informing all large taxpayers of the need to complete the onboarding, integration, testing, and commencement of invoice transmission to the NRS e-invoicing platform in accordance with the prescribed implementation framework.
According to a statement issued on Sunday by Dare Adekanmbi, special adviser on Media to the chairman, “NRS has already commenced compliance monitoring activities in order to assess the level of adherence to the e-invoicing mandate among large taxpayers.
“Consequently, any defaulting member may be subjected to appropriate regulatory and enforcement actions in accordance with the provisions of the relevant tax laws and regulations.
“Affected taxpayers are, therefore, advised to urgently conclude all outstanding onboarding and integration activities and commence invoice transmission before the compliance deadline.
“The NRS appreciates the cooperation of taxpayers and remains committed to providing the necessary support to ensure the successful implementation of the national e-invoicing regime,” the notice said.
Large taxpayers are companies with gross turnover of N5 billion and above.
As of the first quarter of this year, over 1,000 companies had complied.
Compliance with the e-invoicing and Electronic Fiscal System covers the completion of onboarding on the NRS Merchant Buyer Solution (MBS) and successful integration of taxpayer systems through approved Access Point Providers (APPs) and/or systems Integrators (SIs).
Others are completion of all required validation and testing activities; active transmission of invoices to the NRS e-invoicing platform in line with approved standards and guidelines; and ensuring the receipt of only compliant e-invoices with valid Invoice Reference Number (RIN) from suppliers.
Access Holdings Plc has completed the sale of a 7.44% stake in its Ghanaian subsidiary, a move believe is tied to a Central Bank of Nigeria (CBN) rule capping how much local banks can hold in foreign units.
This was disclosed in a filing with the Ghana Stock Exchange (GSE) recently, which was obtained by our reporter over the weekend.
The corporate disclosure signed by the Company Secretary, Helen De Cardi Nelson, Access Bank (Ghana) Plc, stated that the outcome of the transaction reflects continued investor interest in Access Bank (Ghana) Plc and confidence in the long-term prospects of the Bank.
According to the release, the sale attracted strong participation from a well-diversified pool of investors, including pension funds, institutional investors and high-net-worth individuals.
Access Bank (Ghana) Plc, listed on the Ghana Stock Exchange, disclosed that its parent, Access Bank Plc, sold 12,085,318 ordinary shares representing 7.44% of the unit’s issued shares on July 15, 2026.
The sale went through the Ghana Stock Exchange with regulatory clearance, including a no-objection from the Bank of Ghana.
Buyers included pension funds, institutional investors, and high-net-worth individuals. IC Securities (Ghana) Ltd acted as adviser and executing broker.
Commenting on the deal, Managing Director of Access Bank (Ghana), Ms. Pearl Nkrumah, said the transaction deepens local ownership and liquidity in the bank’s shares, and keeps management focused on turning its scale into value for stakeholders.
Before the sale, Access Bank Plc held 93.40% of Access Bank Ghana, with the remaining 6.60% already in the hands of other shareholders from the unit’s GSE listing.
Stake sold: 7.44%; Estimated holding after the sale: 85.96%; Public and other investors: approximately 14.04%
Access Holdings therefore retains firm majority control of its Ghanaian unit; this is a partial dilution, not an exit.
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