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FG, GenCos Seal N4 Trillion Bond Agreement to Settle Power Sector Arrears

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Federal Government has finalized implementation frameworks for a ₦4 trillion government-backed bond aimed at settling verified arrears owed to power Generation Companies (GenCos) and gas suppliers, marking a major intervention in Nigeria’s electricity sector.

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The development was disclosed by Mrs. Olu Verheijen, Special Adviser to the President on Energy, in a statement issued Tuesday in Abuja. It follows a high-level meeting between federal officials and senior GenCos executives to review modalities for clearing the outstanding debts.

The meeting concluded with a consensus on next steps, including bilateral negotiations to finalize comprehensive settlement agreements. The government emphasized its commitment to balancing fiscal realities with the financial challenges facing GenCos.

The approved plan, which received Federal Executive Council (FEC) endorsement in August 2025, authorizes the issuance of up to ₦4 trillion in bonds.

It is described as the largest power sector intervention in over a decade, targeting a legacy debt overhang that has constrained investment, weakened utility balance sheets, and hindered reliable power delivery nationwide.

As of April 2025, the Federal Government’s verified debt exposure to GenCos—an accumulation dating back to 2015—stood at ₦4 trillion.

The bond initiative is expected to restore investor confidence, improve liquidity in the power sector, and enhance electricity supply across Nigeria.


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General News

Winners Emerge in KidsCook Showdown 2.0 Programme

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L-r: Mrs. Enitan Tanimowo, Convener, KidsCook Showdown; Damilare Adeniran, student of Pastor Adegboyega Nursery and Primary School, Ketu; Chef Mariam, Competition Judge; Chef David, Competition Judge; Gold Obi Besong, student of Pastor Adegboyega Nursery and Primary School, Ketu; Chef Asatta, Competition Judge; Daniella Tanimowo, Participant; and Adebayo Tanimowo, Co-convener, KidsCook Showdown, presenting the first-place winners of the KidsCook Showdown 2.0 cooking competition for children aged 6 to 8, held recently in Lagos.
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The dual of little Damilare Adeniran and Gold Obi Besong, students of Pastor Adegboyega Nursery and Primary School, Ketu emerged overall winners in this year’s KidsCook Showdown 2.0 held over the weekend.

KidsCook Showdown is an initiative of Dominion Consultancy Concepts, aimed at introducing children between the ages of 6 and 8 to household chores early.

At the grand finale of the contest that featured four schools with two cooking contests of pasta and swallow, Pastor Adegboyega Nursery and Primary School, Ketu secured the highest points by the three judges, Aina Memorial Nursery and Primary School was the runners up; while Oke-Ifako Nursery and Primary School, Gbagada took third place.

Mrs. Enitan Tanimowo, Director, Dominion Consultancy Concepts, organiser of the event, said the goal of KidsCook Showdown is to inspire children to see cooking not just as a chore, but as a fun, creative way to develop themselves, learn discipline, and build confidence and these skills help them into the future.

“It is a thing of joy for us. When we started, it was a case of what can these children do? After all they are too small. But, we found out that the children can do things, they are not babies. What we are doing today is to prove that our children can do much more if we entrust them with that responsibility.

“There are a lot happening in our environment especially as many adults lack responsibilities today which can be trace back to upbringing. This event reminds parents of the need to train their children the way they should go, so, when they grow up they will be balance by understanding what responsibility means.

Tanimowo added that the initiative directly aligns with the United Nations Sustainable Development Goals—specifically SDG 3 (Good Health and Well-being) and SDG 4 (Quality Education)—by using hands-on, practical learning to promote balanced nutrition and social development. The event is bringing together parents, teachers, and professionals to champion the next generation.

Looking forward to 2027

She said the goal is to impact more children. This year, we worked with 6 schools in partnership with LASUBEB. And we want to impact more schools across different local governments in Lagos State.

“There’s need to equip our children to be hand-on, be diligent and responsible, it helps them. One research I read reveals that when children are taught how to be responsible at home, it helps them academically. This is one fact that many parents don’t know.

“One thing we have observed since the beginning of this initiative is that a lot of children within the ages of 6 and 8 are not taught how to be responsible at home.

These children should be capable at this age because their brain is already developing cognitive skills, the message is that parents need to do more in training our children better to be more responsible, be hands-on, it does help them. It helps the country as a whole because if we have more people that are responsible, they will be able to solve problems, take initiatives and as well build their businesses.

“We are excited by the level of participation in this edition and plans to reach out to more local governments in Lagos state. Our goal is to impact more children to be hands-on and responsible and in turn develop entrepreneurship skills in the children.


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Paystack Launches Programme to Support Nigerian Businesses

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Paystack, one of Africa’s leading payments technology companies, has launched a programme to support Nigerian small businesses through a range of initiatives designed to help them grow, connect with relevant opportunities and access funding.

The scheme known as Paystack Small Business Programme will support businesses as they start, manage and grow their operations, starting with Paystack Small Business Bundle. The bundle gives eligible Nigerian merchants access to up to N4 million in discounts on tools and services from selected partners across key areas of business operations, including commerce, bookkeeping, logistics, design, workspace, customer communication and digital tools.

Small businesses play a significant role in Nigeria’s economy, but many still face daily operational challenges, from managing sales and records, reaching customers, handling deliveries, and accessing affordable tools.

The programme has been developed to provide practical support for these businesses as they manage daily operations and plan for their next stage of growth.

According to the firm, the Paystack Small Business Programme will start with different initiatives.

The firm explained that through the small business bundle, eligible merchants can access offers from partners including Bumpa, Ijeworks, Wiicreate, Flowcart, Simplebks, Africaworks, Paystack, Kindlybook, FezDelivery, Gamp, Pressone, Mercurie, Shuttlers and Canva.

Paystack is targeting 2,000 Nigerian SMBs for the small-business bundle, with additional partner offers expected over time.


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FG Moves to Track Ransom Payments Through Cashless Reforms

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Federal Government is considering the reintroduction of a stricter cashless policy as part of efforts to combat kidnapping and other criminal activities across the country.

FG Moves to Track Ransom Payments Through Cashless Reforms

Security sources said the proposal is being reviewed alongside ongoing military and intelligence operations aimed at dismantling kidnapping networks and disrupting their sources of funding.

The sources disclosed that limiting the use of cash could make it more difficult for kidnappers and other criminal groups to receive ransom payments without detection.

According to the officials, many criminal organisations prefer cash transactions because they leave little or no financial trail, making it difficult for law enforcement agencies to trace payments and identify those involved.

They explained that ransom payments processed through formal financial channels are easier to monitor and investigate, thereby providing valuable intelligence for security agencies.

The sources noted that strengthening the cashless policy could improve the ability of authorities to track suspicious financial transactions and uncover criminal networks operating across the country.

Speaking on the development, security analyst Mr Iyke Odife described kidnapping for ransom as one of Nigeria’s most pressing security challenges.

Odife said victims of kidnapping now cut across various segments of society, including farmers, students, travellers, traditional rulers and residents of rural communities.

According to him, the widespread use of cash in the economy has continued to provide opportunities for criminal groups to receive and move ransom payments without attracting attention from security agencies.

He argued that reducing cash-based transactions could significantly limit the operational freedom of kidnappers and other organised criminal groups.

“The heavy reliance on cash makes it easier for criminal elements to collect and transfer ransom money without leaving a trace.

“A more robust cashless system could help security agencies track illicit financial flows and strengthen efforts to combat kidnapping,” he said.

The move comes amid growing concerns over insecurity in several parts of the country, where kidnapping for ransom has remained a major threat despite ongoing security operations.

Analysts, however, stress that any strengthened cashless policy should be accompanied by improved digital infrastructure, financial inclusion measures and enhanced cybersecurity to ensure its effectiveness.

The Federal Government is yet to make an official announcement on the scope and timeline of the proposed policy.


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