General News
Lagos Unveils Electricity Policy
The Lagos State Government has announced the launch of its new electricity sector policy, designed to meet urban planning standards, and satisfy the demand for various social amenities, while improving economic opportunities in the state.
Held at the Eko Hotels, the launch of the state’s electricity policy, brought together leading stakeholders and policymakers from the power and energy sector in the state, towards the actualization of the Governor Babajide Sanwo-Olu led administration’s commitment, to ensure universal and reliable electricity access for all residents across the state.
Unveiling the policy, The Executive Governor of Lagos state, Mr Babajide Sanwo-Olu, commended the Lagos State Commissioner for Energy and Mineral resources, Mr Olalere Odusote and his team for their commitment towards the achievement of the Lagos State’s vision of providing reliable electricity for Lagosians at all levels.
“Today’s unveil of the Lagos State electricity policy is a welcome development that will significantly improve the viability of investments in the Lagos State Electricity Market. While the unveiling of this policy is laudable, the implementation is a collective one, that would require the collaboration of all stakeholders.
Therefore, everyone has a role to play, from Government to individual residents and even corporate bodies, we all must recognize our different roles and commit to acting in good faith, only then will everyone enjoy the full benefit of this policy”
The event featured a panel session attended by policy makers, business leaders, Government representatives and leading investors across the states public and private sectors, with conversations centered around implementing a holistic solution that delivers clean, adequate and reliable electricity supply within the geographical territory of the state.
Speaking during the launch, Honorable Commissioner for Energy and Mineral resources, Lagos State, Mr Olalere Odusote, described the launch of the electricity policy as an important milestone that will accelerate the state government’s vision of making Lagos a 21st century economy.
“Lagos state is not just Nigeria’s most populous state, it is also the commercial center of the country and a major centre for both domestic and international trade as well as labour mobility, we are committed to sustaining an enabling environment for an electricity market that support the huge demand that the growth in Lagos generates, and the launch of this policy is a step in the right direction towards the achievement of this goal”.
The new policy articulates the vision of the Lagos State government on the necessary constitutional, legal, engineering, and commercial foundations for creating a viable sub-national electricity sector that caters fully to the needs of its citizens, while enabling significant socio-economic growth and development both for Lagos State and the country at large.
The Lagos electricity policy also ensures that future electricity solutions are not only available but environmentally friendly with alternative power backup solutions.
With its Integrated Resource Plan (IRP) in partnership with the United States Agency for International Development (USAID), the policy is expected to significantly contribute to the reduction of carbon emissions and improve the quality of life of the people of Lagos.
Innovative financial institution and pioneer of Africa’s first fully digital bank, Wema Bank, has reaffirmed its commitment to advancing women’s empowerment by partnering with the SheCan Conference for the fifth consecutive year.
The collaboration has announced it would empower women with N2 million grant during the 6th edition of SheCan 6.0. conference, that will be held on July 18, 2025, at Balmoral, Federal Palace Hotel, Lagos.
The event is expected to host over 7,000 women under the theme “SheCan Do More.”
Announcing this partnership, Wema Bank through its women-focused platform, SARA by Wema, said it will be awarding ₦2 million in business grants to support women entrepreneurs within the SARA Community.
This grant is to support small and medium businesses within the SARA Community to scale up their business.
Ayodele Olojede, Head, Retail and SME Banking at Wema Bank, said, “Wema Bank is committed to empowering women entrepreneurs by providing the financial backing, tools, training, and networks they need to scale sustainably. Year after year, we’ve seen the incredible ripple effect that access, and opportunity can create in the lives of women and their communities.
“Through SARA by Wema, our goal is to create an environment where Nigerian women can dream bigger, build stronger, and lead the economy with confidence. This partnership with SheCan is a statement of belief in the power of women to transform society.”
“This year’s partnership represents more than sponsorship; it is a tangible investment in helping Nigerian women build sustainable businesses, scale their impact, and contribute meaningfully to economic growth.
“Eligible applicants must be women-led businesses with active Wema Bank accounts and must be registered members of the SARA Community.
“Interested participants are required to submit a written pitch of no more than two pages, detailing their business and founder story, the problem being solved, target audience and competitive advantage, proposed use of the grant, and the expected outcomes and community impact. Entries must also include the applicant’s Wema Bank account number, full name, and the email address used to join the SARA Community.”
Justice D.I. Dipeolu of the Federal High Court in Ikoyi, Lagos, has convicted two companies, FARM360 Limited and MCBHADMOS Trans-Atlantic Trade Limited, for illegal capital market operations.
The Economic and Financial Crimes Commission (EFCC) disclosed that the companies were arraigned on June 16 by the Lagos Zonal Directorate 2 of the EFCC on a five-count charge for operating collective investment schemes without valid licences from either the Central Bank of Nigeria (CBN) or the Securities and Exchange Commission (SEC).
The charges allege that between 2021 and 2022, the firms collected approximately N80 million from several investors but failed to refund the money or pay accrued interest. One of the counts stated that the companies operated without a valid licence to conduct investment management, violating Section 57 of the Banks and Other Financial Institutions Act 2020.
The companies pleaded not guilty, but EFCC investigator Nnadikwu Izuchukwu Collins presented evidence that included a petition from investors who claimed the firms promised high returns through agricultural and forex trading investments. The petition revealed the group invested a total of N93 million.
Investigations showed neither FARM360 nor MCBHADMOS held the necessary licences from the SEC or CBN. A Fidelity Bank statement revealed that the N80 million received was used for personal purposes. The directors of both companies remain at large, with efforts underway to apprehend them.
The prosecution submitted bank statements, the investor petition, and official correspondence with the CAC, CBN, and SEC as evidence, all of which were admitted by Justice Dipeolu.
The court convicted both companies on all counts and imposed fines of N5 million per count.
In a related case, the court also convicted Quintessential Investment Company Limited for similar illegal capital market activities, following its arraignment on two counts of operating collective investment schemes without CBN approval.
Burna Boy, Grammy-winning Nigerian artist, has publicly distanced himself from a meme coin circulating online that falsely uses his name and image for promotion.
Burna Boy
In a statement shared via Instagram, the Afrobeats star made it clear that he has no involvement in any cryptocurrency ventures, describing such schemes as fraudulent.
His comments come amid growing traction of a meme coin allegedly linked to him, which has been circulating on social media platform X (formerly Twitter).
“I don’t do any internet ‘coin’ business. I see it as fraud and I have no interest in any of that,” Burna Boy wrote. “So if you see anyone using my name for such, please disregard or report them.”
The singer urged fans to remain vigilant and to report anyone promoting the crypto project under false pretenses.
MTN @ Swish Fusion Summit, Showcases 5G Rollout Strategy
Zenith Banks Leads as 8 Banks Suffer N156Bn Impairment Charges
SEC Flags FF Tiffany as Ponzi Scheme
Olatunji, NDPC Boss Calls for Integrated Strategy on Data Privacy, Cyber-Security
AccionMonie App to Empower Low-Income Households
Lebara, New Operator Enters Nigerian Telecom Arena, Sells Minutes, Not Airtime
Moniepoint Demonstrates Commitment to Nurturing Africa’s Future Leaders
AfCFTA Positions Africa to Tap into $712bn Digital Trade Market by 2035
ALTON Clarifies on Migration to End-User Billing for USSD Services
Starlink Resumes Customer Activations Across Nigeria
Broadcasting3 days agoNigeria Week Ahead: Inflation, Oil and Naira in focus
News3 days agoEFCC: Accusations Against Our Chairman Are Baseless and Misleading
Telecom2 days agoNCC Introduces N10m Licence Fee for Bulk SMS Service
Telecom2 days agoMTN Nigeria Targets $1Bn Cloud Market with Largest Modular Data Centre
General News2 days agoWoodhall Capital and Partners Launch ₦1.5Bn Fund
E-Business2 days agoFirm Highlights Top Risks of Quantum Computing
General News2 days agoBurna Boy Distances Himself from Meme Coin, Labels Crypto as Fraud
Telecom2 days agoPAT Taps Osi as CEO