The Federal Government has concluded implementation frameworks for a N4 trillion government-backed bond aimed at settling verified arrears owed to power Generation Companies (GenCos) and gas suppliers.

This was revealed by the Special Adviser to the President on Energy, Mrs. Olu Verheijen, in a statement shared on X (formerly Twitter) on Tuesday in Abuja.

According to the statement, the agreement was reached at a high-level meeting between federal government officials and senior executives of GenCos to review modalities for clearing the outstanding debts.

The statement said the meeting concluded with a consensus on the next steps, including bilateral negotiations to finalise comprehensive settlement agreements that balance fiscal realities with the financial challenges facing the GenCos.

The statement noted, “Approved by President Tinubu and endorsed by the Federal Executive Council (FEC) in August 2025, the plan authorizes the issuance of up to N4 trillion in government-backed bonds to settle verified arrears owed to generation companies and gas suppliers.

This intervention, the largest in over a decade, addresses a legacy debt overhang that has constrained investment, weakened utility balance sheets, and hindered reliable power delivery across the country.”

The statement also quoted Generation Company (GenCo) owners commending President Tinubu’s intervention.

Tony Elumelu, Chairman of Heirs Holdings and Transcorp Power said: “For the first time in years, we are seeing a credible and systematic effort by government to tackle the root liquidity challenges in the power sector. We commend President Tinubu and his economic team for this bold and transformative step.”

Also, Kola Adesina, Group Managing Director of Sahara Group, echoed this sentiment: “This initiative is significant in every respect. It gives us renewed confidence in the reform process and a clear signal that the government is serious about building a sustainable power sector.”

The Special Adviser said that the step would also help in closing metering gaps, aligning tariffs with efficient costs, improving subsidy targeting to support the poor and vulnerable, and restoring regulatory trust.

“The sector is shifting from crisis response to sustained delivery and building the confidence needed to attract large-scale private capital,” she said.

The Awba-Ofemili Development Union (ADU), Abuja Branch, has emerged the star prize winner at the 2025 edition of the Anambra Day celebration held in Abuja, outshining all other participating community associations.

Confirming the results, the Secretary of the Local Organising Committee (LOC) of the Anambra State Towns People Association (ASTPA), Abuja, and representative of Nteje, Engr. Charles Ekwuagana, disclosed that Awba-Ofemili clinched the top position with a total of 266 points.

According to the official result sheet signed by Ekwuagana, Enugwu-Agidi emerged first runner-up with 257 points, while Awkuzu placed third with 251 points. Rounding up the top 10 were Nteje (245 points), Achina, Nnewi, and Ezinifite (236 points each), followed by Onitsha (233), Obosi (229), Ihiala (223), Ekwulobia (220), and Umueri (219).

Reacting to the victory, the Chairman of ADU Abuja and Managing Director of Top-run Integrated Services Limited, Mr. Tochukwu Remmy Okolo, said the feat demonstrates the power of unity, teamwork, and collective vision among the people of Awba-Ofemili.

“This win proves that whatever we believe in and pursue with unity can be achieved. Our uncompromised love for one another remains the bond that transcends any political divide,” he stated.

Okolo emphasized that teamwork and community participation were central to the achievement, especially the dedication of the organizing committee and branch executives.

“As a community, our primary aim was to showcase our rich cultural heritage rather than chase the prize money. Above all, we give glory to God,” he said.

Also speaking, a patron of ADU Abuja Branch and Chief Executive of Edinho Nigeria Limited, Chief Nnamdi Edmond Okafor (Ikemba), described the award as a defining moment for the community.

“Awba-Ofemili is no longer an obscure town in Nigeria but now a star town from Anambra State. This recognition places us on the map, and it strengthens our voice when seeking development support from the government,” he declared.

Chief Okafor attributed the community’s outstanding performance to the spectacular display of the Ijele Enugwuagu Masquerade, the cultural dance troupe, and the symbolic use of rice leaves, which signified Awba-Ofemili’s reputation as one of Anambra’s leading rice-producing communities.

“Culture is a unifier. Everyone came together for one cause – Awba-Ofemili. I urge our youth to emulate this spirit and focus on initiatives that unite rather than divide us,” he said, stressing that collective development benefits both the present and future generations.

In his remarks, the President General of ASTPA Abuja, Sir Arinze Anadu (Nwachinemelu), commended all participating communities for their spirit of unity and cultural pride, describing the event as “the largest Igbo cultural carnival outside Igboland.”

“The success of this year’s Anambra Day proves that when we Ndi Anambra come together in love and purpose, we achieve great things. This unity and cultural pride must continue to guide us as we build a stronger Anambra family in Abuja and beyond,” he affirmed.

Transcorp Power Plc, a leading power generation company and subsidiary of Transnational Corporation Plc (Transcorp Group), has announced its unaudited financial results for the third quarter ended 30 September 2025, showcasing a strong performance marked by significant revenue growth and profitability.

The company reported a 38% year-on-year increase in revenue, reaching ₦308.5 billion in Q3 2025, up from ₦223.5 billion in the same period last year.

This growth was attributed to a rise in average power generation, reflecting Transcorp Power’s sustained investment in generation capacity and operational efficiency.

Gross profit rose to ₦119.7 billion, representing a 24% increase from ₦96.5 billion in Q3 2024, with a gross margin of 38.8%. Profit Before Tax (PBT) climbed to ₦91.18 billion, up from ₦81.12 billion in the previous year, marking a 12.4% growth. Profit After Tax (PAT) also saw a notable rise, reaching ₦68.42 billion compared to ₦58.4 billion in Q3 2024, a 17% year-on-year increase.

Chairman of Transcorp Power Plc, Emmanuel Nnorom, described the results as a testament to the company’s resilience and strategic focus. “Our performance in the third quarter, building on the positive momentum in the first half of the year, demonstrates Transcorp Power’s resilience and capacity to sustain profitability, despite economic challenges, supported by efficient operations strategies and prudent cost management,” he said.

“This sustained performance, in the face of economic headwinds, will further strengthen investor confidence in our capacity to create shared value and maintain our growth trajectory.”

Managing Director/CEO, Peter Ikenga, emphasized the company’s strategic approach and operational improvements. “The Q3 2025 results are underpinned by further growth in energy delivered to the grid, and emphasising our strategic approach, that ensures we deliver ever increasing value to our shareholders and stakeholders,” he stated.

“These results illustrate our continuous drive to improve our business operations, eliminating waste and harnessing value. We are confident of finishing the year strong in fulfilment of our mission to improving lives and transforming Africa.”

Transcorp Power Plc remains one of Nigeria’s principal power generation companies, committed to driving economic growth and social impact through reliable electricity supply.

As part of the Transcorp Group, which holds strategic investments in power, hospitality, and energy, the company continues to play a vital role in Nigeria’s infrastructure and development landscape.