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Sanwo-Olu Sets Fresh Agenda to End Blackouts, as Lagos Targets 3,500MW Power Supply

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The Governor of Lagos State, Mr. Babajide Sanwo-Olu, has reaffirmed his administration’s commitment to ending the persistent blackout and aim for a twenty four hours electricity in the state.

He said the Lagos State Government is ready to work with the critical stakeholders to actualise the targeted increase in available electricity supply to about 3,500 megawatts (MW) through coordinated action on generation, transmission, distribution and metering.

Governor Sanwo-Olu made the commitment on Thursday at the Lagos State High-Level Strategic Power Town Hall, held at Lagos House, Marina, to critically assess the state’s electricity situation and develop practical solutions to the challenges affecting generation, transmission and distribution.

The high-level engagement was attended by stakeholders across the electricity value chain, including regulators, power distributors, transmission operators, asset managers, investors and representatives of the Federal Government and Lagos State Government.

The town hall meeting focused on how Lagos can leverage its enormous electricity demand, existing infrastructure and emerging state electricity market to attract investment and deliver more reliable power to homes, businesses and industries.

Speaking at the town hall meeting, Governor Sanwo-Olu called for stronger coordination, smart metering, better data management, enforcement and revenue assurance as panacea to the perennial challenges facing the sector. He said stakeholders must work together to build consumer confidence and attract investment.

Also speaking, the Minister of Power, Mr. Joseph Tegbe, who was represented by the Director of Distribution Services in the Federal Ministry of Power, Engr. Baba Mustapha, said Lagos requires more than 6,000MW, but currently receives far less from the national grid.

He stressed that increased generation would have limited impact without adequate transmission and distribution infrastructure, identifying gas supply, generation, transmission capacity, distribution bottlenecks and metering as key priorities.

The Special Adviser to the President on Power and Chairman of the Presidential Taskforce on Power Sector Reset and Restoration, Dr. Rilwan Lanre Babalola, said the challenge before Lagos and Nigeria was no longer simply about generating more electricity, but about building a functional and sustainable electricity market.

He said the country must move away from a system where government continuously acts as buyer, guarantor and absorber of losses across the electricity value chain.

Babalola explained that the proposed Clean Lagos Electricity Market (CLEM) could provide a practical model for transforming Lagos’ huge electricity demand into a structured and investable market through demand aggregation, bilateral contracting, open access, payment assurance and transparent settlement.

He said stakeholders must be able to establish where the demand and customers are, where electricity and gas will come from, whether the network can deliver the power, the efficient tariff and how payments will move transparently to generators, network operators and gas suppliers.

Babalola also highlighted the importance of decentralisation following constitutional amendments and the Electricity Act, which have opened the way for states to establish and regulate their electricity markets.

Also speaking, the Lagos State Commissioner for Energy and Mineral Resources, Mr. Abiodun Ogunleye, said the town hall meeting was convened to bring an end to what he described as the culture of blackout in Lagos.

He said Lagos State would develop clear action points and establish a baseline for measuring progress at the proposed six-month review.

On tariffs, Ogunleye stressed that improved electricity supply must accompany payment, insisting that consumers should not be made to pay for darkness

He explained that achieving the target would allow more feeders to operate and provide increased electricity to homes and industries that require reliable power for productive activities.

Ogunleye also disclosed that newly commissioned substations would contribute to the state’s power infrastructure, while the government would work with distribution companies to monitor selected feeders and measure improvements in electricity supply.

The Chief Executive Officer of the Lagos State Electricity Regulatory Commission, Temitope George, identified constraints in generation and transmission, energy theft, vandalism and non-payment of electricity bills as major challenges affecting the sector.

George urged electricity consumers to pay for the power they consume, warning that non-payment distorts the electricity market and ultimately affects the ability of other consumers to receive adequate supply.

She said Lagos State is also exploring embedded power generation to complement electricity from the national grid and reduce overdependence on the national system.

The town hall ended with a commitment by stakeholders to translate the discussions into concrete action points, establish measurable baselines and periodically assess progress.

The post Sanwo-Olu Sets Fresh Agenda to End Blackouts, as Lagos Targets 3,500MW Power Supply appeared first on Business Today NG.

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Ondo Police Arrest Two Suspected Armed Robbers in Akure, Recover Revolver

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The Ondo State Police Command unde the leadership of CP Felix Ohagwu psc, mnips, mspsp has recorded another significant breakthrough in its ongoing efforts to combat armed robbery and other violent crimes in the state, following the arrest of two suspected members of an armed robbery syndicate and the recovery of a locally made revolver and other incriminating exhibits in Akure.

The arrests were made on 27th September 2026 by operatives of the Violent Crime Response Unit (VCRU), Ondo State Command, acting on credible intelligence. The suspects, identified as Isreal Abakah, male; 35 years old and Gbene Emmanuel, male; 37 years old, were apprehended at different locations within Akure metropolis following intelligence-led operations.

Preliminary investigations revealed that the suspects allegedly belong to an armed robbery syndicate suspected of terrorising residents of Akure and its surrounding communities. In the course of the operation, operatives conducted a raid on the gang’s hideout in the Olufoam area of Akure, where a locally made revolver capable of holding four rounds of ammunition was recovered.

Other exhibits recovered during the operation include suspected criminal charms, a laptop, motorcycle mirrors and a number plate. The suspects have confessed to their involvement in several armed robbery operations within Akure metropolis and its environs. Their alleged confessions and the recovered exhibits are currently being subjected to further investigation to establish the full extent of their criminal activities and deligent prosecution.

The Command has intensified efforts to apprehend the remaining members of the syndicate who are currently at large and to identify individuals and communities that may have been affected by the gang’s alleged criminal activities. The ongoing investigation is also aimed at recovering additional exhibits and establishing the possible involvement of the suspects in other reported cases of armed robbery.

The Commissioner of Police, Ondo State Command, CP Felix Ohagwu, psc, mnips, mspsp, commended the operatives for their professionalism and swift response to credible intelligence. He reiterated the Command’s determination to dismantle criminal networks and ensure that individuals involved in violent crimes are brought to justice in accordance with the law.

The Commissioner further urged residents to remain vigilant and promptly report suspicious movements and activities to the nearest police station or through established police communication channels. He emphasised that timely and credible information from members of the public remains essential to the successful prevention and detection of crime.

The Ondo State Police Command assures residents that it will sustain its intelligence-led operations and other proactive security measures to safeguard lives and property across the state.

The post Ondo Police Arrest Two Suspected Armed Robbers in Akure, Recover Revolver appeared first on Business Today NG.

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Airtel Money sets IPO price at £1.96 per share, targets £5.3bn valuation

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Airtel Mobile Commerce N.V. (Airtel Money), the mobile money business of Airtel Africa, has set the offer price for its planned initial public offering (IPO) at £1.96 per share, implying an estimated market capitalisation of £5.3 billion ($7.0 billion) at admission.

Airtel Africa disclosed this in a statement on Thursday, saying Airtel Money intends to list its ordinary shares on the London Stock Exchange, with admission currently expected on 14 October.

The planned listing followed Airtel Africa’s announcement on 23 September of its intention to undertake an IPO for Airtel Money, which operates mobile money services across several African markets.

Listing offer

Under the offer, certain existing shareholders of Airtel Money are expected to sell 270 million existing shares. Also, an additional 27 million shares may be sold if the over-allotment option is fully exercised.

Airtel Africa said it does not expect to sell its existing Airtel Money shares in the offer, except pursuant to the over-allotment option.

The telco said it would remain a “long-term strategic shareholder” in Airtel Money and support the business as it moves into its next phase as an independently listed company.

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Based on current indications from existing shareholders, approximately 16.5 per cent of Airtel Money’s issued ordinary share capital is expected to be held in public hands if the over-allotment option is not exercised.

This could rise to approximately 17.5 per cent if the maximum additional shares are sold, according to Airtel Africa.

Airtel Money expects the level of public ownership to make it eligible for inclusion in the FTSE UK indices.

The company said it intends to apply for admission of its ordinary shares to the equity shares category of the Official List of the UK Financial Conduct Authority and for trading on the London Stock Exchange’s Main Market.

Airtel Money said further details of the offer would be contained in its prospectus, which it said would be made available on Airtel Money’s IPO website, subject to applicable access restrictions, on Thursday.

READ ALSO: What Dangote IPO signals – NGX Chairman 

Airtel Africa has been planning to spin off its mobile money business from its core telecoms operations following the financial subsidiary’s performance in previous years.

Its mobile money unit, Airtel Money, logged a strong performance in 2025, recording $1.4 billion in turnover, more than one-third higher than what it reported a year before.

Airtel Africa is a leading provider of telecommunications and mobile money services, with operations in 14 countries in sub-Saharan Africa.

Airtel Africa provides an integrated offer to its subscribers, including mobile voice and data services, as well as mobile money services, both nationally and internationally.


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