Business

Tinubu Approves ₦3.3 Trillion to Clear Power Sector Debts

Published

6 months ago

April 6, 2026

Preport

President Bola Tinubu has approved the payment plan to finally settle the outstanding debts under the Presidential Power Sector Financial Reforms Programme.

The debt repayment plan followed the final review of the legacy debts that have beset the power sector for more than a decade.

The long-standing debts accumulated between February 2015 and March 2025. Following verification, ₦3.3 trillion has been agreed as a full and final settlement, ensuring a fair and transparent resolution.

Implementation has begun, with 15 power plants signing settlement agreements totalling ₦2.3 trillion. The Federal Government has already raised ₦501 billion to fund these payments. Out of the amount, N223 billion has been disbursed, with further payments underway.

What this means for Nigerians: With payments reaching the power value chain, generation will be more stable. With power plants supported, electricity reliability will improve.

And as the sector stabilises, more investment, more jobs, and better service will follow.

“This programme is not just about settling legacy debts. It is about restoring confidence across the power sector — ensuring gas suppliers are paid, power plants can keep running, and the system begins to work more reliably,” explained Olu Arowolo-Verheijen, Special Adviser on Energy to President Tinubu.

“It is part of a broader set of reforms already underway — including better metering and service-based tariffs that link what you pay to the quality of electricity you receive.

“The government is also prioritising power supply to businesses, industries, and small enterprises — because reliable electricity is critical to creating jobs, supporting livelihoods, and growing the economy.

“The goal is simple: more reliable power for homes, stronger support for businesses, and a system that works better for all Nigerians,” she added.

President Tinubu has commended all stakeholders who supported efforts to resolve the legacy issues in the power sector. He has also confirmed that the next phase (Series II) will begin this quarter.

The post Tinubu Approves ₦3.3 Trillion to Clear Power Sector Debts appeared first on Business Today NG.

Business

General Business to Drive 72% of Mutual Benefits Assurance’s Projected ₦96.82bn GWP

Published

7 hours ago

September 23, 2026

Preport

BY NKECHI NAECHE-ESEZOBOR—Nigeria’s lead underwriter, Mutual Benefits Assurance Plc has protected a Gross Written Premium of ₦96.82 billion for the twelve months ending 31 December 2026.

According to notice released on the exchange, for dealing members and investors, the company’s insurance revenue, is projected to stand at ₦89.42 billion.

The company’s general business is expected to generate 72% of the projected GWP, while the Life arm of the group will account for j28%.

Investment income would largely be driven by returns on its financial assets, with non-cash items such as depreciation of non-current assets, amortisation of intangible assets, and net fair value gains or losses on financial assets factored into its profit or loss and other comprehensive income statement.

On the profitability side, Mutual Benefits projects gross premium written of ₦96.82 billion and insurance revenue of ₦89.42 billion, against an insurance service expense of ₦81.56 billion. Net income from reinsurance contracts held is estimated at ₦802.64 million, bringing the insurance service result to ₦8.66 billion.

Net investment income is expected to stand at ₦13.16 billion, while net insurance finance expenses are projected at ₦1.99 billion, resulting in net insurance and investment results of ₦19.84 billion. With other income of ₦237.03 million and total non-attributable expenses of ₦2.76 billion, the company expects a profit before income tax of ₦17.31 billion.

After an income tax expense of ₦1.90 billion, Mutual Benefits projects a full-year profit of ₦15.41 billion for the period under review.

The post General Business to Drive 72% of Mutual Benefits Assurance’s Projected ₦96.82bn GWP appeared first on Business Today NG.

Business

Court set to hear suit on turf battle between ICAN, forensic fraud investigators institute

Published

15 hours ago

September 22, 2026

Preport

Federal high court abuja e1694386328728.jpg.webp

The Federal High Court in Abuja on Tuesday fixed Nov. 24 for hearing in a suit filed by the Chartered Institute of Forensics and Certified Fraud Investigators of Nigeria (CIFCFIN) against the Institute of Chartered Accountants of Nigeria (ICAN).

CIFCFIN is challenging the power of ICAN to train and issue qualifying certificates to forensic professionals.

The matter, which is before Justice Joyce Abdulmalik, was initially scheduled for mention on Tuesday but the case was adjourned to enable parties appear properly before the court.

The News Agency of Nigeria (NAN) reports that CIFCFIN, through its counsel, Shaibu Aruwa, a Senior Advocate of Nigeria (SAN), sued ICAN as the sole defendant in the suit marked FHC/ABJ/CS/1559/2026.

CIFCFIN argued that ICAN cannot offer a “Certification Programme culminating in the award of Certified Forensic Accountant of Nigeria (CFAN).”

It submitted that this was in line with the combined interpretation of Sections 2(a) – (i),3(1)(a) and 4(a) – (c), 6(2), 12(2), 13, (1) () and (g), 17(1l) (a) and (b) and 22 of the Chartered Institute of Forensics and Certified Fraud Investigators of Nigeria (Establishment) Act No. 45, 2022,

Mohammed Arafat, the Head of Legal and Corporate Services of CIFCFIN, maintained in a supporting affidavit that ICAN’s invitation to applicants for a seven-day professional certification programme culminating in the award of Certified Forensic Accountant of Nigeria (CFAN), is outside its mandate and could confuse the general public.

The plaintiff alleged that ICAN had invited applicants in the fields of knowledge of chartered accountants, compliance managers, bankers, investment analysts, auditors, and anti-corruption agencies staff and other institutions to register for the programme.

CIFCFIN, therefore, prayed the court for an order setting aside and nullifying the award of the qualification or the CFAN certificate, or any other qualification or certificate in the field and practice of forensics in Nigeria by ICAN.

It urged the court to make an order for the defendant to withdraw, retract or cease any publication, gazette notice, or public representation asserting that it has power to certify or license.

CIFCFIN also sought an order of perpetual injunction restraining ICAN, its council, etc, from issuing, advertising or recognising CFAN qualification, designation, licence or certification or any title or award identical or similar to those created under the provisions of its Act.

It further sought a declaration that “by the combined provisions of Sections 2(a) -(i), 3(1)(a) and 4(a)- (c), 6(2), 12(2), 13, (1)(0) and (g), 17(1)(a) and (b) and 22 of the Chartered Institute of Forensics and Certified Fraud Investigators of Nigeria (Establishment) Act No. 45. 2022, the defendant cannot offer ‘Certification Programme’ culminating in the award of CFAN.”

(NAN)