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Tinubu seeks time to verify N4tn GENCO debt

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President Bola Tinubu on Friday asked electricity generation companies to grant the Federal Government more time to “do verification and validation of the numbers” on longstanding liabilities the power market says it is owed.

He also gave anticipatory approval for a N4tn bond programme to plug the sector’s liquidity hole.

This followed the President’s meeting with the Association of Power Generation Companies, led by Col. Sani Bello (retd.), at the Aso Rock Presidential Villa, Abuja.

The Special Adviser to the President on Information and Strategy, Bayo Onanuga, revealed details of Friday’s talks in a statement titled, ‘President Tinubu meets Chairmen of GENCOs, pledges to resolve longstanding debt claims.’

Nigeria privatised its generation and distribution assets in 2013, but chronic under-recovery of tariffs, unpaid subsidies, gas supply constraints, weak transmission capacity and pervasive energy theft have kept the market cash-strapped.

The Nigerian Bulk Electricity Trading Company routinely pays GENCOs a fraction of their monthly invoices, creating an ever widening arrears book that is then financed with short-term bank debt at double digit interest rates.

The signing of the Electricity Act 2023 by President Tinubu pushed for cost reflective tariffs, metering programmes and transmission upgrades and lifted collections.

However, legacy debts and gas under-supply still threaten generation capacity and fresh investment.

With banks tightening exposure limits, GENCOs warned that foreclosures could cascade through the value chain without an immediate government backed settlement plan.

At Friday’s meeting, President Tinubu acknowledged the historic arrears but insisted payments would be anchored on a transparent audit.

“I accept the assets and liabilities of my predecessors, and there is no question about that. But that acceptance must be on credible grounds.

“I need to wear the audit cap of verifiability, authenticity, and the fact that this inheritance is not a mere deodorant but a support structure for critical economic and industrial promotion,” he stated.

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The President appealed for patience from GENCOs and lenders while government firms engage auditors and lawyers to scrub the claims.

“We are here. So, market it to your other colleagues. Give us time to do verification and validation of the numbers,” he said.

Reiterating his preference for a market-driven power industry, Tinubu said the sector’s “long neglected legacy issues” are finally being addressed.

The President also cautioned banks against pulling the plug on indebted GENCOS.

“This is a longstanding issue that is now being dealt with. I know how much we have been able to save on fuel subsidies. We introduced the alternative, CNG, to bring relief back to the people.

“To our friends in the banking sector, I ask that we avoid foreclosures. Sharpen your pencils, but keep an eraser handy. Let’s persevere together,” he stated.

Describing electricity as “the most important discovery of humanity in the last 1,000 years,” Tinubu reaffirmed that access to power was fundamental to growth and human dignity.

The Special Adviser to the President on Energy, Olu Verheijen, said the administration was confronting a decade long cash crunch rooted in tariff and market shortfalls.

Verheijen disclosed that, “As of April 2025, the Federal Government is carrying a verified exposure of N4tn in debts to GENCOs, an accumulation dating back to 2015.

“We have since sat with 27 GENCOs—not all of them are here today—and reviewed their PPAs and gas sales agreements to understand the legitimacy of their claims. The GENCOs claimed about N4tn from 2015 to the end of 2023.”

According to her, the Nigerian Bulk Electricity Trading Company has validated N1.8tn of these claims so far.

“Since that period, we have had N200bn in unfunded subsidies that have accumulated the Federal Government’s liability. So, as of April 2025, the total exposure that we are carrying at the moment is N4tn,” she added.

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However, she warned that the figure remained subject to downward revision, pending final validation.

“While there is an anticipatory approval of this N4tn bond programme, it is subject to negotiations and final settlement of agreements. Only the amounts that the Federal Government validly owes are the things that will make it into the issuance by DMO,” Verheijen noted.

The Minister of Power, Adebayo Adelabu, commended President Tinubu for the attention given to the power sector, stating that the administration’s reforms had restored investors’ confidence and improved performance across the electricity value chain.

“Your Excellency, your presence at this meeting is a clear testament to your unwavering commitment to the sustainability, stability, and long-term development of Nigeria’s power sector. Under your leadership, we have recorded critical milestones in less than two years,” the minister said.

Adelabu said the Tinubu administration signed into law the Electricity Act, 2023, decentralising and liberalising the electricity market.

He noted that the administration had launched Nigeria’s first Integrated National Electricity Policy in 24 years, attracted over $2bn in new private capital, and grown sector annual revenue by 70 per cent—from N1tn in 2023 to N1.7tn in 2024—reducing government subsidy obligations by over N700bn.

Adelabu added that installed generation capacity had grown from 13,000 MW to 14,000 MW, with an all-time peak generation of 5,801 MW and a record maximum daily energy delivery of 120,370 MWh, achieved on March 4, 2025.

According to him, there has been no national grid collapse in 2025, a direct result of interventions under the Presidential Power Initiative, which has added over 700 MW of transmission capacity.

He reported progress in narrowing Nigeria’s metering gap through the N700bn Presidential Metering Initiative (via FAAC) and the World Bank supported DISREP, which has already delivered 300,000 smart meters out of 3.45 million procured.

While acknowledging these strides, Adelabu cautioned that the sector is grappling with an urgent liquidity crisis that could undermine ongoing reforms.

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“Mr. President, given the grave implications of this debt overhang, including the risk of a nationwide shutdown of generation assets, I humbly seek your immediate support for defraying these obligations, even if partially, over a defined period,” he stated.

In separate remarks, business leaders, Tony Elumelu and Kola Adesina, appealed for urgent intervention.

“Mr. President, we’ve come to you as a last hope. The generating companies are heavily indebted to banks, and foreclosure threats are real, not because we’re not doing our jobs, but because the system owes us trillions,” Elumelu said.

He added, “Before you took office in 2023, we lost 97 per cent of our daily oil production. Today, we are retaining 98 per cent. That’s transformation. Investors are seeing greater stability and predictability. We don’t need power to complete your transformation, we need power to enable it. Power is critical to unlocking Nigeria’s full potential. We urge you to help solve this debt problem.”

Adesina also stressed liquidity and gas supply: “Liquidity is the oxygen of our business. Without urgent intervention, generation capacity will stall, and Nigeria’s industrial and economic ambitions will be jeopardised.

“The plants in the Afam axis are underperforming because we have not paid gas suppliers. We propose unlocking 800 million cubic feet of gas through NLNG to boost supply to these power plants.”

Friday’s meeting was attended by the President’s Chief of Staff, Femi Gbajabiamila; Coordinating Minister of the Economy and Finance Minister Wale Edun; Minister of Information Mohammed Idris; and other senior officials, regulators and stakeholders — underscoring the political and financial weight now being thrown at the sector’s decade-old debt gridlock.

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PHOTOS: Osun-Osogbo: Priestess defends 10-year-old Arugba, dismisses child abuse claims

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The Araba of Osogbo, Ifáyemí Elébuibón, has defended the tradition of selecting a young maiden as the Arugba of the Osun-Osogbo Festival, describing the role as a privilege rather than child abuse.

This is as a priestess and custodian of Osun Osogbo also defended the practice, saying the Arugba was selected through Ifa divination from the royal lineage.


Osun-Osogbo: Priestess

Elébuibón spoke in a video interview posted on Sunday by Yoruba cultural content creator, Wàá Ṣeré, amid discussions surrounding the age and responsibilities of the 10-year-old Arugba, Princess Alimot Osunbunmi.

Arugba is the young maiden chosen to carry the sacred calabash during the annual Osun-Osogbo Festival procession to the Osun Sacred Grove.

Alimot, a member of the royal family of the Ataoja of Osogbo, was selected through traditional Ifa divination in March 2025.

She carried the sacred calabash for the first time during this year’s procession to the Osun Sacred Grove on Friday, after she was unable to do so during the 2025 festival because of her young age.


10-year-old Arugba of the Osun-Osogbo Festival, Princess Alimot Osunbunmi carries the sacred calabash at Osun Osogbo festival…Photo Credit: Dewunmi Lagos

Explaining the role and its benefit, Elébuibón said the Arugba served as a spiritual intermediary between the Osun deity and the people.

He added that the responsibility was not determined by biological age.

“You see those people saying all that? They lack understanding. They don’t know. Whoever says the Arugba is too young—this one is ten years old, but some started at five!

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“The role the Arugba plays is a role of spiritual maturity, not about physical age. What the Arugba does for the town and the community is what the white man calls a ‘medium’—an intermediary between the Orisa and the people,” he said.

Elébuibón said the young maiden could communicate the wishes of the deity to the people because of the spiritual significance attached to the position.

“As young as she is, provided she remains pure and undefiled by any man, she can wake up one morning and say, ‘Mother Osun said this and that, do this, do that, don’t do this.’”

He added that the Arugba’s spiritual development was not necessarily tied to her physical age.

“Very soon, she will mature spiritually far beyond her biological age because the Orisa themselves nourish and care for them. Her role is not about age; what she does is not about age.”


FILE: Ifayemi Elebuibon

A female priestess and culture custodian, in another video posted by culture content creator Olamide Oseyifunmii, also defended the practice, saying the Arugba was selected through Ifa divination from the royal lineage.

According to her, the chosen maiden must be a virgin and is expected to observe certain taboos associated with the role.

“Whomever Ifa chooses becomes the Arugba. The Arugba must be a girl who remains untouched, pure, and a virgin. That is strictly what the Arugba must be,” she said.

She rejected the description of the practice as child abuse, saying the young girls selected for the role were traditionally protected and treated with care.

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“Being selected as the Arugba carries taboos and honours; it is not what Westerners label as ‘child abuse’.”

The priestess said the Arugba was not expected to carry heavy loads apart from the sacred calabash during the annual procession.

She also explained the spiritual significance attached to the young maiden, saying devotees who bow before the Arugba were not worshipping the child but honouring the Osun deity believed to be represented through her.

“They were bowing to the divine spirit of Osun Ewuji inside her and upon her head,” she said.

The 2026 Osun-Osogbo Festival, which began on August 7, is being held at the Osun Sacred Grove in Osogbo, Osun State, and will run until August 19.

The annual festival, centred on the Osun deity, is one of Nigeria’s major traditional and cultural festivals and attracts worshippers, tourists and cultural enthusiasts from Nigeria and beyond.

Source: punchng.com

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Temitope Osoba died at police station, says late Nollywood actress’ fiancé

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Prophet Itunu Onadeko, the fiancé of late Nollywood actress, Temitope Osoba, has alleged that the actress died at a police station in Ikorodu, Lagos State, contrary to widespread speculation that she died from complications arising from breast cancer.

Onadeko stated this in an interview with the Celestial Reality Check (Media Investigative Unit of the CCC) on Saturday, where he also dismissed several allegations surrounding the actress’ final days, including claims that she was poisoned and maltreated before her death.

According to the prophet, he was informed of Osoba’s death by an unidentified person who called him around midnight.

“It was a random person that called me around 12 am that she died in a police station in Ikorodu,” he said.

Onadeko, who is the Shepherd-in-charge of CCC Onibuore Cathedral, Bogije, Ibeju-Lekki area of Lagos State, stated that he did not know the particular police station where Osoba died but reported himself at a nearby station.

He said the actress had gone to see one Mrs Kehinde Osoba, who he said also runs a church, shortly before her death.

“She had insisted to see Mrs Kehinde Osoba, she also has a church, although she said she wanted to see me too. When they left for there, I told them that I wasn’t chanced to go that day because of church programmes.

“The hairdresser that Tope was sleeping in her place was the person that went with her. We maintained communication and she even posted ‘Ogo tun tun’ until I heard that she died in the police station,” he said.

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The prophet also denied knowledge of the exact police station where Osoba died, saying, “Although I don’t know the police station she died but I reported myself in a nearby one.”

His claim represents a fresh twist to the circumstances surrounding the actress’ death, coming after reports and social media speculation linked her death to her previous battle with breast cancer and depression from maltreatment from her fiancé’s family.

Osoba had publicly spoken about her cancer experience, including her treatment and surgery. In 2024, she announced her return to the public after the experience, describing the period as one that led to her healing, growth and empowerment.

However, Onadeko insisted that although Osoba had battled cancer and undergone surgery, the illness was not responsible for her death.

“When I first met her, after I did a redemption prayer for her, she told me she wants to do a surgery on cancer. I prayed for her. In fact the day, she planned for her surgery, she did a skit with Boda Wasiu and then we moved to Evacare Hospital,” he said.

He also dismissed the allegation that he had access to the money donated to Osoba for her surgery or used it to build his church.

“Who has an evidence that the money she got for her surgery is N30m? It wasn’t my account they sent the money to, it was hers. And I didn’t use the money to build church as rumoured. What I know is that people gave her money including Mike Adenuga who offered her a cheque. I never had access to her money.

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“I met Tope like two years ago and the church has been there since 20 years ago. The church is complete before she even joined us. It has been roofed and painted,” he said.

The prophet further denied claims that Osoba was prevented from driving her car, saying she drove it herself when she travelled to Iperu shortly before her death.

“She drove the car out herself. She was going to Iperu one Sunday. I don’t know Iperu that she went to neither do I know who’s she going to meet there but I think it is her mother side,” he said.

According to him, Osoba had reservations about visiting her maternal family because she believed they had not treated her well, but he encouraged her to maintain contact with them because they were planning to get married.

Onadeko also revealed that Osoba struggled with smoking, saying he had encouraged her to stop and that members of the church were aware of the habit.

“She was dealing with smoking habit. And I wanted her to leave it. All the church members know about her smoking habit,” he said.

Onadeko equally denied allegations that the actress was maltreated before her death, including claims that faeces or urine was poured on her body as punishment for allegedly stealing biscuits.

“When we were living together, we borrow each other money. She bought gold for herself and me. But she eventually sold them and we both spent the money, there has never been a time that we were under duress.

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“We never rented an apartment, the house she was living is her uncle’s house. After the surgery, she gave her uncle N1m when he insisted that he gave her something at least for staying in the house,” he maintained.

The prophet also dismissed the allegation that Osoba drank poison before her death.

He said the actress had left the church about three weeks before her death and that he contacted one of her uncles, identified as Taiwo, after learning of her death.

“She’s left the church about three weeks ago before her death. Since she died, I didn’t call any of her family. It was one of his uncles, Taiwo that I called but he was really mad at me and insisted that he doesn’t want to speak with me,” he said.

The PUNCH reports that Osoba died on Wednesday at the age of 40.

She is set to be laid to rest on Thursday, August 13, 2026 at Iperu Remo, Ogun State.

However, as of the time of filing this report, the claims made by Onadeko had not been independently verified neither had it established the exact circumstances or cause of Osoba’s death.

Source: punchng.com

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PHOTOS: TROOPS OF OPERATION FANSAN YAMMA RESCUE 33 KIDNAPPED PASSENGERS IN ZAMFARA STATE

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Troops of Sector 2, Joint Task Force North West, Operation FANSAN YAMMA (JTF NW OPFY) rescued 33 kidnapped passengers in Tsafe Local Government Area of Zamfara State, following a swift response to credible information on the kidnap of commuters by terrorists.

Troops of JTF NW OPFY, in conjunction with personnel of the Nigeria Police Force deployed at Tsafe, received credible information in the late afternoon of 8 August 2026 that terrorists had abducted passengers travelling through the Magazu area of Tsafe LGA. Acting promptly, the troops mobilized to the location and made contact with the terrorists, who were already moving the abducted passengers to an unknown destination.

The troops engaged the terrorists with effective fire, forcing them to abandon the victims and flee into adjoining bushes. The troops then secured and rescued all 33 abducted persons. Following the rescue, troops commenced exploitation of the general area and continued efforts to track the fleeing terrorists.

The Theatre Commander, Operation FANSAN YAMMA, commend the troops for their prompt response and professionalism, which led to the safe rescue of the passengers without any casualty. He reiterated the resolve of the Theatre Command to protect innocent citizens, deny terrorists freedom of action, and safeguard major transportation routes across the North-West.

Members of the public are encouraged to remain vigilant and promptly provide credible information on the activities and movements of terrorists and other criminal elements to security forces.

ALIYU DANJA
Lieutenant Colonel
Media Information Officer
Joint Task Force (North West) Operation FANSAN YAMMA
9 August 2026

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