Access Holdings Plc has appointed Mr. Innocent Ike as its substantive Group Managing Director/Chief Executive Officer, effective August 29, 2025, following regulatory approval.

The announcement, contained in a statement released on Wednesday and signed by the company secretary, Sunday Ekwochi, comes hours after Roosevelt Ogbonna resigned from the company’s board in compliance with new corporate governance rules issued by the Central Bank of Nigeria.

Ike takes over from Ms. Bolaji Agbede, who has steered the company in acting capacity for the past 18 months after the death of former Group CEO, Herbert Wigwe, in 2024.

She will now return to her role as Executive Director, Business Support.

According to the statement, Access Holdings Chairman, Aigboje Aig-Imoukhuede, said Ike’s appointment signals a new phase for the group.

He said, “We are thrilled to welcome Mr. Innocent Ike as we move forward. At the same time, we want to express our deepest gratitude to Ms. Bolaji Agbede.

“Her outstanding contributions over the past 18 months have been invaluable, and we appreciate her dedication in navigating the Company through challenges and opportunities. While regulatory requirements necessitate this change, we are grateful for the strong foundation that has been laid.”

Under Agbede’s leadership, the company achieved major milestones, including workforce stability, the execution of a N351bn rights issue, and the seamless hosting of two annual general meetings.

Speaking on the appointment, Ike said, “I am honoured to take on the role of Group Managing Director/Chief Executive Officer and excited to work alongside the talented team at Access Holdings.

“I look forward to building on the strong legacy established by Herbert Wigwe and Bolaji Agbede, and driving our vision forward, ensuring we continue to deliver exceptional value to our shareholders and stakeholders.”

Ike, a graduate of the University of Lagos and Best Graduating Student in Accounting in 1988, is a Fellow of both the Chartered Institute of Bankers of Nigeria and the Institute of Chartered Accountants of Nigeria.

He is also a certified IFRS expert.

With over 30 years’ experience in banking and financial services, Ike previously spent a decade at Access Bank, rising to General Manager before serving as Managing Director/CEO of Polaris Bank from 2020 to 2022, where he introduced VULTe, the bank’s award-winning digital platform.

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A former All Progressives Congress governorship candidate in Abia State, Paul Ikonne, has called on Governor Alex Otti to roll back what he described as “harsh” tax policies on traders in Aba and provide a transparent account of funds reportedly spent on school renovations and market projects.

In a statement released Wednesday by his Chief Press Secretary, Dr. Ujo Justice, Ikonne said traders at Ariaria International Market, who previously paid ₦18,000 per shop annually, are now required to pay over ₦36,000. With more than 88,000 shops in the market, this translates to roughly ₦3.1 billion yearly.

“The same situation is being experienced at Ekeoha Shopping Centre, Timber Market, and other trading clusters in Aba,” Ikonne said, noting that this contradicts the governor’s campaign promise of lower taxes.

The APC chieftain also demanded clarity on ₦54 billion reportedly spent on renovating 51 schools and ₦7 billion on recreational centres. “Governor Otti, fear God and show us the 51 schools you claimed to have renovated with ₦54 billion,” he said.

Ikonne further urged the governor to honour the Memorandum of Understanding signed with traders under the previous administration, which allowed them to reclaim their shops after remodelling.

“Instead, traders are being asked to pay as high as ₦15 million to re-acquire their shops. That is an anti-trader policy that adds untold hardship and suffering,” he stated.

He added that with a monthly federal allocation exceeding ₦30 billion, plus local government funds, the state has the resources to provide modern markets with basic amenities such as electricity, potable water, fire services, and security, without overburdening traders.

“There is no justification for squeezing Aba traders dry when the government has the financial capacity to provide these amenities. This ₦15 million shop fee and ₦36,000 levy are exploitative and run contrary to President Bola Ahmed Tinubu’s Renewed Hope Agenda,” Ikonne declared.

He emphasised that Aba, the economic heartbeat of the state, must not be “strangled by taxation without development,” stressing that a government punishing traders has failed in its duty to the people.

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It appears Nigeria’s power grid is defying efforts to ramp up electricity supply to 6,000 megawatts, as electricity on the grid has been hovering around 5,500 MW for months.

This came as the Nigerian Electricity Regulatory Commission transferred the regulatory market in Bayelsa State to the Bayelsa Electricity Regulatory Agency.

Our correspondent reports that while more states continue to get regulatory autonomy, power generation has refused to show any appreciable increase. In a notice on its social media handles on Monday, the commission said it transferred regulatory authority to Bayelsa in compliance with the amended 1999 Constitution and the Electricity Act 2023.

“In compliance with the amended Constitution of the Federal Republic of Nigeria and the Electricity Act 2023 (Amended), the Nigerian Electricity Regulatory Commission has issued an order to transfer regulatory oversight of the electricity market in Bayelsa State from the Commission to the Bayelsa State Electricity Regulatory Agency,” the commission said.

The transfer order by NERC directed Port Harcourt Electricity Distribution Company Plc to incorporate a subsidiary distribution company to assume responsibilities for intrastate supply and distribution of electricity in Bayelsa State from PHED.

PHED was also directed to complete the incorporation of PHED SubCo within 60 days from August 21, 2025. “The subcompany shall apply for and obtain a licence for the intrastate supply and distribution of electricity from BYERA, among other directives,” the commission said.

It concluded that all transfers envisaged by the order shall be completed by February 20, 2026. With this order, Bayelsa has joined states like Lagos, Imo, Ogun, Ondo, Ekiti, Enugu, Niger, Edo, Oyo, and Plateau, which have the power to regulate electricity markets.

The state can now generate, transmit, and distribute electricity while issuing licences to investors within the value chain. However, it was observed that promises of power stability have yet to come to fruition.

The Minister of Power, Adebayo Adelabu, promised to raise power generation to 6,000 MW before the end of 2024, but this was not achieved. On March 5, Adelabu revealed that power generation increased to a new high of 6,003 due to the Band A tariff increase, with an assurance that this would get to 7,000 MW. However, the feat could not be sustained for a few days.

In a report, NERC said Nigeria’s power plants recorded an average available capacity of 5,577 MW in July 2025, despite an installed capacity of 13,625 MW. The commission’s July factsheet showed that the figure represents a plant availability factor of 41 per cent, with a five per cent decline from June 2025.

Average hourly generation during the month was 4,340 megawatt-hours per hour, a marginal 0.3 per cent increase from June, while the average load factor stood at 78 per cent, slightly lower by 3 per cent. The report showed that the majority of the power plants are performing way below their capacities.

A breakdown of the largest energy producers showed that Egbin, with 1,320 MW installed capacity, had an average available capacity of 717 MW, representing a 54 per cent availability factor. Delta recorded 482 MW out of 900 MW (54 per cent), while Kainji posted 360 MW out of 760 MW (47 per cent).

On the other hand, Odukpani recorded 209MW available out of 625MW (33 per cent); Zungeru, 199MW out of 650MW (31 per cent); and Afam 2, 202MW out of 625MW (33 per cent).

Some of the highest availability factors were reported at Jebba, which produced 372 MW out of 461 MW (77 per cent); Okpai 1 supplied 471 MW out of 578 MW (81 per cent), and Ihovbor 2 produced 449 MW out of 461 MW (97 per cent).

For other grid-connected plants, Alaoji 1, with 500 MW installed, recorded zero availability, while Afam 1 delivered 0.11 MW out of 726 MW capacity. Sapele Steam, with 720 MW installed, had 21 MW available (3 per cent), and Sapele 2 recorded 92 MW out of 500 MW (18 per cent).

NERC’s report also showed grid frequency averaged 50.64 Hz at the upper limit and 49.42 Hz at the lower limit, while grid voltage stood at 347.87 kV at the upper bound and 301.10 kV at the lower, which was 4 per cent below the limit of 313.50 kV.

The Managing Director/Chief Executive Officer of the Niger Delta Power Holding Company, Jennifer Adighije, said prior to August 2024, power plants such as Ihovbor, Alaoji, and Omotosho were recording Plant Availability Factors below five per cent.

She said her team initiated a strategic intervention, targeting recovery of idle turbine units by engaging the original equipment manufacturers and parts suppliers while building an in-house response and harnessing commercial relationships with gas suppliers to secure a stable gas supply to the power plants.

“The result is that we have successfully recovered five generating turbine units across the fleet, restoring 625 megawatts to active contribution to the national grid. Alaoji Power Plant, which had hitherto remained dormant for an extended period, is now set to come on stream in a matter of weeks,” the NDPHC boss said in a recent interview.

The convener of PowerUp Nigeria, Adetayo Adegbemle, said power supply issues remain a challenge. “Of course, power is a challenge. However, we do not expect state regulatory autonomy to kick into effect immediately. It will take some time to mature.

“This does not, however, mean that the national regulatory commission should not look into policies that help increase power generation or energy uptake. This is another reason I keep calling the Minister of Power out for his lack of policy leadership for the sector; even the National Integrated Electricity Policy is almost as if it does not exist,” Adegbemle said.

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