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Blackout fears grow over gas plant maintenance

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Seven power plants across Nigeria are expected to experience gas supply constraints as Seplat Energy shuts down a major facility for scheduled maintenance, raising fears of potential electricity shortfalls and looming blackouts, the Nigerian Independent System Operator has warned.

In a notice issued on Thursday, NISO alerted electricity market participants and consumers that the maintenance, slated for February 12 to 15, 2026, would temporarily reduce gas availability to some thermal power plants. The system operator emphasised that critical national infrastructure and essential services would be prioritised should load management measures be required during the period.

Power stations projected to be directly affected include Egbin, Azura, Sapele, and Transcorp Power Plants, while NDPHC Sapele, Olorunsogo, and Omotosho plants are likely to experience indirect constraints due to network-wide gas balancing effects.

The planned maintenance affects gas supply into the NNPC Gas Infrastructure Company Limited (NGIC) pipeline network and is expected to temporarily reduce thermal generation capacity on the national grid. At least seven power stations are projected to face direct and indirect constraints during the exercise.

In a separate press statement issued by NISO management and the Chief Corporate Communications Officer of NNPC Ltd, Andy Odeh, the system operator confirmed that gas availability to seven grid-connected power plants would be curtailed during the four-day exercise.

Earlier assessments by NISO indicate that the maintenance could result in a generation shortfall of about 934.96 megawatts, representing roughly 19.67 per cent of the combined available thermal and hydro generation capacity of 4,753.10MW on the grid.

The notice read in part: “The Nigerian Independent System Operator hereby informs the general public and all electricity market participants of anticipated gas supply constraints affecting some major thermal power generating stations connected to the national grid.

“This situation arises from a formal notification received on the scheduled maintenance shutdown of a major gas supply facility from 12 to 15 February 2026 (both days inclusive). Full gas supply is expected to be restored on 16 February 2026.

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“During the maintenance period, gas availability to certain power plants that depend on this supply network will be temporarily reduced. This will result in a temporary reduction in available thermal generation capacity across the national grid. This reduction underscores the need for careful system operation to maintain grid stability and reliability.”

NISO, which recently assumed the role of independent system operator under Nigeria’s restructured electricity market framework, said it would deploy real-time operational measures to preserve grid integrity throughout the maintenance window.

“In line with its statutory mandate, NISO will deploy appropriate real-time operational measures to safeguard the integrity and security of the national grid throughout the maintenance window,” the statement added.

“Any load shedding, if required, will be implemented in a structured, transparent, and equitable manner in close coordination with distribution companies. Priority will be accorded to critical national infrastructure, essential services, and security installations,” it emphasised.

The operator assured stakeholders that all decisions taken during the period would follow established grid security and reliability standards. “NISO assures all stakeholders and electricity consumers that every action taken during this period will be strictly guided by established operational procedures, grid security requirements, and reliability standards.

“The National Control Centre will intensify real-time system monitoring and contingency planning, while also ensuring fair load allocation based on available generation capacity,” the statement added.

Nigeria’s electricity grid remains heavily dependent on thermal power plants, which account for over 70 per cent of installed generation capacity and run primarily on natural gas supplied through pipelines and upstream processing facilities concentrated in the Niger Delta.

While Nigeria has abundant gas reserves—the largest in Africa—persistent supply bottlenecks, pipeline vandalism, payment arrears, and infrastructure maintenance have repeatedly disrupted electricity generation.

Industry data show that even when installed capacity exceeds 13,000MW, actual available generation often hovers between 4,000MW and 5,000MW due to gas shortages, transmission constraints, and plant outages.

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Egbin, for instance, remains the largest single thermal power station in Nigeria with an installed capacity of 1,320MW. Azura-Edo contributes 461MW, while Transcorp’s Ughelli plant has over 900MW installed capacity. Any reduction in gas supply to these facilities typically has an immediate ripple effect across the national grid.

In a related statement titled “Notice of Scheduled Maintenance on Major Gas Plant and Facilities,” the Nigerian National Petroleum Company Limited confirmed the routine maintenance on its gas production facilities from February 12 to 15.

Seplat, a joint venture partner of NNPC Ltd and a key supplier of gas into the NGIC pipeline network, described the exercise as part of standard safety and asset integrity protocols.

“The public is hereby informed that Seplat Energy Plc, a Joint Venture partner of NNPC Ltd and a key supplier of gas into the NNPC Gas Infrastructure Company Limited pipeline network, has scheduled routine maintenance on its gas production facilities from 12th to 15th February 2026.

“This planned activity forms part of standard industry safety and asset integrity protocols designed to ensure the continued reliability, efficiency, and safe operation of critical gas infrastructure. Periodic maintenance of this nature is essential to sustain optimal system performance, strengthen operational resilience, and minimise the risk of unplanned outages,” the statement said.

The company acknowledged that the maintenance would temporarily reduce gas supply into the NGIC network, with possible knock-on effects on electricity generation.

“During the four-day maintenance period, there will be a temporary reduction in gas supply into the NGIC pipeline network. As a result, some power generation companies reliant on this supply may experience reduced gas availability, which could modestly impact electricity generation levels within the timeframe,” it added.

NNPC Ltd and Seplat said they were working to ensure the exercise is completed as scheduled, while mitigation measures are being put in place. “NNPC Ltd and Seplat Energy are working closely to ensure that the maintenance is executed safely and completed as scheduled.

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In parallel, NNPC Gas Marketing Limited is engaging alternative gas suppliers to mitigate anticipated supply gaps and maintain stability across the network. Upon completion of the maintenance exercise, full gas supply into the NGIC system is expected to resume promptly, enabling affected power generation companies to return to normal operations.”

The Executive Director of PowerUp Nigeria, Mr Adetayo Adegbemle, faulted the handling of the planned maintenance, describing it as evidence of poor long-term planning in the power sector. Reacting to the announcement of anticipated gas constraints, Adegbemle said the development reflects a systemic failure to build buffers into critical infrastructure planning.

“This announcement shows our inability to plan ahead. Nothing says we should not have storage facilities that would hold us for days while this maintenance is being done,” he said. He argued that with better foresight, the impact of routine maintenance on electricity generation could be significantly reduced.

“I want to believe it is just our Nigerian way of approaching all issues that is accounting for this. We really need to change our thinking and approach to issues. We need to chase excellence in all we do,” Adegbemle added. He stressed that as Nigeria continues to depend heavily on gas-fired power plants, investments in gas storage and strategic reserves would help shield electricity consumers from avoidable supply shocks during scheduled maintenance or unexpected disruptions.

For millions of Nigerians, however, the technical language of “gas balancing effects” and “maintenance windows” may translate simply into darker homes, noisier generators, and higher fuel expenses over the four-day period.

As the country pushes reforms under the Electricity Act and seeks to attract investment into generation and gas infrastructure, the latest development reinforces a recurring lesson: Nigeria’s power stability remains inseparably tied to the reliability of its gas supply chain.

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Bank recapitalisation: Local investors provide 72% of N4.6tn

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The Central Bank of Nigeria (CBN) on Wednesday said domestic investors accounted for the bulk of funds raised under its banking sector recapitalisation programme, contributing 72.55 per cent of the N4.65tn total capital secured by lenders.

The apex bank disclosed this in a statement marking the conclusion of the exercise, which began in March 2024 and saw 33 banks meet the new minimum capital requirements.

The statement was jointly signed by the Director of Banking Supervision, Olubukola Akinwunmi, and the Acting Director of Corporate Communications, Hakama Sidi-Ali.

According to the CBN, Nigerian investors provided about N3.37tn of the total capital raised, underscoring strong domestic confidence in the banking sector, while foreign investors accounted for the remaining 27.45 per cent.

“Over the 24-month period, Nigerian banks raised a total of N4.65tn in new capital, strengthening the resilience of the financial system and enhancing its capacity to support the economy,” the statement said.

Commenting on the outcome, the CBN Governor, Olayemi Cardoso, said, “The recapitalisation programme has strengthened the capital base of Nigerian banks, reinforcing the resilience of the financial system and ensuring it is well-positioned to support economic growth and withstand domestic and external shocks.”

The bank confirmed that 33 lenders had met the revised capital thresholds, while a few others were still undergoing regulatory and judicial processes.

“The CBN confirms that 33 banks have met the revised minimum capital requirements established under the programme,” it stated.

“A limited number of institutions remain subject to ongoing regulatory and judicial processes, which are being addressed through established supervisory and legal frameworks.

“All banks remain fully operational, ensuring continued access to banking services for customers.”

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The regulator stressed that the recapitalisation exercise was completed without disrupting banking operations nationwide, noting that key prudential indicators, particularly capital adequacy ratios, had improved and remained above global Basel benchmarks.

Minimum capital adequacy ratios were pegged at 10 per cent for regional and national banks and 15 per cent for banks with international licences.

The CBN added that the exercise coincided with a gradual exit from regulatory forbearance, a move it said improved asset quality, strengthened balance sheet transparency, and enhanced overall system stability.

To sustain the gains, the apex bank said it had strengthened its risk-based supervision framework, including periodic stress tests and requirements for adequate capital buffers.

It added that supervisory and prudential guidelines would be reviewed regularly to improve governance, risk management, and resilience across the sector.

“The successful completion of the programme establishes a stronger and more resilient banking system, better positioned to support lending, mobilise savings, and withstand domestic and global shocks,” the statement added.

Meanwhile, data from the National Bureau of Statistics showed that foreign capital inflows into the banking sector rose by 93.25 per cent year-on-year to $13.53bn in 2025 from $7.00bn in 2024, reflecting strong investor interest during the recapitalisation drive.

However, the Centre for the Promotion of Private Enterprise has cautioned that despite the strengthened banking system, credit to small businesses remains weak, warning that the benefits of the reforms are yet to fully impact the real economy.

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Court freezes N448m assets in Keystone Bank debt recovery suit

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The Federal High Court in Lagos has ordered the freezing of funds and assets valued at N448,263,172.41 in a debt recovery suit instituted by Keystone Bank Limited against five defendants.

The order was made on March 26, 2026, by Justice Chukwujekwu Aneke following an ex parte application moved by Keystone Bank’s counsel Mofesomo Tayo-Oyetibo (SAN), against Relic Resources, Olufunmilayo Emmanuella Alabi, Uwadiale Donald Agenmonmen, The Magnificent Multi Services Limited, and Raedial Farms Limited.

In his ruling, Justice Aneke granted a Mareva injunction restraining the defendants, whether by themselves, their agents, privies, or assigns, from withdrawing, transferring, dissipating, or otherwise dealing with funds, shares, dividends, and other financial instruments standing to their credit in any bank or financial institution in Nigeria, up to the sum in dispute.

The court further directed all banks and financial institutions within the jurisdiction to forthwith preserve any funds belonging to the defendants upon being served with the order.

The said institutions were also ordered to depose to affidavits within seven days of service, disclosing the balances in all accounts maintained by the defendants, together with the relevant statements of account.

In addition, the court granted a preservative order restraining the defendants from disposing of, alienating, or otherwise encumbering any movable or immovable property, including any future or contingent interests, up to the value of the alleged indebtedness.

The court also granted leave for substituted service of the originating and other court processes on the second and third defendants by courier delivery to their last known addresses.

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The matter was adjourned to April 9, 2026, for mention.

According to the originating processes before the court, the suit arises from a N500 million overdraft facility granted by the claimant to the first defendant on March 28, 2023, for a tenure of 365 days at an interest rate of 32 per cent per annum.

The claimant averred that the facility, initially secured by a $200,000 cash collateral and subsequently by a mortgaged property located at Itunu City, Epe, Lagos, expired on March 27, 2024, leaving an outstanding indebtedness of N448,263,172.41 as at October 31, 2024.

In the affidavit in support of the application, the claimant alleged that the facility was diverted for personal use by the third defendant and channelled through the fourth and fifth defendant companies.

It further contended that the first defendant is no longer a going concern and has failed, refused, and neglected to liquidate the outstanding indebtedness despite several demands made between May and October 2025.

The claimant also expressed apprehension that the defendants may dissipate or conceal their assets, thereby rendering nugatory any judgment that may be obtained in the suit, and consequently urged the court to grant the reliefs sought in the interest of justice.

After considering the application and submissions of learned silk, Justice Aneke granted all the reliefs sought and adjourned the matter to April 9, 2026, for further proceedings.

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Sanwo-Olu unveils Lagos 2026 economic blueprint, vows inclusive growth

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The Lagos State Governor, Babajide Sanwo-Olu, on Tuesday unveiled the 2026 edition of the Lagos Economic Development Update, reaffirming his administration’s commitment to driving inclusive growth and ensuring that economic progress translates into tangible benefits for all residents of the state.

The unveiling of this year’s outlook, held in Ikeja, provides an in-depth analysis of the state’s economic trajectory, capturing global, national, and local developments shaping Lagos’ growth outlook.

Represented by his deputy, Obafemi Hamzat, the governor described the report as more than a policy document, noting that it serves as a strategic compass for guiding economic direction and strengthening decision-making.

He added that despite global economic headwinds — including post-pandemic recovery challenges, inflationary pressures, and exchange rate fluctuations — the state has remained resilient through deliberate policies, fiscal discipline, and sustained investment in critical infrastructure.

“It is with a deep sense of responsibility and optimism that I join you today to officially launch the third edition of the Lagos Economic Development Update — LEDU 2026.

“This platform has evolved beyond a mere policy document; it has become a compass guiding our economic direction, shaping decisions, and reinforcing our commitment to building a resilient, inclusive, and prosperous Lagos,” he said.

He noted that while the global economic environment has remained unpredictable, Lagos has stayed on course through “clarity, discipline, and foresight,” anchored on the T.H.E.M.E.S+ Agenda.

According to him, the state had strengthened its fiscal framework, improved revenue generation, and invested in infrastructure critical to long-term growth.

Sanwo-Olu further highlighted progress recorded since the inception of LEDU, including the expansion of the state’s economic base driven by innovation, entrepreneurship, and digitalisation; improved efficiency in revenue systems; and sustained infrastructure development spanning roads, ports, energy, and urban planning.

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He added that continued investment in human capital remains central, as “people are the true engine of growth.”

Speaking on the theme of this year’s report, “Consolidating Resilience, Advancing Competitiveness, Delivering Shared Prosperity,” the governor said it reflects Lagos’ current economic priorities.

He explained that consolidating resilience involves strengthening institutions and fiscal discipline, while advancing competitiveness requires boosting productivity, innovation, and investment.

Delivering shared prosperity, he added, means ensuring growth translates into jobs, expanded opportunities, and improved livelihoods for residents.

Looking ahead, he reaffirmed the administration’s commitment to economic diversification, private sector-led growth, data-driven governance, sustainable urban development, and social inclusion.

He also stressed the importance of partnerships with the private sector, development institutions, civil society, and the international community in achieving the state’s development goals.

“As we launch this edition of LEDU, I urge all stakeholders to engage actively, strengthen collaboration, and align with our shared vision.

“We have built resilience; now we must translate it into sustained competitiveness and ensure that growth delivers tangible prosperity for every Lagosian,” he said.

Also speaking, the state Commissioner for Economic Planning and Budget, Ope George, said Lagos has demonstrated remarkable resilience in navigating both global and domestic economic challenges.

“Lagos is not just responding to economic shocks — we are building systems that make us stronger because of them,” he said, noting that deliberate policies, disciplined fiscal management, and strategic investments have reinforced the state’s position as a leading subnational economy in Africa.

He added that the state would continue to prioritise economic diversification, private sector growth, sustainable urban development, and social inclusion, stressing that growth must be measured not only by numbers but also by its impact on people’s lives.

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In his goodwill message, Chief Consultant at B. Adedipe Associates Limited, Biodun Adedipe, described the LEDU initiative as a credible framework for tracking economic performance and refining development strategies.

He noted that Lagos remains central to Nigeria’s economy, adding that its continued growth signals broader national progress.

“If Lagos works, a significant share of Nigeria’s commerce works,” he said, expressing optimism about the state’s economic future.

Meanwhile, the Chief Executive Officer of the Nigerian Economic Summit Group, Tayo Adeloju, urged the state government to prioritise affordable housing as a critical driver of shared prosperity.

He noted that high housing costs could limit upward mobility for low-income earners, stressing that making housing more accessible would enhance living standards and support inclusive growth.

Adeloju added that sustained fiscal discipline, improved service delivery, and a broader productive base would further strengthen Lagos’ position among Africa’s leading megacity economies.

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