Nigeria

By Muhammadu Sabiu

A new core investor, Strategic Capital Investment Limited (SCIL), has finished the processes involved in purchasing or acquiring Polaris Bank from the Central Bank of Nigeria (CBN).

In a statement, Osita Nwanisobi, the CBN’s director of corporate communications, said that the investment business received 100% stock holdings in Polaris Bank.

SCIL reportedly paid N50 billion upfront to purchase the shares, according to the statement released on Thursday. 

Since the apex bank intervened to suspend the former Skye Bank Plc’s licence in 2018 and established a bridge bank to take over its assets and some of its liabilities, the bank has been operating as a bridge bank.

CBN Governor Mr Godwin Emefiele was quoted as saying, “This sale marks the completion of a landmark intervention in a strategic institution in the Nigerian banking sector by the CBN and AMCON. We commend the outgoing board and management for their vital role since the bridge bank was established; in stabilising the Bank’s operations and its balance sheet and implementing strong governance structures to address the issues that led to the intervention.

“This process has provided the CBN with an unprecedented opportunity to recover its intervention funds in full and promote financial stability and inclusive growth. We wish SCIL well as they implement growth plans to build the bank from the strong foundations that have been established.”

Meanwhile, it can be recalled that Polaris Bank was recently enmeshed in a controversial drama characterised by a viral screenshot of an email allegedly from a supervisor of the bank, in which some Muslim employees were queried for attending a Juma’at service.

The email provoked an uproar from the Muslim faithful and forced a number of them to withdraw their money from the bank.

By Muhammadu Sabiu

The Nigerian Communications Commission (NCC) has directed that all providers of telecommunications services roll back the increased pricing adjustments for a select number of voice and data services.

This was revealed in a statement released on Wednesday by Reuben Muoka, head of public affairs at NCC.

The commission instructed the involved Mobile Network Operators (MNOs) to reverse the increased price adjustment in a letter dated October 12, 2022, adding that the service providers’ networks’ unilateral 10 per cent upward price increases for some phone and data services had been approved and put into effect.

It noted that the order was issued in order to allow for further consultation for the good of both the service providers and consumers.

“The consideration for 10 per cent approval for tariff adjustments for different voice and data packages was in line with the mandates of the commission as provided by the Nigerian Communications Act, 2003, and other extant Regulations and Guidelines, as this was within the provisions of the existing price floor and price cap as determined for the industry,” the commission said.

“The decision was also taken after a critical and realistic review and analysis of the operational environment and the current business climate in Nigeria, as it affects all sectors of the economy.

“Furthermore, even though the tariff adjustment was proposed and provisionally approved by the management, pending the final approval of the board of the commission, in the end, it did not have the approval of the board of the commission. As a result, it is reversed.

“The honourable minister of communications and digital economy, Isa Ali Ibrahim Pantami, has maintained that his priority is to protect the citizens and ensure justice to all stakeholders involved. As such, anything that will bring more hardship at this critical time will not be accepted.  

“This was also why he obtained the approval of President Muhammadu Buhari for the suspension of the proposed 5 per cent excise duty in order to maintain a conducive enabling environment for the telecom operators. Much as there is an increase in the cost of production, the provision of telecom services is still very profitable, and the subscribers mustn’t be subjected to a hike in charges.”

By Anas Abdullahi

The Nigeria of my dream—and arguably every patriotic Nigerian’s dream—revolves around the vision of a ‘thriving’ country; a country where the living condition of its citizens matches its natural endowments; a country where everyone, irrespective of background, has a sustainable source of livelihood, a secure environment to enjoy it and is able to attain the pinnacle of his/her potential. While there are divergent views of how this dream can be realised, everyone agrees that it is just a dream in the face of a dark mirror of an undeniable fact of life. The second part of the essay promptly asks an even more important question: how do we transform this dream into reality? From the onset, it appears that this question will be more accurately disserted by policy and strategy experts—two fields beyond the full grasp of my expertise. Nevertheless, in my own very limited way, I will give some ideas that may steer us towards the realisation of this vital dream.

Our problems are complex and multi-dimensional but traceable to a few independent variables; our deficient education system is chief among those variables. Education is the bedrock of every ‘elite’ society, but our government has gotten the basics of ours completely wrong. Basic education, which ought to be, according to the global standard, the level of education that must be free and accessible, is the most neglected by our government. The level of degradation in our public primary and secondary schools is such that many parents would rather their kids stay at home than attend such schools. Surprisingly, Nigeria spends three times more on tertiary education than it does on basic education. In a country with a high percentage of out-of-school children, this is not only a gross misplacement of priority but doesn’t also reflect our national priority. It becomes imperative then, as a matter of national agenda, that different tiers of government embrace and focus on basic education in addition to whatever they might be pursuing. This is viable via increased funding and robust teacher training to meet the challenge of providing quality basic education for all. Secondly, there’s a need for increased supervision; in most cases, private schools perform better than public schools because of stricter consequences management.

There is also a need for us to re-adjust our position on the payment of tuition for tertiary education. Is it not ironic that basic education, which is supposed to be free, has become more expensive than tertiary education? Most parents no longer have confidence in our public primary and secondary schools and prefer high-paying private schools. The bigger irony is that even those parents expect tertiary education to be free. To be honest with ourselves, researching innovation—the hallmark of tertiary institutions—requires a lot of funding, and government cannot do it alone. If we truly want to have a world-class education, then we must be ready to do what it takes to have it. Nigerians squander billions of Naira in pursuit of quality education abroad, and while this is not inherently bad, why are they then disinclined to

pay tuition in Nigeria? Meanwhile, the fact that students pay tuition does not mean the government should discontinue funding our tertiary institutions; tuition is only meant to increase the revenue of tertiary institutions, which in turn expands infrastructure and research capability. Students who can afford it should pay, while exceptional students whose parents are poor should receive scholarships and student grants. This will induce healthy competition for academic excellence and make parents demand more from teachers and institutions.

The restructuring requires our post-secondary education to be expanded. The glamour attached to university education at the expense of polytechnics and colleges of education conflicts with Nigeria’s contemporary and future needs. What a country bedevilled by high unemployment needs is high-level, hands-on manpower, which comes from polytechnics; as a matter of urgency, there is a need for our education at all levels to be solidified along vocational, technical and academic lines. There are many opportunities in ICT, construction, manufacturing, services, etc., that do not even require a university degree but some specific skills and certifications. Government can even go as high as liaising with companies to offer internships and apprenticeships, and the companies get reduced taxes. The one-year mandatory national service scheme NYSC has outlived its relevance and should also go in that direction. The government must realise that its politically-motivated attempts to expand university access without increased investment will only increase the amount of ‘unemployable’ graduates, which remains a major issue in the labour market. Fixing our education remains the key to fixing our country. It is necessary that we get the basics and the structure absolutely ‘spot-on.’

The proportion of youths in our population is probably our greatest cause for optimism, but only if we are able to groom a generation that is more preoccupied with “what can I do?” rather than “what certificate do I have?” As youths, we must be ready to understand how today’s labour market works and outgrow the comfort zone where a university certificate is tantamount to a government job. Albert Einstein famously said: “Problems cannot be solved by the same level of thinking that created them.” We must learn the skills that are needed by today’s highly demanding market and if the job doesn’t come, be ready to look within our environment and find opportunities; we must see education as a tool that helps us navigate the high-competitiveness of today’s job market and a mirror through which opportunities are seen; we must desist from excessive and often pointless use of mobile phones but instead leverage on the formidable power of the internet as a learning tool; we must be ready to accept that unemployment is not the inability to get a job, but rather the inability to see opportunities and utilise them; we must not be discouraged by our situations and remember that all the things we admire in the world today were not the product of people that complained about their

situation, but products of those who changed their situations. Poverty, it is said, is passing over opportunities repeatedly.

Parents have a crucial role in grooming this new generation of Nigerians. In addition to quality education, parents should teach their children resilience, discipline and the ruthless art of ‘living’ right from childhood. We must recalibrate our thinking to align with our reality and environment; parents must be willing to let go of the obsolete notion that learning a trade or handwork is detrimental to the pursuit of academic excellence. To achieve the Nigeria of our dreams, we must throw away a fundamental misconception about the role of government: the job of the government is not to create jobs but to create an enabling environment for businesses and the private sector to thrive and, in return, the government gets revenue through taxation. The misconception of the role of government has led to people demanding the government create jobs, and because the government wants to please people, what does the government do? Create endless and often unnecessary agencies and roles so that they can create jobs. The result is an exponential rise in recurrent expenditure that the government cannot simply afford. And because the government cannot afford it, they try to find ways to supplement their revenue. The government has been increasing taxes and VAT to pay salaries, and who is the innocent victim? Nigerian citizens and businesses are the very groups the government ought to protect.

Don’t get me wrong: I am not, in any way, asserting that the Nigerian government has done its part or that government should not be giving people jobs, but this sustained pressure has led to the over-saturation and, ultimately, the inefficiency of our civil service. The gross redundancy and inefficiency are nothing compared to the massive corruption that is going on in this place; civil service is simply the epicentre of evil in Nigeria. During the COVID-19 pandemic, low-ranking civil servants were asked to stay at home for two years; given the fact that these cadres constitute the majority ranks in the service, it is safe to say that most civil servants sat at home. One would have expected things to stagnate especially given the huge amount of money that is spent on salaries every month; quite the contrary, everything moved seamlessly. The country, both the government and the public, did not feel the effects whatsoever; there was simply no vacuum created by this absence. Think about this very carefully: the civil service executes the economic and social function of any government; it is the medium through which the impact of government is felt. In Nigeria, it is more of a curse than a blessing because it consumes a chunk of our revenue without performing its vital function. Nigeria will not change unless the institutions of government are changed and corruption is drastically reduced. Unless civil service is reformed, the dividends of government will never be truly felt in Nigeria.

Public institutions must be streamlined, professionalised, and realistically incentivised; government must block fiscal leakages and let off redundant agencies and roles while

concentrating on having an efficient civil service department that will contribute towards solving the socio-economic problems of this country. The government should be bold enough to take the next step, which is, of course, privatisation. The government must, simply and plainly, back off. Every sector that seems to work effectively in Nigeria is because of less government, not more. Government, economists say, has no business running businesses. Many sceptics of privatisation argue that privatisation is a mixed fortune in Nigeria. While this is true, is it not better to embrace something that partially works rather than something that doesn’t work at all? The commercialisation and planned privatisation of NNPC is laudable. More state-owned assets like airports, railways, power plants, etc., should follow. We are sentimentally attached to these things, but when we look critically, it is easy, as Nigerians, to see why privatisation is the way forward. For example, our four refineries have a combined monthly operational cost of N10 billion despite not refining anything; no businessman, in his right senses, will accept this. In addition to greater efficiency, privatisation will free up government responsibilities and allow the government to concentrate on social sectors like education, health, roads, etc.

Privatisation, though, will be met with strong resistance. To begin with, privatisation of NNPC means petroleum subsidies will be scrapped, adding to the economic situation that is already looking gloomy; half of the population already lives in poverty; the unemployment rate has, according to the latest statistics by the National of Bureau of Statistics (NBS), rising to 33%; and inflation is high, which means the prices of commodities in the markets are not affordable to the poor. Secondly, despite the incessant call by the government that Nigeria is broke, many people simply couldn’t believe the government, and sometimes, for good reasons. This assertion doesn’t align with the larger-than-life lifestyle of politicians and top government officials, nor has it been helped by a stereotype propagated especially among the lower class that if this country’s wealth were to be divided among its citizens, everyone, even an unborn child, would never experience poverty. It becomes necessary, therefore, that the government show transparency and carry Nigerians along the way. The first place to begin is our expenditure; the governments must re-prioritise by spending only on very essential items and reducing the cost of governance. A radical idea, albeit difficult, is to cut down the size of the national assembly. Again, the government must explain things to Nigerians in a matter that they would understand. Continued subsidy payment means N6 trillion will be borrowed next year, adding to the cost of servicing our debt, which according to the finance minister, exceeds our revenue. We are not even talking about the principal yet.

Why does this matter? CBN will be forced to keep covering financial gaps through means and ways that may have severe inflationary consequences. Furthermore, exploiters of financial leakages offered by the scheme and their networks will keep getting returns until the scheme is terminated. Privatisation will set the tone for our economic revival. The next economic reform

will be to increase our revenue through proper taxation. This is achievable through efficient tax generation and collection processes, strengthened tax laws and demands more compliance (by individuals and corporations). Tax collection agencies should also collate data on businesses and individuals in the informal sector and facilitate easy compliance, and more tax should be imposed on harmful products. The caveat is low economic growth; when individuals and companies are not making money, you can’t effectively tax them. One very important question that everyone at this juncture may be desperate to ask is: will this increased revenue translate to the prosperity of the people? Will it give us the Nigeria of our dream? Increased revenue means increased capacity of the government to carry out developmental projects, but it certainly doesn’t solve all our problems because even when the economy blossomed, many Nigerians wallowed in poverty—the Nigerian economic paradox. This is further illustrated by the fact that Nigeria is the largest economy in Africa but ranks below many other African countries in human developmental indexes. To address all the problems, we need to go back to the fundamental of growth.

Nigeria typically exports primarily raw materials and imports finished consumer goods. While this may increase GDP, it has negative effects on other developmental areas as a result of the low participation of citizens in this model. What we need is to fully maximise the entire value chain of our raw materials; manufacturing touches all parts of development and is much more resistant to external economic factors that can bring sudden cracks to the economy. Economic diversification is a worn-out narrative in Nigeria, but we need to see it happen. Our policymakers took this too far and tried to achieve forced industrialisation by restricting imports. The result was counterproductive. We do not need to produce ‘everything’ we consume; we should instead play to our strength by exploring areas of production and trade where we have a comparative and competitive advantage and by dominating value chains in which we have factor endowments. This will cater to our domestic demands and, at the same time, give us a strong export push given the free trade platform that the African Free Trade Area (AfCFTA) provides. We must be intentional about this: we should select a few industries that we desire to compete in, focus on them and assist them for the next few years. What is the sense, for example, in having timber and importing paper? Our internal disparity should also be taken into consideration. For example, the northern part of Nigeria produces greater agricultural output and has a greater proportion of semi-skilled and unskilled labourers. By extension, this means that agro-processing factories will be suited to this region.

Restoration of the ‘enabling environment’ for this structural transformation is necessary to attract local and foreign investors. To this effect, the government should clearly define and make accessible its policies, regulations, and tax laws to remove the issues of multiple and duplicate regulations, which often emanate from the excessive drive for tax revenues. Secondly, foreign exchange currency should be made easily available and accessible to

manufacturers to purchase raw materials and equipment from foreign countries. Thirdly, infrastructural challenges posed by dilapidated transport networks and insufficient power supply should be eliminated. Government should rehabilitate major roads leading to industrial areas, improve access to ports and continue the ongoing development of the rail system; these will drastically reduce the operating cost associated with transportation. Another constraint that must be overcome is electricity fluctuations. The bill recently supported by our lawmakers to allow the state governments to generate and transmit electricity is recommendable. This will allow private investors to take part in the Nigerian energy market. Another alternative is using abundant renewable energy sources (hydro, solar, wind) to supplement the national energy mix, which will be particularly instrumental in remote areas where the distribution of electricity is difficult.

Finally, we need a ‘meritocratic’ environment for anything to work; an environment where hard work, excellence and discipline are rewarded and corruption bastardised; an environment where achievement becomes a function of merit and not sentiment; an environment where everyone will be given what is due for them at the right time; an environment where accountability and transparency are institutionalised in government. For us to achieve the Nigeria of our dream, we must grant full and complete independence to our judicial system; whoever is found guilty must be punished according to the rule of law. No amount of ideas will work in Nigeria with selective justice and wasteful expenditures by the ruling class. I dream of Nigeria with selfless leaders who are not afraid of ‘one big man’ and who put the national interest above their interests. I dream of Nigeria, where everyone does what ought to be done to the best of their ability. I dream of a country where corrupt officials become ‘outcasts’ in society. I dream of a country where politicians will be unable to mortgage the conscience of the people with bread and butter.

Endowed with 923,768km² of land mass (80% arable), 37 billion barrels of crude oil deposit (estimated), huge deposits of solid minerals, an 853km long coastline, and a youthful demographic—Nigeria is a country that oozes ‘greatness.’ What remains is for us to collectively put our hands together right now to achieve the Nigeria of our dream.

Anas Abdullahi sent this via anaschemical2008@gmail.com.

By Uzair Adam Imam

The All Progressive Congress (APC) in Zamfara said the state government did not shut down media houses but only sealed them for breaking the law. 

The APC Publicity Secretary in the state, Yusuf Idris, clarified this on Channels TV’s Sunrise Daily, saying the affected media houses collaborated with the Peoples Democratic Party (PDP) to break the law.

The Daily Reality recalls that Zamfara State Government, through the announcement by its Information Commissioner, Ibrahim Dosara, ordered the immediate shutdown of the affected media houses.  

Since he announced the order, trials have continued to knock the state government over the closure of the broadcast stations in the state.  

Justifying the move, Idris said, “The information reaching you out there is incorrect. What I read from the government is that it sealed the media (houses), not shut down. 

“The government doesn’t have the right to shut down, it only sealed; no going in, no going out. Shutting down means they are not going to operate and cancelling their licenses; this is the responsibility of NBC.”

By Muhammadu Sabiu

Dr Sani Isah Abba, a specialist in optimization algorithms and artificial intelligence from Kano, had made it to the global list of the top 2% of scientists in their field by a joint research evaluation metric developed by Stanford University’s Elsevier and the Meta-Research Innovation Center.

Abba is a certified engineer and a lecturer at Base University Abuja, Nigeria.

According to a document obtained by The Daily Reality (TDR), Abba has published more than one hundred research articles and book chapters.

He also presented at numerous regional, national, and worldwide conferences.

The academic did his BSc, MSc and PhD at Bayero University Kano, Sharda University India and Near East University Cyprus, respectively.

TDR understands that his works can be accessed on Google Scholar, Research Gate and ORCID, among other academic platforms.

By Uzair Adam Imam

Nine Ghanaians were reportedly nabbed by National Drug Law Enforcement Agency (NDLE) for attempting to smuggle 10,843.95kgs of cannabis into Nigeria. 

Justice Akintayo Aluko of the Federal High Court, Lagos, while delivering his ruling in the matter, convicted the Ghanaians of conspiracy and dealing in cannabis.

The Ghanaians attempted to smuggle the cannabis through the sea and were sentenced to 72 years imprisonment.

Several reports indicated that they were initially arrested by men of the Civil Defence Corps and transferred to NDLEA for further investigation and prosecution. 

The Daily Reality discovered that after the investigation, they were arraigned in charge number FHC/L/292C/2021.

The convicts include; Victor Wuddah, Freeman Gazul, Adotete Joseph, Sottie Moses, Sottie Stephen, Christian Tette, Kanu Okonipa, Daniel Koyepti, and Kanu Natte.

By Uzair Adam Imam

Eleven additional academic courses have been approved for Igbinedion University, Okada, by the National Universities Commission (NUC).

The development was made public on Friday by the institution’s Registrar, Mr Friday Bakare, in a statement made available to journalists in Benin.  

Bakare disclosed that the NUC’s approval to commence the new programmes is contained in a recent communication to the University by the Executive Secretary of the NUC, Prof. Abubakar Rasheed.

The courses included: “B.Sc Industrial Chemistry, B.Sc Cyber Security, B.Sc Pharmacology, B.Sc Software Engineering and B.Eng Environmental Engineering.

“Others are B.Eng Mechatronics Engineering; PGD, M.Eng & PhD. Civil Engineering; PGD, M.Eng & PhD. Petroleum Engineering; PGD, M.Eng & PhD. Computer Engineering; M.Sc & PhD. Sociology; and M.Sc & PhD. Geography and Regional Planning,” he said.

He states that admission into the new programmes will commence from the ongoing 2022/23 academic session.

By Nusaiba Ibrahim Na’abba

Regretfully, the calamities unfolding these days are unceasingly proving that our climate is indeed shifting in ways we’ve at no time conceived. Whether climate change will remain a hoax or not is something that can only be proven over time. But, the world isn’t at peace knowing that we are living in desperate times, courtesy of weather conditions our environments haven’t experienced before, even worsening our disorderly states. The experiences of these calamities have massively multiplied and are painting a dusky time ahead.

Poverty levels are increasing as people are forced to flee their homes and farms in search of safety, not because of only insecurity but as a result of deadly climate-related catastrophes. Many of these climate problems are associated with human and natural causes. However, they are also primarily associated with how public development initiatives have, over time, been neglected, grossly squandered and unaccounted for. Now, we are all paying the price. Unlike health, economy and education issues, the environment barely segregates the poor and rich, illiterates and literate, among other unfounded claims used, to create divisions within developing societies like ours.

Climate change is mainly explained within the purview of science. However, not all scientific evidence sits well with religion and culture, core pillars held in high esteem in developing societies worldwide. This is quite understandable as scientific outcomes often contradict cultural and religious perceptions, hence the disagreement. However, communities are now mindful that everyday living is enveloped by gigantic piles of plastic wastes, massive refuse-clotted drainages, insufficient foods, low agricultural turnout, excessive heat and flooding.

On the premise of religion and culture, disagreeing with and disproving new concepts happens to everything alien. It had occurred to diseases like HIV/AIDs, Sickle Cell Anemia, Tuberculosis and, recently, Covid-19 before they were finally accepted as problems in places like Nigeria. Similar to older rejections, climate change has also faced backlash. There are underlying elements of political and economic contestations fueling quests for advanced economies in the world alongside cultural and religious underpinnings. However, that does not erase the authenticity of such events as the current realities are proving them.

The detrimental consequences of climate change have transcended boundaries and excessively destroyed societies. Calamities like flooding, which we spot from afar, are now occupying top spots on our disaster checklists, which is quite frightening. The recent downpour witnessed in Nigeria degenerated into floods that consumed lives and displaced many communities in some parts of Jigawa, Kano and Yobe among the 24 states listed by NEMA through its director of Relief and Humanitarian assistance, Alhassan Nuhu. And with existing IDP camps around the northern part of the country, more devastation has hit the nation.

Until it became a global discourse, the spontaneous activities happening in developing countries like Nigeria were never seen as causatives of climate change. However, the corrupt nature of our systems enables substandard building structures. It fuels illegal dumping of refuse, deforestation, desert encroachment, and various climate problems. Now, these challenges have united to unleash colossal damage to our environment.

Recurrent flooding forcing people out of their homes signals a huge alarm as Nigeria remains in economic chaos and a messy political scene. Unfortunately, no particular problem was attributed as the sole reason for the unusual persistent floods we face in Kano and other neighbouring states. And the reason is mainly that multiple mismanaged natural and human causes have piled up over the years.

With dynamics intrinsic to climate change, the communities in the Northern part of Nigeria, like Kano, Yobe, and Bauchi, among others, have been selected to be part of the Great Green Wall Initiative to combat these environmental changes. Essentially, the project focused on battling climate crises, including desertification, erosion, and other problems related to shifting climate conditions in the Sahel region of the World, including Nigeria.

Whatever the more robust economies are set to achieve, these times are not the best for the independence of thoughts and decisions. We have a collective responsibility to save our environment to save humanity at large. And it is only through collaborative and calculative efforts of communities and the government that the consequences of climate change can be averted to halt its rapid advance. Our duty as humans is to consistently avoid harming the environment and adopt sustainable ways of creating energy, practising agriculture, waste management and other viable solutions offered by experts.

Utilizing these available sustainable methods is highly strategic to align Nigeria with global best practices in the fight against climate change. But on the other hand, our governments at all levels must provide robust and all-inclusive policies that align with citizens’ goals to propel development and support sustainable-driven initiatives to achieve massive, unprecedented mutual successes for humanity and the environment.

Nusaiba Ibrahim Na’abba is a master’s student from the Department of Mass Communication, BUK. She is a freelance writer and researcher. She can be reached via nusaibaibrahim66@gmail.com.

By Uzair Adam Imam

Bayero University, Kano (BUK), has emerged as the first in the north on the Times Higher Education 2023 World University Rankings list. 

Topping the list in the north, BUK is the fourth in Nigeria, with the University of Ibadan emerging as the best in the country.  

The University of Lagos is the second, while Covenant University is the third in the ranking in Nigeria. 

BUK, being the first varsity in Kano, was established in 1975. It currently has over fifty thousand students.

The University of Oxford emerges as the best university in the world, followed by Havard University, the University of Cambridge Standford University. 

BUK students, alums, and some of the university’s lecturers took to their social media spaces to jubilate the success.

By Uzair Adam Imam

The Ministry of Power on Wednesday disclosed that there is no plan on the ground to sell the Transmission Company of Nigeria (TCN).

The ministry disclosed this in a statement signed and issued to journalists today, October 12, 2022.

The statement urged the general public to dismiss the statement making the round regarding a non-existing plan to privatize the TCN. 

The Daily Reality gathered that the ministry stated this a response to media reports and statements claiming that there is a plan to privatize TCN next month. 

The statement read: “These reports are untrue and are only mere misinformation aimed at spreading panic in the power sector, which is making progress towards ensuring that Nigerians enjoy uninterrupted power supply.”

“The Federal Government of Nigeria has no intent to sell or privatize the Transmission Company of Nigeria, and no one in the FGN has made a statement of an intent to sell TCN.

“The Transmission Company of Nigeria (TCN) is a centrepiece in the Federal Government of Nigeria’s efforts to rejuvenate the power sector. Therefore, the Ministry of Power working with key stakeholders is continuing to evaluate, assesses and upgrade TCN to make it more efficient and transparent.

“As part of the repositioning of TCN, job opportunities are being created, as with the recently concluded ramp up of employment, contrary to claims that there is a plan for a mass disengagement of staff at TCN. The organization has also been carrying out sustained capacity building by training and retraining of staff across all cadre for efficiency and service delivery.

“Transmission is a vital segment of the electricity value chain that constantly needs significant investment. As is the best practice across the world, the government of Nigeria maintains the transmission segment of the power value chain even when other segments have been privatized. Currently, the federal government is investing and supporting efforts to make TCN a world-class transmission service provider.

“The federal government under the leadership of President Muhammadu Buhari focuses on upgrading, stabilizing and modernizing Nigeria’s power industry through various interventions, including the Nigeria-Siemens partnership under the Presidential Power Initiative (PPI),” the statement added.