President Bola Tinubu has granted anticipatory approval for a N4 trillion bond programme to address Nigeria’s long-standing electricity sector liquidity crisis.

The move is aimed at rescuing power generation companies (GenCos), which have been crippled by massive debts owed by the Federal Government over the years.

This decision was confirmed by the Special Adviser to the President on Energy, Olu Verheijen, after a high-level meeting between the President and key GenCo stakeholders at the Presidential Villa in Abuja. The gathering, led by former Niger State Governor Col. Sani Bello (rtd), included representatives from the Association of Power Generation Companies and top government officials.

According to Verheijen, the bond programme follows an extensive audit of GenCo claims, which amount to N4 trillion in unpaid tariffs and market shortfalls accumulated since 2015. She explained that the Nigerian Bulk Electricity Trading Company (NBET) has so far verified N1.8 trillion of these claims, with final figures still under review and subject to downward revisions before the Debt Management Office (DMO) proceeds with issuance.

President Tinubu acknowledged that the sector’s crisis stems from a backlog of inherited liabilities from previous administrations. He pledged a transparent, fair, and deliberate approach to settling the verified debts.

“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 said.

He called on the GenCos and financial institutions to exercise patience and avoid pushing for foreclosures while the verification process continues.

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

The President reaffirmed his belief in a market-driven electricity sector and cited recent government reforms, including the removal of fuel subsidies and the introduction of Compressed Natural Gas (CNG), as efforts to shift toward sustainable energy relief for Nigerians. He described electricity as one of the most transformative discoveries in human history, saying, “Access to electricity is fundamental to economic growth and human dignity.”

Minister of Power Adebayo Adelabu lauded Tinubu’s intervention, noting that his administration has taken historic steps to reform the sector. These include the signing of the Electricity Act, 2023—which decentralizes power generation and distribution—and the launch of Nigeria’s first Integrated National Electricity Policy in over two decades. He also highlighted the inflow of over $2 billion in new private investments and a 70 percent increase in the sector’s annual revenue, which grew from N1 trillion in 2023 to N1.7 trillion in 2024. That revenue surge has reportedly helped reduce government subsidy obligations by over N700 billion.

Adelabu also cited improvements in operational metrics: installed generation capacity has risen from 13,000 MW to 14,000 MW; a record daily energy delivery of 120,370 MWh was achieved on March 4, 2025; and there have been no national grid collapses in 2025, thanks to the Presidential Power Initiative. The government has also launched a N700 billion Presidential Metering Initiative and leveraged the World Bank-backed DISREP programme to deliver 300,000 out of 3.45 million procured smart meters to homes and businesses.

Despite the upbeat tone from the presidency and sector leaders, many Nigerians have expressed skepticism, describing the N4 trillion bond approval as yet another fruitless spending spree in a chronically underperforming sector.

Many point to previous multitrillion-naira interventions that failed to yield tangible improvements in electricity supply. Between 1999 and 2010, the Nigerian government reportedly spent over N4.7 trillion on the power sector. A separate N1.7 trillion was also expended between 2018 and 2020. Yet, power supply remains erratic, with frequent outages and limited access still plaguing millions across the country.

It is believed that unless systemic corruption, mismanagement, and regulatory dysfunction are addressed head-on, fresh funds—no matter how large—will only add to Nigeria’s growing debt burden without solving the sector’s fundamental problems.

Aliko Dangote 3.0 begins: “Aliko Dangote has officially stepped down as Chairman and Director of Dangote Cement Plc, marking a significant shift in the leadership structure of the company he built into Africa’s largest cement producer. The decision, announced in a statement released Friday, takes immediate effect and signals what analysts describe as another bold move by the billionaire to sustain his legacy while sharpening the conglomerate’s focus on its most critical frontier — oil and gas. Mr Emmanuel Ikazoboh, an Independent Non-Executive Director, has been named the new Chairman of the Board, succeeding Dangote.”

That 3.0 will focus on expanding his diversified conglomerate with oil & gas at the heart of it. With a potential deep seaport loading, the Dangote seaport will disintermediate not just other ports in Nigeria but also the Port of Lome in Togo. Yes, he will run his seaport end-to-end that no other port will have a chance.

Why? You load in Germany or China, and want the items delivered to a warehouse in Onitsha or Kano or Ibadan, Dangote deep seaport will link to Dangote trucks to make that happen. In other words, they will deliver to your doorsteps! That is an asymmetric advantage in Nigeria.

From my point of view, Aliko Dangote has undergone three phases as a businessman.

• Dangote 1.0: The 1970s mercantilist trader who was buying and selling cotton and other commodities.
• Dangote 2.0: The 1990s cement magnate and industrialized conglomerate builder
• Dangote 3.0: The 2020s oil and gas generation-shaping businessman building the most advanced oil and gas empire in continental Africa.

Nigerian businessman and philanthropist Aliko Dangote has officially stepped down as Chairman and Director of Dangote Cement Plc, marking a significant shift in the leadership structure of the company he built into Africa’s largest cement producer.

The decision, announced in a statement released Friday, takes immediate effect and signals what analysts describe as another bold move by the billionaire to sustain his legacy while sharpening the conglomerate’s focus on its most critical frontier — oil and gas.

Mr Emmanuel Ikazoboh, an Independent Non-Executive Director, has been named the new Chairman of the Board, succeeding Dangote. The company also announced board changes, including the retirement of Professor Dorothy Ufot and the appointment of Hajiya Mariya Aliko Dangote.

According to the statement, Dangote’s exit from the cement board is intended to enable him to focus more deeply on the Dangote Group’s core strategic areas, particularly the multibillion-dollar Dangote Refinery, along with the group’s Petrochemicals, Fertiliser, and Government Relations operations. These segments are considered vital to the group’s five-year growth strategy.

Industry analysts believe that Dangote’s exit from the cement board is not a retreat but a calculated pivot toward the segment of his business that could redefine Nigeria’s industrial landscape — the oil sector. With the recently commissioned 650,000 barrels-per-day Dangote Refinery expected to dramatically reduce Nigeria’s dependence on imported fuel and transform the country’s downstream oil industry, Dangote’s move signals where he believes the future of his empire — and Nigeria’s economy — now lies.

Dangote has touted the refinery as having the potential to change the narrative on energy self-sufficiency for Nigeria and West Africa.

Legacy Cemented in Cement

Aliko Dangote exits Dangote Cement on a high note. Under his chairmanship, the company evolved from a local cement manufacturer into Africa’s largest cement producer, with an installed production capacity of 52.0 million metric tons per annum (Mta), including 35.25Mta in Nigeria alone. Expansion projects in Côte d’Ivoire and Itori, Ogun State, are expected to raise total capacity to 61.0Mta by year-end.

This transformation has not only reshaped construction and infrastructure across sub-Saharan Africa but also turned Dangote Cement into one of the most profitable corporations on the continent.

In the first half of 2025, the company posted its highest-ever financial results, with group revenue rising by 17.7% to N2.07 trillion and EBITDA growing 41.8% to N944.9 billion. Profit before tax surged 149% to N730 billion, while profit after tax climbed 174% to N520.5 billion. The company also reported an 18.2% rise in export volumes, with multiple clinker shipments to Ghana and Cameroon.

New Leadership, Continued Vision

Emmanuel Ikazoboh, the new board chairman, described his appointment as “an honor,” pledging to maintain “the highest standards of leadership and dedication.” He hailed Dangote Cement as “a beacon of African enterprise” and committed to upholding its reputation through operational efficiency, sustainability, and strategic expansion.

“We will continue to invest in innovation and alternative energy to reduce reliance on fossil fuels, while boosting employee capacity and community engagement,” Ikazoboh said.

His leadership is expected to usher in a new phase for the company as it targets regional market consolidation and explores decarbonization strategies amid rising ESG (Environmental, Social, and Governance) pressures globally.

For Dangote, who remains President/CEO of the Dangote Group, the move suggests an even deeper personal involvement in steering the refinery through its early years. The project, which has faced several delays, finally commenced production and is gradually beginning to ship products to Nigerian marketers, though price and distribution remain points of speculation.

Analysts believe his full attention on the refinery may help overcome lingering regulatory, logistical, and pricing hurdles that could affect its national and continental impact. With growing anticipation that refined products from the Dangote Refinery could dominate West African markets and significantly impact fuel pricing in Nigeria, the stakes are high — and so is the promise.