Breaking News
Lagos Power Sector: Ikeja Electric, Eko Disco lose ground as 2 new firms take over
BREAKING NEWS: Death Hit Nigeria Again As Popular Nigerian Senator Dies Just Because of This… See Viral Photos/Videos Before They Are Deleted.
The Lagos state government has officially licensed two new electricity distribution companies, signalling the end of an era for long-time players Ikeja Electric (IE) and Eko Electricity Distribution Company (EKEDC).
In a bold move to deepen competition and improve service delivery, the Lagos State Electricity Regulatory Commission (LASERC) has issued new distribution licences to Excel Distribution Company Limited and IE Energy Lagos Limited...TAP TO CONTINUE FULL READING.
In a bold move to deepen competition and improve service delivery, the Lagos State Electricity Regulatory Commission (LASERC) has issued new distribution licences to Excel Distribution Company Limited and IE Energy Lagos Limited.
With the new licences, Eko Electricity Distribution Plc and Ikeja Electric Plc have officially ceased to exist as distribution licensees within the Lagos Electricity Market.
In their place, Excel Distribution Company Limited now takes over from Eko Disco, while IE Energy Lagos Limited replaces Ikeja Electric.
The official licence presentation ceremony, held in Lagos on Thursday, drew major industry stakeholders, including LASERC Commissioners and representatives of the new companies.
At the event, Folake Soetan signed on behalf of IE Energy Lagos Limited, while Sheri Adegbenro represented Excel Electricity Distribution Limited, symbolising the official transfer of power operations.
Speaking during the ceremony, Engineer Abimbola Odubiyi, chairman of LASERC, described the development as “a defining moment in Lagos’ journey towards a reliable and sustainable electricity market.”
He reaffirmed the commission’s commitment to independence, transparency, and service to the people of Lagos. Odubiyi expressed gratitude to key state officials who championed the creation of LASERC, including Governor Babajide Sanwo-Olu, the Lagos State House of Assembly led by Speaker Mudashiru Obasa, and commissioner for Energy and Mineral Resources, Mr Biodun Ogunleye.
Also speaking, Dr Fouad Animashaun, LASERC’s Executive Commissioner/CEO, emphasised that the issuance of the new licences reflects the state’s determination to deepen private sector participation in the electricity market.
“By expanding competition, we are ensuring that Lagosians can look forward to better access, improved reliability, and more affordable power supply,” he said.
This aligns with the broader goal of decentralising Nigeria’s power sector and allowing states to take control of electricity generation and distribution within their borders — a policy shift enabled by recent constitutional reforms.
BREAKING NEWS: Death Hit Nigeria Again As Popular Nigerian Senator Dies Just Because of This… See Viral Photos/Videos Before They Are Deleted.
In their remarks, representatives of the new companies pledged to deliver innovation and improved service to consumers.
Kola Adeshina of IE Energy Lagos said, “We are honoured to be part of this transformative journey. Our focus will be on deploying innovative solutions that deliver value to customers across Lagos.”
Similarly, Sheri Adegbenro of Excel Distribution Company expressed commitment to working closely with LASERC to strengthen distribution networks and ensure that customers “experience real improvements in service.”
The entry of Excel Distribution Company and IE Energy Lagos marks a new dawn in Lagos’s electricity landscape, promising competition-driven service delivery, innovation, and potentially lower tariffs.
For millions of Lagosians long frustrated by blackouts and billing inefficiencies, this power shake-up could be the jolt the state’s energy sector desperately needs.
The development is part of a broader strategy of decentralising electricity regulation in Nigeria.
Recall that the Nigerian Electricity Regulatory Commission (NERC) began allowing state governments to regulate their own electricity, leading to the emergence of several state-owned regulatory bodies.
One of the state electricity regulatory bodies in Enugu slashed tariffs, leading to a power challenge in the state.
BREAKING NEWS: Death Hit Nigeria Again As Popular Nigerian Senator Dies Just Because of This… See Viral Photos/Videos Before They Are Deleted.
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The Central Bank of Nigeria (CBN) has introduced new Bank Verification Number (BVN) rules effective from May 1, 2026, aimed at reducing fraud, especially SIM swap and identity theft cases. The regulations include stricter controls on phone number changes, age restrictions, device limits, and temporary account restrictions for suspicious activities. Here is a simple breakdown of what you need to know.
One phone number change in a lifetime – Customers can only change the phone number linked to their BVN once. Choose carefully.
24-hour watchlist for suspicious BVNs – Banks can temporarily restrict accounts flagged for suspicious activity while investigations are conducted.
BVN registration is now for adults only – Only individuals aged 18 and above can independently register for a BVN. Minors require guardian-linked arrangements.
One device per banking app – You can only use your banking app on one device at a time. Switching devices triggers a 24-hour transaction limit of N20,000.
Authorised channels only – BVN services are now limited to CBN-approved banks and financial institutions. Avoid third-party apps or unofficial agents.
The new rules may feel strict, but they are designed to protect your money and reduce fraud. Be more careful with your phone number, devices, and banking activities to avoid unnecessary restrictions...TAP TO CONTINUE FULL READING.
Sources: Nigerian Tribune
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Breaking News
‘Nigeria is a safe country’ Reno Omokri Tells Portuguese Ambassador Who Drives Nigeria Highways Without Escort, Calls Trips Safe
The Portuguese Ambassador to Nigeria has driven from Abuja to Bauchi and back without a security escort, describing the journeys as “very normal” and safe. Reno Omokri shared a video of the ambassador, praising Nigeria’s overall safety under President Tinubu. The ambassador also reportedly drove from Enugu to Abuja without incident. However, critics point to over 1,000 abductions since January 2026 and frequent highway kidnappings, questioning the safety claims.
Key Points:
Critics noted bandit attacks in Bauchi and other regions.
Many questioned why top Nigerian officials don’t take the same unescorted routes.
The ambassador acknowledged “some localized issues” but highlighted safety overall.
Over 1.5 million safe visitors to Lagos during the December holidays were cited.
Social media users expressed a divide between official accounts and citizens’ realities...TAP TO CONTINUE FULL READING.
The ambassador’s experience contrasts sharply with the lived reality of many Nigerians.
Sources: X
I Drove From Abuja To Bauchi And Back Without An Escort And It Was Safe-Paulo Santos, Portuguese Ambassador To Nigeria pic.twitter.com/GZmEJTHi0p
— Reno Omokri (@renoomokri) April 30, 2026
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More than 1,000 victims across 19 countries were defrauded of about $215 million in a sprawling business email compromise scheme, leading to convictions of Nigerian nationals, the US attorney’s office has said. Twenty-five defendants were convicted on April 24. Among them were four Nigerian nationals and five naturalised US citizens of Nigerian descent. The scheme involved hacking email accounts and crafting fraudulent payment requests.
Key Points:
Victims were located in the US, UK, Germany, UAE, Australia, and 14 other countries.
One victim’s business sent $2.7 million to a shell company account.
Seized items included luxury watches worth over $215,000 and a Georgia residence.
The FBI, US Postal Inspection Service, and Border Patrol conducted the investigation.
A Chicago-area money service business owner was a co-defendant...TAP TO CONTINUE FULL READING.
Each defendant’s sentence will be determined based on their role and criminal history.
Sources: The Cable, Punch
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