Business
Power Generation Hits 2,400MW, Improves Supply
There is a relative improvement in the generation capacity of the power plants. This is because the generating capacities of the plants have peaked to 2,400 megawatts.
Before now, The Tide investigation revealed that most rural areas are not having power supply because they are considered not commercially viable for the organisation in terms of revenue.
Because of this several communities especially semi urban and villages have had prolonged power outages, some upwards of one month without power supply.
This has been the trend in the last one month, a source close to the power Holding Company of Nigeria told The Tide.
According to the source, the improvement achieved is attributed to the hydro power plant which are now contributing 772 mega watts to the national grid in the last few days.
A look at the generating trends indicates that since the beginning of this month the least generated capacity was 216 mega watts and this was Saturday 2nd August and since that time, the generating capacity has been fluctuating between that figure and 2,400MW.
As at the weekend, the three hydro power plants contributed 772 MW while Egbin and Delta generated the remaining mega watts Okpai generated 281, Afam 6, operated by Shell 445 MW.
Geregu, Omotosho Olorunsogo, Sapele and Afam 1-5 operated by Power Holding Company of Nigeria PHCN are down because of lack of gas supply to them.
However, sustaining the current level of generation is the greatest challenge the organisation has now.
The power allocation to the Abuja metropolis and lagos and Kano recorded a significant boost translating into a marked increase in supply to residents of the territory in the last ten days.
In Abuja the mega watts allocation has been jacked up to 140 while in Kano and the surrounding states are now on 100 mega watts, up from the hitherto 50MW.
According to inquiry by The Tide in Abuja some areas within the capital city recorded an unpresidented three days unprecedented power supply with others saying outages at a time lasted not more than two hours, a trend Power Holding Company of Nigeria attributes to increase in water level and grid generation.
Debo Adegoke, PHCN’s Abuja Regional Principal Manager Public Affairs revealed that allocation as at weekend was 140 mega watts, as against the previous allocations to the Federal Capital Territory (FCT) which was as low as 40 mega watts.
He said, “There has been an increase of power generation so daily allocation has improved.
And the rate at which we ration will decrease because of availability.” He said Abuja did not have problems like poor distribution lines adding that stable power distribution will definitely continue as long as allocation remain sustained.”
Effurun Igbo Public Relations Officer PHCN noted that the problem with lack of power in the country was complicated by an acute lack of gas supply in the nation to the thermal power stations, adding that even at peak periods the nation’s three hydro power stations located at Jebba, Kainji and Shiroro could contribute only 25 per cent to the nation’s power generation.
The situation is similar in Kano State, the commercial capital city of Northern Nigeria where electricity supply has been recorded in the past 48 hours. The improvement has brought relief to most residents, who for sometime now have been experiencing acute electricity outages.
Investigation revealed that most parts of the State capital are presently enjoying up to 10 hours of uninterrupted electricity supply.
The Central Bank of Nigeria (CBN) yesterday said 33 banks have met new minimum capital requirements under its recapitalisation programme, raising a combined N4.65 trillion to strengthen the financial system.
The apex bank disclosed this in a statement marking the end of the exercise, which commenced in March 2024 and drew participation from domestic and foreign investors.
The statement was jointly signed by the Director of Banking Supervision, Olubukola Akinwunmi, and the Acting Director of Corporate Communications, Hakama Sidi-Ali.
The statement said “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 regulator said local investors accounted for 72.55 per cent of the funds, while international investors contributed 27.45 per cent, reflecting continued confidence in the sector.
Commenting on the outcome, the CBN Governor, Olayemi Cardoso, said in the statement, “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.”
It added that while 33 banks have complied with the new thresholds, a few others are still undergoing regulatory and legal processes.
The statement noted, “The CBN confirms that 33 banks have met the revised minimum capital requirements established under the programme.
“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.”
The apex bank stressed that the exercise was executed without disrupting banking operations, ensuring uninterrupted access to services nationwide.
It further stated that key prudential indicators have improved, particularly capital adequacy ratios, which remain above global Basel benchmarks.
The minimum ratios were set at 10 per cent for regional and national banks and 15 per cent for banks with international licences.
The bank also said the recapitalisation coincided with a gradual exit from regulatory forbearance, a move it said improved asset quality, strengthened balance sheet transparency, and enhanced overall stability.
To preserve these gains, the CBN said it has reinforced its risk-based supervision framework, mandating periodic stress tests and adequate capital buffers for banks.
It added that supervisory and prudential guidelines would be reviewed regularly to strengthen 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 said.
The Tide learnt that foreign capital inflows into Nigeria’s banking sector rose by 93.25 per cent year-on-year to $13.53bn in 2025, up from $7.00bn recorded in 2024, amid the ongoing recapitalisation drive by the Central Bank of Nigeria.
Data from the National Bureau of Statistics capital importation report showed that the banking sector remained the dominant destination for foreign capital, accounting for $13.53bn of the total $23.22bn recorded in 2025, representing 58.26 per cent of total inflows, up from 56.81 per cent in 2024.
The surge reflects heightened investor interest in Nigerian banks as they raised fresh capital to meet new regulatory thresholds introduced by the apex bank, with industry-wide recapitalisation activities driving large-scale inflows across all quarters of the year.
However, the Centre for the Promotion of Private Enterprise (CPPE) recently raised concerns over weak credit flows to small businesses despite recent banking sector reforms.
The CPPE, led by a renowned economist, Dr Muda Yusuf, acknowledged that the ongoing bank recapitalisation exercise by the CBN has strengthened the financial system, but warned that the benefits have yet to translate into meaningful support for the real economy.
The facility will be disbursed through participating Microfinance Institutions (MFIs), which will in turn extend the loans to their customers, particularly SMEs, as they directly interface with businesses at the grassroots level.
The Executive Director of COMCIN, Mr. Micheal Ogbaa who represented the Chairman, Dr. Iredele Oyedele (FCA, FCCA), said the initiative is designed to strengthen micro-lending institutions and expand access to finance for grassroots entrepreneurs, particularly women and youths in the informal sector.
Ogbaa explained that COMCIN does not lend directly to individuals but works through its network of microfinance and cooperative institutions, which in turn provide loans to end users.
“We came together to advocate for the microfinance ecosystem. Commercial banks often exclude people at the grassroots, but our members are positioned to reach them. This facility will empower them to do more,” he said.
He noted that the loan scheme offers low interest rates and flexible repayment plans, making it more accessible to small business owners.
According to him, about 90 percent of beneficiaries are expected to be women, who play a key role in sustaining families and driving economic activities at the local level.
“Our focus is on traders, service providers, and players in the informal sector. These are the real movers of the economy. By supporting them, we are strengthening families and contributing to national development,” he added.
Ogbaa disclosed that eligible SMEs with proven integrity and business track records could access up to N5 million each through participating micro-lending institutions. The rollout has commenced in Lagos and will extend to Abuja, Enugu, and other regions, including the South-West, South-East, and North-East.
He said 12 micro-lending institutions have already benefited from the scheme, while 85 applications are currently being processed under the pilot phase.
“Our target is to reach at least 100,000 SMEs nationwide. We are building a platform that connects funding partners with credible micro-lending institutions, creating a reliable channel for financial inclusion,” Ogbaa said.
He added that COMCIN is also working to attract larger funding pools from development finance institutions and private investors, noting that successful implementation of the pilot phase would boost confidence and unlock more capital for SMEs.
“We have seen encouraging testimonies from early beneficiaries. As we demonstrate transparency and efficiency, more institutions will be willing to channel funds through us,” he said.
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