Business
Investor Advocates Legislation Against Power Vandalism
The Managing Director of 4Power Consortium Limited, Mr Matthew Edevbie, has called for a strong anti-theft legislation that would curb vandalism and theft in the power sector.
Edevbie made the appeal when he received members of the House of Representatives Committee on Privatisation who were on a nationwide oversight tour to all successor power companies on Wednesday.
Edevbie, whose consortium is the core investor in the Port Harcourt Electricity Distribution Company (PHEDC), explained that workers and equipment should be protected in the industry.
He said that the law would go a long way to protect power workers that were constantly being attacked in the course of their duty.
“The PHEDC, among other critical achievements since taking over the DISCO in November 2013, has undertaken the construction of new 33KV lines at Trans Amadi Industrial area.
“Okrika 11KV feeder for Joinkrama Communities in Ahaoda West was re-conducted.
“Also the NIPP 1 x 15MVA 33/11KV Injection Substation at Ikot-Abasi was inaugurated and general maintenance carried out on other stations,’’ he said.
He decried the condition of the network his company inherited, saying it was worse than it anticipated before it took over the PHEDC.
In her remarks, the Chairman of the committee, Mrs Khadija Abba-Ibrahim, said the oversight tour was to assess the performance of the company.
According to her, the house is interested in the performance of the company since the acquisition of the 60 per cent equity in the enterprises.
“The visit is to ascertain the level of compliance to the post acquisition development plans submitted to BPE by the core investors, challenges in implementing the Share Sale Agreement.
“We also want to partner with investors to make recommendations for appropriate legislation that will help in resolving the challenges and stabilising power generation, distribution and transmission across the country,’’ she said.
Abba-Ibrahim commended the management of the company for its concerted efforts and well-articulated plans to expand its network.
She urged the company not to relent in its efforts at making the company a success.
L-R: National President, Association of Non-Bank Micro-Finance Institutions of Nigeria (ANMFIN), Mr Hamid-Giwa Afolabi, National President, Co-operative Financing Agency of Nigeria (CFA), Mr Adebola Orolugbagbe, Vice Chairman, African Confederation of Co-operative Saving and Credit Association, Mr Bless-Kwame Darkey and Executive Director, Retail Banking, Unity Bank, Mr Ahmed Yusuf, at the National Co-operative Financing Agency of Nigeria Co-operatives summit and leadership forum in Abuja, recently.
Credit to Nigeria’s private sector rose to N83.26 trillion in June 2026 from N81.04 trillion in May, signifying a positive balance of N2.22 trillion month-on-month.
Year-on-year, the figure represents a nine per cent increase compared with the N76.13 trillion recorded in June 2025. The latest figures come as the CBN continues to balance efforts to control inflation with the need to support economic growth and expand credit to businesses.
The CBN data shows that credit to Nigeria’s private sector increased by approximately 2.74 per cent month-on-month between May and June 2026. Also, the CBN data noted that credit to the government fell slightly to N40.03 trillion from N40.38 trillion. Other assets, net, dropped to N10.76 trillion from N12.63 trillion.
The credit surge signifies sustained growth in lending to businesses and other private-sector borrowers during the month. The rise in private sector credit was recorded alongside an increase in net domestic credit, despite declines in credit to government and other assets.
Further analysis of the report says that compared with June 2025, private sector credit rose by about N7.13 trillion yea-on-year but net domestic credit increased by approximately N1.87 trillion during the month.
The CBN’s relatively tight monetary policy stance notwithstanding, more banks still loaded funds to the private sector within the period. The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) held its 306th meeting on July 20 and 21.
The Committee reviewed recent developments in the global and domestic economies, assessed emerging risks to the outlook and considered their implications for monetary policy and retained all rates.
The Committee decided to retain the Monetary Policy Rate at 26.5 per cent; the Standing Facilities Corridor around the MPR at +50/-450 basis points and retain the Cash Reserve Requirement (CRR) for Deposit Money Banks at 45.00 per cent, Merchant Banks at 16.00 per cent, and non-TSA public sector deposits at 75.00 per cent.
The MPC decision means that credit extension in the private sector will likely continue to rise because of rising confidence in the sector and calls by stakeholders for banks to invest in the private scetor instead of government securities.
