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Finance Ministry Formally Takes over FG Assets Domicilled with BPE

By Tony Obiechina, Abuja
Ministry of Finance Incorporated (MOFI) has taken over from the Bureau of Public Enterprises (BPE) the Federal Government’s equity holdings in the 11 successor electricity distribution companies (DISCos) of the defunct Power Holding Company of Nigeria (PHCN).
The revocation notice is contained in a memo signed by the Managing Director/Chief Executive Officer of MOFI, Dr Amstrong Takang, to the chairman of the Board of the Electricity Successor Companies, directing the immediate removal of the BPE nominee directors to the boards of the companies.
Consequently, this formally terminated the power of attorney granted the BPE to hold on its behalf, the Federal Government’s equity holdings in the DISCos, and directed their reversion to MOFI.
The DisCos include, Abuja Electricity Distribution Company PLC; Benin Electricity Distribution Company PLC; Eko Electricity Distribution Company PLC; and Enugu Electricity Distribution Company PLC;
Others are, Ibadan Electricity Distribution Company PLC; Ikeja Electricity Distribution Company PLC; Jos Electricity Distribution Company PLC; Kaduna Electricity Distribution Company PLC; Kano Electricity Distribution Company PLC; Port Harcourt Electricity Distribution Company PLC and Yola Electricity Distribution Company PLC.
Takang also instructed immediate withdrawal and cancellation of the share certificates of the companies issued in the name of BPE and new certificates for all outstanding shares of the Federal Government be issued in the name of “Ministry of Finance Incorporated”.
He added that details of all activities including minutes of meetings and current management reports including financials dating back to 2021 are to be submitted to MOFI.
The memo states in part, “By virtue of the statutory mandate in Section 9 of the now repealed Electric Power Sector Reform Act 2005, the Bureau of Public Enterprises (“BPE”) has been the holder of record of the equity interests of the Federal Government of Nigeria (“FGN”) in this company.
“In this regard, since privatisation of this Company was completed on 1st November 2013, BPE has nominated various persons to be directors in this company and has managed the implementation of the various rights and obligations of the FGN in the company.”
Takang affirmed that the responsibility of the ministry of finance was completed with the successful privatisation of the companies on Nov. 1, 2013.
The MOFI was incorporated under the provisions of Sections 2 and 3 of the Ministry of Finance Incorporated (MOFI) Act of 1959 as an asset holding company with a mandate as the sole manager of all Federal Government investment interests, estates, easement and rights as well as a strategic institution to support the Federal Government’s effort to address several economic challenges and spur the growth of the economy.
It has about 130 Government-Owned Entities and linked companies in its portfolio.
The directive follows an earlier one by the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun to the Board of MOFI, instructing it to take immediate steps to revoke the power of attorney granted BPE to allow the agency to assert its powers under its enabling Act.
Mr Edun, in a communication dated January 10, 2024, instructed the board of MOFI to “revoke and terminate any and all instruments, agreements, documents howsoever described, including without limitation to the power of attorney executed sometimes in 2012 whereby MOFI granted and donated powers to BPE in connection with the shareholding of the Federal Government of Nigeria in the successor companies to the Power Holding Company of Nigeria.”
The minister also instructed MOFI to assume ownership, control and management of all equity holding of the Federal Government of Nigeria in the said successor companies of the Power Holding Company of Nigeria as well as assume ownership, control and management of all equity holding of the Federal Government of Nigeria as contemplated and provided for by law and/or any contract.
MOFI was also directed to issue all appropriate notices, instruments, documents that are required to give effect to the directive given by the Minister of Finance and Coordinating Minister for the Economy.
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NCS Strengths Ties with China Customs

By Tony Obiechina Abuja
The Nigeria Customs Service (NCS) has deepened its strategic engagement with the General Administration of Customs of China (GACC) through a high-level meeting held in Beijing on July 25.According to NCS Spokesman, Abdullahi Maiwada in a statement on Sunday, Assistant Comptroller of Customs, the meeting aimed to explore bilateral knowledge exchange and capacity development in customs administration.
The NCS delegation, led by Assistant Comptroller-General of Customs Oluyomi Adebakin, discussed customs training methodologies, modernization models, and technology-driven solutions with GACC officials. The Chinese Customs authorities shared their structured training system, which incorporates virtual reality, 5G-enabled systems, and blended e-learning approaches.The meeting highlighted Nigeria’s active participation in China-led customs development initiatives, with over 200 African customs officers trained since 2023. The Chinese Customs officials commended Nigeria’s growing leadership in international customs platforms and appreciated the election of the Comptroller-General of Customs, Bashir Adewale Adeniyi, as Chairperson of the World Customs Organisation (WCO) Council.Both parties expressed mutual interest in exploring technical exchange programs, joint research initiatives, and officer exchange schemes. The NCS aims to strengthen its human capital, advance intergovernmental partnerships, and modernize customs operations in accordance with global standards.The engagement aligns with promoting knowledge sharing, harmonizing customs procedures, and building an integrated trade infrastructure for sustainable development, particularly under the African Continental Free Trade Area (AfCFTA).COVER
Kaigama Cautions against Rising Religious Intolerance, Marginalization

From Sylvia Udegbunam, Enugu
The Catholic Archbishop of Abuja, Most Rev. Ignatius Kaigama, has called for religious tolerance among religious groups in Nigeria.Kaigama made the call during the 25 years Priestly Celebration of the Auxiliary Bishop of Enugu Diocese, Most Rev.
Ernest Obodo, held at St. Mary Catholic Church, Udi Council Area of Enugu State at the weekend. The celebration began with Holy Mass officiated by the Metropolitan Archbishop of Onitsha, His Grace, Most Rev. Valerian Okeke.In his homily, Kaigama decried what he described as ‘very severe’, the existence of religious intolerance in the country, warning that, “if we do not get rid of it, we shall continue to make three steps forward and five steps backward.“Professor Chinua Achebe did identify the problems of Nigeria as bad leadership, corruption, and tribalism, and I wish to add religious intolerance and fanaticism.He expressed the need for more solidarity of the Catholic Church in Eastern Nigeria with the Church in Northern Nigeria in view of the present socio-economic, cultural and religious circumstances in the world.The clergyman equally called on those in political leadership to ensure that the resources of the nation were equitably distributed and also to ensure a fair representation in government.He advised them not to let any section of the nation become marginalised for whatever reason but to ensure honesty, transparency, and accountability in the leadership of the country.“My village was once captured, destroyed, and our chief was subordinated to the religious leaders. Since then, it was only some three years ago that we received a government response.“Nigerians expect from political leaders a corporal work of mercy to feed the hungry, give water to the thirsty, care for the sick and wounded, educate the school children, care for prisoners and the poor.“Build and maintain the roads, keep our schools and hospitals open, and not only when there are casualties, then we rush to open them and be concerned,” he stressed.The Archbishop added that while we demand good governance from those voted in authority, we demand equally a changing mentality on the part of those Nigerians who saw government resources as available to be used with reckless abandonment.To the celebrant and his class of 2000, Kaigama said, “25 years ago, they answered the Lord’s call to serve the church as shepherds of God’s people.“Today we give thanks to God for the gift of their vocation, perseverance in ministry, and for the grace that has sustained them through joys and trials alike,” he said.In his remark, Gov. Peter Mbah of Enugu State, described Obodo as an embodiment of initiatives geared towards lifting people out of poverty through his agricultural project.“So I want to join your well-wishers and indeed your congregation here to congratulate and to celebrate with you. There is something that you represent, which I would also love that we continue to imbibe, that is, the true spirit of service.“But your humility is also something very disarming,” Mbah said.Commending the participants, Obodo announced that 33 bishops all over Nigeria attended the event, saying that 20 of them were present while 13 were represented.He thanked God for sparing 10 of them who were ordained priest in 2000, disclosing that, “10 of us are healthy and hearty today and we give gratitude to God”.Many priests, laity, traditional rulers and government officials graced the celebration.COVER
Niger Boat Mishap: NSEMA Recovers 13 Bodies, Rescues 26

From Dan Amasingha, Minna, Attah Ede, Makurdi
The Niger Emergency Management Agency (NSEMA), said 13 dead bodies have been recovered while 26 people were rescued from the recent boat mishap in Gini village, Shiroro Local Government Area.This is contained in a statement by Alhaji Abdullahi Arah, the Director- General of the agency on Sunday in Minna.
The incident occurred at about 11:45am on Saturday around Kwata, as the boat was heading to Zumba market. According to the agency, the boat, which was fully loaded with goods and passengers capsized while conveying them to the weekly market.“We have confirmed a boat mishap incident with 13 bodies recovered while 26 were rescued bringing the total number of people in the boat to 39.”“Those that were recovered had since been buried and among them were eight women, three men and two children,” he said.NSENI’s Director of Information and Special Duties, Dr. Ibrahim Hussaini confirmed in a statement that the boat driver and few passengers were rescued.Hussaini said that one of the victims was admitted at the General Hospital Kuta, and had been discharged.The Niger Government through NSEMA, National Hydro Electric Power Producing Areas Development Commission N-HYPPADEC and NIWA have distributed life jackets to various riverine communities.Abductors of Six Nigerian Law School Students Opens Discussions, Demands N20M RansomThe kidnappers of the six Nigerian Law School students, have contacted and opened discussions with the families of their victims, demanding N20 million as ransom for their release.The six Nigerian Law School Students were reportedly abducted by suspected armed bandits while on their way to resume at the school’s Yola campus in Adamawa State on Saturday.It was gathered that the incident took place in the late hours of Saturday, along the ‘deadly’ federal highway between Wukari in Taraba State and parts of Benue State.According to a fellow student of the Yola campus, who identified himself as Johnson, said the kidnappers have contacted families of the victims and are demanding a ransom of N20 million for their release.The abducted students were on their way back to campus after completing their mandatory court externship, ahead of the resumption of academic activities scheduled for Monday.Those confirmed to be abducted includes; Rev. Ernest Okafor, Ogbuka Fabian, Nwamma Philip, Okechukwu Obadiegwu, Obalem Emmanuel, and Obiorah David.They were reportedly travelling in a vehicle operated by AJ Dan Pullo Transport Company, a commercial operator based in Onitsha, Anambra State.Authorities have yet to release an official statement.The Wukari-Benue axis, where the kidnapping is suspected to have taken place, has long been flagged as a high-risk corridor due to recurring incidents of abduction and violent crime.