COVER
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The memo states in part, “By virtue of the statutory mandate in Section 9 of the now repealed Electric Power Sector Reform Act 2005, the Bureau of Public Enterprises (“BPE”) has been the holder of record of the equity interests of the Federal Government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.
Business News
DBN Signs $61m Credit Deal With AfDB, Unveils Support Initiative Report
By Tony Obiechina, Abuja
The Development Bank of Nigeria Plc (DBN) has launched DAWN: DBN Action for Women in Nigeria, unveiled its Impact Report and presented MSME Data Assets at the seventh edition of Annual Lecture held in Abuja.
DBN, in a statement on Thursday, said while delivering a welcome address, its Managing Director and Chief Executive Officer, Dr Tony Okpanachi, said the central challenge was no longer reforms themselves but ensuring benefits reach businesses at end of the chain.
He asked how to make sure benefits reach traders in Onitsha, fabricator in Aba, farmer in Kebbi and young founder in Yaba, noting that MSMEs accounted for about half of Nigeria’s GDP and more than eight in every ten jobs, adding that when reform works for MSMEs it works for most Nigerians.
He explained that reform becomes prosperity only when entrepreneurs can act on it whether through long tenor loans to buy equipment, banks willing to take risk or skills and records needed to grow.
He said working through Participating Financial Institutions DBN provides longer term funding, partial credit guarantees through subsidiary Impact Credit Guarantee Limited and capacity building including Entrepreneurship Training Programme.
He disclosed that as at December 2025 DBN had disbursed a cumulative N1.4 trillion to MSMEs through 84 Participating Financial Institutions creating about 1.6 million jobs nationwide.
Under the new five year strategy, the Bank aims to reach more than two million MSMEs with deliberate targets for women led businesses, youth led businesses and underserved states.
On DAWN, Okpanachi said finance alone had not enabled enough women-led businesses to scale.
He said initiative brings together financing, guarantees and credit support, technical assistance, outcome linked grants and market linkages delivered through banks, microfinance institutions, fintechs, aggregators, cooperatives and direct channels.
Its priority sectors are agriculture and exports, healthcare, arts and creatives, technology and green business.
He said DAWN is about moving gender focused lending beyond intention and turning access into opportunity.
On the sidelines of the lecture DBN and African Development Bank held a signing ceremony of AfDB DBN 61 million United States dollars Gender Line of Credit development that reinforces Bank commitment to women led enterprises.
Okpanachi urged Participating Financial Institutions to extend lending into sectors and states where access to finance has been limited, policymakers and regulators to measure reform by what changes for business at end of chain and MSMEs to formalise, keep good records and use support now available.
The Vice President as Special Guest of Honour was represented by Dr Fred Iklaga Senior Technical Adviser in the Office of Special Adviser to the President on Economy.
Keynote speakers were Chief Executive Officer of MTN Nigeria, Dr Karl Toriola, and Chairman of Nigeria Sovereign Investment Authority, Dr Segun Ogunsanya.
Fireside chat featured Chief Executive Officer of Sterling Bank Abubakar Suleiman, manufacturing and trade entrepreneur Mrs Omoyemi Chukwurah and by video Kola Masha of Babban Gona.
The Secretary to the Government of Federation, represented by Augusta Warren Bekaredebo, said 2026 tax reforms would bring relief to many small businesses expressing optimism that a lot of businesses will be smiling by next year because they will be exempted from tax.
COVER
NLC Threatens Nationwide Action as Talks With FG Collapse
By Tambaya Julius, Abuja
The Nigeria Labour Congress (NLC) has threatened possible nationwide industrial action following the failure of talks with the Federal Government over workers’ welfare, petrol prices and other outstanding labour demands.
The warning came after a meeting between the government and organised labour at the Ministry of Labour in Abuja on Thursday, October 22, ended without an agreement.
The congress has given the Federal Government until Tuesday, October 27, to make meaningful progress on the issues, warning that its relevant organs would decide the next line of action if the next meeting fails to produce concrete commitments.
The NLC has also directed its affiliates, state councils and civil society allies to begin mobilising members for possible nationwide action.
In a statement issued after the meeting, the NLC Acting General Secretary, Benson Upah, expressed disappointment over what he described as the government delegation’s lack of preparedness for the negotiations.
According to the congress, organised labour presented its demands in good faith but left the meeting without any concrete commitments from the government.
The demands include a reduction in petrol prices to 2024 levels, renegotiation of the national minimum wage, implementation of agreed tax relief measures and resolution of the terms of settlement involving the Joint Health Sector Unions (JOHESU).
The congress also called for the resolution of issues raised by the Joint Public Service Negotiating Council (JPSNC) over peculiar allowances, wage awards and hazard allowances.
The NLC said the government delegation lacked the necessary authority to engage meaningfully on the issues presented by labour representatives.
“The meeting between the Federal Government and organised labour, convened at the Ministry of Labour in Abuja on 22nd October 2026, has ended without resolution,” the statement said.
It added that the Minister of Labour requested that the meeting be adjourned until October 27 to allow the government to prepare adequately for further discussions.
The preparations, according to the statement, would include bringing relevant ministers and heads of departments and agencies to the negotiating table.
The congress said it remained open to dialogue but would not accept continued delays in addressing workers’ concerns.
“We will report back to our organs, and if no meaningful progress is made on Tuesday, the relevant organs of the NLC will decide the next line of action,” it said.
The labour body urged workers and members of the public to remain calm while the negotiations continue, even as it directed its affiliates and allies to prepare for possible industrial action.
“However, we urge all affiliates of NLC and TUC; all state councils and our civil society allies to be alert and start mobilising for a possible action across the nation while we hope that the tenets of our demands are met by the government,” the statement added.
The October 27 meeting is expected to provide another opportunity for both sides to address the outstanding issues and prevent a possible escalation of the dispute.
However, the NLC’s decision to begin mobilisation suggests that tensions could rise if the next round of talks fails to produce meaningful progress.
COVER
Election Campaigns: FRSC Bars Officers from Politicians’ Escort
The Federal Road Safety Corps (FRSC) has barred its personnel from escorting politicians during campaigns for the 2027 general elections.
Zonal Commanding Officer, RS6, ACM Abimbola Owolabi, gave the directive during her maiden visit to the Cross River Command in Calabar on Wednesday.
Owolabi said patrol vehicles and sirens must not be used for political activities or private engagements, including weddings and funeral processions.
She directed officers deployed to campaign venues to focus exclusively on traffic management to prevent congestion and road crashes.
The zonal head warned personnel against leading political convoys or providing escorts for politicians, stressing that official vehicles must not be used for unauthorised purposes.


