Business
Nigerian govt agencies to unlock $25bn revenue through electricity, digital development
Two Nigerian government agencies, the Galaxy Backbone and the Rural Electrification Agency, have signed a partnership to provide electricity and digital connectivity to schools, hospitals, and other public institutions across the country.
This comes as the federal government agencies said the initiative is expected to help unlock $25 billion in revenue annually associated with the lack of electricity and other infrastructural development in Nigeria.
This was made known during a Memorandum of Understanding signing event in Abuja on Friday.
Speaking on the partnership, the Managing Director of GBB, Prof. Ibrahim Adeyanyu, said it would ensure effectiveness in government services to Nigerians.
He explained that the collaboration will ensure that hospitals, universities, security outfits, and government institutions have access to electricity and digital connectivity.
“We are going to target public institutions to make them more efficient and reduce the cost of governance.
“Already, we are looking at starting with a number of federal institutions within Abuja, including the National Hospital and some security outfit institutions within Abuja, and we would like to work this infrastructure deployment to get out of Galaxy Backbone, Abuja.
“Imagine providing access to the internet and electricity to the lowest micro-level of the sub-national, the local government level. Imagine how we would transform local government administration. And this is very much also in line with Mr. President, where the roles and responsibilities of local government have been brought back to make them more effective and to make sure that governance has gone down to the community level,” he stated.
On his part, the Managing Director of REA, Abba Abubakar Aliyu, said the MoU is an effort by President Bola Ahmed to drive inclusive development in Nigeria.
He emphasised that the initiative would unlock $25 billion annually associated with lack of electricity and infrastructural development in the country.
According to him, the partnership will ensure that no community is left behind in Tinubu’s government’s renewed hope agenda and the realisation of its $1 trillion economy target.
“For us, today (Friday), we are showing and demonstrating how two different government agencies can collaborate towards the development of this country. Today, we are showing we are planting the seed to unlock a $25 billion economy. The cost of lack of electricity and associated development initiatives within the country is costing the country $25 billion annually.
“Today, we are looking at contributing to the objective of Mr. President towards the realisation of the $1 trillion economy. Today, we are planting the seed for the development of small, medium, and micro enterprises across the country. Today, we are enhancing the governance of this country by making public institutions more efficient, operating with less cost, and also having all the necessary digital requirements for them to carry out their own functions.
“The nexus between electricity, financial inclusion, and the digital economy cannot be overemphasised. We have seen it over and over in the study that wherever there is no electricity, there is no financial inclusion, and there is no digital value that has been created within those communities. Nigeria has the highest number of people without electricity, which by extension means that the country has the highest number of people that are financially excluded, and they are not reaping the benefit of the digital economy,” he stated.
The Central Bank of Nigeria (CBN), has declared that banks and financial institutions must establish and maintain a temporary watch-list for Bank Verification Numbers (BVN) implicated in suspected fraudulent transactions.
According to the CBN in a circular dated March 12, 2026 and signed by its Director of Payments System Policy Department, Musa I. Jimoh, the apex bank said such a suspected BVN may remain on the temporary watchlist for a maximum period of twenty-four (24) hours during which the owner would be contacted to make clarifications.
The circular explained that the move is part of several new measures under a revised regulatory framework aimed at enhancing financial system stability.
“A BVN may remain on this temporary Watchlist for a maximum period of twenty-four (24) hours, during this period, the BVN owner shall be contacted to provide clarification regarding the identified transaction(s),” the circular stated.
The circular also sets an age requirement for BVN enrolment, restricting registration to individuals who have attained eighteen (18) years and above.
The CBN also added that amendments to phone numbers linked to a BVN shall be allowed only once.
“Amendments to phone numbers linked to a BVN shall be allowed only once,” the circular noted.
The apex bank stated that access to BVN databases will remain tightly controlled.
“Access to the BVN databases shall be exclusively granted to Central Bank of Nigeria (CBN) licensed financial institutions.
“Notwithstanding this provision, the Central Bank of Nigeria (the Bank) reserves the right to approve access to the BVN databases in extenuating circumstances and in accordance with the provisions of extant laws,” the circular said.
Financial institutions are expected to comply with the new requirements, and customers may be contacted by their banks if their BVNs are temporarily flagged during the new fraud monitoring process.
The new policy, as stated by the CBN, takes effect from May 1, 2026.
NNPC Reduces Fuel Price
The Nigerian National Petroleum Company Limited has reduced the pump price of Premium Motor Spirit, also known as petrol, at its retail stations in Lagos and Abuja.
The adjustment took effect on Wednesday as the national oil company reduced the price to N1,130 per litre in Lagos and N1,165 per litre in Abuja.
The new price means motorists in Lagos are now paying N100 less than the previous pump price of N1,230 per litre.
In Abuja, the new rate represents a reduction of N95 from the former price of N1,260 per litre.
Checks showed that the new price was already in place at several NNPC filling stations in Lagos, including outlets located along Isheri Oshun Road, Apple Junction and Ago Palace Way.
The same adjustment was also recorded in the Federal Capital Territory, where NNPC stations in areas such as Jabi and Wuse began selling petrol at N1,165 per litre.
The reduction comes at a time when many private oil marketers have not yet adjusted their pump prices to match the recent drop in the gantry price announced by the Dangote Petroleum Refinery.
Dangote Refinery had earlier lowered its gantry price for petrol by N100 per litre, bringing it down to N1,075 per litre.
The change followed a fall in international crude oil prices.
Global oil prices had earlier risen sharply due to tensions in the Middle East involving the United States, Iran and Israel.
The crisis raised fears of possible disruption to oil supply, especially around the Strait of Hormuz, an important route for global crude shipments.
Prices later began to fall after the President of the United States, Donald Trump, indicated that the conflict might end soon.
Grief has swept through the business and faith communities following the passing of Sir Innocent Chinedu Onuoha, the respected entrepreneur and Executive Chairman of InnoChris Group. He died peacefully in his sleep on December 11, 2025, at his home in Lagos. He was 71.
Born in 1954 in Umuoma Umuaro II Autonomous Community, Isiala Mbano Local Government Area of Imo State, Onuoha grew to become a symbol of enterprise, generosity, and unwavering faith. A devoted member and evangelist in the Anglican Communion, he lived a life that blended business success with service to God and humanity.
Long before many came to know his vast business interests, the name Innochris had already echoed in popular culture. In the 1990s, legendary Ogene music maestro Oliver De Coque famously chanted “Ugbo ndi oma Innochris eh!” in one of his songs — a line that celebrated the Onuoha brothers and helped make Sir Innocent Onuoha and his brother Christian Onugha widely known during that era.
Onuoha’s entrepreneurial journey began after years of professional experience working as secretary to a former Chief Engineer at Flour Mills of Nigeria. With determination and vision, he went on to establish InnoChris Group, a conglomerate that grew to include InnoChris Transport, InnoChris Computers, and InnoChris Spare Parts, serving customers across Nigeria.
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