The African Development Bank (AfDB) says it plans to support Nigeria’s power sector with a $1 billion policy-based operation (PBO) fund to boost electricity.

Policy-based lending provides countries with flexible, liquid funding to support policy reforms in a particular sector.

Kevin Kariuki, AfDB vice-president, power, energy, climate change and green growth complex, revealed the plans on May 16 at the Eight Africa Energy MarketPlace (AEMP) Forum in Abuja.

The theme of the forum is titled ‘Towards Nigeria’s Sustainable Energy Future: Policy, Regulation, and Investment – A Policy Dialogue for the National Integrated Electricity Policy and Strategic Implementation Plan (NIEP-SIP)’.

“We will be shortly seeking board approval for a $1 billion policy-based operation (PBO) with a significant energy component,” he said.

“This is aimed at supporting the ongoing power sector reforms triggered by the new Electricity Act.

“The timing of the AEMP and the proposed policy-based lending focused on the energy sector is, therefore, not coincidental.” 

Kariuki said AfDB will fund the policy recommendations to actualise the expected outcomes from the NIEP-SIP.

He said effective policies attract long-term investments and that an enabling environment maximises the value of existing investments, such as the $256.2 million Nigeria transmission expansion project (NTEP).

According to Kariuki, the project will include the construction of 500 kilometres (KM) of transmission lines and four substations with a capacity of over 1000 megavolt-amperes (MVA).

“And the $200 million Nigeria electrification project, which will build 150 mini-grids,” he said.

“Moreover, we are financing a study for the Transmission Company of Nigeria (TCN) to explore the deployment of battery energy storage systems to enhance grid stability and facilitate greater uptake of renewable energy generation.

“Nigeria is part of our flagship $20 billion Desert to Power Initiative, which aims to generate 10,000 megawatts (MW) of solar power across 11 countries in the Sahel region to provide power to 250 million Africans.”

According to Kariuki, this bodes well for increasing the proportion of renewable energy in Nigeria’s energy mix.

He said the multifaceted approach of supporting policy development, financing critical power sector infrastructure, and providing technical assistance and capacity building would be successful.

Kariuki expressed confidence that AfDB’s partnership with the federal government would create a viable and sustainable power sector that yields the desired result.

A federal high court in Abuja has refused to grant bail to Tigran Gambaryan, an executive of Binance Holdings Limited, a cryptocurrency firm.

Emeka Nwite, presiding judge, held that Gambaryan is likely to “jump bail if granted to him”.

The company and its executive were arraigned on a five-count charge bordering on money laundering.

The defendants pleaded not guilty to the charge.

Peter Obi, presidential candidate of the Labour Party (LP) in the 2023 election, says the judiciary is the biggest threat to the nation’s democracy — and not the electoral umpire. 

Obi said this while delivering a keynote speech at the fifth memorial of late Justice Anthony Aniagolu at the Godfrey Okoye University in Enugu.

The former Anambra governor said justice in Nigeria “goes to the highest bidder” and has become “commodified”.

“While the judiciary, today, still boasts of a few outstanding judges, there is an undeniable decline in our judicial system,” he said.

“This decline poses a significant threat to the future of Nigeria. Justice is increasingly commodified, and delivered in favour of the highest bidder.

“Whenever democracy is discussed, fingers point to the Independent National Electoral Commission (INEC) as the problem. But INEC is not the problem, instead, the judiciary is. The judiciary is the biggest threat to Nigeria. If our judiciary is effective, our businesses will thrive.

“When the rule of law is compromised, the most vulnerable members of society are disproportionately affected, and the fabric of our society begins to fray. The integrity of our institutions, the protection of human rights, and the stability of our nation are all jeopardised.

“The rule of law is the highest intangible and most valuable asset of any society, and we must work tirelessly to protect and preserve it. We must prioritise the pursuit of justice above all else.

“I emphasised the urgent need to revitalise our judicial system by safeguarding its independence and promoting the values of character, competence, capability, compassion, and integrity among our jurists, as well as within our political leadership.

“By doing so, we can ensure justice and fairness prevail as we endeavour to build a better Nigeria for all.

“Nigeria has become a country where anything goes. There is no rule of law, there is almost no judiciary. Everybody could be pushed down because there is no rule of law.

“Because the judiciary has become commercialised and depends on how much one pays, it has become difficult to get true justice in the judiciary.

“At any point in time where the judiciary is not working, the society suffers.”

Bola Tinubu of the All Progressive Congress (APC) won the 2023 presidential election with 8,794,726 votes; Atiku Abubakar of the Peoples Democratic Party (PDP) came second with 6,984,520 votes; while Obi polled third with 6,101,533 votes.

Obi and Abubakar challenged Tinubu’s electoral victory all the way to the supreme court.

On October 26, 2023, the apex court dismissed the appeals of Abubakar and Obi and affirmed Tinubu as president.