Business
Kunle Olubiyo Blames TCN for Frequent National Grid Collapses
Kunle Olubiyo, the President of the Nigeria Consumer Protection Network, has expressed serious concerns regarding the frequent collapses of the national power grid, emphasizing that these incidents highlight the deficiencies within the Transmission Company of Nigeria (TCN).
His comments come in response to the sixth grid failure of 2024, which occurred on Monday at approximately 6:48 PM, leaving many parts of the country plunged into darkness once again.
While the TCN characterized this collapse as partial and assured that restoration efforts were underway, many Nigerians remained without power hours later.
Olubiyo criticized TCN for its history of responding to such crises with mere platitudes rather than effective solutions.
He stated that the repeated failures of the national grid, along with ongoing challenges related to its stability and reliability, stem from a lack of genuine commitment to addressing these issues.
He remarked, “The repeated occurrences of system collapses and challenges to the National Grid’s stability are largely due to the management’s insincerity and their tendency to pay lip service to a broad range of problems while misplacing priorities over the years.”
Olubiyo pointed out that inadequate investment in necessary network improvements, insufficient protective systems, and a near-total lack of vegetation control have all contributed to the ongoing crises.
He emphasized that these issues have been recognized for some time but have received little attention from TCN’s leadership.
The pattern of grid collapses is alarming, with previous failures recorded on February 4, July 6, August, and September 19 of this year alone.
According to TCN data, the national grid has suffered over 227 collapses in the last 14 years, underscoring a chronic problem in the country’s electricity supply system.
This situation is particularly troubling given that electricity tariffs were increased by 240 percent in April, further straining the financial burdens on Nigerian households and businesses.
As power outages continue to affect daily life, the call for accountability and effective management within TCN becomes increasingly urgent.
Olubiyo’s insights reflect the frustrations of many Nigerians who are tired of empty promises and inadequate responses to a crisis that has persisted for far too long.
The need for immediate, substantial reforms in the management of Nigeria’s electricity supply is clearer than ever, as citizens hope for a stable and reliable power system that meets their needs.
Business
MTN Advances IHS Holding Acquisition Following Shareholder Approval
MTN has moved closer to acquiring IHS Holding, following shareholder approval of the proposed takeover, marking another major milestone in the transaction.
The approval was secured during the Extraordinary General Meeting (EGM) held on 4 August, allowing the deal to progress to the next stage.
If completed, the acquisition is expected to strengthen MTN’s infrastructure capabilities by giving the company greater control over its telecommunications tower assets. Industry analysts believe the move could improve network efficiency, reduce long-term operating costs, and support MTN’s continued expansion across its markets.
The transaction is still subject to regulatory approvals and other closing conditions before it can be officially completed.
Business
Nigeria’s Top Cement Makers Generate ₦3.2 Trillion in Six Months
Nigeria’s three biggest cement manufacturers—Dangote Cement, BUA Cement, and HBM Nigeria—generated a combined ₦3.2 trillion in revenue during the first half of 2026.
The strong performance was driven by higher cement prices, increased demand from housing and infrastructure projects, and higher sales volumes across the country.
Compared to the same period in 2025, the companies recorded 26.5% revenue growth, showing that Nigeria’s construction sector continues to expand despite economic challenges. The companies also reported stronger profits and are investing further to increase production capacity to meet future demands.
Business
OPay Introduces New Security Features for Customers
Nigerian fintech company OPay has introduced new security features to improve the safety of its application.
The company unveiled the Emergency Lock and Safety PIN features to give customers better control over their funds and provide added protection against fraud and unauthorized transactions.
The Emergency Lock feature allows customers to instantly freeze their OPay account with a single tap whenever they sense a threat or believe their account may be at risk.
The newly launched Safety PIN introduces an additional layer of security, helping customers protect themselves in situations where they may be forced to make a transfer or payment against their will.
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