In a significant stride for Nigeria’s beleaguered electricity sector, the Senate engaged in deliberations yesterday regarding the foundational principles of the Electricity Act (Amendment) Bill, 2025. This ambitious legislative effort aims to avert a systemic collapse of the power industry.
Simultaneously, the Senate initiated a thorough investigation into the operations of Ponzi schemes, prompted by the devastating fallout from the Crypto Bullion Exchange (CBEX), which reportedly defrauded Nigerians of over N1.3 trillion (£847 million), marking one of the most severe financial scams in the country’s history.
The proposed amendment, introduced by Senator Enyinnaya Abaribe (Abia South), includes 28 key revisions to the Electricity Act, 2023, seeking to resolve the entrenched legal, operational, and financial issues plaguing the Nigerian Electricity Supply Industry (NESI). Abaribe cautioned that the power sector is perilously close to collapse, burdened by trillions in unpaid debts and rampant infrastructure vandalism.
The bill proposes stricter penalties for vandalism, enhanced regulatory oversight, and legal frameworks to facilitate community engagement in electricity projects, all without imposing additional financial burdens on the federal government. Lawmakers expressed overwhelming support for the bill, with many highlighting its potential to revolutionise the power sector.