Nigeria’s Minister-designate for Power, Joseph Olasunkanmi Tegbe, has denied reports claiming he promised to fix Nigeria’s troubled electricity grid within three months.

In a statement issued on Thursday, Tegbe’s spokesperson said several media reports had “misrepresented” comments made during his Senate screening on May 6, 2026.

According to the statement, Tegbe did not give a three-month deadline for fixing the national grid but instead said timelines for reforms were still being worked out following technical assessments and consultations with stakeholders.

What Tegbe actually said

The clarification followed widespread online reports suggesting the minister-designate vowed to resolve Nigeria’s electricity crisis within 90 days if confirmed.

However, his media team said Tegbe only promised that initial efforts to stabilize the power grid would begin within his first 100 days in office.

The statement quoted him as saying:

“My promise to this chamber and to Nigeria is that Nigerians will see visible improvement in the sector.”

It added that Tegbe acknowledged that broader reforms including improving sector credibility, fixing gas supply issues, and expanding metering infrastructure could take up to a year.

During the screening, he also pledged to modernize power infrastructure, improve commercial frameworks, and strengthen accountability across Nigeria’s electricity value chain.

On electricity tariffs, the minister-designate reportedly said reforms would aim to protect vulnerable Nigerians while also ensuring sustainability and investor confidence in the sector.

Why Nigeria’s power crisis matters

Nigeria has struggled with unreliable electricity supply for decades despite multiple reforms and billions of dollars invested in the sector.

Frequent grid collapses, poor transmission infrastructure, gas shortages, and low metering penetration have continued to affect homes and businesses across the country.

According to industry analysts, expectations around Tegbe’s appointment are high because stable electricity remains central to economic growth, manufacturing, digital innovation, and small business survival.

Energy economist Kelvin Emmanuel has previously argued that fixing Nigeria’s power challenges requires “deep structural reforms” rather than short-term political promises.

Many Nigerians also remain skeptical of reform pledges due to previous unmet targets announced by successive administrations.

Industry and public reaction

Power sector stakeholders say the clarification may help reset public expectations around the scale of Nigeria’s electricity problems.

Some analysts noted that improving transmission networks, expanding metering, and resolving gas supply constraints are long-term projects that require major investment and policy consistency.

Business owners, meanwhile, continue to face rising operating costs driven by dependence on diesel and petrol generators.

For many households, electricity shortages have also worsened inflationary pressures and reduced quality of life.

Focus on tariffs and investor confidence

One key area likely to generate public debate is electricity tariff reform.

Successive governments have faced pressure from power generation and distribution companies demanding cost-reflective tariffs, while consumers continue to complain about poor service delivery.

Tegbe’s comments suggest the incoming administration may attempt a balancing act between protecting low-income consumers and attracting investment into the sector.

Experts say investor confidence will depend heavily on policy stability, regulatory transparency, and improved revenue collection across the electricity market.

What happens next?

Tegbe is expected to continue engagements with lawmakers, regulators, operators, and industry stakeholders as part of plans to shape the administration’s power sector roadmap.

His spokesperson, Adeola A. Adelabu, said the minister-designate remained committed to “disciplined execution, transparency, and measurable progress” in tackling Nigeria’s electricity challenges.

The statement also called for accurate media reporting and encouraged journalists to seek clarification where necessary.

Wema Bank has marked its 81st anniversary alongside the ninth anniversary of its digital banking platform, ALAT by Wema, with a series of customer reward initiatives and new engagement campaigns.

The bank said the celebrations, held on May 2, 2026, would focus on giving back to customers rather than hosting large-scale events.

As part of the anniversary, Wema Bank is launching the fifth season of its “5 for 5” reward programme, alongside in-app rewards for ALAT users.

Why it matters

The move reflects a growing shift in Nigeria’s banking sector towards digital-first services and customer engagement.

Since its launch in 2017, ALAT has helped reshape how many Nigerians interact with financial services, offering account opening, payments and savings tools without requiring physical branch visits.

This comes at a time when competition among banks is intensifying, particularly in digital banking and financial inclusion.

‘Helping customers adapt to a changing world’ — CEO

Speaking on the anniversary, Wema Bank’s Managing Director and Chief Executive Officer, Moruf Oseni, said the initiative was designed to support customers in an evolving digital economy.

“The world is rapidly evolving. Digital evolution and emerging technologies continue to present newer opportunities and realities,” he said.

“To thrive, one must be prepared to adapt where needed and ready to leverage the possibilities ahead; and this is what we want to help our customers achieve.”

He added that the bank is focused on building a financial ecosystem that aligns with customer needs.

“We are building a smarter and more secure financial future for our customers, one where banking is effortlessly aligned with their goals.”

ALAT at 9: From digital banking to ecosystem

Wema Bank says ALAT has evolved into a broader financial ecosystem over the past nine years.

The platform now includes savings tools such as ALAT Goals, payment solutions, and features aimed at improving financial access.

To mark the milestone, the bank has launched the “ALAT at 9” campaign, featuring interactive activities and rewards.

These include:

Personalised “ALAT Wrapped” summaries of users’ activity

A “9 features in 9 days” engagement challenge

Instant rewards for transactions completed at specific times

A jingle challenge encouraging user-generated content

‘Making banking more interactive’ — Chief Digital Officer

Wema Bank’s Chief Digital Officer, Olusegun Adeniyi, said the campaign aims to make banking more engaging.

“With ALAT at 9, we are transforming routine banking into an interactive experience,” he said.

“By combining personalized insights, gamified missions, and real rewards, we are creating a platform that responds to users in a more dynamic and rewarding way.”

Customer impact and industry perspective

Analysts say initiatives like this could help deepen customer loyalty and drive digital adoption in Nigeria’s banking sector.

For customers, the benefits are immediate — from rewards to easier access to financial tools.

For the wider economy, increased use of digital banking platforms could support financial inclusion, especially among younger users and small businesses.

What’s next

Wema Bank says the anniversary activities will run throughout May 2026, with customers encouraged to update or download the ALAT app via app stores.

More details are available via the bank’s official website:

👉 https://wemabank.com

Small businesses and food lovers took centre stage as Day One of the Guaranty Trust Holding Company Plc (GTCO) Food and Drink Festival 2026 opened in Lagos, with vendors reporting strong customer turnout and growing brand visibility.

The three-day festival, holding at GTCentre, is designed as a free platform for entrepreneurs to showcase products while connecting directly with consumers.

Vendors Report Strong Early Gains

For many small businesses, the first day delivered immediate results.

Oluwadamilola, a representative of Buzz Cocktails, attending for the first time, said the event had already driven customer traffic and online engagement.

“We’ve had a lot of customers, and people are already following us on Instagram,” the representative said, rating the experience “10 out of 10”.

She added that the exposure was helping to build brand awareness, with expectations of even higher sales in the coming days.

Returning Vendors Focus on Growth

For returning participants, the festival remains a strategic marketing tool.

Segun Morountonu, General Manager of Sophisticated Wobia, said his business was using the platform to showcase its range of pastries, drinks, and cakes.

“Our goal is to create awareness and bring customers to our store. Once people taste our products, they come back,” he said.

Morountonu, participating for the second year, added that the timing of the festival during Workers’ Day could further boost sales.

Small Business Success Stories Emerge

For some entrepreneurs, the festival is proving transformative.

Dolapo Daramola, founder of Ajara Foods, said her business had experienced rapid growth since launching last year.

“We sold out within four months. Now people know us, they follow us, and they come back to buy again,” she said.

She described the festival as a critical platform for visibility.

“This is a mighty opportunity. If we had to pay for this kind of exposure, it would cost millions.”

Despite challenges such as transportation costs and sourcing materials, she said the benefits outweighed the difficulties.

Consumers Drive Demand and Experience

Attendees also highlighted the festival’s growing appeal.

Qudus Adeniji, a returning visitor, described the experience as “fantastic,” noting improvements in organisation and crowd management.

“They keep improving it every year,” he said, though he noted some minor issues with vendor interactions.

First-Time Visitors Impressed

For newcomers, the festival offered variety and discovery.

Benita said the event met her expectations.

“There are a lot of new things to try,” she said.

A Hub for Food Discovery and Families

Another attendee, Mrs Ijeoma, said the festival helps consumers connect with brands they often see online but rarely visit.

“You can discover vendors close to your home and decide to visit them later,” she said.

She also highlighted the family-friendly setup, noting improvements in comfort, organisation, and planning over the years.

Corporate Vision Meets Market Reality

The Group Chief Executive Officer of GTCO, Segun Agbaje, said the festival is built on connection and opportunity.

“Food connects cultures, tells stories, and creates moments that linger long after the experience itself.”

He added that the initiative supports entrepreneurs by providing free retail platforms and access to a wider audience.

“We continue to create opportunities for growth, visibility, and long-term impact.”

Why It Matters

Nigeria’s small business sector faces persistent challenges, including high operating costs and limited access to markets.

Events like the GTCO festival offer a rare opportunity for entrepreneurs to reach thousands of potential customers without the usual financial barriers.

For consumers, it provides access to a wide range of food options and emerging brands in one location.

What’s Next

With two more days to go, vendors are expecting higher turnout and increased sales, while organisers aim to sustain momentum and improve the overall experience.