<< Back             Poser >> Lagos gets 360MW boost as FG upgrades four substations By Obas Esiedesa & Mariam Eko The Federal Government (FG) has commissioned the upgraded transmission facilities in four major substations in Lagos, adding about 360 megawatts (MW) of transmission capacity to boost electricity supply across the state. The projects at Ijora, Apapa Road, Alausa and Lekki substations are expected to strengthen bulk power delivery to residential, commercial and industrial consumers within the networks of Eko and Ikeja Electricity Distribution Companies. Speaking during the commissioning of the projects, Minister of Power, Joseph Tegbe, said the investments were aimed at removing transmission bottlenecks and improving electricity reliability. “These infrastructures have been here for over 25 years. What we are doing is commissioning new power transformers in Apapa, Ijora, Alausa and Lekki transmission substations. This is important as it will increase our wheeling capacity and also improve our delivery to end-users,” he said. At Ijora, two new 100MVA transformers raised installed capacity from 90MVA to 230MVA, adding about 112MW, while the Apapa Road substation received two 60MVA transformers and modern gas-insulated switchgear, increasing capacity from 60MVA to 180MVA and adding about 96MW. At Alausa, an existing 30MVA transformer was replaced with a 100MVA unit, raising total capacity from 135MVA to 205MVA and adding about 56MW. The additional capacity has increased power allocation to Ikeja Electricity Distribution Company to 80MW. At Lekki, TCN commissioned two by 60MVA transformers, one by 300MVA transformer and nine additional 33kV feeders. The intervention doubled transformation capacity at the 132/33kV level from 120MVA to 240MVA. Tegbe said the Alausa intervention alone could serve about 70,000 households, representing approximately 180,000 people, while the Lekki project would benefit about 100,000 customers, representing an estimated 400,000 people. TCN Managing Director, Sule Ahmed Abdulaziz, said the projects were supported by the World Bank and JICA, with Shanghai Electric involved in execution. Vanguard Business News	Nigeria’s trade surplus jumps 67% to N12.59trn in Q2’26 By Yinka Kolawole Nigeria’s merchandise trade surplus surged by 66.8 per cent quarter-on-quarter to N12.59 trillion in the second quarter of 2026, from N7.55 trillion recorded in Q1, as a sharp rise in exports widened the gap between the country’s earnings from exports and its import bill. In its foreign trade statistics report released yesterday, […] Maritime Reforms: Nigeria’s ports record 12.3% rise in cargo throughput By Emeka Anaeto The Nigerian Ports Authority (NPA), has reported significant growth in cargo throughput, vessel traffic, container movements, vehicle traffic among others in the second quarter of 2026, Q2’26, attributing the development to the various reforms the Federal Government introduced in the maritime sector. This was contained in the NPA Operational Performance Report for […] Foreign investors pull out N266bn from Nigeria in 3 yrs Foreign Portfolio Investment (FPI) net capital outflow from the Nigerian equities market widened by more than 1,073 per cent in three years, rising from N22.68 billion in the first seven months of 2023 to N266.07 billion by July 2026, as foreign investors took more money out of the market than they brought in. Nigeria’s reserves hit $54bn, highest in 18 years Nigeria’s external reserves have risen to $54.08 billion, reaching their highest level in nearly 18 years and moving further above the Central Bank of Nigeria’s (CBN) projection for the end of 2026. Latest CBN data showed that the reserves reached $54.08 billion on September 3, compared with $53.99 billion on September 2 and $53.90 billion […] Dangote Petroleum Refinery set for landmark IPO following SEC approval … Proposed 4.1bn share offer could raise approximately ₦2.15trnBy Udeme Akpan The Securities and Exchange Commission (SEC) has approved the commencement of the Initial Public Offering (IPO) of Dangote Petroleum Refinery and Petrochemicals FZE, paving the way for what could become one of the largest capital market transactions in Nigeria’s history. The approval was conveyed […] PremiumTrust Bank gets dual credit rating upgrades By Henry Obetta PremiumTrust Bank has received dual credit rating upgrades from Agusto& Co. and DataPro Limited, underscoring its financial strength, sound risk management and growth trajectory. Agusto upgraded the Bank’s long-term rating from BBB+ to A- and short-term rating from A2 to A1, while DataPro upgraded its long-term rating from A- to A and […]