The Minister of Power, Chief Adebayo Adelabu, has formally tendered his resignation and proposed the establishment of a Coordinating Minister for Energy to drive integrated reforms across Nigeria’s power, gas, and related sectors.

Adelabu announced his resignation in a letter dated April 22, 2026, and signed by Bolaji Tunji, his Special Adviser on Strategic Communications and Media Relations.

In the letter addressed to President Bola Tinubu, Adelabu stated that his resignation will take effect on April 30, 2026, to enable him to focus on his governorship ambition in Oyo State.

He, however, emphasised that sustaining and consolidating the gains recorded in the power sector requires stronger coordination at the highest level, including the appointment of a central authority to harmonise policy direction and execution.

Speaking further on the development, Tunji said the minister expressed deep appreciation to President Tinubu for the opportunity to serve, describing his tenure as a privilege to contribute to national development.

Adelabu noted that his decision aligns with the provisions of the Amended Electoral Act 2026, which precludes serving political office holders from contesting elections. He further disclosed that his gubernatorial aspiration dates back to 2016 during his tenure as Deputy Governor of the Central Bank of Nigeria.

In his three-page letter, the minister outlined key achievements recorded during his tenure, including the implementation of the Electricity Act 2023, which decentralised the electricity market and improved the investment climate.

He highlighted that peak power generation rose to over 6,000 megawatts, driven by the integration of the Zungeru Hydropower Plant and the rehabilitation of thermal power plants. Transmission capacity was also strengthened through grid upgrades under the Presidential Power Initiative.

Adelabu further cited notable improvements in the distribution segment, including enhanced regulatory oversight, improved revenue collection, and progress in reducing Aggregate Technical, Commercial and Collection (ATC&C) losses.

Efforts to close the metering gap, he added, gained momentum through the Presidential Metering Initiative and the World Bank-supported Distribution Sector Recovery Programme (DISREP).

On the financial front, Adelabu stated that tariff reforms and a ₦4 trillion debt restructuring programme increased market revenues from ₦1 trillion in 2023 to ₦2.3 trillion in 2025, restoring investor confidence and placing the sector on a path to sustainability.

Despite these gains, the minister acknowledged persistent challenges, including gas supply constraints, infrastructure vandalism, and the need for full commercialisation of the electricity value chain.

He therefore proposed key measures to sustain progress, including the implementation of cost-reflective tariffs with targeted subsidies, recapitalisation of distribution companies, accelerated nationwide metering, sustained transmission investments, and strengthened regulatory enforcement.

“Central to his recommendations is the creation of a Coordinating Minister for Energy to provide strategic oversight and ensure synergy across power, gas, water resources, and environmental sectors,” Tunji said.

“According to him, this approach is critical to improving gas supply for thermal generation, optimising hydroelectric resources, and accelerating renewable energy deployment.”

Tunji added that Adelabu remains committed to ensuring a smooth and seamless handover process, while expressing gratitude to the President for the confidence and support extended to him throughout his tenure.

The QEDNG Creative Powerhouse Summit will hold its second edition on August 11 in Lagos, bringing together leaders across the creative, business and policy spaces.

Convened by Mighty Media Plus, publishers of online newspaper QEDNG, the summit brings together conversations at the intersection of creativity, enterprise and influence, with a focus on strengthening Nigeria’s creative economy.

Reflecting on the inaugural edition, Iyanda said the summit drew participation from respected figures across sectors, including group managing director of SO&U Udeme Ufot as chairman and founder of The Africa Soft Power Group Dr Nkiru Balonwu as keynote speaker, alongside panellists such as filmmaker Kunle Afolayan, All Africa Music Awards (AFRIMA) founder Mike Dada and executive director of the National Film and Video Censors Board (NFVCB) Dr Shaibu Husseini who contributed to discussions on the direction of the creative economy.

“The first edition showed that there is a strong interest in serious engagement around the creative economy. We had contributions from experienced voices who helped set the tone for the kind of platform we are building,” Iyanda said. 

Building on the success of its inaugural edition, the summit continues to expand its scope, attracting a diverse mix of industry leaders, entrepreneurs, policymakers and emerging talents.

“This summit is designed as a meeting point for ideas, influence and execution. It is not just about conversations, but about outcomes that strengthen the creative economy,” Iyanda added.

He noted that the timing of the summit is significant as the country’s creative sector continues to evolve.

“Nigeria’s creative sector has grown in visibility, but the structures that support it are still evolving. The QEDNGCreative Powerhouse Summit is part of the effort to bring clarity, direction and serious engagement to that growth,” he said.

The 2026 edition will feature keynote addresses, panel discussions and curated sessions addressing themes around innovation, growth, funding and the global positioning of Nigerian creative talent.

According to Iyanda, the long-term goal is to build a platform that remains relevant across generations.

“Our goal is to build a platform that remains useful over time, one that documents progress, connects stakeholders and contributes meaningfully to policy and practice,” he said.

Further details on speakers, partners and the full programme will be announced in the coming weeks.

A United States-based Nigerian, Animashaun Adebo, has pleaded guilty to wire fraud conspiracy over his involvement in a series of business email compromise and romance scams that resulted in more than $50m in losses.

A statement obtained by PUNCH Metro on the US DoJ website on Tuesday said that Adebo, also known as “Kazeem” and “Kazeem Animashaun,” entered a guilty plea on Monday at a federal court in Brooklyn.

The statement noted that Adebo and his co-conspirators orchestrated multiple fraudulent schemes targeting individuals and small businesses across the United States, particularly within the Eastern District of New York.

The statement read, “Earlier today in federal court in Brooklyn, Animashaun Adebo, also known as ‘Kazeem’ and ‘Kazeem Animashaun,’ pleaded guilty to wire fraud conspiracy for his role in a series of fraudulent business email compromise and related romance schemes that resulted in more than $50 million in losses by individuals and small businesses located within the Eastern District of New York and throughout the United States.

“The defendant and his co-conspirators misappropriated victim funds and laundered them through shell company accounts in the United States and abroad, sometimes using unsuspecting middlemen to further obscure the fraudulent source of the funds.”

The statement explained further that the syndicate misappropriated victims’ funds and laundered them through shell company accounts both within and outside the US, sometimes using unsuspecting intermediaries to conceal the origin of the funds.

It added that investigations revealed that the group carried out business email compromise schemes between April 2021 and March 2022.

As part of the schemes, victims involved in real estate transactions received fraudulent emails impersonating legitimate parties, directing them to transfer funds to designated accounts.

“As one part of the BEC schemes, victim-individuals involved in real estate transactions received fraudulent emails purporting to be from legitimate parties to those transactions. The emails instructed them to wire funds they believed to be related to the real estate transactions to specified bank accounts.

“The fraudulent email accounts that contacted the victims closely resembled but were slightly different from the email addresses of the legitimate parties to the transaction (a process known as ‘spoofing’).”

Similarly, employees of targeted companies were deceived into transferring funds after receiving emails that appeared to come from trusted vendors or business partners.

In each instance, funds transferred by victims were diverted into accounts controlled by Adebo and his associates.

The statement further disclosed that Adebo laundered part of the proceeds through the purchase of luxury watches and via an illegal money exchange operation run by his co-defendant, Idowu Ademoroti, who has already been convicted and sentenced.

“As another part of the BEC schemes, employees of victim companies received fraudulent emails purporting to be from legitimate vendors or other business partners of those companies directing them to transfer funds to specified bank accounts.

“In each case, after the victims executed the wires in accordance with the fraudulent instructions, the transferred funds were misappropriated from the victims and sent to and through accounts controlled by the defendant and his co-conspirators.”

It added that Adebo ultimately received part of the fraudulent proceeds through corporate bank accounts located in Nigeria.

According to the statement, another defendant linked to the scheme, Nelson Ojeriakhi, was arrested in Paris and extradited to the US in July 2025. He pleaded guilty in November 2025 and is awaiting sentencing.

It added that the fourth suspect, Noguan Eboigbe, remains at large.

“The defendant further laundered illicit proceeds through the purchase of luxury watches and through an illegal money exchange operation run by his co-defendant Idowu Ademoroti, who was previously convicted and sentenced to a term of incarceration for his role in the scheme. Adebo ultimately received fraudulent proceeds in corporate bank accounts located in Nigeria.

“A third defendant, Nelson Ojeriakhi, also a Nigerian national, was arrested in Paris, France, and extradited to the United States in July 2025.

“Ojeriakhi pleaded guilty in November 2025 and is pending sentencing, while a fourth defendant remains at large,” the statement concluded.

In a related development, another US-based Nigerian, Ifeanyi Ugwu, is facing up to five years’ imprisonment after pleading guilty to operating an unlicensed money-transmitting business involving more than $5m in illegally obtained funds.

The U.S. Attorney for the Eastern District of California, Eric Grant, had stated that Ugwu, 49, of Bakersfield, admitted to running the illegal operation between December 2020 and August 2023.