In a fresh move for Nigeria’s struggling electricity industry, the Senate yesterday commenced deliberations on the Electricity Act (Amendment) Bill, 2025 – a far-reaching legislative package designed to prevent the complete breakdown of the nation’s power infrastructure.
The parliamentary session occurred simultaneously with the launch of a high-profile investigation into Ponzi scheme operations across Nigeria, triggered by the spectacular failure of Crypto Bullion Exchange (CBEX), which reportedly defrauded citizens of N1.3 trillion ($847 million)- ranking among the most damaging financial frauds in national history.
Senator Enyinnaya Abaribe (Abia South), the bill’s sponsor, presented 28 critical amendments to the 2023 Electricity Act, targeting the complex legal, administrative, and fiscal crises paralyzing the Nigerian Electricity Supply Industry (NESI).
During his plenary address, Abaribe issued an urgent alert: “The Nigerian power sector is hanging on a cliff and requires immediate and drastic action to rescue it from total collapse.”
The proposed reforms, informed by an exhaustive Senate Committee on Power analysis, confront multiple systemic failures:Trillions in accumulated debts
- Inconsistent regulatory standards
- Rampant infrastructure sabotage
Key provisions include: Enhanced federal-state coordination following constitutional amendments on electricity jurisdiction, Severe sanctions for equipment vandalism, Formalized community participation in power projects, Targeted consumer subsidies through a Power Consumer Assistance Fund
Abaribe clarified: “This amendment is not about more spending—it’s about smarter laws and enforcement.”The legislation received cross-party endorsement, with Senator Muhammad Tahir Monguno (Borno North) comparing its potential impact to the transformative Petroleum Industry Act.
However, debates revealed sharp criticisms: Senator Adamu Aliero demanded capital punishment** for repeat infrastructure vandals
- Senator Solomon Adeola exposed critical underfunding of the Nigerian Bulk Electricity Trading Plc
Senator Garba Maidoki disclosed: “Even as a Senator, I struggle to pay my electricity bills,” condemning DISCOs for mismanagement
The bill advances to committee stage for detailed scrutiny before final voting.
Parallel Ponzi Scheme Investigation
In a related development, the Senate initiated a four-week probe into regulatory failures enabling the CBEX scandal, described by Senator Mukhail Abiru (Lagos East) as part of a dangerous pattern stretching from MMM (2016) to MBA Forex (2020).
Senate President Godswill Akpabio shared a personal account of 1990s investment fraud, stressing: “N1.3 trillion gone…This is an emergency.” The investigation will examine oversight lapses by the CBN, SEC, EFCC, and NFIU, with public hearings scheduled nationwide.
Both legislative actions represent an unprecedented parliamentary intervention to address chronic energy instability and financial system vulnerabilities, testing the government’s capacity to deliver tangible reforms for long-suffering citizens.
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