In a landmark move that could reshape Nigeria’s struggling electricity sector, the Senate on Tuesday debated the general principles of the Electricity Act (Amendment) Bill, 2025, signaling serious legislative intent to reform the Nigerian Electricity Supply Industry (NESI).
The bill, sponsored by Senator Enyinnaya Abaribe (Abia South), introduces 28 key amendments to the Electricity Act, 2023, in an effort to address the deep-seated legal, operational, and financial dysfunctions plaguing the power sector.
Leading the debate during plenary, Abaribe warned that the industry is “teetering dangerously on the brink,” weighed down by trillions of naira in unpaid debts, a disjointed regulatory framework, and widespread infrastructure vandalism.
The Senate’s focus on energy reform came the same day lawmakers launched a full-scale investigation into Ponzi schemes following the collapse of Crypto Bullion Exchange (CBEX) — a digital investment platform accused of defrauding Nigerians of over ₦1.3 trillion (approx. $847 million).
The alleged CBEX fraud is being described as one of Nigeria’s largest financial scams, further reinforcing concerns about regulatory failures in both the financial and energy sectors.
