₦120BN SHOCK: HOW INDUSTRIAL GIANTS STEAL 100MW DAILY ON IKORODU SAGAMU POWER LINE
GREATRIBUNETVNEWS–THE Federal Government has declared war on power thieves draining the national grid along the strategic Ikorodu-Sagamu industrial corridor, where sophisticated energy theft is bleeding the electricity market of a whopping ₦120 billion every year.
Minister of Power, Joseph Tegbe, dropped the bombshell on Friday in Lagos at a tense, closed-door meeting with industrial operators, DisCos, and regulators.
According to Tegbe, enhanced monitoring systems deployed by the Nigerian Independent System Operator (NISO) uncovered a massive 100-megawatt black hole — power transmitted to the axis but never billed, paid for, or accounted for.
The Minister has now ordered an immediate, no-holds-barred forensic investigation into the fraud, vowing to expose and punish those behind the economic sabotage on one of Nigeria’s fastest-growing industrial hubs.
Reaffirming the administration’s commitment to industrial growth under President Bola Ahmed Tinubu’s Renewed Hope Agenda, the Minister assured manufacturers of sustained power supply while maintaining that uninterrupted energy must be met with strict accountability and accurate billing.
Tegbe declared that the government will no longer tolerate meter tampering, deliberate data manipulation, or infrastructure interference, emphasizing that every consumer must remain accountable for actual power consumed.
The critical stakeholder engagement drew senior leadership across the energy value chain, including the Managing Director and Executive Directors of NISO, representatives from the Transmission Company of Nigeria (TCN), and the chief executives of both Ikeja Electric and the Ibadan Electricity Distribution Company alongside corridor industrial representatives.
Stakeholders have been charged to cooperate fully with technical investigators to eliminate revenue leakages and safeguard the financial stability of the national grid.
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