In a bold move to address some of Nigeria’s most urgent challenges, the Nigerian Senate has launched two major probes—one targeting the crippled electricity sector, and the other investigating the collapse of the Crypto Bullion Exchange (CBEX), which allegedly defrauded Nigerians of over ₦1.3 trillion.
These legislative actions, announced on July 9, 2025, aim to confront regulatory lapses, restore public trust, and prevent future economic disasters.
Power Sector in Crisis: Senate Pushes for Amendment to Electricity Act
With the Nigerian power sector plagued by frequent blackouts, heavy debt, vandalism, and poor regulation, the Senate passed the second reading of the Electricity Act (Amendment) Bill, 2025. The amendment seeks to reform the existing 2023 Act with 28 new clauses.
Key Proposals in the Amendment:
Criminalization of electricity infrastructure vandalism with harsh penalties.
Clearer roles for state and federal regulators.
Structuring of the Power Consumer Assistance Fund.
Addressing the ₦4 trillion debt crisis in the power sector.
Improved coordination between electricity providers and host communities.
Senator Adamu Aliero went as far as suggesting the death penalty for repeat vandals. The bill has now been referred to the Senate Committee on Power, with a report expected within six weeks.
Why This Matters:
Nigeria’s electricity challenges have hampered industrial growth, discouraged foreign investment, and negatively affected everyday life. Lawmakers believe these reforms could signal a new era of accountability and service delivery.
CBEX Collapse: Senate Declares ₦1.3 Trillion Crypto Fraud a National Emergency
The Nigerian Senate also began investigating the massive collapse of Crypto Bullion Exchange (CBEX), which has left thousands of Nigerians devastated financially.
What We Know:
CBEX allegedly swindled Nigerians of ₦1.3 trillion through crypto and Ponzi-like schemes.
Victims report suicides, depression, and bankruptcy following the collapse.
The Senate blames regulatory agencies—CBN, SEC, EFCC, and NFIU—for allowing CBEX to operate unchecked.
The investigation is sponsored by Senators Adetokunbo Abiru and Osita Izunaso.
A joint Senate committee has been established—comprising members from Capital Markets, Banking, Financial Crimes, and Cybercrime Committees—to:
Conduct nationwide public hearings.
Examine regulatory failures.
Recommend preventive laws to avoid future financial scams.
Senate President Godswill Akpabio, visibly emotional, declared the situation an “emergency,” stating:
“₦1.3 trillion is gone… families are ruined. Lives have been lost.”
Final Thoughts
The Nigerian public has long suffered the consequences of poor governance in both the power and financial sectors. As the Senate takes decisive steps to salvage the electricity industry and recover from the CBEX debacle, Nigerians are hopeful that justice will be served, and meaningful reforms will follow.
Stay tuned for updates on both probes. We’ll bring you the latest reports, testimonies, and legislative outcomes as they unfold.
