General
FSD Africa Provides $19.5m for Green Projects in Africa
By Modupe Gbadeyanka
To boost climate resilience in Africa, the investing arm of FSD Africa, FSD Africa Investments (FSDAi), has promised to provide $19.5 million to bridge the financing gap for green projects on the continent.
The organisation announced its intention to invest in climate-aligned infrastructure projects in Africa at the Africa Climate Summit in Nairobi, Kenya.
FSD Africa is making the investment through Acre Impact Capital’s Export Finance Fund, Catalyst Fund and Camco’s Spark Energy Services.
Business Post gathered that the firm would give $12 million to Acre Impact Capital’s Export Finance Fund I to address the lack of commercial debt financing for sustainable infrastructure projects guaranteed by official Export Credit Agencies (ECAs).
It believes that financing from ECAs reduces the cost of debt, makes infrastructure projects more affordable, and provides improved access to essential services for over 500,000 people generating over 2,000 jobs.
FSD Africa will also give $4.5 million to Catalyst Fund, a pre-seed venture capital fund and accelerator to provide hands-on venture-building support to tech start-ups that aim to improve the resilience of climate-vulnerable communities across Africa.
The investment will help demonstrate venture building as an investible model that can accelerate the growth of climate-smart businesses in Africa with a target of creating or accelerating 40 businesses and helping 5 million individuals and households adapt to the effects of climate change.
In addition, $3 million would be sunk into Spark Energy Services to address the lack of financing available to developers of smaller-scale projects by innovatively aggregating small projects to reduce transaction costs and diversify risk.
“For Africa to achieve a green economic growth pathway, access to green finance needs to be scaled up.
“Our mission is to enable investments to flow by taking more risk and working with local intermediaries to bridge the gaps in the current financing structures.
“We are backing these three funds, which provide innovative ways to finance businesses which will make a big contribution to Africa’s green economy,” the Chief Investment Officer of FSD Africa Investments, Anne-Marie Chidzero, said.
Also, the UK Minister for Development, Andrew Mitchell, said, “The climate finance projects we announced demonstrate the strength of our commitment to Africa’s green future.
“UK leadership is determined to unlock the funding needed internationally to drive forward the green agenda. Our ambitions can only be realised through partnership and cooperation with Africa and the international community. We are stronger together – and we go far when we go.”
General
CNPP Begs Wike for Certificates of Occupancy Payment Deadline Extension
By Modupe Gbadeyanka
The Minister of the Federal Capital Territory (FCT), Mr Nyesom Wike, has been urged to extend the deadline for the payment of Certificates of Occupancy (C of O) by property owners in Abuja.
This plea for an extension was asked by the Conference of Nigeria Political Parties (CNPP) through a statement signed by its Deputy National Publicity Secretary, Mr James Ezema.
The group said the initial two-week grace period given to the affected allottees, which expired on Friday, January 3, 2025, was insufficient, considering the current economic challenges facing the country.
Recall that after public outcries, Mr Wike, who is the immediate past governor of Rivers State, granted an extension to the owners of the 762 revoked plots of land in Maitama, Abuja.
“We are appealing to the Minister and the Federal Capital Territory Administration (FCTA) to tamper justice with mercy and issue an extension in the spirit of the yuletide and in view of the economic challenges in the country,” the association stated.
It stressed that the extension would give the affected individuals and groups ample time to comply with the directive, thereby avoiding any undue hardship or loss.
“We pray that the Minister and the FCTA will grant the allottees an extension to comply with the directive, giving all the affected individuals and groups enough time to have themselves to blame at the end of the final extension,” the statement added.
The CNPP’s appeal comes on the heels of its recent expression of concern over the escalating hunger and suffering faced by millions of Nigerians due to the economic realities in the country.
General
All Farmers Association of Nigeria Dissociates Self From Ado Kano
By Adedapo Adesanya
The All Farmers Association of Nigeria (AFAN) has dissociated itself from an unofficial viral statement by one of it members, regarding posters indicating activities of the organisation.
The group dissociated itself from the member in a statement signed by its National President and the National Secretary, Mr Kabiru Ibrahim, and Mr Yunusa Halidu, respectively.
“This post is made by an authorized member, Ado A Ado Kano.
“The opinions and views expressed here are those of the author and do not reflect the official policy or position of the group, its administrators, or other members.
“For official statements, please refer to AFAN official contact or platform,” parts of the statement made available to Business Post stated.
According to AFAN, the unofficial posters flying around doesn’t represent the association, noting that Mr Kano is not authorized by AFAN or its officials but those of the author.
AFAN is the umbrella organisation for all farmers’ commodity associations in Nigeria.
Its vision and mission are to assemble all Nigerian producers into one organization, providing a single interlocutor for the government to address agricultural issues with the farming community.
AFAN was formed by the merger of the All-Farmers Association of Nigeria (ALFA) and the National Farmers’ Association of Nigeria (NAFAN). The merger was recommended by former Nigerian president, Mr Olusegun Obasanjo.
General
BUA Debunks Claims of 90% Completion of Refinery in Akwa Ibom
By Adedapo Adesanya
BUA Group has denied widespread reports that its ongoing construction of a 200,000 barrels per day capacity refinery located in Akwa Ibom State is 90 per cent completed.
In a statement signed on Sunday, the group with subsidiaries in food, cement, and energy sectors said that the claims that the structure was at end stage did not come from it.
“Contrary to a misleading report stating that our 200,000 barrels/day refinery is at 90% completion, BUA wishes to advise the public to disregard such misleading reports that did not emanate from us,” a part of the statement read.
It clarified that the project was progressing well and added that it was going to meet the project timeline of 2025.
“As we make remarkable strides on our Akwa Ibom refinery project, we are proud to share that construction is progressing steadily.
“Whilst the refinery is not at 90% completion, we are however on track to meet our delivery timelines in collaboration with our partners.
“This BUA Refinery & Petrochemicals project represents a major milestone in strengthening Nigeria’s refining capacity and energy security,” the group said.
BUA is also carrying out other energy projects, including the construction of a mini-LNG plant and several new hybrid power plants across the country, which it said are also progressing rapidly.
The group says this will add additional capacity to our over 1,000MW installed captive power generation capacity.
“The public is advised to verify any news through our official channels and platforms so as not to be misled by mischievous persons,” the statement said.
“At BUA, we remain committed to transparency and excellence. As we have consistently done with over 12 of our completed mega industrial projects worth over $ 3.5 billion in the past 10 years, we will continue to keep you updated with verifiable and accurate information only where necessary, and as milestones are achieved.
“We appreciate the public’s interest and enthusiasm for this transformative project as we work together in building a stronger industrial and manufacturing base for a self-reliant Nigeria,” it added.
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