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Nigeria, Angola, Ghana Fulfil Capital Commitments to Africa Energy Bank

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African Energy Bank Headquarters

By Modupe Gbadeyanka

The trio of Nigeria, Angola, and Ghana has fulfilled their capital commitments toward establishing the Africa Energy Bank (AEB) in what is seen as a significant development for Africa’s energy sector.

The AEB aims to finance oil and gas projects across the continent, addressing funding challenges posed by traditional Western financial institutions’ reluctance to support fossil fuel initiatives due to environmental concerns.

Recall that the African Petroleum Producers Organization (APPO) requires that to operate the financial institution, members must get 44 per cent of the capital base of $5 billion.

Each of the 18 members of the group is required to provide at least $83 million and beyond Nigeria, Angola and Ghana, five additional member states – Algeria, Benin, the Republic of Congo, Equatorial Guinea and Ivory Coast – have pledged to make their payments, aligning with the bank’s goal to commence operations in the first half of 2025.

The AEB aims to finance oil and gas projects across the continent, addressing funding challenges posed by traditional Western financial institutions’ reluctance to support fossil fuel initiatives due to environmental concerns.

At the Congo Energy and Investment Forum last week, the Secretary General of APPO, Mr Omar Farouk Ibrahim, said the move to kick-off the bank, which is headquartered in Abuja, Nigeria, is progressing.

AEB is a strategic response to Africa’s need for dedicated financial institutions that understand the continent’s unique energy landscape.

By providing tailored financing solutions, the bank is poised to accelerate energy project development, enhance energy security and drive economic growth.

As more countries contribute their capital shares, the bank is expected to play a pivotal role in unlocking investment, bridging financing gaps and ensuring sustainable energy expansion across Africa.

Nigeria remains sub-Saharan Africa’s largest oil producer, offering significant opportunities in the oil and gas sector, including a 2025 bid round.

The implementation of the Petroleum Industry Act has introduced regulatory reforms to enhance transparency and attract investment, driving major projects forward.

Recent final investment decisions (FIDs) include TotalEnergies’ $550 million Ubeta Gas Field Development and Shell’s $5 billion Bonga North Project, yet additional financing is crucial to advancing Nigeria’s gas agenda and unlocking its full potential in the energy transition.

Angola, on its part, is actively diversifying its energy portfolio while advancing major deepwater developments, including TotalEnergies’ $6 billion Kaminho Deepwater Project, Eni’s Agogo Integrated West Hub and a limited public tender, with a long-term goal of increasing production to 2 million barrels per day.

Ghana is strengthening its position as a leading oil and gas player with new commitments from Eni and Tullow Oil. In March, Eni and the Ghana National Petroleum Corporation signed an agreement to enhance offshore exploration, optimize existing assets and advance untapped reserves.

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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Dominion City Camp Meeting 2026 Participants Highlight Deep Spiritual Encounters, Others

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By Aduragbemi Omiyale

The Global Camp Meeting 2026, organised by Dominion City under the theme, Redigging the Wells of Our Fathers, left a lasting impact on attendees.

The six-day international conference ended with waves of miracles, revival, and life-changing testimonies, Business Post gathered.

From the onset, the atmosphere of the gathering was marked by deep spiritual intensity, with participants reporting life-changing experiences.

The first night of the Night of Glory witnessed remarkable miracles, including the deliverance of a 14-year-old girl from a seven-year struggle with pornography, healing from cancer, restoration from partial blindness and deafness, and recovery from heart and severe skin infections.

In addition, several children were reported to have been baptised in the Holy Spirit, with many seen praying in tongues, a development that further underscored the depth of the spiritual impact across all age groups.

Beyond these, numerous testimonies poured in from participants across different locations. Chinecherem S. shared how he arrived at the Enugu camp meeting on crutches due to a bone fracture but left completely healed, able to walk, run, and jump freely.

Similarly, Faith from Lagos testified to being healed of a fibroid, noting that a previously noticeable lump in her abdomen had completely disappeared.

Blessing recounted a profound encounter during a teaching on The Cross, which led to her deliverance from hard drug use and prostitution, describing it as a turning point in her life.

International participants were not left out, as Ella M. from Namibia described the teachings as “uncompromising truth,” while Boikanyo M. from Botswana testified to experiencing God’s power remotely, expressing belief in an impending revival in her nation.

These are a few of the overwhelming testimonies of miracles, salvation, deliverance, and spiritual renewal experienced at the event, which drew over 60,000 in-person participants and millions of online viewers worldwide.

For many, the impact extended beyond physical healing to clarity of purpose and commitment. Peter B. from Lagos shared that he received a clear sense of his calling to disciple others and rededicated his life to fulfilling God’s purpose, adding that he also experienced deliverance during a baptism session.

The meeting also featured ministrations from Dr David Ogbueli and other global ministers, who emphasised moral renewal, spiritual growth, and leadership development.

Participants were equipped not only spiritually but also through sessions addressing innovation, career growth, and societal impact.

Organisers noted that the conference also contributed to local economic activity while providing free transportation and medical services to attendees.

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NCS, PEBEC Unveil Framework to Strengthen Trade Competitiveness

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By Adedapo Adesanya

The Nigeria Customs Service (NCS), in partnership with the Presidential Enabling Business Environment Council (PEBEC), has launched a strategic reform agenda aimed at enhancing port efficiency and strengthening Nigeria’s trade competitiveness.

The initiative was unveiled on Tuesday, April 7, 2026, at the opening of a three-day operational workshop in Apapa, Lagos, themed Customs Leadership in Port Efficiency, Inspection Reform and Clearance Timeline.

Speaking at the event, the Comptroller-General of Customs, Mr Adewale Adeniyi, outlined a five-pillar strategy designed to transform port operations. The framework focuses on joint inspections, risk-based cargo clearance, optimisation of scanning infrastructure, enforcement of service timelines, and improved inter-agency collaboration.

Mr Adeniyi emphasised that the Service is shifting from policy formulation to effective implementation, stressing the need for consistent execution of established best practices.

He noted that the “workshop was aimed at bridging the gap between knowledge and action within the system.”

He further highlighted the transition to intelligence-led cargo processing, stating that ongoing investments in digital platforms and scanning systems must result in faster, more transparent clearance procedures for traders.

To ensure accountability, the Customs boss disclosed that the workshop would produce a reform execution matrix subject to close monitoring, adding that he would personally track progress reports.

He also urged officers to uphold professionalism, integrity, and commitment in the discharge of their duties.

In her remarks, the Director-General of PEBEC, Mrs Zahrah Mustapha-Audu, underscored the importance of adopting risk-based, data-driven inspection systems.

According to her, efficient and transparent border processes are essential to reducing the cost of doing business and improving Nigeria’s global trade standing.

Also speaking, the Deputy Comptroller-General in charge of Tariff and Trade, Mrs Caroline Niagwan, said the evolving mandate of the Service places it at the heart of trade facilitation and economic growth, adding that efficiency must be reflected across all commands.

As part of the engagement, the Customs and PEBEC delegation visited the National Single Window facility, where they held discussions with the Chairman of the Nigeria Revenue Service, Mr Zacch Adedeji, and other stakeholders to review progress and address operational challenges.

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Madica Invests $600k in Nigerian Data Startup Biovana, Two Others

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By Adedapo Adesanya

Madica, a structured investment programme for pre-seed African startups, has announced new investments totalling $600,000 in three tech-enabled startups, including Nigerian data startup, Biovana.

According to the initiative, these investments further reinforce Madica’s commitment to supporting founders and startups often excluded from traditional venture funding. The other startups include Tanzania’s Kilimo Fresh and Kenya’s Hakimu.

Each company has secured up to $200,000 in funding and will take part in Madica’s 18-month programme. This includes a tailored curriculum, hands-on mentorship, executive coaching, and two fully funded immersion trips to key technology ecosystems, both locally and internationally. The startups will also gain access to Madica’s global investor network, helping position them for growth and long-term success.

Madica’s programme seeks to counter the concentration of Africa’s tech funding in a few markets, verticals, and well-networked entrepreneurs and instead drive more equitable growth across the continent. This is done by backing a mix of underrepresented founders, startups from underserved regions, and innovators in overlooked sectors.

Launched in 2022, Madica is a sector-agnostic investment program designed to address structural gaps in Africa’s startup ecosystem. The program tackles key challenges startups face, such as limited access to capital, a scarcity of investors, and insufficient mentorship. It also provides the structured support necessary for startups to resolve critical issues and foster innovation, entrepreneurship, and wealth creation across the continent.

Kilimo Fresh (Tanzania), co-founded by Ms Baraka Chijenga and Mr Justice Mangu, connects smallholder farmers in Tanzania to reliable urban markets by aggregating, processing, and distributing fresh produce through a technology-enabled supply chain, aiming to reduce food waste.

Hakimu (Kenya), Hakimu, co-founded by Ms Rawan Dareer, Mr Ahmed Ahmed and Mr Ahmed Elbashir, is building a pan-African legal infrastructure leveraging the power of AI.

Biovana (Nigeria), co-founded by two female founders, Ms Estelle Dogbo and Dr Jumi Popoola, is a data harmonisation and certification platform focused on unlocking African health datasets for global pharmaceutical, AI, and clinical research applications.

Commenting on the new portfolio companies, Mr Emmanuel Adegboye, Head of Madica, said, “Each new investment brings us closer to the portfolio we set out to build, one that reflects the full breadth and diversity of African entrepreneurship. These three startups join a growing community of founders we’re backing with the resources, relationships, and runway they need to succeed at this early stage. The opportunity across the continent is enormous, and we’re committed to being a crucial and consistent partner in realising it.”

“Joining the Madica portfolio is a significant moment for Hakimu. We’re revolutionising access to justice across Africa, and having a partner that understands the specific challenges and opportunities of scaling in Africa makes a real difference,” said Ms Dareer, co-founder and CEO of Hakimu. “We’re grateful for the trust, looking forward to the hands-on support, and clear-eyed about the work ahead.”

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