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CrossBoundary to Invest $16m in Mini-Grids in Nigeria

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By Dipo Olowookere

Africa’s first project financing facility for mini-grids, CrossBoundary Energy Access (CBEA), has announced its launch, with funding commitments from The Rockefeller Foundation and Ceniarth.

The company is planning to initially invest $16 million into mini-grids serving 170,000 people, providing first-time power to homes and businesses. The focus is on markets with supportive mini-grid regulatory frameworks, such as Tanzania, Nigeria, and Zambia.

CrossBoundary Energy Access has an innovative blended finance structure that demonstrates a pathway to unlocking more than $11 billion for mini-grids needed from investors to connect at least 100 million people.

Over 600 million people in Sub-Saharan Africa still lack access to electricity. CrossBoundary conservatively estimates that at least 100 million of these people can be most cost effectively served by mini-grids today, and that using private sector development and investment could accelerate the buildout of those grids.

However, so far, private sector mini-grids have not attracted the needed funding. Like all energy infrastructure projects, mini-grids require a significant upfront investment while delivering predictable returns over a 10–15 year period. To scale, the capital provided must be long-term, affordable and accept lower yield returns. Operating in an emerging asset class with smaller balance sheets, mini-grid companies have so far struggled to raise that kind of financing.

CrossBoundary Energy Access bridges the gap to commercial scale, allowing private capital to invest today by blending it with patient equity from impact-first investors such as Ceniarth and development-focused debt from institutions such as The Rockefeller Foundation. The facility also allows private investors to invest in the projects themselves, similar to how most of the world’s 1,000 gigawatts of wind and solar projects have been financed.

Private sector capital and private sector mini-grids have an essential role to play in achieving Sustainable Development Goal 7 (SDG7): Ensure access to affordable, reliable, sustainable and modern energy for all. CrossBoundary Energy Access is seeking additional equity investment to expand this blended finance vehicle that provides both social and financial returns.

Shell Foundation and UK aid, through the Transforming Energy Access programme, provided support to design and launch CrossBoundary Energy Access.

CrossBoundary was advised by Norton Rose Fulbright, and Rockefeller Foundation was advised by Simpson Thacher & Bartlett.

Gabriel Davies, Head of Energy Access at CrossBoundary, says, “Mini-grids are critical to achieving universal electrification in Africa at the least cost. We believe long-term project finance structures will allow mini-grids to scale. We’re building investment portfolios that will attract the long-term, infrastructure-type capital the sector needs from institutional investors.”

Ashvin Dayal, Managing Director, Power, The Rockefeller Foundation, says, “We’re proud and excited to be an early investor in the CBEA facility because it represents an ambitious, concrete effort to realize the comparative advantage mini grids have to serve over 100 million people in Africa. The opportunity cost of energy poverty is huge, both in terms of suppressed human wellbeing and lost economic development. We believe that CBEA brings a much-needed sense of urgency, and provides a platform for more effective public and private sector coordination that can transform the pace of last-mile electrification.”

Diane Isenberg, Director, Ceniarth, says, “We believe CrossBoundary Energy Access has developed a thoughtful, blended approach to the challenge of unlocking capital for the mini-grid sector.  We hope that as more data emerges to support the economics of the model, additional capital will flow into the sector at terms that allow us to gain increased leverage on our subordinate investment.”

Sam Parker, Director, Shell Foundation, says, “Shell Foundation has been a strong supporter of mini-grids for almost a decade. We believe the sector is now ready for the larger scale infrastructure finance that will enable it to scale. We are supporting CrossBoundary Energy Access because we believe that its aggregation approach will catalyze the hundreds of millions of dollars of private capital that is needed, alongside public finance, to grow the sector.”

Matt Tilleard, Co-managing Partner, CrossBoundary, says, “This first close for CrossBoundary Energy Access is a first step towards unlocking the private and public capital needed to scale the mini-grid sector. At CrossBoundary we believe that distributed renewables will be crucial to powering African homes, businesses, and industries. Our role is to mobilize the financing to make it happen.” Sebastian Deschler, General Counsel, CrossBoundary, says, “This facility is a template that can benefit the whole sector. CrossBoundary Energy Access will not invest in individual developers. Instead, it will acquire portfolios of mini-grid assets using low-cost, long-term project finance structures. This provides the sector with a repeatable model for accessing the project finance market that is needed for mini-grids to scale.”

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via [email protected]

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Adelabu’s Sister, Twin Nephews Regain Freedom as Police Kill Kidnappers

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Mrs. Olaide Busayo Adegoke John-Paul

By Dipo Olowookere

The younger sister of the former Minister of Power, Mr Adebayo Adelabu, Mrs Olaide Busayo Adegoke John-Paul, has been rescued by officials of the Nigeria Police Force (NPF).

The woman was freed from her kidnappers along with her twin sons, Peter and Paul, on Saturday evening.

They were abducted on Wednesday morning while the former employee of the Central Bank of Nigeria (CBN) was taking her children to school in Ibadan, Oyo State.

The unfortunate incident reportedly occurred at about 7:30 am on June 3, 2026, throwing residents of the area into panic. The 43-year-old mother was taken from her vehicle by the gunmen and driven away with her 12-year-old twin sons.

This evening, in an operation by security operatives, the victims were rescued, while two of the suspected kidnappers were fatally shot in a gun duel, and two firearms were recovered from the gang.

The police are now combing the area where the rescue operation took place to apprehend some of the fleeing kidnappers, who are believed to have escaped with gunshot wounds.

The news of the rescue of the kidnapped victims has thrown the family of the former Minister into a frenzy.

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FG, Honeywell Explore Sustainable Development Opportunities

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honeywell group

By Modupe Gbadeyanka

The federal government and the Honeywell Group are strengthening a partnership aimed at achieving sustainable development in Nigeria.

The company on Thursday held a meeting with the Minister of Interior, Mr Olubunmi Tunji-Ojo, in Abuja. Both parties explored ways to promote economic development, reaffirming the importance of public-private sector cooperation in advancing Nigeria’s development agenda and improving service delivery for citizens.

The Senior Adviser to the Honeywell Group, Mrs Oduwaye Nsidi-Sakiri, reaffirmed the organisation’s commitment to supporting national development through constructive engagement and collaboration.

“We commend the remarkable progress that has been made. These achievements are a reflection not only of leadership but also of the dedication and hard work of the entire team within the Ministry,” she said.

She explained that the visit reflected Honeywell Group’s longstanding tradition of maintaining proactive and constructive relationships with government institutions, regulatory agencies, and other key public-sector stakeholders. She further expressed the group’s willingness to explore opportunities for collaboration in support of government initiatives and national development objectives.

Also speaking, Honeywell Group Chief Operating Officer, Mrs Tomi Ayo-Tugbo, commended the Ministry for reforms that are delivering tangible improvements in the lives of Nigerians, reiterating the firm’s commitment to supporting the country’s growth and prosperity.

On his part, Mr Tunji-Ojo praised the company for its longstanding contributions to Nigeria’s economy and acknowledged the critical role of the private sector in driving economic growth, creating jobs, and supporting national development.

He further assured the delegation of the Ministry’s readiness to engage with stakeholders and collaborate with responsible corporate organisations in advancing initiatives that promote economic development, innovation, and improved service delivery.

The Minister emphasised that the reforms being implemented across the Ministry and its agencies are designed not only to improve operational efficiency but also to strengthen national security and enhance public confidence in government institutions.

“Our goal is to build institutions that work efficiently for the people. We are committed to creating systems that are transparent, technology-driven, and capable of delivering services in a manner that reflects the aspirations of a modern Nigeria,” he stated.

“The government cannot achieve sustainable development alone. Strong partnerships between the public and private sectors are essential to building a prosperous nation. We value organisations such as Honeywell Group that have consistently invested in Nigeria and contributed to the country’s growth over several decades,” Mr Tunji-Ojo added.

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FG Orders MDAs to Secure Funding Before Awarding Contracts

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project funding

By Adedapo Adesanya

The federal government has directed that no new public contracts should be awarded without first getting the funds, as part of efforts to improve project delivery across the country.

Director-General of the Bureau of Public Procurement (BPP), Mr Adebowale Adedokun, disclosed this on the sidelines of the Inaugural Hosting of The Procurement Evolution in Abuja on Thursday.

Mr Adedokun said President Bola Tinubu had approved measures to raise resources needed to settle outstanding obligations to contractors, describing timely payment as critical to an efficient procurement system.

“Mr President has given a directive on when funds should be raised to address the concerns of contractors who are yet to be paid. With this, procurement processes will be much better because payment is now tied to procurement.

“Meaning that no award will be further issued without resources or funding available. So these are the things that the President has asked us to do.”

The BPP boss said the government was also implementing 23 procurement reforms aimed at improving transparency, efficiency and value for money in public spending.

According to him, committees to drive the reforms will soon be inaugurated by the Secretary to the Government of the Federation (SGF).

He said the reforms were designed to ensure that Nigerians benefit directly through improved infrastructure, healthcare, education and better living conditions.

“The president wants Nigerians to feel the effects of this transformation by having good roads, good hospitals, good educational institutions, and a good living wage for all workers.”

The Secretary to the Government of the Federation (SGF), Mr George Akume, said public procurement remained central to the Tinubu administration’s Renewed Hope Agenda.

Mr Akume noted that ongoing reforms, including proposed amendments to the Public Procurement Act 2007, the Nigeria First Policy, Nigeria e-Marketplace initiative, community-based procurement and affirmative procurement programmes, were intended to strengthen local industries and promote economic inclusion.

The SGF, represented by Mr Abubakar Kana, Permanent Secretary, General Services Office, Office of the SGF, added that the reforms would enhance transparency, simplify procurement processes and leverage technology to improve service delivery and national development.

“As we move forward, our collective responsibility is very clear.

“We must ensure that procurement processes are simplified. without compromising accountability, that technology is fully leveraged to eliminate inefficiencies and that all stakeholders work collaboratively to achieve shared national goals.

“The federal government remains fully committed to supporting the Bureau of Public Procurement in driving these reforms and ensuring that public procurement becomes a catalyst for economic growth, infrastructure development and improved quality of life for all our citizens.”

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