General
TCN Obtains $210m Financing from AfDB for NTEP1
By Adedapo Adesanya
The Transmission Company of Nigeria (TCN) says it has received funding of $210 million for the Nigeria Transmission Expansion Project (NTEP1) from the African Development Bank (AfDB) to boost electricity transmission in the country.
General Manager of Public Affairs at TCN, Mrs Ndidi Mbah, said in a statement that the bank made the approval at its board meeting in Abidjan, Cote d’Ivoire, on Wednesday.
According to Mrs Mbah, the money will be deployed in the NTEP-1 projects under the Transmission Rehabilitation and Expansion Programme (TREP) funded by the bank.
She said the projects were aimed at rehabilitating and expanding the transmission grid in the North-East, South-South and the South-East zones in Nigeria, adding that old transmission lines would be reconstructed and new ones built.
“Also, the advert for the pre-qualification of contractors had been carried out under advance procurement and evaluation of submissions from consultants that submitted ‘Expression of Interests for the procurement of consultancy for the project is ongoing,” she said in the statement.
She further said, “Adopting the use of advance procurement in the execution of its projects, which has given TCN lead time, reducing procurement period by 6months.
“NTEP-1 projects would address some transmission lines and substations requirements in the North West, South-South and South-East regions of the nation.
“In the North West, the projects that would be executed include the construction of 212KM Double Circuit 330kV Quad conductor (Kaduna to Kano); installation of 2x150MVA and 2x60MVA transformers and bay extensions in Zaria; installation of 2x150MVA and 2x60MVA transformers with associated bay feeders and bay extensions in Kaduna Millennium city; installation of 2x60MVA transformers and outgoing feeders in Rigasa Kaduna; and the installation of 2x60MVA transformers and outgoing feeders in Jaji, Kaduna. The substations would all have turn in and turn out transmission lines.
“In the South-South and South-East, NTEP-1 would reconstruct the 107KM double circuit Delta-Benin transmission lines into a 330kV quad line; reconstruct the 138KM Alaoji- Ihiala – Onitsha Single Circuit line into 330kV Double Circuit Quad line.
“TCN noted that NTEP-2 which would execute projects mainly in the North East and parts of the central states of the nation is also in the pipeline and has reached an advanced stage on the funding processing.”
On the bank’s part, Ebrima Faal, AfDB Senior Director for Nigeria, said that the project would help reduce Nigeria’s power deficit.
“Nigerians and their businesses spend 14 billion dollars annually on inefficient and expensive petrol or diesel-powered generators.
“This project will contribute significantly to the reduction of Nigeria’s power deficit, decrease air and noise pollution and reduce the cost of doing business,” Faal said.
General
Shop and Pay Seamlessly on AliExpress With Your Verve Card
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The latest in its series of groundbreaking achievements is the acceptance of Verve cards on AliExpress, one of the world’s largest online retail platforms, unlocking new possibilities for cardholders. Abeg comot for road, Verve don enter AliExpress way!
This isn’t just a win for Verve; it’s a win for millions of its cardholders who can now explore a vast array of products on AliExpress while enjoying the security and reliability they’ve come to trust in Verve. This partnership marks another giant leap in Verve’s mission to establish itself as a global payment powerhouse.
Over the years, Verve has forged strong alliances with renowned global brands such as Google, YouTube, Netflix, Amazon Prime, Facebook, Uber, Facebook, Spotify, among others, enabling Verve cardholders to make seamless payments for subscriptions in Naira.
This partnership with AliExpress further demonstrates Verve’s commitment to empowering its customers with access to seamless digital payments and world-class services to meet their evolving needs. Whether you’re looking to upgrade your tech gadgets, refresh your wardrobe, or find unique items for your home, AliExpress offers diverse possibilities, and Verve has made it easier than ever to shop and pay!
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- Sign in to your AliExpress account.
- Select your desired items and click ‘Buy Now.’
- Add a new card and input your Verve card details.
- Save and confirm your details (You can also opt to save the card for future payments).
The Naija’s Agba and Odogwu card is a perfect example of the saying, ‘the light that shines farthest shines brightest at its base!’ While Verve is making waves and securing global wins, it’s also spreading joy right here at home!
Through the ongoing Verve GoodLife Promo 5.0, Verve is offering incredible rewards and benefits to its cardholders. Verve cardholders are enjoying up to 10 per cent cashback or discount for every transaction made at participating outlets, including Google, NNPC Retail, Addide, The Place Restaurants, Sweet Sensation, Chowdeck, BuyPower, and Market Square.
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Take advantage of these incredible opportunities today. Experience the freedom to shop globally at your convenience, and unlock endless possibilities with Verve. The future is here, and with Verve, you’re already a part of it!
General
BFF-Supported Startups Raise $379m, Create 6,000 Jobs
By Modupe Gbadeyanka
About 6,000 jobs have been created, with $379 million collectively raised by startups owned by entrepreneurs who have passed through the Black Founders Fund (BBF) of a tech giant, Google.
Google created the BBF initiative to empower startup owners of African origin. This programme has helped to drive innovation, job creation and business expansions because of the grants received from the sponsor of the scheme.
On Tuesday, past participants of the initiative were at iHub in Nairobi, Kenya, for the Black Founders Fund Alumni Summit, where the organisers unveiled the BFF Impact Report to highlight the significant progress and success of Black-led startups across Africa.
This annual event brought together 45-50 alumni from across the continent including Kenya, Nigeria, South Africa, and Uganda to celebrate their achievements and discuss the future of Africa’s digital economy.
The BFF Impact Report offers a comprehensive look at the remarkable impact that targeted support for Black entrepreneurs has had on the African tech ecosystem.
The report revealed that BFF-supported startups have collectively raised $379 million, created more than 6,000 jobs, and experienced 61% faster growth than their peers, underscoring the importance of strategic investment in fostering sustainable innovation.
Through non-dilutive funding, mentorship, and networking, the Black Founders Fund has empowered entrepreneurs to overcome barriers, scale their businesses, and contribute to Africa’s digital transformation. The BFF Impact Report demonstrates the pivotal role of the program in strengthening the continent’s startup ecosystem, enabling businesses to compete globally and attract significant investment.
“The Black Founders Fund is not just about financial support—it’s about creating an ecosystem of innovation, job creation, and opportunity.
“The BFF Impact Report reflects the incredible progress Black entrepreneurs have made, and how the right resources can empower them to lead Africa’s digital future. The impact we are seeing today will set the stage for an even more vibrant African tech landscape tomorrow,” the Country Director for West Africa at Google for Startups, Olumide Balogun, remarked.
“This report is a celebration of the incredible work being done by Black founders across Africa. The BFF Impact Report proves that, when we invest in these entrepreneurs, we’re not only helping individual startups, but we’re driving systemic change within the broader African tech ecosystem,” the Head of Startup Ecosystem for Africa at Google, Mr Folarin Aiyegbusi, also stated.
In addition, the Black Founders Fund Manager Europe at Google for Startups, Mariama Boumanjal, said, “The BFF Impact Report proves that with the right support, Black founders can not only overcome these challenges—they can lead the way in innovation, job creation, and economic development.”
Business Post reports that through non-dilutive funding, mentorship, and an expansive network, the BFF has empowered over 220 startups, enabling them to scale faster and break down these barriers.
General
Expectations Heighten For Reactivation of Nigeria’s Other Refineries
By Adedapo Adesanya
After years of laying fallow, the Port Harcourt Refinery began producing and distribute petroleum products Premium Motor Spirit (PMS) or petrol, Automotive Gas Oil (AGO) or diesel and Household Kerosene (HHK) or Kerosene.
This development has raised expectations regarding Nigeria’s other three refineries not yet operational. These include the second refinery in Port Harcourt as well as the Warri and Kaduna Refinery.
The reactivation of these facilities, according to energy analysts, will help push out more supply of petroleum products, which may help cut down high prices that Nigerians pay while also making the country self-sufficient.
The newly operational refinery was built in 1965 and Port Harcourt II was added in 1989, increasing capacity by 150,000 barrels per day, making the total capacity of the Port Harcourt complex 210,000 barrels per day.
The Warri Refinery was built in in 1978 and is supposed to have an upgraded capacity up to 125,000 barrels per day and the Kaduna Refinery, which was commissioned in 1980, was designed with a capacity of 110,000 barrels per day.
Speaking during a brief ceremony to mark the commencement of products loading at the refinery on Tuesday in Port Harcourt, the Group CEO, Mr Mele Kyari described the commencement of the loadout activities as a monumental achievement for Nigeria which signifies a new era of energy independence and economic growth for the country.
The GCEO further thanked Nigerians for their patience and for the legitimate expectations on the Company to deliver on the other refineries.
Meanwhile, President Bola Tinubu on Tuesday extended his heartfelt congratulations to the NNPC on the successful revitalization of the Port Harcourt refinery and charged the NNPC Limited to expedite the scheduled reactivation of both the second Port Harcourt refinery and the Warri and Kaduna refineries.
He said these efforts will significantly enhance domestic production capacity alongside the contributions of privately-owned refineries and make our country a major energy hub, with the gas sector also enjoying unprecedented attention by the administration.
The President underscores his administration’s determination to repair the nation’s refineries, aiming to eradicate the disheartening perception of Nigeria as a major crude oil producer that lacks the ability to refine its own resources for domestic consumption.
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