Economy
2nd Phanes Group Solar Incubator Calls for Entries
By Dipo Olowookere
Phanes Group, an international end-to-end solar provider headquartered in Dubai, UAE, has announced the 2nd edition of its Solar Incubator program, aimed at identifying PV projects of potential in sub-Saharan Africa by providing support to funding, and commercial and technical knowledge.
The initiative held under the theme, “Your Project, Our Expertise, For a Sustainable Future”, will be held in collaboration with Hogan Lovells, responsAbility Renewable Energy Holding, RINA and Solarplaza, and invites PV developers to submit proposals for projects based in sub-Saharan Africa that have a clear Corporate Social Responsibility (CSR) component.
Candidates are asked to submit their proposals by September 27 (11.59 p.m. CET) via the process established on Phanes Group’s website. Those who are shortlisted will be invited to present their projects to an expert panel comprised of the Solar Incubator partners at the “Unlocking Solar Capital: Africa 2018” conference in Kigali, Rwanda, from November 7 to 8, where the industry’s key players will hold extensive discussions on solutions for Africa’s solar energy requirements and bridging the bankability gap.
It comes as part of Phanes Group’s core strategy to collaborate with Africa-focused counterparties, such as local project owners, governments, and developers on projects that seek to create a sustainable future for urban and rural communities across the sub-Saharan African region.
“The majority of our business focus lies in electrifying new markets in sub-Saharan Africa. With CSR at the heart of our business model, we launched this initiative with the goal of bringing bankability to projects that stand to provide clean energy to economies that need it most. The Phanes Group Solar Incubator is an example of this,” said Martin Haupts, CEO, Phanes Group.
“Entering the Phanes Group Solar Incubator means creating the opportunity to not only win, but the possibility to gain further exposure to key industry players through the evaluation panel. We have already seen great success from last year’s projects, and we are confident that as this initiative continues to grow, more and more businesses across the continent will be able to effectively address local needs for clean and affordable energy.”
Christopher Cross, Partner of law firm Hogan Lovells, who will be part of the evaluation panel at the event, said, “We are delighted to be invited again this year to take part in such an exciting and on-the-ground initiative such as this. I had a great experience last year and very much look forward to seeing what is in store for us in Rwanda. As stated previously, the Solar Incubator seeks to foster both local innovation and investment to bring potential opportunities to fruition for the social and economic benefit of the region and its people.”
With almost 700 million people in sub-Saharan Africa living without electricity, the Phanes Group Solar Incubator aims to enable solutions by supporting developers not only during the funding phase, but throughout the project development and delivery. Phanes Group, along with its partners, will provide PV developers with access to the expertise that will support them in reaching bankability. During the initial phase, extensive mentorship and access to the right network will enable this year’s winner(s) to roll out a sustainable energy solution for their community and develop a long-term CSR concept.
“responsAbility Renewable Energy Holding is proud to be participating in the Phanes Group Solar Incubator once again this year,” said Wilfred van den Bos, Head of Investments. “It is important to ensure that energy projects within the solar sector start and remain financially viable, and we hope that our continued partnership will foster successful entrepreneurship that will benefit communities across sub-Saharan Africa.”
Lee Smith, Sector Manager from RINA also commented, “RINA is proud to partner with Phanes Group again for the 2018 edition of the Solar Incubator, which produced some interesting projects in 2017. It was encouraging to see the emergence of strong CSR propositions in line with the vision of the initiative. We look forward to this year’s proposals and helping to shape the winner’s future.”
“We are very much looking forward to host the latest edition of the incubator during Unlocking Solar Capital Africa. All participants will have the opportunity to take their project from concept stage into development with the expert advice from the incubator evaluation panel and the support of Phanes Group” Lydia van Os, Project Manager Unlocking Solar Capital Africa added.
Similar to last year, the developer(s) of the winning project(s) will be invited to join Phanes Group for an intensive workshop at its headquarters in Dubai, UAE. This will help lay the foundations for delivering a bankable and sustainable project.
By Aduragbemi Omiyale
The trading licence of Monument Securities and Finance Limited has been revoked by the regulatory arm of the Nigerian Exchange (NGX) Group Plc.
Known as NGX Regulations Limited (NGX Regco), the regulator said it took back the operating licence of the organisation after it shut down its operations.
The revocation of the licence was approved by Regulation and New Business Committee (RNBC) at its meeting held on September 24, 2025, a notice from the signed by the Head of Market Regulations at the agency, Chinedu Akamaka, said.
“This is to formally notify all trading license holders that the board of NGX Regulation Limited (NGX RegCo) has approved the decision of the Regulation and New Business Committee (RNBC)” in respect of Monument Securities and Finance Limited, a part of the disclosure stated.
Monument Securities and Finance Limited was earlier licensed to assist clients with the trading of stocks in the Nigerian capital market.
However, with the latest development, the firm is no longer authorised to perform this function.
Economy
NEITI Advocates Fiscal Discipline, Transparency as FG, States, LGs Get N6trn in Three Months
By Adedapo Adesanya
The Nigeria Extractive Industries Transparency Initiative (NEITI) has called for fiscal discipline and transparency as data showed that federal government, states, and local governments shared a whopping N6 trillion Federation Account Allocation Committee (FAAC) disbursements in the third quarter of last year.
In its analysis of the FAAC Q3 2025 allocation, the body revealed that the federal government received N2.19 trillion, states received N1.97 trillion, and local governments received N1.45 trillion.
According to a statement by the Director of Communication and Stakeholders Management at NEITI, Mrs Obiageli Onuorah, the allocation indicated a historic rise in federation account receipts and distributions, explaining that year-on-year quarterly FAAC allocations in 2025 grew by 55.6 per cent compared with Q3 of 2024 while it more than doubling allocations over two years.
The report contained in the agency’s Quarterly Review noted that the N6 trillion included 13 per cent payments to derivative states. It also showed that statutory revenues accounted for 62 per cent of shared receipts, while Value Added Tax (VAT) was 34 per cent, and Electronic Money Transfer Levy (EMTL) and augmentation from non-oil excess revenue each accounted for 2 per cent, respectively.
The distribution to the 36 states comprised revenues from statutory sources, VAT, EMTL, and ecological funds. States also received additional N100 billion as augmentation from the non-oil excess revenue account.
The Executive Secretary of NEITI, Mr Sarkin Adar, called on the Office of the Accountant General of the Federation, the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) FAAC, the National Economic Council (NEC), the National Assembly, and state governments to act on the recommendations to strengthen transparency, accountability, and long-term fiscal sustainability.
“Though the Quarter 3 2025 FAAC results are encouraging, NEITI reiterates that the data presents an opportunity to the government to institutionalise prudent fiscal practices that will protect the gains that have been recorded so far in growing revenue and reduce vulnerability to commodity shocks.
“The Q3 2025 FAAC results are encouraging, but windfalls must be managed with discipline. Greater transparency, realistic budgeting, and stronger stabilisation mechanisms will ensure these resources deliver durable benefits for all Nigerians,” Mr Adar said.
NEITI urged the government at all levels to ensure the growth of Nigeria’s sovereign wealth and stabilisation capacity, by committing to regular transfers to the Nigeria Sovereign Wealth Fund and other related stabilisation mechanisms in line with the fiscal responsibility frameworks.
It further advised governments at all levels to adopt realistic budget benchmarks by setting more conservative and achievable crude oil production and price assumptions in the budget to reduce implementation gaps, deficit, and debt metrics.
This, it said, is in addition to accelerating revenue diversification by prioritising reforms that would attract investments into the mining sector, expedite legislation to modernise the Mineral and Mining Act, support reforms in the downstream petroleum sector, as well as the full implementation of the Petroleum Industry Act (PIA) to expand domestic refining and value addition.
By Aduragbemi Omiyale
Nigeria has been projected to record an economic growth rate of 4.4 per cent in 2026 by the World Bank Group, higher than the 3.7 per cent earlier predicted in June 2025.
In its 2026 Global Economic Prospects report released on Tuesday, the global lender also said the growth for next year for Nigeria is 4.4 per cent rather than the 3.8 per cent earlier projected.
As for the sub-Saharan African region, the economy is forecast to move up to 4.3 per cent this year and 4.5 per cent next year.
It stressed that growth in developing economies should slow to 4 per cent from 4.2 per cent in 2025 before rising to 4.1 per cent in 2027 as trade tensions ease, commodity prices stabilise, financial conditions improve, and investment flows strengthen.
In the report, it also noted that growth is expected to jump in low-income countries by 5.6 per cent due to stronger domestic demand, recovering exports, and moderating inflation.
As for the world economy, the bank said it is now 2.6 per cent and not 2.4 per cent due to growing resilience despite persistent trade tensions and policy uncertainty.
“The resilience reflects better-than-expected growth — especially in the United States, which accounts for about two-thirds of the upward revision to the forecast in 2026,” a part of the report stated.
“But economic dynamism and resilience cannot diverge for long without fracturing public finance and credit markets,” it noted.
World Bank also said, “Over the coming years, the world economy is set to grow slower than it did in the troubled 1990s — while carrying record levels of public and private debt.
“To avert stagnation and joblessness, governments in emerging and advanced economies must aggressively liberalise private investment and trade, rein in public consumption, and invest in new technologies and education.”
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