General
AfDB Approves $20m for Renewable Energy Projects in Nigeria, Others

By Adedapo Adesanya
The African Development Bank (AfDB) Group has approved an equity investment of $20 million in Evolution Fund III, a pan-African clean and sustainable energy private equity fund that is mobilising about $400 million into renewable energy and resource-efficiency assets across sub-Saharan Africa over a 10-year period.
Inspired Evolution Investment Management is a well-established fund manager with more than 15 years of experience and a track record of deploying more than $310 million in renewable energy projects in African counties. The fund manager, through its predecessor funds, has delivered 21 renewable energy projects with a total generation capacity of 2 GW.
EVIII aims to broaden geographic and technology scope to incorporate North Africa as well as several SSA countries and decentralized energy business models as the key climate mitigation and energy transition.
The bank’s investment in Evolution Fund III aligns with its High Five objectives, particularly Light Up and Power Africa under its New Deal on Energy for Africa.
The bank’s support will contribute to an additional 2,162MW of installed renewable power generation capacity, 1.8 million tons of CO2 emission savings, and green and sustainable growth across Africa by creating 2,480 full-time jobs, building on the track record of Evolution Funds I and II which generated about 1,309 jobs out of which 22 per cent were women.
Speaking on the deal, Mr Kevein Kariuki, the Vice President of the AfDB’s Power, Energy, Climate Change and Green Growth Complex, said the bank is committed to boosting its portfolio of renewable energy projects and encouraging private investment in renewable and efficient energy solutions.
“The Evolution Fund III is well placed to invest much-needed capital in long-term, low-carbon and climate-resilient development pathways towards achieving a just, net-zero future for African countries,” Mr Kariuki said.
According to Mr Wale Shonibare, Director of Energy Financial Solutions, Policy & Regulations, the lender’s support for a private equity fund focused on promoting renewable energy in Africa will assist regional member countries in achieving their Nationally Determined Contributions and Paris Agreement obligations.
On his part, Mr Christopher Clarke, Co-Managing Partner at Inspired Evolution, said, “AfDB has been a consistent supporter of Inspired Evolution since 2010, and this third capital commitment evidences our trusted partner that has been established in the delivery of the AfDB climate goals for Africa.”
Adding his input, Mr Wayne Keast, Co-Managing Partner at Inspired Evolution, added, “AfDB’s investment validates our track record and sophisticated investment management approach to accelerating Africa’s clean energy transition.”
The new fund has been touted to provide growth capital and infrastructure equity to support renewable and sustainable energy and focus on decarbonization, decentralization, and digitalization as the key climate mitigation and energy transition strategies.
General
BREAKING: Awujale of Ijebuland Sikiru Adetona Dies at 91

By Dipo Olowookere
The Awujale of Ijebuland, Sikiru Kayode Adetona, has died at the age of 91, reports reaching Business Post say.
It was gathered that the prominent Ijebu monarch died on Sunday on a day one of his longtime allies, Mr Muhammadu Buhari, died in a London clinic.
The traditional ruler was not present at the popular Ojude Oba held in Ijebu Ode last month, as he was represented by his wife.
Born on May 10, 1934, he became the Awujale on April 2, 1960, making him one of the longest reigning monarchs in Nigeria.
General
Tinubu Orders Shettima to Accompany Buhari’s Corpse to Nigeria

By Modupe Gbadeyanka
Nigeria’s Vice President, Mr Kashim Shetima, has been directed by his boss, President Bola Tinubu, to travel to the United Kingdom to accompany the remains of former President Muhammadu Buhari to Nigeria.
This directive was announced by the Special Adviser to the President on Information and Strategy, Mr Bayo Onanuga, in a statement on Sunday in Abuja.
Mr Buhari died in a London clinic on Sunday and in the statement, Mr Tinubu offered his deep condolences to the family of his predecessor, especially the window, Mrs Aisha Buhari.
“President Tinubu has spoken with Mrs Aishat Buhari, the former President’s widow and offered his deep condolences.
“President Tinubu has also ordered Vice President Kashim Shettima to proceed to the United Kingdom to accompany President Muhammadu Buhari’s body back to Nigeria,” a part of the statement said.
President Tinubu has ordered flags at half-staff as a mark of respect for the departed leader.
General
JUST IN: Former President Buhari Dies in London

By Dipo Olowookere
The immediate past president of Nigeria, Mr Muhammadu Buhari, has died, his former spokesman, Mr Garba Shehu, has confirmed.
The Katsina State-born former military officer and politician breathed his last on Sunday after he was admitted in a clinic in London, the United Kingdom.
“The family of the former president has announced the passing of the former president, Muhammadu Buhari, this afternoon in a clinic in London. May Allah accept him in Aljannatul Firdaus, Amin,” Mr Shehu announced on Sunday evening.
The deceased first ruled the country from 1983 to 1985 as a military Head of State, and then elected as a civilian president from 2015 to 2023.
After he left office on May 29, 2023, he moved to the UK and later relocated to Kaduna State from Daura, Katsina.
Some days ago, it was reported that he was ill and was taking treatment in a London health facility. He could not attend the book launch of Mr Shehu on Wednesday in Abuja.
On Friday, Mr Shehu, during a programme, Politics Today, aired on Channels Television and monitored by Business Post, the former presidential spokesperson said his former boss was recuperating in London.
While in office, Mr Buhari was a frequent visitor to the UK for medical treatment.
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