General
African Oil Producers Seek Commitment For $5bn Africa Energy Bank
By Adedapo Adesanya
The African Petroleum Producers’ Organisation (APPO) has urged member countries to fulfil their financial obligations towards establishing the Africa Energy Bank (AEB), the first of such financial institutions on the continent.
Recall that Nigeria recently secured the hosting rights for the bank, which will be located in Abuja, the nation’s capital.
To ensure the bank’s operationalisation, APPO Secretary General, Mr Farouk Ibrahim, called on African oil-producing member countries to contribute their subscription fees of $83 million, to aid the bank’s expected launch in September 2024.
Mr Ibrahim appealed during the 18th ordinary meeting of the APPO executive board in Brazzaville, Republic of Congo, where APPO headquarters is situated, a statement signed by the Permanent Secretary, Ministry of Petroleum, Mr Nicholas Ella, said on Wednesday.
“We are aligned with the resolutions of the APPO Council of Ministers from last week. We will double our efforts to ensure we gather the necessary funds to initiate the Africa Energy Bank,” Mr Ibrahim said.
He further disclosed that the oil-producing member countries had formally written to the Nigerian government to discuss expedited steps to establish the bank.
“On Friday, July 5, we formally wrote to the Federal Republic of Nigeria. We will discuss how quickly the bank building will be ready and the host country agreement prepared for signature. We already have one member country that has signed the establishment agreement. We need one more signature to proceed,” Ibrahim added.
Expressing President Bola Tinubu’s gratitude to member states for their unwavering support and confidence in Nigeria’s bid to host the bank, Mr Ella, who led Nigeria’s delegation, reiterated commitment to the continental bloc’s ideals to enhance energy security in Africa.
“The gathering of the 18 member countries of APPO in Brazzaville demonstrates our collective dedication to fostering unity, cooperation, and sustainable development within the African energy sector,” noted Mr Ella.
He pledged Nigeria’s determination to collaborate with other members to address the financial needs of Africa’s energy sector through funding oil and gas projects.
Mr Ella urged member countries to harness the collective strength of the continent’s nations to build a brighter, more prosperous future for Africa.
“Together, we will create an institution that addresses the financial needs of our energy projects and champions sustainable development, environmental stewardship, and economic inclusivity across Africa,” he added.
During a brainstorming session on the continent’s energy future, Algerian executive board member, Mr Remini Amine, emphasised that local content, manpower, and infrastructure development remain key to unlocking Africa’s energy opportunities.
APPO member state representatives agreed that the energy bank would bridge funding gaps in the sector, with Mr Ibe Kachikwu, a former Nigerian Minister of State, Petroleum Resources, suggesting a 10-year plan for the energy industry to encourage an “open era” for investment. Kachikwu advised APPO to grow the energy bank’s capital base before investing.
Speakers at the week-long event emphasised the need for National Oil Companies (NOCs) to lead in crude oil production and refine oil to meet local consumption needs. The energy bank is an initiative of the APPO and Afreximbank.
By Aduragbemi Omiyale
The former wife of the Ooni of Ife, Oba Adeyeye Enitan Ogunwusi, Queen Naomi Silekunola, has been granted bail by an Oyo State High Court.
Justice K. B Olawoyin, presiding over Court 8 sitting at Ring Road on Monday, granted the bail worth N10 million, with two sureties who must submit landed documents within the jurisdiction of the court.
Also granted the bail were an ace broadcaster, Mr Oriyomi Hazmat, and the Principal of Bashorun District’s Islamic High School, Ibadan, Mr Abdulahi Fasasi.
Recall that on December 18, 2024, over 30 children died in a stampede at the school during a Christmas funfair event organised by Ms Naomi.
She reportedly organised the event to give out about N5,000 each to 5,000 children to alleviate the hardship in the ancient city.
However, before the event started, the stampede occurred as parents reportedly stormed the venue with their kids for the money.
The police arrested eight persons, including the ex-wife of Mr Ogunwusi. They were taken to court, which ordered their remand.
This morning, they appeared before Justice Olawoyin for their bail application, which was granted.
The judge said the sureties must submit their international passport with the court, while the defendant must not grant any form of interview during the pendency of the case.
By Adedapo Adesanya
The Minister of Works, Mr David Umahi, has expressed concerns over the slow pace of critical road projects in the South-East and South-South regions, despite the release of N21 billion in funding for the Aba-Port Harcourt axis of the Enugu-Port Harcourt Expressway.
He lamented this over the weekend during an inspection of various ongoing projects, warning contractors that failing to utilise these funds effectively would lead to severe consequences, including contract termination.
The Minister highlighted that China Civil Engineering Construction Company (CCECC) responsible for Section IV of the Enugu-Port Harcourt Expressway, had only accessed N7 billion out of the N21 billion allocated for the project in 2024.
“You’ve been given N21 billion, but the progress is disappointing. Only N7 billion has been accessed, and work is moving too slowly. If this does not improve, we will terminate the contract,” Mr Umahi declared, instructing the Federal Controller of Works in Rivers State to issue a formal warning to the contractor.
The Minister’s inspection, which also covered the East-West Road and Bodo-Bonny Road projects, focused on the need for contractors to optimize the use of available funds to ensure timely project completion.
Mr Umahi directed Reynolds Construction Company (RCC) handling the East-West Road Section III (Eleme axis), to ramp up work, stressing that the funding should be utilized without delay to meet the April 2025 deadline.
He reiterated the Federal Government’s commitment to infrastructure development but underscored the need for contractors to be more accountable in deploying the funds provided.
“The money has been allocated, and it is critical that contractors use it effectively to avoid delays and ensure timely completion of these vital projects,” he said.
Regarding the Bodo-Bonny Road project, essential for improving infrastructure in the South-South zone, Mr Umahi urged Julius Berger Nigeria to deploy additional resources despite having worked through the holiday period.
“The funds are there, and the expectation is that contractors make full use of them to accelerate progress,” Mr Umahi emphasized.
To ensure accountability, the Minister set a clear target for Federal Controllers of Works to deliver at least four completed projects between February and May 2025.
He also warned contractors that failure to meet deadlines would result in a 14-day notice of termination.
“We will not tolerate delays. Contractors must be held accountable for the funds they receive,” Mr Umahi said, reaffirming that the Ministry will closely monitor project funding and progress to ensure the completion of the Federal Government’s infrastructure agenda.
By Adedapo Adesanya
The Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against President Tinubu-led administration and the 36 state governors at the ECOWAS Community Court of Justice in Abuja.
In a statement issued by SERAP’s Deputy Director, Mr Kolawole Oluwadare, it stated that the provisions of the amended Cybercrimes Act remain vague, arbitrary, and repressive, enabling authorities to criminalize legitimate expression and restrict media freedom.
The suit challenged the alleged misuse of the Cybercrimes (Amendment) Act 2024 to suppress freedom of expression, saying it violates human rights, particularly those of activists, journalists, bloggers, and social media users.
The organisation seeks several reliefs, including a declaration that Section 24 of the Cybercrimes (Amendment) Act 2024 is unlawful and inconsistent with Nigeria’s human rights obligations; and an order directing the government to repeal or amend the legislation in compliance with international standards.
“The provisions of the Cybercrimes (Amendment) Act 2024 have opened the door to criminalising legitimate expression and punishing activists, journalists, bloggers, and social media users.
“This is a harshly punitive approach that fails to provide safeguards against misuse, particularly for the peaceful and legitimate exercise of human rights,” the SERAP statement read.
However, no date has been fixed for the hearing of the suit.
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