By Adedapo Adesanya

The Managing Director of the Rural Electrification Agency, (REA), Mr Abba Aliyu, is poised to attract an estimated $1.1 billion in additional private-sector investment to further achieve the agency’s targets.

He said that the organisation has received a $750 million funding in 2024 through the World Bank funded Distributed Access through Renewable Energy Scale-up (DARES) project.

He added that this capital is specifically intended to act as a springboard to attract an estimated $1.1 billion in additional private-sector investment, with the ultimate goal of providing electricity access to roughly 17.5 million Nigerians through 1,350 new mini grids.

Mr Aliyu also said that the Nigeria Electrification Project (NEP) has already led to the electrification of 1.1 million households across more than 200 mini grids and the delivery of hybrid power solutions to 15 federal institutions.

According to a statement, this followed Mr Aliyu’s high-level inspection of Vsolaris facilities in Lagos, adding that the visit also served as a platform for the REA to highlight its decentralized electrification strategy, which relies on partnering with firms capable of managing local assembly and highefficiency project execution.

The federal government, through the REA, underscored the critical role the partnership with the private sector plays in achieving Nigeria’s ambitious off-grid energy targets and ending energy poverty.

Mr Aliyu emphasized that while public funds serve as a catalyst, the long-term sustainability of Nigeria’s power sector rests on credible private developers who are willing to invest their own resources.

He noted that public funds are intentionally deployed as catalytic grants to ensure that the private sector maintains skin in the game which he believes is the only way to guarantee true accountability and the survival of these projects over time.

By Adedapo Adesanya

The African Energy Bank (AEB) plans to raise $15 billion in its first three years of operations to fund strategic energy projects.

The Secretary General of the African Petroleum Producers’ Organisation (APPO), Mr Farid Ghezali, made this known at the opening session of the Nigeria International Energy Summit (NIES 2026) on Tuesday.

The bank which is set to launch in Abuja in the first half of 2026 has set a target of mobilising $200 billion for midstream and downstream energy projects across the continent.

“The African Energy Bank is designed to unlock the 200 billion needed for our midstream-downstream project by 2030.

“Our goal is to raise $15 billion in just three years with this increased liquidity,” Mr Ghezali stated.

The APPO secretary general decried that Africa’s energy still faces huge export of its oil and gas despite having a huge market for its utilisation within the continent.

“We are still exporting about 70 per cent of our crude oil and 45 per cent of our natural gas, losing $15 billion per year. This is an added value that we could generate locally, especially in the midstream and downstream segments.”

He pinpointed that financing hurdles remained the main bottleneck for the continent, as the cost of financing in Africa was 15 to 20 per cent, compared to only 4 to 6 per cent in Asia.

He said the disparity was unacceptable and had stalled over 150 projects, including refineries and the Ajaokuta–Kaduna–Kano (AKK) Natural Gas Pipeline.

Mr Ghezali also said that APPO’s 18 national oil companies face isolation, “Our 18 national oil companies’ NOCs in APPO often operate in isolation, without a common stock exchange, which severely limits regional synergies.

He noted that the AEB was set to offer “competitive regional pricing” through unified intra-African gas and oil pricing for “savings of up to 30 per cent on their energy imports, a potential gain of $1.4 billion for Africa,” plus “direct access to investors.

He highlighted the three-phase road map for the AEB to include: “Phase one, which, as I said in the first half of 2026, launches the African Energy Bank platform with 10-pillar projects involving countries such as Nigeria, Angola, and Libya. APPO certification and integration of IOCs such as Shell or ENI.”

“Phase two, in 2027, we plan to start a regional gas-oil trade, integrating the principles of the Bassari Declaration for 15 per cent local content.”

Phase three, reaching 2030, the African Energy Bank will be a true African financial hub, with $200 billion mobilised.”

He said expected results included, “Project financing for billions of dollars, regional savings of around 30 per cent of import costs, 500,000 direct jobs created in the local midstream.”

By Adedapo Adesanya

The Department of State Services (DSS) has arraigned the former Attorney General of the Federation (AGF) and Minister of Justice, Mr Abubakar Malami, and his son, Mr Abudlazizz Malami, on a five-count charge of abetting terrorism financing and illegal possession of firearms.

They were arraigned before Justice Joyce Abdulmalik of the Federal High Court in Abuja, where they pleaded not guilty to the charges.

In the charge, the former AGF was accused of knowingly abetting terrorism financing by refusing to prosecute terrorism financiers whose case files were brought to his office as the AGF in the last administration for prosecution.

Recall that the secret police had arrested Mr Malami, shortly after his release from Kuje prison in Abuja more than two weeks ago after Justice Emeka Nwite of the Federal High Court in Abuja granted him and two others bail in the sum of N500 million in another case involving the Economic and Financial Crimes Commission (EFCC).

Mr Malami and his son are also accused by the DSS of engaging in conduct in preparation to commit act of terrorism by having in their possession and without licence, a Sturm Magnum 17-0101 firearm, 16 Redstar AAA 5’20 live rounds of Cartridges and 27 expended Redstar AAA 5’20 Cartridges.

His arrest in January followed weeks of reports of surveillance by the secret police in front of the prison facility since the time Mr Malami, his wife and son were remanded there over the money laundering charges.

As per reports, Mr Malami had gathered that he would be picked up upon regaining his temporary freedom and so decided to wait out the DSS. However, after his eventual emergence, the operatives took the ex-AGF into detention again.