General
MCB Group, Omnicane Launch Financing Vehicle for African Renewable Energy Projects
By Adedapo Adesanya
A consortium made up of MCB Group Limited and Omnicane Limited has launched an investment vehicle dedicated to the financing of renewable energy projects.
According to a statement shared with Business Post, the vehicle is designed to finance regional investments in solar, hydro, and wind powered projects in Mauritius and the African region
The first project financed by the consortium is the development of a 4.8 MW photovoltaic plant in Poudre d’Or, located in the north of the island. The project is currently under construction and will be operated under the Medium-Scale Distributed Generation (MSDG) Scheme of the Central Electricity Board (CEB), the national electricity company.
The project comprises two solar farms, with connection agreements signed between CEB and two prosumers, namely MCB and Omnicane Milling, in collaboration with Calycé International. Built by Ecoasis Energy Solutions Limited, a Mauritian contractor, the plant will feature around 8,200 solar panels across four hectares of land and is expected to reduce CO₂ emissions by approximately 7,000 tons per year, with commissioning expected by April 2026.
The solar farms will integrate Agrivoltaic practices that promotes food security objectives. The launch phase has been financed through funds advanced by the shareholders and a Green Bond issued in accordance with the International Capital Markets Association (ICMA) principles. MCB Financial Advisers, the advisory arm of MCB Group, structured the financing and acted as Transaction Advisor to the investing consortium.
The companies disclosed that the initiative shall contribute directly to MCB Group’s goal of reducing CO₂ emissions associated to its electricity consumption. The project, which will result in MCB Group and Omnicane generating approximately 7,700 MWh of renewable energy each year, underscores the partners’ commitment to supporting the Government of Mauritius’ target of achieving 60 per cent renewable energy in the national electricity mix and phasing out of coal by 2035.
Also, the partnership shall benefit from the expertise of Omnicane, a key player in the local energy sector, with a presence in East Africa through its 5.5 MW hydro power plant, of Calycé, a French renewable energy developer with over two decades of experience in designing, building, and operating solar and wind projects across Europe, and of MCB Group, a leader in structuring and financing renewable energy projects.
Speaking on the development, Mr Jacques M. d’Unienville, CEO of Omnicane Limited, commented, “We are very proud of this partnership with MCB Group and Calycé, and closing this first project. This paves the way for an impactful solution enabling the deployment of renewable energy projects in Mauritius and in the region.”
Mr Eric Boban, CEO of Calycé, commented: “We are very excited about this long-term collaboration with our partners, MCB Group and Omnicane. Mauritius is key to our international expansion in renewable energies for its excellent governance framework and ease of doing business”
Mr Rony Lam, Chief Executive Officer of MCB Capital Markets, commented, “This consortium brings together the skills and capabilities of a power producer, renewable energy specialist and financier in crystallising a carbon-avoidance project. The transaction demonstrates MCB’s commitment to investing in renewable projects and contributing to the energy transition of Mauritius.”
By Adedapo Adesanya
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has launched a mobile application designed to monitor fuel consumption patterns in real time across retail outlets nationwide.
The NMDPRA, established under the Petroleum Industry Act (PIA) 2021, is responsible for the technical and commercial regulation of Nigeria’s midstream and downstream petroleum operations. The deployment of the mobile application aligns with the authority’s broader efforts to leverage technology to improve regulatory compliance and strengthen accountability.
The pilot phase of the project began on August 1 in Abuja and its six Area Councils, the authority said in a statement published on X.
As part of the rollout, the Executive Director for Distribution Systems, Storage and Retailing Infrastructure (DSSRI), Mr Ogbugo Ukoha, led a team alongside officials from the Abuja Regional Office to assess the readiness and operational performance of the digital platform at participating retail outlets.
According to the NMDPRA, the application captures inventory and compliance data in real time, enabling regulators to monitor fuel distribution more effectively while improving operational efficiency across the sector.
The authority said the platform would generate reliable, data-driven insights to support evidence-based decision-making, strengthen national energy security planning and enhance transparency in the downstream petroleum industry.
It added that the initiative is expected to provide significant value to government, investors, operators and other stakeholders by improving access to accurate fuel consumption and compliance data.
Nigeria’s downstream petroleum sector has undergone significant changes since the deregulation of the petrol market and the removal of fuel subsidies, with regulators placing greater emphasis on data-driven supervision to ensure product availability, prevent supply disruptions and discourage sharp regional disparities in distribution.
By Modupe Gbadeyanka
No doubt, moving money among African markets remains a slow, fragmented process that relies on multiple intermediaries and prolonged settlement cycles.
To solve this issue and drive the development of stablecoin-enabled payment services for businesses across the continent, Onafriq has joined forces with a leading stablecoin infrastructure provider, Privy.
The collaboration will enable Onafriq to create and manage embedded digital asset solutions for its partners and, in time, institutional clients where regulation allows. The initial phase focuses on cross-chain stablecoin transfers and treasury and settlement workflows, creating the foundation for future cross-border payment and liquidity solutions.
Integrating Privy’s secure infrastructure enables Onafriq to build the capabilities required to support a new generation of efficient digital payment services for banks, fintechs, and mobile money operators.
This partnership is a key component of Onafriq’s broader strategy to modernise pan-African payment infrastructure, enabling secure multi-modal wallets and more efficient movement of value across the continent.
The outcome will support a range of future institutional use cases, including stablecoin-enabled settlement, treasury management and liquidity services, as it reflects Onafriq’s commitment to driving Africa’s digital transformation agenda by investing in technologies that make financial services more efficient, connected and accessible.
It was gathered that Onafriq selected Privy for its enterprise-grade infrastructure to enable the seamless integration of digital asset wallet capabilities into its products, subject to regulatory approval, and deliver a simple user experience while abstracting the complexity of blockchain technology.
“At Onafriq, we keep investing in technology that makes payments faster and more accessible. Privy gives us a building block for faster settlement and better liquidity management. As demand for digital asset services grows, our goal is to ensure Africa’s payment ecosystem benefits securely and in line with regulatory frameworks,” the Group Chief Product and Innovation Officer at Onafriq,” Mr Luke Kyohere, said.
The chief executive of Privy, Mr Henri Stern, said, “Stablecoins will play an increasingly important role in the future of global payments, but real-world adoption depends on infrastructure that is secure, scalable and simple to implement. Working with Onafriq allows us to help build that foundation across Africa and beyond.”
By Adedapo Adesanya
The Osun State Government has announced plans to institute legal action against the Economic and Financial Crimes Commission (EFCC), following an alleged freezing of the state’s bank account, describing the action as unlawful and capable of disrupting governance.
The Governor of the state, Mr Ademola Adeleke, through the state’s Attorney General and Commissioner for Justice, Mr Oluwole Jimi-Bada, made this disclosure on Wednesday.
According to the statement, Governor Adeleke has directed him to challenge the anti-graft agency’s decision at the Federal High Court.
It was widely reported that the anti-graft agency issued a “Post No Debit” directive to the management of First Bank, where the state’s accounts are domiciled, effectively restricting transactions.
He argued that while the commission has the authority to investigate financial records, it cannot freeze a state government’s accounts without first obtaining a court order.
“I have the mandate of the governor to proceed to the Federal High Court to challenge this move. EFCC can investigate the accounts, but it can’t freeze the accounts without an order of court.
“This step will affect government running, but we will challenge the move and ensure that the agency acts within the ambit of the law,” Mr Jimi-Bada said.
Also speaking, the Commissioner for Finance, Mr Sola Ogungbile, alleged that police officers stormed the main branch of First Bank in Osogbo and arrested some members of the bank’s staff.
Mr Ogungbile maintained that Governor Adeleke was not deploying state resources for his re-election campaign and urged the EFCC to consider the potential impact of its actions on public services and the welfare of residents.
Governor Adeleke had earlier raised concerns over an alleged plan by the EFCC to freeze all Osun State Government accounts, including those of senior government officials.
In a statement issued by the Commissioner for Information and Public Enlightenment, Mr Kolapo Alimi, the governor described the reported move as unlawful and politically motivated.
He alleged that the planned freezing of the accounts was intended to cripple government operations ahead of the August 15 governorship election.
Governor Adeleke further insisted that there was no legal justification for freezing the state’s accounts, arguing that the EFCC lacks the authority to take such action against a state government without due legal process.
The EFCC had not issued an official response to the allegations as of the time of filing this report.
