By Modupe Gbadeyanka

The trio of Nigeria, Angola, and Ghana has fulfilled their capital commitments toward establishing the Africa Energy Bank (AEB) in what is seen as a significant development for Africa’s energy sector.

The AEB aims to finance oil and gas projects across the continent, addressing funding challenges posed by traditional Western financial institutions’ reluctance to support fossil fuel initiatives due to environmental concerns.

Recall that the African Petroleum Producers Organization (APPO) requires that to operate the financial institution, members must get 44 per cent of the capital base of $5 billion.

Each of the 18 members of the group is required to provide at least $83 million and beyond Nigeria, Angola and Ghana, five additional member states – Algeria, Benin, the Republic of Congo, Equatorial Guinea and Ivory Coast – have pledged to make their payments, aligning with the bank’s goal to commence operations in the first half of 2025.

The AEB aims to finance oil and gas projects across the continent, addressing funding challenges posed by traditional Western financial institutions’ reluctance to support fossil fuel initiatives due to environmental concerns.

At the Congo Energy and Investment Forum last week, the Secretary General of APPO, Mr Omar Farouk Ibrahim, said the move to kick-off the bank, which is headquartered in Abuja, Nigeria, is progressing.

AEB is a strategic response to Africa’s need for dedicated financial institutions that understand the continent’s unique energy landscape.

By providing tailored financing solutions, the bank is poised to accelerate energy project development, enhance energy security and drive economic growth.

As more countries contribute their capital shares, the bank is expected to play a pivotal role in unlocking investment, bridging financing gaps and ensuring sustainable energy expansion across Africa.

Nigeria remains sub-Saharan Africa’s largest oil producer, offering significant opportunities in the oil and gas sector, including a 2025 bid round.

The implementation of the Petroleum Industry Act has introduced regulatory reforms to enhance transparency and attract investment, driving major projects forward.

Recent final investment decisions (FIDs) include TotalEnergies’ $550 million Ubeta Gas Field Development and Shell’s $5 billion Bonga North Project, yet additional financing is crucial to advancing Nigeria’s gas agenda and unlocking its full potential in the energy transition.

Angola, on its part, is actively diversifying its energy portfolio while advancing major deepwater developments, including TotalEnergies’ $6 billion Kaminho Deepwater Project, Eni’s Agogo Integrated West Hub and a limited public tender, with a long-term goal of increasing production to 2 million barrels per day.

Ghana is strengthening its position as a leading oil and gas player with new commitments from Eni and Tullow Oil. In March, Eni and the Ghana National Petroleum Corporation signed an agreement to enhance offshore exploration, optimize existing assets and advance untapped reserves.

By Modupe Gbadeyanka

The Chairman of Zenith Bank Plc, Mr Jim Ovia, has been congratulated on his admission to the Freedom of the City of London.

The retired banker was congratulated by President Bola Tinubu in a statement signed by his Special Adviser on Information and Strategy, Mr Bayo Onanuga.

President Tinubu described the honour as a fitting recognition of Mr Ovia’s exceptional contributions to business, innovation, and technology, as well as for his role in shaping Nigeria’s financial landscape and strengthening economic ties between Africa and the rest of the world.

“This honour is a testament to your unwavering commitment to excellence, your pioneering role in the growth of the financial services sector in Nigeria, and your visionary leadership that continues to inspire generations.

“As an accomplished entrepreneur and advocate of innovation-driven development, your recognition in the City of London affirms the global relevance of Nigerian excellence and enterprise,” Mr Tinubu stated, commending the Zenith Bank chairman for being a distinguished ambassador of the nation’s private sector and wished him continued success in his endeavours.

Admission to the Freedom of the City of London is an honour bestowed on individuals either for their service to the city or for their achievements.

By Adedapo Adesanya

The Lagos State Government is setting up a material recovery facility at Badagry to boost waste management.

The chief executive of the Lagos State Waste Management Authority (LAWMA), Mr Muyiwa Gbadegesin, said this initiative was part of efforts to reduce waste pollution and promote a circular economy.

According to him, LAWMA will close the Olusosun dumpsite at Ojota and other dumpsites to pave the way for the establishment of the facility and other waste-to-energy plants in the metropolis, noting that the construction of the material recovery facility will take about 15 months.

“When we close the dumpsites, we will divert the waste to a material recovery facility at Badagry. We will extract all the biogas to generate electricity and cover the waste.

“In the case of Olusosun, we are looking at working with industrial facilities at the back of the dumpsite, which can use the gas to power their generators,” he said.

Mr Gbadegesin said the state government was partnering with some investors to establish the waste-to-energy plants in strategic places.

“We are planning a biogas facility, we completed the feasibility study last year in partnership with the Swedish Government.

“Sweden has achieved zero waste because it takes up its sewage and organic waste and uses them to produce biomethane in large quantities.

“If they can do it, we can. We are planning to replicate the Swedish model here.

“Out of the 13,000 tonnes of waste generated daily in Lagos State, 6,500 tonnes are organic, which should not be going to landfills.

“We should be able to use the organic waste to produce compost for greenery and agriculture and also to produce biomethane,” he informed the News Agency of Nigeria (NAN) in an interview in Lagos.

Mr Gbadegesin said the feasibility study for the biogas facility was done by LAWMA in partnership with the Lagos State Metropolitan Area Transport Authority (LAMATA), adding, “It will be bringing in 2,000 compressed natural gas-powered buses. Once the biogas plant is completed, they will be using it.”

He noted that LAWMA was in partnership with a Dutch company to generate electricity through waste.

“We want to set it up at Epe. We have closed the landfill at Epe to set up the waste-to-energy plant. This will be set up in partnership with a private investor, a Dutch company, Harvest Waste.”

Mr Gbadegesin said that the Dutch company would support the setting up of the plant to the tune of 100 million euros.

According to the managing director, the plant would take about 2,500 tonnes of waste daily and produce 60 to 80 megawatts of electricity.

“From the development, we are moving to another level. It gives us hope that if we put our minds to development, we can be the best,” he said.