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Nigeria, Angola, Ghana Fulfil Capital Commitments to Africa Energy Bank

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African Energy Bank Headquarters

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.

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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At 68, Dangote’s Golden Hairs Shine

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Dangote host media

By Abiodun Alade

At sixty-eight, a legacy stands tall,

A testament to vision, strength, and resolve.

Aliko Dangote, a name renowned,

A builder of empires, a force unbound.

By hard work, you carved your way,

With perseverance that turned night to day.

Through trials and triumphs, you have grown,

A titan whose empire is deeply sown.

In realms of business, you lead with grace,

A mind that sees the future, a steady pace.

Cement, oil, fertiliser—and ventures galore,

Each triumph a legend, each success a lore.

Your wisdom, like a river, flows deep,

In markets and minds, your influence keeps.

With each brick laid, with each step taken,

A legacy of progress, never shaken.

At sixty-eight, your journey’s clear,

A tale of triumph, without fear.

For wealth is more than gold and gain—

It’s a legacy, a lasting reign.

Aliko Dangote, you stand as a guide,

A figure of dignity, with nothing to hide.

May your influence grow, spreading all around,

For your life is a story, in gold, profound.

As you celebrate this milestone, so grand,

May your light shine bright, across the land.

For your life is a tale of the brave, the wise,

A legacy that forever will rise.

Abiodun, a communications specialist, writes from Lagos

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BBC Yoruba Report: Ifo Local Government Distances Self from Fake Tax Collectors

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Ifo local government chairman idris Olalekan Kusimo

By Modupe Gbadeyanka

The chairman of Ifo Local Government Area of Ogun State, Mr Idris Olalekan Kusimo, has described the officials who extorted the crew of BBC Yoruba some days ago as fake, dissociating his administration “from this shameful act.”

In a statement he signed, Mr Kusimo stressed that the alleged council officials were not authorised to collect fees and taxes on behalf of the council despite operating on the premises of the local government secretariat.

On Tuesday, April 7, 2025, BBC Yoruba posted on its Facebook page and website about the ordeal of its crew in the hands of persons believed to be working for the local government.

The media platform’s vehicle was stopped, and N60,000 was fined for not having a Joint Tax Board (JTB) levy. The fine was negotiated to N45,000, and when it was time to pay, the council officials demanded cash and not a transfer, which raised suspicion.

Apparently embarrassed by the reactions to the report and comments by other victims of the extortion, Mr Kusimo released a statement exonerating the council from the alleged fraud.

He described those who stopped the crew as “some unscrupulous individuals” who “falsely presented themselves as officials of Ifo Local Government and unlawfully accosted motorists, including your reporter, along the Ojodu-Abiodun axis.”

According to him, the persons “do not represent the council in any capacity” as Ifo Local Government does not sanction, condone, or benefit from their illegal activities, which include the forceful removal of vehicle number plates and extortion of motorists.”

“While the accused persons operate from a rented space within the Ojodu-Abiodun Office Complex, their actions are entirely self-motivated and criminal,” he noted, adding that a “thorough investigation into the activities of these impostors” has been initiated.

Mr Kusimo urged “affected motorists, including the BBC Yoruba team, to provide further details to assist in prosecuting these fraudsters,” advising members of the public “to report any such incidents directly to the council or security Agencies and to request proper identification from anyone claiming to be an official of Ifo government.”

He stated that Ifo Local Government remains committed to transparency, accountability, and the rule of law.”

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Lagos Seals 13 Markets in Ketu, Mile 12 Over Poor Waste Management

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Mile 12 Market

By Adedapo Adesanya

The Lagos State government has sealed 13 markets across the state for persistent violations related to illegal waste disposal in the Ketu area and its environs in an effort to promote environmental cleanliness and safeguard public health.

The Commissioner for Environment and Water Resources, Mr Tokunbo Wahab, confirmed the closure of the affected markets in a statement on his X handle on Friday.

Mr Wahab said the enforcement actions were in line with the Lagos State Environmental Management and Protection Law of 2017, aimed at ensuring responsible waste management and maintaining public order.

Notably, Ketu and Mile 12 markets were sealed last night due to consistent violations, including the improper disposal of waste on roads, medians, and highways.

The 13 markets shut down by the government were Erukan Market, Mile 12; Oja Oba Market, Ketu; Owoseni Tundas Market; Oba Ogunjobi Market, Mile 12; Shops Owners (BRT Terminal), Mile 12; and Mile 12 Bus Stop Shops; Ketu Terminal Market (6 plazas); Ifesowapo Shop Owners Market, Mile 12; Demurin St Plaza Shops, Ketu; The Occupant, 6 Demurin Road, Ketu; Ifelodun Market, Ketu; Ibadan Unit 1 Park (in-between Babajide Sanwo-Olu Market and Ikosi Fruit Market); and Ketu Tipper Garage.

The closure of the market was necessary to restore cleanliness and public safety in these busy commercial areas, according to Mr Wahab.

The Lagos State government emphasized that market stakeholders must take full responsibility for proper waste management going forward to avoid further disruptions.

“These enforcement actions are necessary to safeguard public health and restore order to our public spaces,” Mr Wahab was quoted as saying.

The Lagos State government also called on residents and market stakeholders to collaborate in building a cleaner, safer, and more responsible Lagos.

The enforcement is part of ongoing efforts to ensure the city remains livable and sustainable for all.

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