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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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Anambra Moves to Curb Erosion Menace

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erosion in anambra state

By Adedapo Adesanya

Anambra State Executive Council (ANSEC), under Governor Charles Soludo, has taken a bold step to address the pressing issue of erosion in the state, while also recovering government lands and awarding strategic projects aimed at boosting the state’s economy and improving the quality of life of its citizens.

The Commissioner for Information, Mr Law Mefor, made this known after the 25th ANSEC meeting held recently at the Lighthouse, Awka.

He revealed that the meeting noted with grave concern the existential threat posed by erosion in Anambra, citing the careless actions of communities and regulatory bodies that have disregarded environmental regulations.

“The council has decided to step up enforcement measures to force individuals to build and manage storm waters from their houses and for communities to follow specific guidelines, such as building erosion barriers and excavating sand only in designated locations,” Mr Mefor stated.

He emphasised that the government will not hesitate to take stern action against individuals and communities that fail to comply with environmental regulations.

To address the issue, the government will enforce strict adherence to environmental regulations, mandate the construction of erosion barriers and proper sand excavation practices, and collaborate with relevant agencies to hold those responsible for the erosion menace.

It is also confident that with the support of the people, it will overcome the challenges posed by erosion and achieve its vision of making Anambra State a destination where economic and business activities thrive.

Furthermore, the council has resolved to form a committee to reclaim government lands in and around Anambra State that have been intruded upon and built upon without permission.

“The government will not stand idly by while its lands are being grabbed and misused. We will take all necessary steps to recover these lands and ensure that they are used for the benefit of the people of Anambra State,” Mr Mefor said.

ANSEC has also awarded several strategic projects aimed at enhancing the state’s infrastructure development.

The projects include the provision of a water supply to the Ekwulobia Flyover Bridge Fountain and the ornamental garden for Double NC Construction & Logistics Ltd; the installation of a 3-way traffic light, including pedestrian lights, at the Ifite-Amenyi intersection within the Awka metropolis to S.N.U. Ventures, and the supply and installation of two 10 kVA inverters with 15 kW lithium batteries at the Anambra State Civil Service Commission Building in Awka to Kennolly Enterprises.

Others include the supply and installation of transformer substations at Nnewi and Umueze-Anam communities for Aries and Gold Ventures Limited, and Aljovic Construction Limited; and the landscaping of the car park for the Trauma Centre at Chukwuemeka Odumegwu Ojukwu University Teaching Hospital (COOUTH), Amaku, Awka, for Triseconds Resources Limited.

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Dangote Refinery Commences Free Delivery of PMS January 2026

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dangote pms delivery

By Modupe Gbadeyanka

The free delivery of premium motor spirit (PMS), otherwise known as petrol, across the country by the Dangote Petroleum Refinery will finally begin in January 2026. This was earlier scheduled for August 2025

This move, according to the Independent Petroleum Marketers Association of Nigeria (IPMAN), will bring down the price of the product in Nigeria.

The group has, therefore, urged all its members nationwide to patronise the Lagos-based private oil facility because it offers the best affordable price for all marketers.

Dangote Refinery has agreed to directly supply PMS to registered members of IPMAN, according to a statement signed and issued by the organisation’s president, Mr Abubakar Maigandi Shettima.

At a press conference held in Abuja yesterday on recent happenings in the oil and gas sector, IPMAN also applauded the support of the Chairman of Dangote Petroleum Refinery, Mr Aliko Dangote towards the federal government, which it noted has become evident in the regular reduction of the petroleum pump price.

“The association has the highest percentage of the supply chain of the PMS downstream sector, controlling over 80 per cent of the petrol retail market. We therefore declare that there will be no gap or scarcity in PMS supply to Nigerians.

“We are also excited at the recent agreement by the Dangote Refinery to begin the supply of PMS products directly to registered IPMAN members, and its free delivery to our filling stations anywhere and everywhere in Nigeria which will commence in January 2026.

“This will again, certainly lead to further decrease in the pump price of the products at our filing stations.

“Therefore, I am calling on all IPMAN members nationwide to prioritise patronising the Dangote Refinery in their purchase of PMS products, as they already offer the best affordable prize for all marketers today,” the group stated.

“At IPMAN we have no doubt as to the viability of the oil and gas policies being initiated by the federal government, and we have ceaselessly called and sought for enhanced cooperation across all levels of governance in the oil and gas sector. Hence, our repeated persuasion to always partner the Dangote refinery, to ensure the steady availability of PMS products.

“The focus of the Dangote & IPMAN partnership, has always been geared towards making life better for Nigerians. And of course, this blooming partnership would never have been possible without the pragmatic leadership of President Bola Tinubu, and his sound judgment in readjusting the leadership of the NMDPRA and the NUPRC.

“Our position has always been to deepen domestic refining in order to eradicate imports of petroleum products. Continuous import is NOT an acceptable parallel business model, because issuing import licenses recklessly distorts market dynamics, drains foreign exchange, enthrones poverty, destroys jobs, and scares potential investors away,” Mr Shettima was quoted as saying in the statement.

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Swedfund Puts Down $20m for Green Business Growth in Africa

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Green Business Growth

By Aduragbemi Omiyale

About $20 million has been put down by Swedfund to support efforts that limit climate change in Africa and help communities adapt to its effects.

The funds would be deployed by the Helios Climate, Energy, Adaptation and Resilience (CLEAR) Fund to back African companies that reduce emissions, strengthen resilience and create green jobs.

Swedfund’s investment is expected to contribute to significant cuts in greenhouse gas emissions and to help businesses and small farmers adapt to a changing climate.

The investment strengthens Swedfund’s work to drive a sustainable and inclusive green transition in Africa.

Africa contributes less than 3 per cent of global carbon emissions but faces some of the most severe climate impacts. At the same time, the continent’s energy demand is expected to triple by 2050.

Swedfund’s investment in Helios CLEAR will help channel capital to businesses that drive low-carbon growth in areas such as renewable energy, sustainable transport, climate-smart farming, efficient use of resources and digital climate solutions.

“By investing in this sector, we can reduce emissions, build resilience and create green jobs, all vital for sustainable growth that benefits more people.

“Africa currently receives only a small share of global climate investment, yet the potential for climate-smart business is enormous.

“Through Helios CLEAR we help build the next generation of African climate-focused businesses,” the Investment Director for Energy and Climate at Swedfund, Ms Gunilla Nilsson, stated.

Helios CLEAR Fund is a Pan African growth equity fund managed by Helios Investment Partners, one of Africa’s leading private equity firms.

The fund targets investments that deliver measurable climate mitigation and adaptation outcomes. The fund is supported by multiple development finance institutions.

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