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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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Benue Killings: Tinubu Orders Service Chiefs, IGP to Arrest Perpetrators

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tinubu in benue

By Adedapo Adesanya

President Bola Tinubu has mandated the country’s service chiefs and the Inspector General of Police (IGP, Mr Kayode Egbetokun, to go after those behind the dastardly killings in Benue State, which have left over 200 people dead.

President Tinubu issued the order on Wednesday during his visit to Benue State following the renewed attacks in the North-Central State.

“Police, I hope your men are on alert to listen to information. How come no arrest has been made? I expect there should be an arrest of those criminals,” Mr Tinubu said at the Benue Government House in Makurdi, the capital, during a stakeholders meeting, monitored by Business Post.

“Christopher (the Chief of Defence Staff), you have given much. I watch your comments, you can’t be tired of staying in the bush. Oloyede (the Chief of Army Staff) and the Air Marshal, we thank all of you, but we need to keep our ears to the ground, let’s get those criminals, let’s get them out. DG NIA, DG SSS, retool your information channels and let’s have tangible intelligence so that this will not occur again,” he said.

During his speech, the Tor Tiv V, Mr James Ayatse, dismissed claims that the killings in Benue State are the results of clashes between herders and farmers, arguing that the killings are a calculated, well-planned, full-scale genocidal invasion and land-grabbing campaign in the state by “herder terrorists and bandits” that had been on for decades.

He said, “We do have grave concerns about the misinformation and misrepresentation of the security crisis in Benue State. Your Excellency, it’s not headers-farmers clashes, it’s not communal clashes, it’s not reprisal attacks or skirmishes.

“It is this misinformation that has led to suggestions such as ‘remain tolerant, negotiate for peace, learn to live with your neighbours’.”

“What we are dealing with here in Benue is a calculated, well-planned, full-scale genocidal invasion and land grabbing campaign by header terrorists and bandits, which has been going on for decades and is worsening every year.

“Wrong diagnosis will always lead to wrong treatment. So, we are dealing with something far more sinister than we think about. It’s not learning to live with your neighbors; it is dealing with the war,” the traditional ruler added.

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UK Reaffirms Support for Inclusive Growth in Manufacturing, Agribusiness, Nutrition

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UK Nigeria Commission

By Adedapo Adesanya

The British Deputy High Commissioner, Mr Jonny Baxter, has reaffirmed the United Kingdom’s commitment to supporting inclusive economic growth and sustainable development across Nigeria as the country navigates rising energy costs and the growing urgency of the climate crisis.

He made this statement at the second edition of W.O.M.A.N by Alitheia, a high-level forum for Women in Manufacturing, Agribusiness, and Nutrition and key stakeholders, hosted by Alitheia Capital, a pioneer in gender-lens impact investing private equity firm, in collaboration with Manufacturing Africa, a UK government programme focused on attracting Foreign Direct Investment into the manufacturing sector, at his residence in Lagos.

“We recognise the indispensable role of women in this transition and are committed to expanding access to capital and capability to ensure sustainable growth. This event reflects our shared vision for inclusive and transformative development, and we are committed to supporting this journey through targeted investments and strategic private partnerships,” he said.

The event themed Scaling Sustainable Manufacturing & Energy Transition for Women-led SMEs in Africa,” featured a mix of industry leaders, women entrepreneurs, investors, policymakers, and energy solution providers to explore the pivotal role of women-led businesses in Africa’s sustainable industrial transformation.

The discussions addressed the acute pressures SMEs face amid surging fuel prices and electricity tariffs – conditions that have made sustainable energy adoption both an environmental and economic imperative. Insights from Alitheia’s own portfolio reveals that adopting renewable energy can cut operational costs by as much as 60%, underscoring the financial viability of clean energy for scaling women-led businesses.

Participants examined practical pathways for women entrepreneurs to access clean energy solutions, scale sustainable manufacturing practices, and contribute meaningfully to Africa’s green economy.

Also speaking, the Co-Founder and Managing Partner at Alitheia Capital, Mrs Tokunboh Ishmael said, “We are no longer just talking about sustainability as a nice-to-have. It’s an economic imperative, especially for women entrepreneurs at the heart of Nigeria’s industrial transformation and through W.O.M.A.N by Alitheia, we’re not only spotlighting solutions—we’re scaling them.”

“In our own portfolio, we’ve seen up to a 60 per cent reduction in energy costs among businesses that have adopted clean energy. This is proof that green transition is not only possible but profitable,” she added.

The event also featured keynote addresses and panel discussions with industry leaders including Yemisi Iranloye (CEO, Psaltry), Affiong Williams (CEO, ReelFruit), Temilola Adepetun (Managing Director, SKLD), James Fabola (CFO, Arnergy Solar), Bukola Badmos (Executive Director & CFO, Starsight Energy), and Sarah Ogbewey, (Head, Strategic Partnerships, Renewable Energy & Mobility, Sterling Bank).

Alitheia Capital also launched Nzinga, its SME capacity-building platform designed to equip entrepreneurs with tools for scaling their businesses sustainably.

In parallel, Manufacturing Africa unveiled its Green Business Building (GBB) accelerator, which will drive the growth of green businesses through strategic support on core business problems, leading to the development of an ecosystem for green manufacturing and green jobs in Nigeria.

There was also an ESG (Environmental, Social, and Governance) knowledge session, exhibitions from green energy and manufacturing solution providers, and a resounding call to action: expand access to capital, strengthen ecosystems, and enable policy that supports inclusive green industrialization.

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Lafarge Africa Champions Sustainable Practices for Cleaner Environment

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Lafarge Africa Substainable Practices

By Modupe Gbadeyanka

A notable cement maker in Nigeria, Lafarge Africa Plc, has scaled up action to beat plastic pollution through circular economy.

The company, in commemoration of World Environment Day 2025, reaffirmed its commitment to tackling Nigeria’s plastic waste crisis.

In a statement, Lafarge Africa said one of its strategies of addressing the waste pollution is by adopting scalable and circular economy practices across its host communities in Lagos, Sagamu, Ewekoro, Ashaka and Mfamosing.

Another is by designing impactful initiatives and engaging in vital awareness campaigns on waste segregation and PET bottle recycling, demonstrating how plastic waste can be recycled and transformed into useful items.

During this year’s World Environment Day themed Beat Plastic Pollution, the cement miller held environmental sensitization campaigns at its Ashaka and Ewekoro factories.

It also carried out tree planting activities in communities like Lapeleke in Ogun State and Mfamosing in Cross River State to support ecosystem restoration and climate action efforts, as well as a clean-up exercise at the community markets.

“At Lafarge Africa, we have never believed in doing business at the expense of the environment. We continue to rethink our processes, invest in innovation, and ensure that sustainability remains at the core of our strategy.

“I am proud to say that we continue to lead the way in circular economy solutions through Geocycle,” the chief executive of Lafarge Africa, Mr Lolu Alade-Akinyemi, said.

On her part, the Director of Health, Safety and Environment at Lafarge Africa, Ms Rachael Ezembakwe, said, “We are focused on minimizing our footprint and ensuring that our operations do not become a burden to the communities we serve.”

“Let us all remember that we are protecting the environment not just for ourselves, but for the future of our children,” she said.

Delivering the keynote address, the Special Adviser to the Lagos State Governor on Climate Change and Circular Economy, Ms Titilayo Oshodi, noted that while Lagos State government continues to drive waste reforms through education, behavioural change and recycling incentives, partnerships with companies like Lafarge Africa are essential to scaling impact.

In the same vein, the Commissioner for Environment in Cross River State, Mr Moses Osogi, expressed gratitude to Lafarge Africa for its continued commitment to protecting the environment; acknowledging the company’s numerous initiatives to help create healthier, more resilient communities for present and future generations.

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