General
Nigeria, Angola, Ghana Fulfil Capital Commitments to Africa Energy Bank
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.
General
Senate Approves Tinubu’s Request to Deploy Troops to Benin Republic
By Adedapo Adesanya
The Senate has approved President Bola Tinubu’s request to deploy Nigerian troops to the Republic of Benin in support of efforts to restore peace and stability following Sunday’s coup attempt.
The Senate President, Mr Godswill Akpabio, announced this on Tuesday during plenary after lawmakers considered the request in the Committee of the Whole in line with section 5, Part 11 of the Constitution.
The upper chamber of the National Assembly unanimously voted in favour of the deployment, giving legislative backing for the regional security intervention.
Mr Akpabio described the decision as a step in the right direction, noting that instability in any neighboring state poses a threat to the entire region.
“An injury to one is an injury to all,” the lawmaker said, underscoring that it is Nigeria’s responsibility to support its Economic Community of West African States (ECOWAS) partner.
He said the Senate’s consent letter will be transmitted to President Tinubu immediately.
Earlier, President Tinubu had written to the Senate, seeking their approval for the deployment of troops to the Benin Republic. He said that Nigeria has a historical responsibility to support Benin under the existing Economic Community of West African States (ECOWAS) security frameworks.
According to the President, the crisis demands “urgent external intervention” to help restore stability and prevent further breakdown of order.
Benin Republic’s attempted coup occurred on Sunday, when some military personnel who called themselves the Military Committee for Refoundation (CMR) took to national television to announce that they had met and concluded that “Mr Patrice Talon is removed from office as president of the republic”.
However, the country’s military thwarted the effort and regained control, with aerial support from Nigeria, as per requested.
“The regular army is regaining control. The city (Cotonou) and the country are completely secure,” sources close to Talon said. “It’s just a matter of time before everything returns to normal. The clean-up is progressing well.”
Following the development, ECOWAS said it will deploy a standby force to the area.
“After consultation among members of the Mediation and Security Council at the level of Heads of State and Government, the Chair of ECOWAS Authority of Heads of State and Government has ordered the deployment of elements of the ECOWAS Standby Force to the Republic of Benin with immediate effect,” the regional bloc said.
“The Regional Force shall be made up of troops from the Federal Republic of Nigeria, the Republic of Sierra Leone, the Republic of Côte d’Ivoire, and the Republic of Ghana.
“The Force shall support the Government and the Republican Army of Benin to preserve constitutional order and the territorial integrity of the Republic of Benin”.
Earlier today, the Nigerian Air Force (NAF) refuted reports that 11 of its personnel are currently being held by the Burkinabe military regime in Bobo-Dioulasso, southwest Burkina Faso.
It was reported that the Nigerian military officials were captured after their aircraft conducted an emergency landing, alleged to be violating airspace belonging to the Alliance of Sahel States (AES).
AES, made up of Mali, Niger, and Burkina Faso, said in a joint statement that the aircraft carrying the 11 military personnel did not have permission to fly over Burkina Faso.
General
FG Directs MDAs To Defer 70% of 2025 Capital Budget to 2026
By Adedapo Adesanya
The federal government has directed Ministries, Departments and Agencies (MDAs) to carry over 70 per cent of their 2025 capital allocations into the 2026 fiscal year.
The directive was contained in the 2026 Abridged Budget Call Circular issued by the Ministry of Budget and Economic Planning and circulated to ministers, service chiefs, and heads of agencies.
The circular said the government had adopted a new framework that caps all 2026 capital budget ceilings at 70 per cent of 2025 project allocations.
Only 30 per cent of this year’s capital budget will be released in 2025, while the remaining 70 per cent forms the foundation of next year’s capital spending.
The notice laid out strict guidelines for preparing next year’s spending plan, including a ban on introducing new capital projects, noting that the administration prioritises completing ongoing projects amid weak revenues and rising fiscal pressures.
It said MDAs must “upload 70 per cent of their 2025 FGN Budget to continue in FY2026” and ensure that all rollover items align with the administration’s priorities—national security, economic growth, education, health, agriculture, infrastructure, power, energy, and social safety nets.
The ministry said the policy is meant to prevent duplication, strengthen continuity and ensure that uncompleted projects are not abandoned, warning MDAs against attempting to exceed their 2025 overhead ceilings in their 2026 submissions, despite inflationary pressures.
“We are constrained by revenue challenges,” the circular said. “While we note the impact of inflation, proposals that exceed approved ceilings will be adjusted downward.”
The directive said the 2026 budget must reflect the strategies in the Medium-Term Expenditure Framework (2026–2028), the Renewed Hope Infrastructure Development Plan, the Ward Development Plan and the National Development Plan, as well as the Accelerated Stabilisation and Actualisation Plan.
MDAs must submit their budgets through the GIFMIS Budget Preparation Subsystem, while government-owned enterprises will submit via the Budget Information Management and Monitoring System. All submissions must be completed by Tuesday, December 9, 2025.
Statutory transfers are projected to drop from N3.64tn in 2025 to N3.15 trillion in 2026, while recurrent non-debt expenditure is estimated at N15.26 trillion.
Debt service obligations are set to rise sharply from N13.94 trillion this year to N15.52 trillion in 2026.
Aggregate capital expenditure is projected at N22.37 trillion, down from N26.19 trillion in 2025. Capital allocations for MDAs fall from N12.39 trillion to N8.67 trillion, while project-tied loans will shrink from N3.36 trillion to N2.05 trillion.
The deficit widens significantly to N20.12 trillion in 2026, from N14.10 trillion in the current year.
Personnel costs have already been computed using data from IPPIS and earlier submissions, the circular noted. Each ministry will be informed of its personnel cost ceiling for 2026.
The financial projections accompanying the circular show a more constrained revenue outlook for 2026.
Total funds available to the Federal Government, including GOEs, are projected at N54.46 trillion, down slightly from N54.99 trillion in 2025.
General
Nigerian Air Force Says 11 Personnel Not Detained in Burkina Faso
By Adedapo Adesanya
The Nigerian Air Force (NAF) has refuted reports that 11 of its personnel are currently being held by the Burkinabe military regime in Bobo-Dioulasso, southwest Burkina Faso.
It was reported that the Nigerian military officials were captured after their aircraft conducted an emergency landing, alleged to be violating airspace belonging to the Alliance of Sahel States (AES).
AES, made up of Mali, Niger, and Burkina Faso, said in a joint statement that the aircraft carrying the 11 military personnel did not have permission to fly over Burkina Faso.
The allied military-led nations of the Sahel collectively threatened action against violations of their airspace.
“An aircraft belonging to the Air Force of the Federal Republic of Nigeria, type C-130, was forced to land today in Bobo Dioulasso, Burkina Faso, following an in-flight emergency situation while it was operating in Burkinabe airspace,” according to an alliance statement read on state media in the three West African countries.
The statement called the landing an “unfriendly act” and said the countries’ respective air forces had been put on maximum alert and authorised to “neutralise any aircraft” found to violate the confederation’s airspace.
The joint statement did not mention what happened to the 11 military personnel onboard the Nigerian turboprop plane.
The trio of Sahel countries, all under military rule and battling long-running jihadist insurgencies, maintain uneasy relations with their west African neighbours.
In January, they left the regional bloc, Economic Community of West African States (ECOWAS) after forming their own alliance, AES.
The three states have also distanced themselves from the West, notably from former colonial ruler France, while drawing closer to Russia.
This comes after Nigeria helped Benin Republic quell a coup that sought to remove President Patrice Talon from office, less than five months till the end of his second term.
The putsch which failed saw arrests of over 14 soldiers, while some reportedly remain at large, holding some hostages.
But reacting via a statement on Tuesday, NAF its men are being treated with respect, with the scheduled mission to resume.
“The Nigerian Air Force (NAF) wishes to clarify reports regarding the diversion of a NAF C-130 aircraft during its ferry mission to Portugal on 8 December 2025. Following takeoff from Lagos, the crew observed a technical concern which necessitated a precautionary landing in Bobo-Dioulasso, Burkina Faso, the nearest airfield, in accordance with standard safety procedures and international aviation protocols. NAF crew is safe and have received cordial treatment from the host authorities.
“Plans are ongoing to resume the mission as scheduled. The Nigerian Air Force appreciates the support received during this period and assures the public that NAF remains professionally committed to strict compliance with operational procedures and safety standards, ensuring the protection of its personnel while fulfilling its constitutional mandate,” the statement signed by the Director of Public Relations and Information for the agency, Ehimen Ejodame, said.
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