By Adedapo Adesanya

The World Bank’s financing arm, the International Finance Corporation (IFC), and the Norwegian investment fund (Norfund) have committed up to $83.2 million to expand solar hybrid mini-grids across Nigeria, in a move expected to connect nearly half a million new users to electricity.

The funding will support five renewable energy companies, Darway Coast Nigeria Limited, GVE Projects Limited, Prado Power Limited, PriVida Power Limited and StarTimes Energy, to build 315 mini-grid sites across underserved communities.

The projects are projected to deliver about 494,189 new electricity connections. Renewable energy solutions

IFC says the intervention is aimed at closing Nigeria’s massive electricity gap, noting that more than 85 million people in the country still live without access to power.

The institution said expanding distributed renewable energy will not only improve electricity access but also cut energy costs and support small businesses in rural areas.

According to IFC, “By supporting distributed renewable energy solutions, this initiative will help expand access to reliable electricity while reducing energy costs, strengthening local economies, and enabling income-generating activities.”

For operators already working in the sector, the new funding is expected to speed up expansion plans.

The chief executive of Darway Coast Nigeria Limited, Mr Henry Ureh, said the support will allow companies to scale faster and reach more communities that have remained off the national grid for years.

“Access to reliable electricity allows us to expand our operations, support local businesses, and create jobs in the communities we serve,” he said.

Nigeria’s off-grid power space has been growing steadily, but access remains uneven. Data from the Africa Solar Industry Association shows that the country currently has over 4.8 gigawatts of installed solar capacity, but only about 115 megawatts come from mini-grids serving rural communities.

The IFC has been one of the biggest institutional backers of this segment. Last year, it announced a separate $16 million financing package for Nigerian developer Virtuitis to build 97 mini-grids expected to serve over 140,000 off-grid consumers by 2027, showing a steady increase in international interest in decentralised power solutions.

With grid supply still unreliable in many parts of the country, mini-grids are increasingly becoming the most practical solution for rural electrification as they supply adequate but limited power for limited power consumption.

For many communities, the impact goes beyond electricity. Reliable power is expected to support trading activities, agro-processing, small manufacturing and education, all of which have struggled under years of unstable supply. But operators also warn that sustained policy support and stable regulation will be key to scaling beyond pilot-level projects.

As deployment begins across the 315 sites, observers are keen on understanding how quickly these projects can move from funding to actual connections to where they are needed.

By Adedapo Adesanya

The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has urged the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) to prioritise policies that promote domestic gas utilisation.

The association recommended that NUPRC strengthen measures to ensure price stability and long-term energy security for Nigerians, as indicated in a statement by its national public relations officer, Mr Joseph Obele.

The call comes alongside PETROAN’s commendation of the choice of Mr Magnus Abe as NUPRC Board chairman.

PETROAN national president, Dr Billy Gillis-Harry, cited Mr Abe’s prior roles as a National Assembly lawmaker, Secretary to the Rivers State Government, and former board member of the Nigerian National Petroleum Company (NNPC) Limited, meaning he has extensive knowledge of Nigeria’s oil and gas sector and its operational dynamics.

PETROAN also lauded NUPRC’s collaboration with the Nigeria LNG Limited (NLNG), which has committed 100 per cent of its LPG production to the domestic market.

Mr Gillis-Harry projected that this would reduce cooking gas prices and other gas-based products soon.

The association highlighted NUPRC’s efforts to remove regulatory bottlenecks, improve ease of doing business, and sustain stakeholder engagement to meet rising domestic gas demand and shield the market from global volatility.

PETROAN emphasises that a stable upstream sector will have far-reaching benefits across the petroleum value chain, including enhanced product availability, reduced energy costs, job creation, and overall economic growth, stating it would support policies and reforms in Nigeria’s petroleum industry.

Other PETROAN recommendations included sustaining regulatory reforms, accelerating gas infrastructure and distribution networks to ensure efficient delivery of gas to end-users nationwide; continuous and structured stakeholder engagement to promote transparency, policy consistency, and industry-wide collaboration; and maintaining structured stakeholder engagement.

It also urged collaborating with the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to activate government-owned refineries, expressing confidence in Abe’s leadership and reiterated its support for policies fostering a competitive and transparent petroleum industry.

By Modupe Gbadeyanka

The former chairman of the defunct Skye Bank Plc, Mr Tunde Ayeni, has been remanded at the Kuje Correctional Centre pending the determination of his bail application.

He was moved to the facility after he was brought before Justice Jude Onwuzuruike of the Federal Capital Territory (FCT) High Court, Apo, Abuja, by the Economic and Financial Crimes Commission (EFCC) on Monday, May 4, 2026.

He will remain at the correctional centre until the hearing of his bail plea on Wednesday, May 13, 2026, the judge declared.

The former banker is facing trial on a 17-count charge bordering on criminal breach of trust, misappropriation and conversion of investors’ funds worth N15.67 billion.

Prosecution counsel, Mr E.E. Iheanacho (SAN), informed the court that the matter was slated for arraignment and prosecution was ready for trial.

“We have before the court a 17-count charge dated April 28, 2026. We humbly apply that the charge be read to the defendant,” he said.

“That you, Tunde Ayeni, whilst being the Chairman, Board of Directors of the defunct Skye Bank Plc between October 21, 2014, and November 19, 2014, at Abuja within the jurisdiction of this court and having dominion over depositors funds domiciled in the defunct Skye bank Plc’s Suspense Account, committed criminal breach of trust when you dishonestly misappropriated the aggregate sum of N3.2 billion by transferring same to Misa Limited’s account No: 1011295717 and 1011295718 domiciled with Zenith Bank in violation of the Prudential Guidelines and other regulations and thereby committed an offence contrary to Section 311 of the Penal Code and punishable under Section 312 of the same Act,” count three of the charge read.

The count five said, “That you Tunde Ayeni, whilst being the Chairman, Board of Directors of the Defunct Skye Bank Plc on or about November 27, 2014, at Abuja within the jurisdiction of this court and having dominion over depositors’ funds domiciled in the defunct Skye bank Plc’s Suspense Account, committed criminal breach of trust when you dishonestly misappropriated the sum of N5.1 billion by transferring same to Union Registrar Limited’s Account No: 0003490559 domiciled with Union Bank in violation of the Prudential Guidelines and other Regulations and thereby Committed an offence contrary to Section 311 of the Penal Code and Punishable under Section 312 of same Act.”

After the charges were read to him, Mr Ayeni pleaded “not guilty,” prompting Mr Iheanacho to pray the court for a trial date and asking for the remand of the defendant in a correctional centre.

The defence counsel, Mr Ahmed Raji Bashir (SAN), informed the court that the charge was given to the defendant on a public holiday, adding that he considered it imperative to inform the court. He also prayed the court to release the defendant to him or return him to the custody of the EFCC.