General
SERAP Tackles World Bank over $500m for Electricity in Nigeria
By Adedapo Adesanya
In its latest round of seeking accountability, the Socio-Economic Rights and Accountability Project (SERAP) has urged the World Bank President, Mr David Malpass, to publish details of electricity projects funded by the lender in Nigeria since 1999.
According to an application dated February 6, 2021, and signed by SERAP Deputy Director, Mr Kolawole Oluwadare, the organisation called for the release of archival records and documents relating to spending on all approved funds to improve access to electricity in Nigeria between 1999 and 2020.
It demanded to know the bank’s role in the implementation of any funded electricity projects and to identify and name any executed projects, and Nigerian officials, ministries, departments and agencies involved in the execution of such projects.
This is coming after the World Bank board of directors last week approved $500 million to help boost access to electricity in Nigeria and improve the performance of the electricity distribution companies in the country.
SERAP urged the bank to “explain the rationale for the approval of $500 million to implement electricity projects in the country, despite reports of widespread and systemic corruption in the sector, and the failure of the authorities to enforce a court judgment ordering the release of details of payments to allegedly corrupt electricity contractors who failed to execute any projects.”
SERAP said: “This application is brought pursuant to the World Bank’s Access to Information Policy, which aims to maximize access to information and promote the public good.
“There is a public interest in Nigerians knowing about the bank’s supervisory role and specifically its involvement in the implementation of electricity projects, which it has so far funded.”
According to SERAP, the $500 million is part of the over $1 billion available to Nigeria under the project titled Nigeria Distribution Sector Recovery Program.
“We would be grateful for details of any transparency and accountability mechanisms under the agreement for the release of funds, including whether there is any provision that would allow Nigerians and civil society to monitor the spending of the money by the government, its agencies, and electricity distribution companies,” it said.
SERAP noted that should the Bretton Wood Institution fail and/or refuse to release the information and documents as requested, it would file an appeal to the Secretariat of the Bank’s Access to Information Committee to challenge any such decision, and if it becomes necessary, to the Access to Information Appeals Board.
SERAP added that it may also consider other legal options outside the bank’s Access to Information framework.
The letter copied to Mr Shubham Chaudhuri, World Bank Country Director for Nigeria, read in part: “SERAP believes that releasing the information and documents would enable Nigerians and civil society to meaningfully engage in the implementation of electricity projects funded by the Bank, contribute to the greater public good, and enhance the Bank’s oft-stated commitment to transparency and accountability.
“The World Bank has been and continues to be involved in overseeing the transfer, disbursement, spending of funds on electricity projects in Nigeria. The Bank also reportedly approved a $750 million loan for Nigeria’s electricity sector in June 2020 to cut tariff shortfalls, protect the poor from price adjustments, and increase power supply to the grid. As such, the World Bank is not a neutral party in this matter.
“SERAP is seriously concerned that the funds approved by the Bank are vulnerable to corruption and mismanagement. The World Bank has a responsibility to ensure that the Nigerian authorities and their agencies are transparent and accountable to Nigerians in how they spend the approved funds for electricity projects in the country, and to reduce vulnerability to corruption and mismanagement.
“SERAP also believes that the release of the requested information and documents is of paramount importance to the public interest in preserving the legitimacy, credibility, and relevance of the Bank as a leading international development institution. The Bank ought to lead by example in issues such as transparency and public disclosure raised in this request.
“It would also demonstrate that the Bank is willing to put people first in the implementation of its development and governance policies and mandates, as well as remove any suspicion of the Bank’s complicity in the alleged mismanagement of electricity projects-related funds.
“The information is also being sought to improve the ongoing fight against corruption in the country and the provision of regular and uninterrupted electricity supply to Nigerians as a fundamental human right.
“The information requested is not affected by the “deliberative” “corporate administrative matters” or “security and safety” exceptions under the Policy. The information requested is crucially required for Nigerians to know how the funds released to the authorities to improve electricity supply in the country have been spent, and monitor how the funds are being used.
It contended that it was necessary to do this as the country had not benefit as it should from the financing, it cited its report titled: From Darkness to Darkness: How Nigerians are paying the price for Corruption in the Electricity Sector which documents widespread and systemic corruption in the electricity sector, and reveals how about N11 trillion electricity fund was squandered by successive administrations in Nigeria since the return of democracy in 1999.
“This report raises specific questions of public interest, and the World Bank ought to be concerned about how Nigerian authorities are addressing reports of widespread and systemic corruption in the electricity sector, and to seek some answers from the authorities on the problems.
“However, as the report shows, the Bank’s funding of the electricity sector has not resulted in corresponding access of Nigerians to the regular and uninterrupted electricity supply. Successive governments have failed to provide access to regular and reliable electricity supply to millions of the citizens despite budgeting trillions of naira for the power sector.
“Millions of Nigerians still lack access to free pre-paid meters. Authorities continue to use patently illegal and inordinate estimated billing across the country, increasing consumer costs, and marginalizing Nigerians living in extreme poverty, disproportionately affecting women, children and the elderly.”
It reiterated that the World Bank leadership has to disclose information on agreements and the mechanisms the bank is putting in place to ensure transparency and accountability in the spending of all funds on electricity projects in Nigeria.
By Adedapo Adesanya
The Minister of Marine and Blue Economy, Mr Adegboyega Oyetola, has announced that the United States Coast Guard (USCG) has lifted the Condition of Entry (CoE) imposed on vessels arriving in the US from Nigeria.
The development brings to an end a 12-year regime of enhanced security requirements on vessels calling at Nigerian ports before entering the United States and marks a significant milestone in the federal government’s efforts to strengthen maritime security, improve port competitiveness and enhance Nigeria’s standing in the global maritime industry.
The Condition of Entry, which took effect on June 25, 2014, required vessels destined for the US that had called at designated Nigerian ports within their previous five port calls to undergo additional security measures and enhanced scrutiny before gaining access to US waters.
Announcing the development, Mr Oyetola said the lifting of the restriction was a strong affirmation of the progress made by Nigeria in strengthening its maritime security architecture and implementing the International Ship and Port Facility Security (ISPS) Code across the country’s ports and maritime facilities.
He attributed the achievement to sustained efforts by the Federal Ministry of Marine and Blue Economy, through the Nigerian Maritime Administration and Safety Agency (NIMASA), in collaboration with relevant government agencies, port operators, terminal and facility operators, shipping companies and other stakeholders.
According to the Minister, the coordinated efforts were aimed at strengthening Nigeria’s maritime security framework, addressing identified gaps and demonstrating sustained compliance with internationally accepted maritime security standards.
Over the past two years, the United States Coast Guard conducted four comprehensive assessments of Nigeria’s national maritime security framework and port facilities. The assessments were carried out from March 11–13, 2024; April 15–19, 2024; March 15–21, 2025; and April 13–17, 2026. The results of the assessments demonstrated significant progress in Nigeria’s maritime security performance and implementation of the ISPS Code, ultimately leading to the lifting of the Condition of Entry.
Mr Oyetola described the development as a significant achievement for Nigeria’s maritime sector, noting that it reflects the impact of sustained regulatory oversight, institutional collaboration and NIMASA’s commitment to strengthening maritime security.
“The lifting of the Conditions of Entry is a major milestone for Nigeria’s maritime sector. It is a strong affirmation of the progress we have made in strengthening maritime security and implementing the ISPS Code across our ports and facilities,” the Minister said.
“We are committed to sustaining this momentum and ensuring that Nigeria remains a safe, secure and competitive destination for international shipping,” he added.
The Minister also commended the Director-General of NIMASA, Mr Dayo Mobereola, and his team for their contribution to the achievement, describing the lifting of the restriction as evidence of the positive impact of effective regulation, stakeholder collaboration and sustained investment in maritime security.
Mr Oyetola noted that the significance of the development extends beyond maritime security, with the potential to improve the competitiveness and efficiency of Nigerian ports and strengthen Nigeria’s position within the global maritime economy.
The lifting of the CoE is expected to facilitate faster vessel turnaround and improve schedule reliability, while reducing costs associated with additional documentation, inspections, security measures and entry-related delays.
It is also expected to make Nigerian ports more attractive to international shipping lines, encourage increased shipping activity and contribute to greater trade, investment, employment opportunities and port revenues.
A mobile app can look simple from the outside. Behind the screen sit payments, data, customer acquisition and costly infrastructure. Investors increasingly care about what happens after someone downloads an app. The stronger question is whether users return, transact and generate predictable revenue.
Real-time platforms make that question especially interesting. Payments, trading, entertainment and badminton live betting online all depend on fresh information. Users expect updates without noticeable delays. For investors, the visible product is only the front door.
Transaction Volume Says More Than Download Numbers
Downloads make an easy headline. They reveal much less about the economics behind a digital business.
An app can collect millions of installs and still struggle to turn attention into revenue. Active users and transaction frequency provide a clearer picture. Payment activity tells investors even more because it records an action, rather than a simple app visit.
The scale involved is already huge. NIBSS reported in July 2026 that electronic payments reached N1.07 quadrillion over the preceding year. The figure shows just how much commercial activity now depends on digital payment infrastructure.
Instant payments have expanded sharply too. NIP transaction volumes rose from five billion in 2022 to 11 billion in 2024. That represents 120 percent growth in two years.
There is a business behind every successful transaction. Banks earn fees, processors move funds and technology companies provide software. Data centres, cybersecurity services and networks support the same chain.
Digital payments therefore reach far beyond fintech. They form infrastructure for a much larger mobile economy.
Investors Are Looking Beneath the Interface
Fast user growth can attract attention. Yet downloads alone say little about whether a platform has a durable business model.
Three measurements reveal far more:
- Active users show whether an audience keeps returning after acquisition.
- Transaction frequency shows how deeply a product fits into everyday behaviour.
- Revenue per user separates popular platforms from commercially productive ones.
None tells the whole story alone. High transaction frequency becomes less attractive when customer acquisition costs swallow the resulting revenue.
Retention can expose the same weakness. A company may spend heavily on promotions and quickly attract a large audience. Those users can disappear just as quickly when incentives stop.
Strong mobile models give people a reason to return naturally. Banking apps have balances and transfers. Trading platforms have changing prices. Entertainment services have new content and events.
Live information creates another reason to open an app repeatedly. Each return gives the business another opportunity to process transactions or sell additional services.
Infrastructure then starts affecting valuation. Fast response times and stable service may sound like technical details. For customers, they determine whether an app works when it matters.
Mobile Money Creates New Value Inside Established Businesses
Telecommunications offers a clear example. Mobile money operations can become valuable business units rather than simple additions to network services.
In April 2026, MTN Nigeria announced a restructuring involving MoMo Payment Service Bank and Y’ello Digital Financial Services. Its parent group would acquire 60 percent interests in the businesses. The transaction valued the fintech companies at N95.5 billion.
MoMo PSB provides deposits, transfers, payments and digital wallets through mobile channels. Y’ello Digital provides agency banking services through the wider ecosystem.
A customer can therefore become more than a phone subscriber. The commercial relationship can extend into payments and other financial activity.
That logic appears across digital businesses. Companies want customers to complete more useful actions without leaving their ecosystem.
The attraction is straightforward. An existing customer can cost less to serve with another product than a completely new customer costs to acquire.
Bigger ecosystems still bring bigger technical demands. More transactions require stronger processing, fraud controls and customer support.
Real-Time Platforms Put Infrastructure Under Pressure
Some mobile businesses face an extra challenge. Their products change by the second.
Sports platforms are a good example. Fixtures, scores and live events can create sudden traffic spikes instead of smooth daily demand.
A betting app combines mobile access with live sports information and event markets. Major fixtures can bring large numbers of users into the platform within minutes.
That makes capacity important. A platform must handle demand at its busiest moment, not just during an average hour.
Payments add another layer. Users expect deposits and account actions to work without a long chain of separate steps.
The same problem appears outside sports. Trading apps face traffic spikes around market events. Payment services see peaks around shopping periods and salary dates.
For investors, monthly user totals tell only part of the story. Reliability during peak demand can protect revenue that might otherwise disappear within minutes.
Backend infrastructure deserves attention alongside consumer growth.
Payment Infrastructure Has Become Part of the Investment Story
The network underneath mobile payments is changing as well.
NIBSS introduced its National Payment Stack in 2025. The infrastructure supports instant transactions, real-time settlement information and cross-border compatibility. It also includes open-banking integration and risk-scoring functions.
The system builds on NIBSS Instant Payments, launched in 2011. NIP now handles billions of transactions each year.
Speed matters because mobile businesses increasingly depend on immediate actions. A delayed payment can interrupt a purchase or account transaction at the exact moment a customer wants it completed.
Infrastructure investment therefore sits underneath consumer-facing digital growth. More mobile activity needs processing capacity, connectivity, identity systems and security.
Business Post has documented how companies are connecting these layers. In May 2026, Redtech partnered with MoMo PSB and UBA on a cardless payment integration. Customers can use MoMo wallets at participating merchant locations through RedPay infrastructure. Business Post’s report on the payment partnership
Such integrations reduce barriers between banks, telecom operators and fintech businesses. They can also make each participating network more useful.
For investors, interoperability can matter almost as much as scale. A closed platform must build more functions itself. Connected businesses can reach customers and services through partners.
Capital Is Following Digital Businesses
Funding activity offers another clue about how investors value digital companies.
The Investment in Digital and Creative Enterprises programme launched with $617.7 million in funding. Its Startup Bridge added two funding paths in March 2026.
Idea-stage founders can receive grants of up to N10 million. Qualifying startups with launched minimum viable products can receive $100,000 in equity investment.
The amounts are small beside large corporate transactions. The structure is more interesting than the headline numbers.
Capital can reach businesses before they become established companies. Early funding supports product development. Later investment can finance infrastructure, customer acquisition and expansion.
The difficult part starts after the money arrives.
Digital businesses still need to prove that growth produces durable economics. High user totals mean little when retention collapses. Heavy transaction activity also loses appeal when processing and promotional costs consume revenue.
Investors therefore have good reason to look beyond the app itself.
The Numbers Behind the Screen Matter Most
Mobile-first businesses may be easier to launch than traditional companies, but scale remains expensive. Every additional user creates demands somewhere in the system.
Payments need processing. Accounts need security. Real-time products need reliable data. Large audiences need infrastructure capable of surviving their busiest moments.
The investment case rests on more than popularity. Repeat usage, transaction activity, infrastructure quality and revenue efficiency reveal much more about a platform.
Electronic payment volumes already show the size of the opportunity. The harder question is which companies can build profitable services on top of that infrastructure.
Some platforms will collect millions of downloads and little staying power. Others will quietly turn repeated mobile activity into dependable revenue.
For investors, that difference is where the real story begins.
By Adedapo Adesanya
Terra Industries, a Nigerian defence technology startup, has raised an additional $18 million, extending its seed round for the second time this year and bringing the total funding it has raised to $51.75 million.
The latest extension follows two funding announcements earlier in 2026. In January, Terra Industries announced an $11.75 million round before raising a further $22 million in February.
Existing investors 8VC and Nova Global participated in both rounds, signalling continued confidence in the company’s strategy and growth prospects.
The latest $18 million extension includes participation from existing investors 8VC, Nova Global, Silent Ventures, Belief Capital, and SV Angel. It also brings two new investors into the company: Norleo Space Investments and angel investor, Mr Grant Gordon.
The company is expected to use all the new funding to scale its manufacturing capacity in Africa and build out its presence abroad.
Part of the expansion plans is to open its first European office in London, the United Kingdom.
In April, Terra also announced its first manufacturing facility outside of Nigeria, a 34,000-square-foot factory in Ghana called Pax-2, which will be Africa’s largest drone factory and where the startup expects to produce 50,000 autonomous systems annually once it’s fully operational in 2028.
Since it was founded in 2024 by Mr Nathan Nwachuku and Mr Maxwell Maduka, who were just 21 and 23, respectively, at the time, Terra has moved fast to roll out a wide range of autonomous systems on their way to building stronger Africa defense systems. So far, some of these techs include Archer: a VTOL drone with a 1,000km range, 13 hours of endurance, a 9-pound payload capacity, and a 26-foot wingspan, as well as Kallon, a solar-powered sentry tower with AI-enabled edge processing and a whole bunch of sensors to detect and track threats several kilometres away.
Others include Iroko, a small quadcopter drone for ISR or one-way attacks; and Kama, a new interceptor drone with a top speed of 300km/h among others.
Valued at over $100 million, Terra also aims to strengthen local sourcing of raw materials, reduce dependence on imports, and enhance domestic industrial capacity and strategic autonomy for Africa.
