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Swedfund Puts Down €40m for Green Projects in Africa, Others

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By Modupe Gbadeyanka

About €40 million has been committed by Sweden’s development finance institution, Swedfund, to address infrastructure gaps in Africa, the Levant and South and Southeast Asia.

The money will be disbursed through the Emerging Africa & Asia Infrastructure Fund (EAAIF), a company of the Private Infrastructure Development Group (PIDG), managed by Ninety One, a statement from Swedfund said.

Swedfund’s investment will focus on climate-resilient infrastructure projects that support adaptation, facilitates net-zero transitions, and enhances digital connectivity.

Where appropriate, these projects will receive PIDG’s technical assistance, which focuses on building resilience in underserved communities to enhance positive gender, inclusion, climate and nature outcomes.

Swedfund said it aims to challenge risk perceptions around African infrastructure investments, build confidence and help mobilise private capital. This is essential to close the financing gap and build capital markets to achieve better environmental and social impact.

Africa is the most energy-deficient continent, home to 75 per cent of the global population lacking access to electricity.

In Asia and the Pacific, over 350 million people have limited electricity access, while 150 million lack it entirely, according to the Asian Development Bank.

This deficit extends beyond energy, hindering digital connectivity and limiting access to essential products and services in South Asia and sub-Saharan Africa, the least connected regions in the world.

EAAIF supports improving access to low-carbon infrastructure and taking action on both mitigation and adaptation to accelerate African and Asian industrialisation and close the energy access gap, whilst supporting the global transition to net zero.

“The impact from Swedfund’s commitment will be felt for decades, allowing us to deliver climate-resilient, inclusive infrastructure projects that transform economies and improve lives in Africa and Asia.

“Moreover, the affect is felt by people and businesses far beyond the original project location. Quality infrastructure enables people and businesses to plan for the future with confidence,” the Co-Head of Emerging Market Alternative Credit for Ninety One, Martijn Proos stated.

Since 2001, the EAAIF has provided patient debt capital for a geographically and sectorally diversified portfolio of high impact infrastructure projects in Africa and Asia worth more than $2.5 billion.

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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Nigeria Customs Destroys N181m PMS Smuggling Network in Adamawa

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petroleum products

By Adedapo Adesanya

The Nigeria Customs Service has uncovered a major petroleum smuggling network in Adamawa State, cutting off fuel supply lines that have been draining national revenue and strengthening criminal economies along Nigeria’s northern borders.

National Coordinator of Operation Whirlwind, ACG Kolapo Oladeji, disclosed that officers recorded 55 seizures in eight weeks, blocking the illegal movement of more than 184,000 litres of PMS, a development he described as a significant economic breakthrough for the country.

“This operation is about protecting Nigeria’s strategic resources,” Mr Oladeji told journalists on Thursday at the Customs House in Yola. “Our mandate is clear: to shut down all illegal supply chains that empower criminal elements.”

The seizures, valued at N181.6 million in duty-paid terms, were intercepted across notorious smuggling corridors including Mubi–Sahuda, Farang–Belel, Gurin–Fufore, Maiha, Wuro-Bokki, Ribado waterways, Muninga and Bakin Kogi.

According to Mr Oladeji, items recovered include 2,642 jerrycans of 25-litre PMS, several 220-litre drums, and two large wooden boats used to ferry petroleum products across the border.

He stressed that the illegal PMS diversion is not just an economic crime but a direct threat to national stability.

“The smuggling network is a grave threat to Nigeria’s economy and internal security,” he said. “The illegal diversion of PMS weakens our revenue base and directly fuels non-state actors and cross-border criminal syndicates.”

Mr Oladeji added that intensified surveillance under Operation Whirlwind has “made it extremely difficult for saboteurs to move PMS out of the country,” in line with the directives of Comptroller-General Adewale Adeniyi.

Commending residents of border communities for supporting the operation with credible intelligence, the Customs chief urged them to remain vigilant.

“Your timely information has been invaluable,” he said. “Security is a collective responsibility, when you see something, say something.”

He also acknowledged the media’s role in raising awareness about the economic and security implications of petroleum smuggling, describing public enlightenment as crucial in sustaining recent gains.

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Ekpo Laments Slow Progress in Decade of Gas Initiative

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Decade of Gas Initiative

By Adedapo Adesanya

The Minister of State for Petroleum Resources, Mr Ekperikpe Ekpo, has expressed his frustration towards the partial progress in Nigeria’s flagship Decade of Gas Initiative, advocating that it must now be aggressively accelerated.

Launched by the late former President Muhammadu Buhari in 2021, the scheme is a national policy drive declaring 2021–2030 as the country’s “Decade of Gas.” with the goal of transforming Nigeria from an oil-dependent economy into a gas-powered industrial nation, using its vast natural gas reserves (one of the largest in Africa) for economic growth.

However,  speaking recently at the 14th Practical Nigerian Content (PNC) Forum in Yenagoa, Mr Ekpo said the policy has delivered some gains in LPG penetration, CNG rollout, and gas commercialisation, but “not at the scale Nigeria urgently requires.”

“We have made progress, but not enough,” the minister admitted. “The pace has been slower than expected, and we must move with far greater urgency.”

He cited persistent infrastructure gaps, gas supply volatility, funding constraints, and delayed policy execution as major setbacks.

“Critical pipelines are behind schedule. Feedstock shortages still hamper power and industries,” he said. “These challenges have limited the full realisation of the Decade of Gas vision.”

The minister, however, outlined a renewed push to accelerate delivery through tighter regulatory coordination and investment incentives.

“We are strengthening inter-agency alignment to remove approval bottlenecks,” Ekpo said. “The PIA gives us the fiscal tools to unlock more capital into midstream and domestic gas programmes.”

He noted measurable progress in domestic LPG consumption, clean cooking expansion, and flare gas commercialisation, calling them “strong foundations that must now be scaled up.”

“Our goal remains clear: affordable gas for power, households, industries and transport,” he said. “We are not abandoning the Decade of Gas; we are intensifying it.”

Mr Ekpo said the government will prioritise early delivery of key projects such as OB3, AKK, NLNG Train 7, Brass Fertiliser, and several gas-based industrial hubs.

“These projects will determine whether the Decade of Gas becomes a transformative legacy or a missed opportunity,” he warned.

The minister urged industry players, financiers and host communities to recommit to the national gas agenda.

“We need every stakeholder on board,” he said. “Nigeria cannot afford to slow down at a time when global markets are shifting and opportunities are emerging.”

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Power Supply Returns as Ikeja Electric Fixes Powerline Jumper Cut Issue

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Ikeja Electric Disconnect Electricity Supply1

By Adedapo Adesanya

Electricity supply was restored to residents of some parts of Lagos on Wednesday morning following a blackout spurred by a jumper cut that occurred in the Powerline area of Mosan-Okunola Local Council Development Area (LCDA) late on Monday.

The Ikeja Electricity Distribution Company (IKEDC) had announced a power outage in parts of its franchise, affecting the Ogba, Ikeja, and Alausa axis of Lagos on Tuesday.

In a message to customers, the DisCo said the power outage was due to a jumper cut at the Transmission Company of Nigeria’s (TCN) injection substation (ISS).

A jumper cut is an electrical fault that occurs when a jumper cable is damaged, disconnected, or intentionally severed.

The DisCo said the TCN’s technical team was already working to resolve the issue.

“Dear Customer, the current power outage is due to a 132kV jumper cut at the TCN Injection Substation (ISS),” the message read.

“The TCN technical team is already working to clear the fault to ensure supply is restored as soon as possible.”

Mr Kingsley Okotie, spokesperson of Ikeja DisCo, had also clarified that the power outage did not affect the entire franchise area of the company.

“It doesn’t totally affect the whole of our franchise. The message was sent to only customers in areas affected,” he said.

“We are still working to resolve the issues; that’s where we are at the moment.”

Our correspondent, who witnessed the development, reported that the jumper cut occurred around 11 pm on Monday, December 8, when a large spark occurred at the structure, leading to an immediate seizure of power supply. There was yet another minimal spark, but power was restored afterwards, likely from a back up source.

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