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Afreximbank and African oil producers sign historic agreement to float Energy Bank.

By Derrick Bangura
Africa’s multilateral trade finance institution, the African Export-Import Bank (Afreximbank), has signed a deal with the African Petroleum Producers Organisation (APPO) for the creation of an energy bank.
The deal followed pressure from Nigeria and other oil-producing African countries to float a bank that will cater to the energy needs of the continent as a result of declining global investment in the oil and gas sector.
Recently, the Minister of State, Petroleum Resources, Chief Timipre Sylva, while marshalling reasons for the urgent need to establish the bank, stated that it will help boost business activities in the sector on the continent.
The Organisation of Petroleum Exporting Countries (OPEC) had recently projected that the global oil industry will require about $12.6 trillion investments in the downstream, midstream as well as upstream to sustain its innovative and production efficiency in the next 25 years.
It warned that Nigeria’s economy as well as those of other resource-dependent countries may be badly affected, especially if the current push against fossil fuels continues to gain ground.
Sylva said since western nations were scaling down funding for hydrocarbon exploration across the world and focusing on renewable energies, setting up an African energy bank remains a viable way to neutralise the threat.
According to the minister, the call for the establishment of the bank is heightened by the passage of the Petroleum Industry Act (PIA), stressing that the Act will open up the oil and gas sector for huge investments, going forward.
“If we insist on the exploration of our oil and gas reserves when the world is cutting down on investments in the sector, we must set a financial institution, an African energy bank, to develop the oil and gas sector,” he insisted.
But during the signing ceremony at the ongoing 8th African Petroleum Congress and Exhibition tagged “CAPE VIII” in Luanda, Angola, the parties explained that the deal was aimed at scaling up private sector investment in African oil and gas projects.
The bank is expected to provide critical financing for new and existing oil and gas projects as well as energy developments across the entire value chain.
While the Director and Global Head, Client Relations, Afreximbank, Mr. Rene Awambeng signed on behalf of the bank, Nigeria’s Omar Farouk, Secretary General of APPO, appended his signature on behalf of African oil producers.
A communiqué by the parties stated that the deal was made possible having regard to the long, mutually beneficial relationship and cooperation between APPO and Afreximbank.
They noted that they were concerned about the threat posed to the African oil and gas industry and Africa’s economic development by the coordinated withdrawal of international trade and project financing from Africa’s oil and gas industry.
According to the signatories , having acknowledged the impact of climate change on Africa and aware that poverty fosters accelerated environmental degradation, there was the need for an orderly and just transition that protects the environment and enhances living standards.
“The two African institutions have resolved to work together to find an Africa-led solution to the threat posed to the African oil and gas industry and an orderly energy transition in Africa by the withdrawal of funding by its traditional financiers.
“The two institutions have committed to taking necessary actions to promote a sustainable and balanced solution to the challenge of financing the oil and gas industry in Africa during the energy transition.
“This will be done through, among others, the establishment of an African energy transition bank dedicated to supporting an Africa-led energy transition strategy that is consistent with the goal of preserving the environment and livelihoods,” the African institutions said.
While the developed world calls for the end of fossil fuels due to climate change, Africa continues to face the crisis of energy poverty.
According to available data, over 600 million lack access to electricity and 900 million lack access to clean cooking solutions, leading to stakeholders calling for the rapid expansion of the oil and gas sector.
Despite these calls, global investors are shying away from hydrocarbons, leaving the continent without the investment it needs if it is to capitalise on its resources.
The African Energy Chamber, (AEC) Q1 2022 report on the state of African energy, says that from the peak in 2014 at $60 billion, capital expenditure in Africa declined to $22.5 billion in 2020.
Despite projected increases to $30 billion, significant levels of investment are still required, and thus, the role of African financial institutions has been emphasised, it said.
Organisations such as the Afreximbank have already made notable progress to drive oil and gas project developments. At the end of 2020, the Afreximbank’s total assets and guarantees stood at $21.5 billion, with shareholder funds amounting to $3.4 billion.
The Afreximbank-APPO MoU, the deal said, is aimed at alleviating these challenges and ensuring the provision of capital for Africa’s upcoming oil and gas projects.
Based in Africa, the bank will operate as an independent entity, regulated and led by experienced professionals that know and understand Africa’s energy needs.
The proposed bank, it said, will not be a substitute for private investment, however, but rather, will serve as a catalyst for Africa-directed investment.
“The African Energy Chamber has been pushing for the creation of an African Energy Bank, one that is African-based and Africa-focused, and I am proud to announce that the Afreximbank and APPO have taken the first steps towards its creation.
“ The bank will be critical for Africa’s energy sector, serving as a catalyst – not a substitute – for private investment in African energy.
“This is a practical strategy for prosperity and a pragmatic vision that must be embraced by all who want to make energy poverty history and fight climate change,” the Executive Chairman of the AEC, N.J Ayuk, said.
Headlines
Noble Ladies Champion Women’s Financial Independence at Grand Inauguration in Abuja

Women from diverse backgrounds across Nigeria and beyond gathered at the Art and Culture Auditorium, Abuja, for the inauguration and convention of the Noble Ladies Association. The event, led by the association’s Founder and “visionary and polished Queen Mother,” Mrs. Margaret Chigozie Mkpuma, was a colourful display of feminine elegance, empowerment, and ambition.
The highly anticipated gathering, attended by over 700 members and counting, reflected the association’s mission to help women realise their potential while shifting mindsets away from dependency and over-glamorization of the ‘white collar job.’ According to the group, progress can be better achieved through innovation and creativity. “When a woman is able to earn and blossom on her own she has no reason to look at herself as a second fiddle,” the association stated.
One of the association’s standout initiatives is its women-only investment platform, which currently offers a minimum entry of ₦100,000 with a return of ₦130,000 over 30 days—an interest rate of 30 percent. Some members invest as much as ₦1 million, enjoying the same return rate. Mrs. Mkpuma explained that the scheme focuses on women because “women bear the greater brunt of poverty” and the platform seeks “to offer equity in the absence of economic equality.”
Education is also central to the Noble Ladies’ mission, regardless of age. Their mantra, “start again from where you stopped,” encourages women to return to school or upgrade their skills at any stage in life. The association believes that financial stability is vital in protecting women from cultural practices that dispossess widows of their late husbands’ assets, while also enabling them to raise morally and socially grounded families.
Founded on the vision of enhancing women’s skills and achieving financial stability, the association rests on a value system that discourages pity and promotes purpose. “You have a purpose and you build on that purpose to achieve great potentials and emancipation,” Mrs. Mkpuma said.
A criminologist by training and entrepreneur by practice, she cautions against idleness while waiting for formal employment. “There are billions in the informal and non-formal sectors waiting to be made,” she said, rejecting the “new normal of begging” and urging people to “be more introspective to find their purpose in life and hold on to it.”
Mrs. Mkpuma’s management style keeps members actively engaged, focusing on vocational skills and training to prepare them for competitive markets. She is exploring “innovative integration of uncommon technologies” and is already in talks with international franchises to invest in Nigeria, with Noble Ladies as first beneficiaries.
The association’s core values include mutual respect, innovation, forward-thinking, equal opportunity, and financial emancipation. With plans underway to establish a secretariat in the heart of Abuja, the group aims to expand its impact.
The event drew high-profile guests, including former Inspector General of Police, Mike Okiro, and a host of VIPs, marking a significant milestone in the association’s drive for women’s empowerment.
Headlines
NEPZA, FCT agree to create world-class FTZ environment

The Nigeria Export Processing Zones Authority (NEPZA) has stepped in to resolve the dispute between the Federal Capital Territory Administration and the Abuja Technology Village (ATV), a licensed Free Trade Zone, over the potential revocation of the zone’s land title.
Dr. Olufemi Ogunyemi, the Managing Director of NEPZA, urged ATV operators and investors to withdraw the lawsuit filed against the FCT administration immediately to facilitate a roundtable negotiation.
Dr. Ogunyemi delivered the charge during a courtesy visit to the Minister of the Federal Capital Territory, Barrister Nyesom Wike, on Thursday in Abuja.
You will recall that the ATV operators responded to the revocation notice issued by the FCT administration with a lawsuit.
Dr. Ogunyemi stated that the continued support for the growth of the Free Trade Zones Scheme would benefit the nation’s economy and the FCT’s development, emphasizing that the FCT administration recognized the scheme’s potential to accelerate industrialisation.
Dr. Ogunyemi, also the Chief Executive Officer of NEPZA, expressed his delight at the steps taken by the FCT minister to expand the economic frontier of the FCT through the proposed Abuja City Walk (ACW) project.
Dr. Ogunyemi further explained that the Authority was preparing to assess all the 63 licensed Free Trade Zones across the country with the view to vetting their functionality and contributions to the nation’s Foreign Direct Investment and export drives.
“I have come to discuss with His Excellency, the Minister of the Federal Capital Territory on the importance of supporting the ATV to succeed while also promoting the development of the Abuja City Walk project. We must work together to achieve this for the good of our nation,” he said.
On his part, the FCT Minister reiterated his unflinching determination to work towards President Bola Ahmed Tinubu’s Renewed Hope Agenda by bringing FDI to the FCT.
“We must fulfil Mr. President’s promises regarding industrialization, trade, and investment. In this context, the FCT will collaborate with NEPZA to review the future of ATV, a zone that was sponsored and supported by the FCT administration,” Wike said.
Barrister Wike also said that efforts were underway to fast-track the industrialisation process of the territory with the construction of the Abuja City Walk.
The minister further said the Abuja City Walk project was planned to cover over 200 hectares in the Abuja Technology Village corridor along Airport Road.
According to him, the business ecosystem aimed to create a lively, mixed-use urban center with residential, commercial, retail, hospitality, medical, and institutional facilities.
He added that the ACW would turn out to be a high-definition and world-class project that would give this administration’s Renewed Hope Agenda true meaning in the North-Central Region of the country.
Barrister Wike also indicated his continued pursuit of land and property owners who failed to fulfil their obligations to the FCT in his determination to develop the territory.
Headlines
Benue IDPs block highway, demand return to ancestral homes

Vehicular movement along the Yelwata axis of the Benue–Nasarawa highway was brought to a standstill on Wednesday as Internally Displaced Persons, IDPs, staged a protest, demanding immediate return to their ancestral homes.
The protesters, believed to be victims of persistent attacks by suspected herdsmen, blocked both lanes of the busy highway for several hours, chanting “We want to go back home”.
The protest caused disruption, leaving hundreds of motorists and passengers stranded.
Eyewitnesses said the displaced persons, many of whom have spent years in overcrowded IDP camps, are expressing deep frustration over the government’s delay in restoring security to their communities.
“We have suffered enough. We want to return to our homes and farms,” one of the protesters told reporters at the scene.
Security personnel were reportedly deployed to monitor the situation and prevent any escalation, though tensions remained high as of press time.
Efforts to reach the Benue State Emergency Management Agency, SEMA, and other relevant authorities for comment were unsuccessful.
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