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High Expectations for Imminent take-off Africa Energy Bank

The bank, which targets an asset base of $120 billion, will fund oil and gas projects and support the continent’s energy transition programme.

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Logo: African Petroleum Producers Organization

The Minister of State for Petroleum Resources (Oil) Heineken Lokpobiri says that the Africa Energy Bank (AEB) to be headquartered in Nigeria would be unveiled in the first quarter of 2025.

The Federal Government previously designated January 28, 2025, as the deadline for operationalizing the $5 billion Africa Energy Bank in Abuja, Nigeria’s capital.

The bank which targets an asset base of $120 billion will fund oil and gas projects and support the continent’s energy transition programme.

Senator Lokpobiri disclosed the March opening date yesterday in Lagos during the 2025 Sub Saharan Africa International Petroleum Exhibition and Conference (SAIPEC) with the theme: “Building Africa’s Future: Advancing Local Content and Sustainable Development in the Oil and Gas Industry”

The fossil fuel-focused bank is a partnership between trade finance institution Afrexim Bank and the African Petroleum Producers Organization.

The Minister in his opening remarks said the building for the bank is ready, “and we are only putting finishing touches to it, by the end of this quarter, this bank will take off.”

The Minister said that Nigeria will increase oil drilling and remove all impediments to achieve the 2.5 million barrels per day target this year.

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Business

Lagos Attracts $200m Investment from Abu Dhabi -Ambrose-Medebem

The investment is also aimed at boosting ICT innovation and healthcare facilities.

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Lagos State Government said it has attracted over $200 million in partnership deal with the Abu Dhabi Ports aimed at developing critical infrastructure and logistics within the Lekki corridor.

The investment is also aimed at boosting ICT innovation and healthcare facilities.

The State Commissioner for Commerce, Cooperatives, Trade and Investment, Folashade Ambrose-Medebem, said this during the ongoing ministerial press briefing to mark the 2nd year in office of the second term of the State Governor, Mr Babajide Sanwo-Olu at Alausa, Ikeja.

The State government recently held a roundtable investment forum as part of measures to boost its economy.

The Commissioner revealed that, “As a result of the Lagos Investment Roundtable, numerous Expressions of Interest from local and foreign investors are under active discussion.”

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Nigeria First Policy: Customs Championing Made-in-Nigeria Vehicles Procurements

In terms of aesthetics, I am satisfied with what I see here. In terms of functionality, we have been assured by the manufacturers that the vehicles are quite efficient.”

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The Comptroller-General of Customs (CGC), Adewale Adeniyi has assured members of the Nigeria Automotive Manufacturers Association (NAMA) that the Service would champion the procurements of locally assembled vehicles from the auto manufacturers inline with the government’s Nigeria First Policy Directive.

CGC Adeniyi gave the assurance when he inspected vehicles produced by members of the Nigeria Automotive Manufacturers Association (NAMA) at the Service’s headquarters, Maitama, Abuja.

After the inspection, the CGC commended the association for turning up in full strength and expressed satisfaction with the quality of the vehicles.

He remarked, “In terms of aesthetics, I am satisfied with what I see here. In terms of functionality, we have been assured by the manufacturers that the vehicles are quite efficient.”

“What gives me joy is that in all the vehicles I have seen today, there is an imprint of Nigeria, which shows that they are fully assembled here. It gives me joy that Mr President’s policy is on the right course,” he added.

He further praised President Bola Tinubu’s Renewed Hope Nigeria First policy initiative in the automobile industry.

He pledged that the Nigeria Customs Service would continue to patronise and support the sector for the growth and well-being of the nation’s industrial economy.

In response, Ilekuba Anslem Chairman, Chief Executive Officer of Cedric Masters Group, commended the CGC for his unwavering support for the automobile industry.

Also, Oluwatobi Ajayi, Chairman and Chief Executive Officer of Nord Automobile Limited, praised the CGC.

“Even before this policy was announced, you had been championing made-in-Nigeria vehicles.

With Mr President’s announcement, we are confident that you will be the first CEO of a government parastatal to fully champion this policy,” he said.

He assured the CGC that the company would not abandon its vehicles after sales.Similarly, Jonas Ojukwu, a Director at Innoson Vehicle Manufacturing Company Limited (IVM), assured the Nigeria Customs Service of the company’s commitment to delivering the best to the Service.

Other stakeholders who spoke at the event included representatives from Mikano Motors Nigeria and Stallion Motors Nigeria.

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Lagos Marks 39 Building in Lekki Axis for Demolition

Commissioner for the Environment and Water Resources, Tokunbo Wahab, explained that government swung into action following a series of petitions on encroachment of the Ikota River.

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Lagos State government has marked no fewer than 39 buildings located in two highbrow estates for demolition for building on the Right of Way, RoW, of Ikota River, at Eti-Osa Local Government Area. Ikota is part of the Maroko Okun Alfa Ward in the Lekki axis.

This is coming as the state government issued indefinite quit notices to affected occupants to enable them move their properties and families before the demolition exercise commences.

The affected buildings, located at Oral Extension Estate, Westend and Megamound Estate, Eti-Osa, LGA, include 20 buildings to be totally removed, eight marked for partial removal, while 13 buildings are to go down at Westend Estate.

Commissioner for the Environment and Water Resources, Tokunbo Wahab, explained that government swung into action following a series of petitions on encroachment of the Ikota River.

Wahab said: “We had several complaints. We have been on this for a while now, and we found out at the ministry level that while we are engaging to find a win-win solution that will mitigate the negative impact on the environment and they don’t affect the people so much. Some developments were also going on to further push back the RoW, and the alignment of the Ikota River.

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