Business
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.
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.
Business
Exchange Rates Today Friday, 12 June
Black Market Rates
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Business
Airtel launches data calculator to counter depletion complaints
Commenting on the significance of the launch, Dinesh Balsingh, Chief Executive Officer, Airtel Nigeria, said that the company remains focused on building a network and customer experience ecosystem anchored on trust, transparency and continuous improvement.
Airtel Nigeria has launched the Airtel Web Data Calculator, a new digital tool designed to help customers estimate and better understand their internet data consumption based on real-life usage patterns.
Available through Airtel’s website, the calculator enables customers to estimate data usage across common digital activities such as video streaming, social media engagement, voice and video calls, and everyday web browsing.
Speaking on the launch, Oladokun Oye, Customer Experience Director, Airtel Nigeria, said that the initiative reflects Airtel’s commitment to customer empowerment and service transparency.
“As Nigerians become increasingly dependent on digital services for work, education, entertainment and communication, it is important that customers have clear visibility into how their data is consumed.
The Airtel Web Data Calculator was developed to help our customers understand their usage patterns better, make informed choices, and enjoy greater confidence in their digital experience,” he said.
Commenting on the significance of the launch, Dinesh Balsingh, Chief Executive Officer, Airtel Nigeria, said the company remains focused on building a network and customer experience ecosystem anchored on trust, transparency and continuous improvement.
“The future of telecommunications will be defined not only by network investments but also by how effectively operators help customers understand and manage their digital lives. The Airtel Web Data Calculator represents a practical innovation that places more information and control directly in the hands of our customers.” He said.
Business
Kingsley Moghalu chairs Bluecode Africa subsidiary in Nigeria
Moghalu served as Deputy Governor of the Central Bank of Nigeria from 2009 to 2014, heading the Financial System Stability and Operations Directorates at different periods.
Bluecode Africa, the European payments infrastructure operator backed by leading US and European institutional investors, has named Prof Kingsley Chiedu Moghalu as Chairman of the Advisory Board of its Nigerian subsidiary, Bluecode Payments Nigeria Limited as the company formally enters the Nigerian market.
The appointment was jointly announced by Chris Pirkner, Founder of Bluecode, and Odin Krismayr, Managing Director of Bluecode Africa, who described it as a foundational governance decision for the company’s Nigerian and continental operations.
Moghalu served as Deputy Governor of the Central Bank of Nigeria from 2009 to 2014, heading the Financial System Stability and Operations Directorates at different periods.
He led the team that introduced the unique-identifier Bank Verification Number (BVN), enrolling 50 million banking users, simplifying Know Your Customer (KYC) procedures, and doubled Nigeria’s financial inclusion rate from 33 to 60 per cent.
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