Business

Tony Elumelu Meets U.K. King Charles, U.S. President Biden, As World Leaders Convene for Climate Finance Forum

Published

3 years ago

July 10, 2023

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Investor and Philanthropist, Tony O. Elumelu, CFR, who also doubles as Chairman of Heirs Holdings, will join King Charles III of the United Kingdom and U.S. President Biden at the Climate Finance Mobilisation Forum in London today to help attract a new generation of capital to combat climate change.

Mr. Elumelu is one of Africa’s most prominent advocates for equitable climate finance and is a leading funder of young African entrepreneurs – through the Tony Elumelu Foundation – working to create sustainable climate solutions.

“Africa needs a just, fair, equal and a realistic strategy to address the inequalities that exist between Africa and the rest of the world,” Elumelu said.

Africa has a significant energy deficit and must prioritize the provision of a mix of both traditional and renewable energy. Emerging economies, particularly in Africa, will require an additional $1 trillion of investment per annum by 2030 to support a fair transition. To mobilise this scale of capital, the world needs bold actions and innovative new partnerships between public, private, and philanthropic actors.

Recent trends show a decrease in renewable energy investment to emerging and developing economies. Africa’s green revolution requires urgent, immediate and significant funding – funding that is larger than the resources available to African governments, and private sector. As Elumelu repeatedly champions, Africa has contributed the least to today’s climate crisis, but continues to suffer an outsized impact of climate change.

Elumelu, who will be representing the African private sector, was invited to the forum by Grant Sharps, UK Secretary of State for Energy Security and Net Zero, and John Kerry, the US Special Presidential Envoy on Climate. The invitation came at the request of King Charles III and US President Joe Biden.

“A Net Zero conversation that ignores, dismisses, or underestimates the continent’s current reality does us all more harm than good,” Elumelu said. “Climate finance investment should deploy capital to a mix of on and off-grid solutions that are required to deliver affordable, reliable, and accessible power in Africa.”

According to Elumelu, “Africans bear the harshest effects of the climate crisis and are the least responsible for creating this crisis in the first place.”

This meeting follows the Summit for a New Global Financing Pact, which Elumelu participated in Paris, hosted by H.E. Emmanuel Macron, the President of France. The Summit laid the groundwork for a new financial system suited to the challenges of the 21st century: a system that will boost investments in green infrastructure and create innovative solutions to climate vulnerability.

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Business

Meta set to charge WhatsApp Business messages from October 1

For example, a Nigerian fintech company sending 500,000 chargeable utility messages could incur about $5,050 in fees from Meta alone, excluding charges that may come from third-party providers or software platforms used to manage the messaging service.

Published

3 hours ago

August 28, 2026

OCHEFA

13 Views

Businesses using Meta’s WhatsApp Business Platform will begin paying for certain messages sent to customers from October 1, 2026, under a new pricing structure announced by the company.

The change applies to organisations that use the WhatsApp Business Platform, formerly known as the WhatsApp Business API, to manage customer communication on a large scale.

Regular WhatsApp users and small businesses using the standard WhatsApp Business app are not the main targets of the new charges.

Under the revised system, the amount businesses pay will depend on the type of message being sent.

Utility messages, including payment alerts, order confirmations and other service-related updates, will cost about $0.0101 per message, while marketing messages will attract a higher fee of approximately $0.062 each.

Although the individual charges appear relatively small, companies that send large volumes of messages could see their communication expenses rise significantly.

Business

Dangote Refinery Suspends Petrol Sales To Lagos Depots

Dangote Refinery is prioritising markets where imported products are either unavailable or less dominant, rather than adding more supply to Lagos, which receives substantial volumes of imported petrol.

Published

10 hours ago

August 28, 2026

OCHEFA

15 Views

Dangote Petroleum Refinery has suspended coastal sales of Premium Motor Spirit (PMS) to depot owners and importers in Lagos.

People familiar with the refinery’s operations said that the move is deliberate, aimed at redirecting locally refined petrol to areas where imported supply is scarce.

The suspension is ongoing. A source said: “The suspension of coastal sales to Lagos is still ongoing. It is aimed at redirecting products to locations where imported products are unavailable. Lagos has quite some imported petrol.”

The strategy is intended to ensure locally refined petrol reaches areas where it is most needed.

The decision comes amid concerns at the refinery over the volume of imported petrol entering Nigeria.

According to data available to the refinery, imported PMS accounted for about 43 per cent of total petrol supplied into Nigeria in July

Business

Naira Exchange Rates Friday, August 28

Today, the Naira Black Market exchange rate for 1 Great British Pound (GBP) is 1900 Naira. This means that you can get 1900 Naira for every 1 Pound that you exchange.

How much is 100 pounds in naira today?
At the current black market rate of 1900 per pound, 100 British Pounds = 190,000 Naira.