Business
Transcorp’s Afam To Deliver 1,000MW To National Grid
l-r: Vice President, Yemi Osinbajo; Group Chairman, Transcorp Plc, Mr. Tony Elumelu; President/GCEO, Transnational Corporation Plc, Dr(Mrs) Owen Omogiafo; and, Director General, Bureau of Public Enterprises(BPE), Alexander Okoh, during the commissioning of Transcorp Afam 3 Fast Power 240MW turbines in Afam, Rivers State on Tuesday

Transnational Corporation Plc (Transcorp Group) is working hard to reduce Nigeria’s power deficit with the injection of 1,000 megawatts to the national grid through its subsidiaries – Afam Power Plc and Afam Three Fast Power Limited.
The Chairman of Transcorp Group, Mr. Tony O. Elumelu, disclosed this when Vice President Yemi Osinbajo Commissioned Transcorp’s Afam 240MW Three Fast Power Turbines in Afam, Rivers State.
“We all know the importance of power in Nigeria. We all experience the consequences of our power deficit – the implications for our people, our businesses, our schools, hospitals, and institutions – our national destiny,” said Elumelu.
He said that Transcorp Group is a key player in the power sector; we recognise power is the single most critical factor to lifting our people out of poverty and enabling job creation.
” With an already existing power plant residing in Afam, this brings the cumulative generating capacity of the plant to 1,000MW,” he said .
VP, Osinbajo
At the event, the Vice President lauded the Chairman of Transcorp Group, Tony Elumelu and the entire Transcorp team for yet another power sector investment.
“Afam Three Fast Power is an important part of the evolving story of Nigeria’s aspirations to bring electricity to millions in their homes, factories and businesses that provide their livelihoods. It brings into view the importance of private capital in building up capacity along the power value chain,” said the Vice President.
Prof. Osinbajo, said: “A major weakness of our privatisation process has been inadequacy of private investments and new cash injections. But the tide is turning with indigenous power and private investors such as Transcorp Power and Heirs Holdings, making significant investments such as the 100% acquisition of the 966MW installed capacity in Afam Plc and Afam III fast power Limited jointly referred to as Afam Genco.”
Minister of Power.
In his remark, The Minister of Power, Engr. Abubakar Aliyu applauded Transcorp Group for its positive contributions to improving electricity generation in Nigeria.
“What we are celebrating today is an exemplar of the best of Public-Private partnerships. This collaboration has ensured that we are commissioning Afam Three Fast Power today, with a capacity to inject an additional 240MW of electricity into the National grid.”
“At full capacity, it will no doubt provide about 40% of our generated energy today. This is commendable and will certainly improve electricity supply to the nation along with growth of our economy and Gross Domestic Product (GDP)”, Engr. Abubakar said.
DG, BPE
The Director – General of the Bureau for Public Enterprises, Alex Okoh, highlighted the importance of projects such as these in improving access to electricity in Nigeria.
He said “Afam Three fast Power combined with the adjoining Afam Power Plc, will in the next few years add almost 1,000MW of electricity to the national grid.
This will go a long way towards reducing the current power deficit while enhancing access to electricity for millions of private and corporate Nigerians, creating jobs, and ensuring the socio-economic development and well-being of the nation.”
Business
Tax Reform: I rented secret apartment after death threats –Oyedele
These are not small boys and girls,” he said. “They are big people with deep connections and resources. So naturally, they would resist any effort to block those illegal streams.

Oyedele said that the threats began shortly after he announced a clampdown on more than 60 government agencies illegally collecting taxes and levies across the country.
Chairman of Nigeria’s Presidential Committee on Tax Policy and Fiscal Reforms, Taiwo Oyedele, has revealed that he was forced to flee his home and now lives in a secret location under armed police protection after receiving death threats linked to his tax reform efforts.
The Guardian reports that during a live radio interview on Nigeria Info FM, Oyedele said that the threats began shortly after he announced a clampdown on more than 60 government agencies illegally collecting taxes and levies across the country.
“I had to pack out of my house,” he said. “I rented a place in a secret location where I now live. I’m not the kind of person who wants anybody carrying a gun to follow me around, but I had to accept mobile police protection.”
”Oyedele, a former Africa Tax Lead at PwC, has led the drive to simplify and clean up Nigeria’s tax system.
He described the backlash as unexpected but driven by powerful individuals who had turned tax collection into a personal revenue stream.
“These are not small boys and girls,” he said. “They are big people with deep connections and resources. So naturally, they would resist any effort to block those illegal streams.”
Business
Dangote Refinery Planning 1.6m Barrels Fuel Storage Tanks in Namibia
The storage tanks would be used to supply petrol and diesel to Botswana, Namibia, Zambia and Zimbabwe.

Dangote petroleum refinery will construct storage tanks in Namibia to hold at least 1.6 million barrels of petrol and diesel to supply refined fuel to southern Africa.
Reuters reports that the storage tanks would be used to supply petrol and diesel to Botswana, Namibia, Zambia and Zimbabwe.
Dangote was also considering supplying fuel to southern Democratic Republic of Congo, the sources said.
It was not immediately clear how much the project would cost, but the second source said construction of the storage tanks would begin shortly in the port city of Walvis Bay.
The move underscores the refinery’s ambition to dominate fuel supply in Africa and beyond, potentially reshaping energy trade flows in the region and boosting access to refined products for southern African nations.
Business
UBA Announces Strategic Expansion into Key Markets Across Africa

UBA Group senior executives have concluded the Group’s Half Year Business Review, which was held at the global headquarters in Lagos Nigeria.
UBA Group Managing Director/CEO, Oliver Alawuba, brought together executives responsible for UBA’s twenty-four countries of operation.
He said “the gathering was an opportunity to restate the Group’s pan-African strategy, and commitment to further expanding the Group’s coverage across high potential markets across Africa, while also deepening its operations in its existing twenty African presence markets.
“With over 51.7% of Group revenues from ex Nigerian operations, UBA’s journey to being Africa’s most diversified financial services group was clearly in evidence.”
The international strategic intent reinforces with the Group’s intention to deliver innovative financial solutions to its fast-growing global customer base.
The strategy demonstrates UBA’s unique position as Africa’s global bank and ability to leverage growth opportunities in emerging and leading African markets.
The Group commenced its Pan African journey, with its entry into Ghana in 2004, followed by rapid expansion into 18 additional African markets.
Today, as a resilient and future-focused institution, UBA continues to push boundaries by connecting Africa to the world and the world to Africa.
Mr Alawuba highlighted the Group’s expansion plans, disclosing that the Group is excited about the vast opportunities that the new markets present, a testament to UBA Group’s confidence in the African economy, providing world-class banking services that meet the continent’s evolving needs.
He noted that: “UBA’s vision is clear – we are building a truly global institution anchored in Africa, but serving customers across continents”.
“Further strategic expansion positions us to unlock new opportunities, support intra-Africa trade, and deliver world-class banking experiences wherever our clients choose to do business,” Alawuba said.
“In Europe, UBA has operations in the United Kingdom and upgrading its license in France, expanding its capacity to serve cross-border trade, investment flows, and the African diaspora, complementing our over 40-year presence in NY.”
These moves signal a clear message of UBA’s intent to reshape the competitive landscape”, Alawuba further said.
As part of the Group’s plan to expand its global presence, UBA, in January, announced plans to open operations in Saudi Arabia.
Operating in twenty African countries and the United Kingdom, the United States of America, France and the United Arab Emirates, UBA provides retail, commercial and institutional banking services, leading financial inclusion and implementing cutting edge technology.
United Bank for Africa is one of the largest employers in the financial sector on the African continent, with 25,000 employees’ group wide and serving over 45 million customers globally.
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