The Rural Electrification Agency (REA) has secured a total funding pool of $1.23 billion from the African Development Bank (AfDB), development partners and other financing sources to accelerate electricity access across Nigeria. Managing Director of the agency, Dr. Abba Aliyu, disclosed this during a benchmarking visit by the Zanzibar Utilities Regulatory Authority (ZURA) to Abuja. The visit focused on knowledge sharing in system dispatch, grid stability management, balancing operations and electricity market coordination. Aliyu said the agency’s funding portfolio now stands at $1.23 billion, with the largest share coming from the $750 million Distributed Access through Renewable Energy Scale-Up (DARES)…
Author: Elvis Eromosele
Dangote Petroleum Refinery and Petrochemicals FZE (“DPRP” or the “Enterprise”) today announces the successful completion of its landmark Private Placement, which achieved 3.7 times subscription relative to the initial offer size and resulted in the issuance and allotment of approximately US$2.5 billion in new equity. This transaction is believed to be Africa’s largest publicly disclosed primary equity private placement by value. As the Enterprise’s private equity capital raise involving external investors beyond its legacy shareholder base, the offering marks a significant milestone advancing its long-term funding strategy and the continued development of African capital markets. Proceeds from the Private Placement…
The Federal High Court in Abuja has granted Coscharis Motors Limited permission to appeal a judgment that directed the Federal Competition and Consumer Protection Commission (FCCPC) to shut the company’s business premises pending compliance with an order arising from the sale of a defective Range Rover. Justice Emeka Nwite, in a ruling delivered on Friday, held that Coscharis had demonstrated sufficient legal interest to challenge the judgment in the Court of Appeal. The case stems from a suit filed by Florence Ozor against the FCCPC over the commission’s enforcement of its decision relating to a Range Rover Sport purchased in…
Nigeria will face a 12.5 per cent tariff on exports to the United States under a new trade regime announced by the administration of President Donald Trump, citing concerns over forced labour and what Washington describes as unfair trade practices. The new tariff, unveiled by the Office of the United States Trade Representative (USTR), places Nigeria among 38 countries affected by revised import duties ranging from 10 per cent to 12.5 per cent. According to a statement issued on July 23 by U.S. Trade Representative Jamieson Greer, the measures are part of efforts to curb imports linked to forced labour…
Africa’s ability to compete in the global digital economy will depend not on how much technology it consumes but on how much digital infrastructure it owns, Andie Oluwafemi Moyan, Chief Executive Officer of CitiData Centre, has said. Speaking at the Titans of Tech Conference & Expo 2026 in Lagos, Moyan called for an urgent national and continental commitment to building resilient digital infrastructure, describing it as the foundation upon which artificial intelligence, cloud computing, fintech, digital government and the broader knowledge economy will thrive. Delivering an industry review titled “Quantum Shift: Building Africa’s Digital Infrastructure for the Next Economy,” he…
Olugbenga Olabiyi, Chief Executive Officer of Dimension Data Nigeria, has been honoured with the Digital Economy Executive of the Year Award at the Titans of Tech Africa Awards 2026, in recognition of his exceptional leadership, visionary contributions and unwavering commitment to advancing Nigeria’s digital economy. Presented during the glittering awards ceremony held at the Ballroom of the Oriental Hotel, Lagos, the honour celebrated Olabiyi’s role in driving digital transformation, enterprise technology adoption and innovation across Nigeria’s public and private sectors. Held under the theme “Quantum Shift,” the 2026 edition of the Titans of Tech Africa Awards brought together an influential audience of policymakers, regulators, technology leaders,…
MILO, a leading malt and cocoa beverage in Nigeria, has launched the MILO Text & Win Promotion, a nationwide consumer campaign designed to reward loyal consumers with exciting prizes while celebrating the trust they have continued to place in the brand. Running from July to September 2026, the promotion gives two million consumers the opportunity to win exciting rewards, including airtime, cash prizes, and six brand new cars. Five winners will emerge through the bi weekly draws, while one lucky consumer will drive away with the grand prize, a brand new family SUV. Participating is simple. Consumers only need to…
Dr. Ike Neliaku, President of the Nigerian Institute of Public Relations (NIPR), has become the first public relations practitioner to register his consultancy under the newly amended NIPR Byelaw on Public Relations Consultancy Practice 2026, setting a precedent for compliance across the industry. Dr. Neliaku formally registered his consultancy, Rightangle PR, as a member of the Public Relations Consultants Association of Nigeria (PRCAN) during an official visit by an NIPR delegation to the association’s secretariat in Lagos. The move marks the first registration under the new regulatory framework and is expected to drive greater professionalism, ethical practice and institutional governance within Nigeria’s public…
Elon Musk has urged the public to embrace the rapid rise of artificial intelligence (AI), saying the technology is likely to usher in ana era of “incredible abundance” despite growing concerns about its potential risks. In an interview with The Economist, the SpaceX and xAI founder acknowledged that AI and advanced robotics pose significant challenges but argued that the technology’s progress is now impossible to stop. “My philosophical conclusion is to look on the bright side,” Musk said, adding that AI development has accelerated so rapidly that “even if I wanted to stop it, I couldn’t.” His comments come amid renewed…
Global oil prices have climbed above $100 per barrel for the first time since May as escalating tensions in the Middle East fuel concerns over disruptions to global energy supplies, with the surge expected to put fresh pressure on inflation and fuel costs worldwide. Brent crude, the international benchmark for oil prices, jumped more than 6 per cent on Thursday, extending gains recorded over recent days after the United States intensified military strikes against Iran. The latest spike followed attacks by Yemen’s Houthi militia on oil tankers in the Red Sea, threatening a critical shipping route used by Saudi Arabia to…