BUSINESS
Afreximbank to Invest $5bn into Nigeria’s Upstream Oil Sector
By Tony Obiechina, Abuja
African Export-Import Bank has agreed to raise the sum of $5 billion as corporate finance to fund major investments in Nigeria’s upstream sector.
This was contained in a statement signed by the President and Chairman of the Board of Directors of the bank, Prof Benedict Oramah on Wednesday.
The development, a dividend of the Petroleum Industry Act and the incorporation of the Nigerian National Petroleum Company as a limited liability company, is a fallout of the meeting between the chairman of the Board of Directors and President of the African Export-Import Bank( Afriximbank) and the NNPC Ltd team led by the Group Managing Director/Chief Executive Officer , Malam Mele Kyari, in Cairo, Egypt on Wednesday.
The meeting agreed to intensify efforts at deepening investment in Nigeria’s oil sector.
The NNPC and the Afriximbank agreed to, among other things, deepen the business collaboration between the two institutions.
The bank agreed to enter into a finance advisory and fundraising role to raise $5 billion towards the “acquire, invest and operate energy producing assets in Nigeria as part of NNPC’s growth strategy following its incorporation as a limited liability company.”
As part of the landmark transaction, Afreximbank will also underwrite US$1 billion as part of forward sales base trade finance transaction.
The NNPC and Afreximbank also explored the innovative idea of establishing a pan-African Energy Transition Bank and agreed to collaborate towards achieving the objective.
On the trip from the NNPC Ltd team is the Chief Executive Officer, Malam Mele Kyari, the Chief Financial Officer, Umar Ajiya, the Group Executive Director , Upstream, Engr. AdokiyeTombomieye, the GGM, NAPIMS, Mr. Bala Wunti, the Managing Director, NNPCTrading, Mr Lawal Sade, and others.
BUSINESS
Mixed Reactions Trail FG Directive on Free Prepaid Electricity Meters
Experts, power sector operators and electricity Distribution Companies (DisCos) have expressed divergent views on the Federal Government’s directive mandating the rollout of free prepaid meters to electricity consumers nationwide.
They said this while reacting to the directive in an interview on Sunday in Lagos.
The Minister of Power, Adebayo Adelabu, on Jan.
26 directed all electricity DisCos to provide prepaid meters free of charge to customers across all tariff bands.An energy expert, Dr. Olukayode Akinrolabu, said the initiative was a critical step toward transparency, fairness and trust in the electricity sector.
Akinrolabu, who chairs the Customer Consultative Forum for Festac and Satellite Town, urged DisCos to move beyond delays and excuses.
According to him, they can integrate all postpaid customers into the Federal Government’s metering rollout without hesitation and the process must be deliberate, comprehensive and timely.
He said funding for the rollout was anchored on the N28 billion Meter Acquisition Fund (MAF), complemented by private sector participation through the Meter Asset Provider (MAP) model.
Akinrolabu, however, cautioned that given the operational and financial challenges confronting DisCos, the implementation timeline appeared ambitious.
This, stressed, would require significant capacity building, logistics support and strategic partnerships.
“To guarantee accountability, regulators have introduced milestone-based disbursements, system integration requirements, and penalties for delays,” he said.
He added that the Nigerian Electricity Regulatory Commission (NERC) had mandated DisCos to integrate their systems with the fund manager’s IT infrastructure and complete Know-Your-Customer (KYC) procedures.
Akinrolabu further emphasised that sanctions should be imposed on DisCos for installation delays arising from poor network readiness or inaccurate customer data.
He identified inaccurate customer demographic information, often linked to energy theft and collusion with some DisCo staff, as a major impediment to effective implementation.
According to him, the N28 billion allocated under the MAF Tranche B scheme would be disbursed strictly for meter procurement and installation.
Recalling past interventions, Akinrolabu said the Meter Asset Provider (MAP) programme and the National Mass Metering Programme (NMMP) were Federal Government initiatives designed to reduce the financial burden of metering on consumers.
“I am strongly convinced that this initiative is a step in the right direction.
“The structural reforms, particularly in logistics and manpower, are essential for success,” the expert said.
Akinrolabu disclosed that NERC had directed DisCos to appoint credible Meter Asset Providers with ready-to-deploy inventory and at least 30 per cent local content compliances.
He noted that MAPs were also responsible for addressing manpower gaps in meter installation.
Meanwhile, the Ibadan Electricity Distribution Company Plc (IBEDC) has expressed strong support for the Federal Government’s free metering initiatives.
Angela Olanrewaju, Coordinating Head, Corporate Services, IBEDC, said the company aligned with all efforts aimed at expanding meter access and reducing its nearly 40 per cent metering gap.
According to her, the Federal Government has facilitated several free metering schemes which include the NERC-backed Meter Acquisition Fund and the World Bank-supported Distribution Sector Recovery Programme (DISREP).
“For both schemes, the meters and installation are completely free,” Olanrewaju said.
She added that IBEDC consistently sensitises customers not to pay installers or company staff, as the process incurs no cost to beneficiaries.
Olanrewaju noted that customers on Bands C to E, who were unwilling to wait for the free schemes, could opt for the MAP programme.
Under the programme, she noted that customers would have to pay upfront and would be refunded through energy credits over time.
She reiterated that increased metering across all bands was essential for service improvement, accurate billing and a more efficient electricity market.
Olanrewaju disclosed that since April 2025, about 102,000 smart meters had been allocated to IBEDC under the MAF and DISREP schemes and were currently being deployed.
She clarified that customers do not need to apply or register for the schemes, as deployment is carried out systematically.
However, some DisCo officials, who spoke anonymously, expressed reservations about the minister’s directive mandating free meters for all customer categories.
They argued that the policy did not adequately consider the concerns of installers and meter providers.
The officials added that the so-called “free” meters would still be paid for by DisCos over a period of up to 10 years.
“Someone must pay for installation.
“If DisCos are required to fund capital expenditure, it must be recognised as allowable capex and factored into tariffs.
“Otherwise, it could cripple their balance sheets,” one official said.
Another operator described the directive as a populist move.
“If the government can pay installers, there will be no issue. Otherwise, it remains unclear who will shoulder that responsibility,” another official added.
BUSINESS
NESG Appoints Omogiafo, D’Souza as New Board Members
By Tony Obiechina, Abuja
The Nigerian Economic Summit Group (NESG) has appointed Dr. Owen Omogiafo and Rohan D’Souza to its Board of Directors.
This was contained in a statement at the weekend by Dr. Tayo Aduloju Chief Executive Officer of NESG
According to the statement, appointments underscored the NESG’s unwavering commitment to fostering visionary leadership and strengthening partnerships with private sector leaders to drive inclusive growth, economic reform, and sustainable national development.
Dr. Owen Omogiafo is the President/Group Chief Executive Officer of Transnational Corporation Plc (Transcorp Group), a diversified conglomerate with strategic investments across the power, energy, and hospitality sectors.
Under her leadership, Transcorp Group plays a pivotal role in advancing Nigeria’s energy objectives. With two of its power subsidiaries, Transcorp Power Plc and Transafam Power Limited, both contribute approximately 20 per cent of the country’s installed power generation capacity. She also oversees the Group’s energy accessibility and sustainability interests through Transcorp Energy Limited and Abuja Electricity Distribution Company (AEDC), while sustaining market leadership in the hospitality sector through the Group’s hospitality portfolio, Transcorp Hotels Plc—owners of the iconic Transcorp Hilton Abuja.
Dr Omogiafo, whose contribution to national development earned her the Officer of the Order of the Niger (OON), serves on several boards.
As a Director on the Board of the AEDC, she provides strategic oversight on the growth and development of Nigeria’s energy sector through investments in distribution infrastructure, innovative technologies, and sustainable practices that ensure energy is delivered to the last mile of the value chain. She brings extensive experience in corporate leadership, human capital development, and economic transformation to the NESG Board.
Rohan D’Souza is a globally experienced oil and gas executive and currently serves as Vice President, Gas & Commercial for the Shell Companies in Nigeria.
He is also a Director of Shell Nigeria Exploration & Production Company Ltd and Chairman of Shell Nigeria Gas Ltd. With a distinguished career spanning Australia, South East Asia, Europe, Africa, and Central Asia, Mr. D’Souza brings deep expertise in energy strategy, commercial development, and international operations, which will further strengthen NESG’s policy engagement on energy security and transition.
“The NESG is confident that the diverse expertise, global perspectives, and strategic insights of Dr. Omogiafo and Mr. D’Souza will significantly enhance the Group’s work in shaping evidence-based public policy, strengthening private sector participation, and accelerating Nigeria’s economic transformation”, the statement added.
BUSINESS
SMEDAN, Presidential Committee Collaborate on MSMEs-friendly Tax Reforms
The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) and the Presidential Committee on Fiscal Policy and Tax Reforms have aligned on Micro small and Medium (MSME) friendly tax reforms.
The Chairman of the Presidential Committee, Taiwo Oyedele, said this in a statement on Thursday in Abuja.
Oyedele, during a Town Hall meeting, said the reforms aimed to ease compliance, protect vulnerable businesses and support small business growth in the country.
“The philosophy of the reforms is to tax the fruit, not the seed. The nano businesses and low-income earners will be shielded from burdensome tax obligations.
“We are building a system where the vulnerable are protected and the small business owner is treated as a partner in progress, not a target.
“He said.Oyedele said the reforms also sought to eliminate multiple and nuisance taxes, simplify tax codes and improve price stability by removing hidden taxes on essential goods and logistics.
He added that many MSMEs were unaware of existing tax incentives, holidays and rebates, noting that the committee was working to improve awareness and access.
The Director-General of SMEDAN, Dr. Charles Odii, said the town hall created a platform for direct engagement between policymakers and entrepreneurs.
“The presence of the Presidential Committee here ensures that our entrepreneurs are not just hearing about laws; they are participating in a movement that prioritises their survival and growth,” Odii said.
He reaffirmed SMEDAN’s role as the apex agency for MSME development, pledging continued advocacy and similar engagements across the country to support nano, micro and small enterprises.
According to Odii, plans are also underway to strengthen MSME Councils in all states to ensure small business owners are protected and supported.
The event featured an interactive question-and-answer session, during which business owners shared concerns and expectations on tax administration and the ease of doing business. It brought together policymakers, tax experts and micro, small and medium enterprise operators.


