General News
U.S. ADF, All On Announce Partnership for off Grid Energy Investments in Nigeria
Thursday, the U.S. African Development Foundation (USADF) and All On announced the creation of a $3 million partnership with the goal of expanding access to energy for underserved and unserved markets in Nigeria.
Over the next 3 years, both parties will jointly provide funding for up to 30 Nigerian small and medium enterprises that improve energy access through off-grid energy solutions spanning solar, wind, hydro, biomass and gas technologies. USADF will provide grant funding to the selected companies while All On will provide an equal amount of impact capital in the form of convertible loans and/or equity.
“We are proud to partner with All On to find sustainable solutions to the significant energy gap in Nigeria,” says C.D. Glin, USADF President and CEO. “It is through such collaborative partnerships that we can transform local energy access, identify unexplored opportunities, and bring affordable energy sources to those who need it most.”
According to All On CEO Wiebe Boer, “This partnership with USADF to provide blended capital for Nigerian owned off grid energy companies is an innovative approach towards investing in Nigerian solutions to the country’s energy gap. We look forward to working with USADF to invest and support the growth of Nigeria’s future off grid energy sector leaders.”
Since 2013, USADF off-grid energy investments have already turned on the lights for over 120,000 people in hard-to-reach areas. USADF has invested over $7.5 million in 75 energy entrepreneurs in nine countries to bring affordable and renewable energy to rural communities across Africa. USADF is a key partner in Power Africa, a U.S. Government-led initiative aimed at doubling the number of people in Sub-Saharan Africa who have access to electricity.
“Public-private partnerships are the cornerstone of the Power Africa model, and we are pleased to support USADF and All On to foster the growth of energy enterprises to bring reliable electricity to more Nigerians,” says Andrew M. Herscowitz, Power Africa Coordinator. “This partnership demonstrates that ‘bankable’ projects do not just exist at the multi-million dollar level. Nigeria’s off-grid energy sector is full of potential to serve a vast untapped market and this partnership will combine USADF’s grant dollars with private sector funding to produce even greater impact.”
All On is an impact investing company that works with partners to increase access to commercial energy products and services for under-served and unserved markets in Nigeria, with the Niger Delta as the priority region of focus. It seeks both financial returns and social impact to provide or improve access-to-energy for millions of households and SMEs. The company recently announced their first set of debt and equity investments.
Economic and Financial Crimes Commission (EFCC), has detained Tunde Ayeni, former chairman of defunct Skye Bank Plc, for alleged fraud involving N36.5 billion and $30 million.
Tunde Ayeni, former chairman of defunct Skye Bank Plc,
This follows the probe of alleged diversion of N36.5 billion and $30 million secured as loans from Polaris Bank Plc through companies linked to Ayeni.
He was arrested by EFCC operatives in Abuja on April 23, 2026, and is still been held in custody as at the time of filling the report.
Dele Oyewale, spokesperson, EFCC, confirmed the arrest on Friday but declined to provide further details.
Ayeni is under investigation for diverting funds obtained for marine security, electricity distribution, and real estate projects into other unknown projects.
Investigators allege the loans were instead channelled into telecom investments tied to NITEL/MTEL assets via a NATCOM account.
About 12 firms believed to be connected to Ayeni are also under investigation for their role in securing the loans.
The EFCC is expected to file charges once the investigation is concluded.
Summit Household Solutions Limited has opened its ultra-modern manufacturing facility in Ota, Ogun State, as part of its efforts to scale production of home and personal care products in Nigeria.
The plant, which started operations in April 2025, produces items such as dishwashing liquids, handwash, sanitisers and multipurpose liquid soaps, with an annual capacity estimated at 7,000 tonnes.
Commissioning the facility on behalf of Governor Dapo Abiodun, the Permanent Secretary, Ministry of Commerce, Trade and Investment, Mr Kehinde Akintomide, said the investment reflects growing confidence in Ogun State’s business environment.
He noted that the state hosts over 6,000 manufacturing firms and described the development as consistent with ongoing efforts to promote industrialisation, attract investment and reduce reliance on imports under the Federal Government’s Renewed Hope initiative.
Akintomide disclosed that the factory has already employed more than 50 Nigerians, with projections to exceed 250 jobs as operations expand.
In his remarks, the General Manager of the company, Mr Sadiq Ali, said the facility represents a major step in Summit’s growth plans, adding that its flagship brand, 2Sure, currently leads production at the plant.
He also revealed that the company is preparing to introduce new home and personal care products later this year.
Summit Household Solutions manufactures the 2Sure brand and has expanded into the personal care segment with Lewar, a premium beauty soap line positioned for quality and affordability.
Among dignitaries present were the Onikotun of Otun, Ota, Oba Abdulakeem Odunaro, representing the Olota of Ota, Prof. Adeyemi Abdulkabir Obalanlege; the Agba Akin of Ota, Chief Dada Olusola; Director of Investment, Ms Yemisi Folarin; Director of Industrial Promotion, Mr Femi Adeboye; former Managing Director of 7Up Bottling Company, Mr Ziad Maalouf; and the Chief Executive Officer of OmniRetail, Mr Deepanker Rustagi.
Speaking at the event, Maalouf, who conceived the 2Sure brand during his time at 7Up Bottling Company, expressed satisfaction with its growth and commended Summit Solutions Limited for advancing the brand.
The special guests were conducted around the facility, and the programme was concluded with a luncheon.
The administration of Donald Trump has frozen $344 million in cryptocurrency allegedly linked to Iran, marking a sharp escalation in financial pressure on Tehran.
The move comes amid stalled diplomatic efforts and a fragile ceasefire in the region.
U.S. Treasury Secretary Scott Bessent confirmed that authorities are sanctioning multiple crypto wallets tied to Iran. “We will follow the money that Tehran is desperately attempting to move outside of the country and target all financial lifelines tied to the regime,” he said.
Tether, which facilitated the transactions, said it worked with U.S. authorities to freeze the funds across two wallet addresses after receiving intelligence linked to unlawful activity.
A U.S. official said blockchain analysis revealed “material links” to the Iranian regime, including transactions routed through intermediary addresses connected to wallets associated with the Central Bank of Iran.
Responding to the development, Tether CEO Paolo Ardoino said the company does not tolerate illicit use of its stablecoin. “USD₮ is not a safe haven for illegal activity. When there is credible linkage to sanctioned entities or criminal networks, we act immediately,” he stated.
The crackdown underscores the growing reliance of sanctioned states on digital assets to bypass traditional banking restrictions. Data from Chainalysis shows Iran’s cryptocurrency holdings reached $7.8 billion in 2025, with the Islamic Revolutionary Guard Corps reportedly controlling about half.
Analysts say while the freeze is significant, Iran has historically adapted to sanctions. Daniel Tannebaum of the Atlantic Council noted that targeting third-party actors enabling such transactions may be key to increasing pressure.
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