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Afreximbank Moves to Acquire Minority Stake in Geregu Power

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The Fund for Export Development in Africa (FEDA), the development impact investment platform of African Export-Import Bank (Afreximbank) has announced that it has received internal approvals to acquire a strategic minority stake in Geregu Power Plc, subject to satisfactory diligence and documentation.

FEDA has the mandate of providing capital towards advancing intra-African trade, export development and industrialisation in Africa.

As part of its intervention efforts in the Africa’s energy sector, FEDA, in a statement, said it has made a strategic decision to support leading energy platforms across Africa, including the renewables and transition fuels sectors.

Geregu Power, one of Nigeria’s leading power generation companies with a capacity in excess of 430 megawatts, the statement said, is a highly strategic asset to realising Nigeria’s power sector roadmap.

FEDA noted that it aims to support the business as a minority investor and work with the current owners and management team to drive the expansion of the business over the next few years.

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The statement quoted Mr. Femi Otedola, the Chairman, Board of Directors, Geregu Power Plc, as stating that the deal underscored the organisation’s faith in the change that’s possible in the power sector in the country.

“As the pioneer power generation company on the Nigerian Exchange Limited (NGX), the interest shown by FEDA, is an expression of its firm belief not only in the company but also in the future of the Nigerian Electricity Supply Industry (NESI).

“In a period of contracting economic activity globally, to attract this investment from FEDA is testament to our long-term strategic plans and will accelerate our expansion to the wider West African Market,” Otedola added.

President and Chairman of Afreximbank and Chairman of FEDA platform entities, Prof. Benedict Oramah, in his remarks, expressed delight with the planned move, explaining that without reliable power supply, the continent cannot achieve global competitiveness.

“We are very pleased with this proposed investment, which marks a critical step towards supporting Nigeria’s power sector, and more broadly, towards advancing Africa’s industrialisation and energy security.

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“Without adequate power, Africa cannot achieve global export competitiveness. Afreximbank and its subsidiaries, including FEDA, are focused on creating a level playing field so that African products can compete at near equal footing with those originating from other markets. We hope that this approved investment will take us closer towards that goal,” he stated.

Marlène Ngoyi, Chief Executive of FEDA, described that intervention as critical to boosting trade on the continent. “The proposed investment in Geregu Power demonstrates FEDA’s ability to intervene in opportunities and sectors that are critical towards driving the structural transformation of trade on the continent. Geregu Power is a key player in Nigeria’s power sector. FEDA is pleased to partner with the company in its next phase of growth,” Ngoyi said.

Geregu Power Plc thermal power plant is located in Ajaokuta, Kogi State, Nigeria and is listed on the Nigerian Stock Exchange. The plant now generates on average 10 per cent of Nigeria’s power.

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Ogbaga, Abuja Lawyer to Sue Telcos, DStv over Alleged Unfair Practices

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Ogba Ogbaga, an Abuja-based lawyer, has said that he has been instructed to institute legal proceedings against MTN Nigeria, Airtel Nigeria, Globacom, 9mobile and MultiChoice Nigeria, operators of DStv, over what he described as unfair consumer practices relating to expiring data bundles and television subscriptions.

Ogbaga, Abuja Lawyer to Sue Telcos, DStv over Alleged Unfair Practices

In a statement posted on Facebook, Ogbaga said his law firm, GIMBG Legals, received instructions from its client, KAA, also known as KaaTruths, to challenge the companies’ subscription policies in court.

According to him, the proposed suit will question whether telecom operators and DStv’s subscription models comply with provisions of the Federal Competition and Consumer Protection Act (FCCPA) 2018 and other applicable laws.

Ogbaga alleged that telecom providers operate internet data services that are unfair to consumers, claiming subscribers sometimes do not receive the services they paid for but still lose their subscriptions once the validity period expires.

He also criticised DStv’s subscription model, arguing that consumers lose paid viewing time due to factors such as power outages, adverse weather conditions and service interruptions, while subscriptions continue to count down regardless.

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“Our clients have complained that MTN data services are unduly one-sided,” Ogbaga said, adding that the legal action would also extend to other telecommunications providers and DStv.

He said the court action would seek judicial determination on whether the companies’ subscription practices comply with consumer protection laws.

The lawyer also invited interested legal practitioners to collaborate on the case, saying his firm would provide updates as the matter progresses.

In a separate Facebook post on Wednesday, Ogbaga said previous policy discussions, town hall meetings and debates at the National Assembly had failed to address the concerns raised by consumers.

He argued that telecom operators regularly carry out maintenance and network upgrades that temporarily disrupt services without extending customers’ subscription periods, while DStv subscribers also lose viewing time because of electricity outages and weather-related disruptions.

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NAICOM Issues New Licences to 43 Recapitalized Insurers

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The National Insurance Commission (NAICOM) has commenced the issuance of new licence certificates to insurance companies that successfully met the industry’s new minimum capital requirements, marking the formal beginning of a new regulatory era aimed at strengthening the financial capacity, governance and global competitiveness of Nigeria’s insurance sector.

At a ceremony held at the Commission’s headquarters in Abuja, the Commissioner for Insurance, Olusegun Ayo Omosehin, presented the new licence certificates to compliant operators, describing the exercise as a major milestone in the industry’s recapitalisation programme.

According to the Commission, a total of 43 insurance companies declared compliant with the new capital requirements are expected to receive the new licence certificates in phases.

Omosehin congratulated the successful companies, saying the issuance of the new licences signals the beginning of a stronger regulatory framework anchored on improved capitalisation, sound corporate governance, innovation and sustainable growth.

He urged operators to leverage their enhanced capital base to develop innovative insurance products, improve operational efficiency and deepen insurance penetration across the country.

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The Commissioner said the Commission expects the recapitalised companies to deliver stronger financial performance while maintaining high standards of professionalism and customer service.

He also announced that NAICOM’s next major regulatory initiative would be the implementation of the Risk-Based Capital (RBC) framework, under which insurers’ capital levels would be aligned with the risks inherent in their respective business portfolios.

According to him, the new framework will further strengthen the industry’s resilience by ensuring that insurers maintain capital commensurate with the risks they underwrite, thereby enhancing policyholder protection and boosting market confidence.

Omosehin reaffirmed the Commission’s commitment to removing regulatory impediments where necessary while maintaining effective oversight to safeguard policyholders and strengthen confidence in the insurance market.

The issuance of the new licence certificates marks the commencement of a phased transition to higher capital standards aimed at improving the financial capacity, solvency and claims-paying ability of insurance companies operating in Nigeria.

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Nigeria CommunicationsWeek Retracts Story on Pan African Towers Litigation

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Management of Nigeria CommunicationsWeek Media has withdrawn its publication titled “Adefolarin Ogunsanya and the Allegations of Shareholder Interference and Self-Dealing at Pan African Towers,” which was published on its platform.

Nigeria CommunicationsWeek Retracts Story on Pan African Towers Litigation

The decision to retract the story follows an editorial review to ensure that the platform maintains the highest standards of accuracy, fairness and responsible journalism in reporting matters that are the subject of ongoing judicial proceedings.

Nigeria CommunicationsWeek acknowledges that the issues raised in the publication remain before the courts and have not been finally determined.

Accordingly, the organisation has decided to remove the article from its platforms pending the conclusion of the legal processes or the availability of additional verified information.

The publication regrets any inconvenience or misunderstanding the report may have caused to readers or any individuals or organisations mentioned in the story.

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Nigeria CommunicationsWeek remains committed to the principles of balanced, factual and ethical journalism and will continue to uphold professional standards in its coverage of judicial and corporate governance matters.

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