General News
IFC to Co-Develop the $120m Singrobo Hydro Power Plant

Africa Finance Corporation (AFC), a leading investment grade rated multilateral development finance institution and project developer, has announced the signing of a joint development agreement with Ivoire Hydro Energy SA (IHE), an Ivorian project company, for the development of the 44MW Singrobo hydroelectric power plant (Singrobo) in Côte d’Ivoire.
AFC has been appointed as a co-project developer and financier and will work with other developers to complete detailed technical studies, finalize the Power Purchase Agreement (PPA), participate in procuring the engineering, procurement and construction contractor, lead the processes for preparing project costs, and oversee the final environmental and social Impact assessment studies.
Project development expenses will be jointly financed by AFC and FMO, the Dutch development bank, through the joint AFC-FMO Project Development Facility.
The Facility will provide, in the first instance, a project development equity investment of up to US$3 million to the project.
Under the agreement the AFC has to invest a further US$3 million to take the project to financial close. AFC and FMO will also have the option to acquire further] equity in IHE.
Andrew Alli, AFC’s president & chief executive officer, commented: “AFC’s long term vision is to help address Africa’s infrastructure deficit and ensure sustainable economic growth for the continent. We are delighted to be appointed as the lead developer in this transformational regional infrastructure power project, which will not only provide the opportunity to apply AFC’s differentiated model of providing long-term infrastructure financing, value added infrastructure asset project development expertise and importantly deliver bankable projects, but also accelerate regional integration by bridging the power deficit in West Africa, and making an economic difference in the development of the sub-region”.
The project will have a 35-year take or pay PPA with Ci-Energies, Côte d’Ivoire’s public utility company under the management of the Ministry of Energy and Petroleum Products.
The generated power will be transmitted from a 11/225 KV switchyard to the 225KV Taabo-Abidjan transmission line, through a proposed 225 kV circa 4 km transmission line from Singrobo.
This investment further consolidates AFC’s track record in Côte d’Ivoire whose membership of the Corporation is imminent.
The key investments include the EURO 270 million financing of the flagship transport infrastructure project; the Henri Konan Bedie bridge and the 50 million Euro loan facility with the Port Autonome d’Abidjan (PAA) for expansion works to the Abidjan Port complex.
General News
Nigeria Police suspends tinted glass permit enforcement over court injunction

Nigeria Police Force has suspended nationwide enforcement of its tinted glass permit policy, hours before its scheduled rollout, in compliance with a Delta State High Court order.

Tinted glass permit
The policy, set for January 2, 2026, aimed to curb vehicle-related crimes but faced legal challenge from a private citizen against the Inspector-General of Police, the force, and Delta Police Commissioner.
An ex parte injunction issued in December 2025 restrained enforcement pending suit determination, prompting the hold announced by spokesperson Benjamin Hundeyin on January 1.
Police entered appearance, filed preliminary objections, and sought injunction vacation; hearing adjourned to January 20, 2026.
The Nigerian Bar Association condemned initial police plans as “executive recklessness,” accusing disregard for rule of law, while police insisted no permanent bar existed on statutory duties.
IGP Kayode Egbetokun reiterated adherence to law while prioritising public safety via intelligence-led strategies during proceedings.
General News
NDIC Reinforces Full Oversight Compliance to Safeguard Depositors

Mr. Thompson Sunday, the Managing Director/Chief Executive of the Nigeria Deposit Insurance Corporation (NDIC), has reaffirmed the Corporation’s strict compliance with fiscal and financial regulations, including the provisions of the Fiscal Responsibility Act (FRA) 2007, noting that the NDIC has consistently remitted the required percentage of its earnings to the Federal Government.

Mr. Sunday made this known during a courtesy visit to the Managing Director/Chief Executive of the Ministry of Finance Incorporated (MOFI), Dr. Armstrong Takang, as part of NDIC’s ongoing engagement with key stakeholders following his formal assumption of office in July 2025.
According to him, NDIC takes financial accountability and transparency seriously, stressing that the Corporation complies fully with statutory remittance obligations, including the payment of 20 per cent of gross earnings or 80 per cent of net surplus to the Federal Government, as applicable. He added that NDIC also submits its financial statements ahead of statutory deadlines.
The NDIC MD/CE explained that this culture of compliance aligns with the Corporation’s role as a key institution within Nigeria’s financial safety-net, charged with protecting depositors and promoting confidence in the banking system. He emphasized that adherence to fiscal discipline remains central to NDIC’s credibility and effectiveness.
Mr. Sunday further disclosed that NDIC also complies with the Federal Government’s 50 per cent cost-to-income ratio policy, although he noted that the policy poses operational constraints. He explained that the deductions affect NDIC’s ability to build a strong Deposit Insurance Fund, which is needed to respond effectively to bank failures.
He stressed that international best practices under the Core Principles for Effective Deposit Insurance issued by the International Association of Deposit Insurers (IADI) require deposit insurers to maintain adequate funds to reimburse depositors when banks fail without recourse to government, adding that the NDIC is seeking an exemption to strengthen its capacity in this regard.
Mr. Sunday described MOFI as a critical stakeholder, noting that the Federal Government, through MOFI, holds a 40 per cent equity stake in NDIC. He said sustained collaboration with MOFI is essential to ensuring that NDIC continues to meet its obligations to government while effectively safeguarding depositors’ funds.
In his remarks, Dr. Takang commended the NDIC for its exemplary collaborative spirit and acknowledged the Corporation’s compliance with fiscal regulations. He assured that MOFI would continue to engage the Federal Ministry of Finance on NDIC’s behalf, noting that a strong NDIC is vital to sustaining confidence in Nigeria’s financial system.
Both institutions reaffirmed their commitment to continued cooperation, transparency and accountability, with Mr. Sunday reiterating that NDIC remains focused on balancing regulatory compliance with its overriding mandate of depositor protection and financial system stability.
General News
T2 Backs Youth Excellence as NCBC Wins Bosun Tijani Foundation Basketball Tournament

T2 has reaffirmed its commitment to youth development and excellence through sport as the NCBC basketball team, adopted by the brand, emerged champions of the Bosun Tijani Foundation Youth Basketball Tournament held at the Alake Sports Complex, Ijeja, Abeokuta.

The tournament, organised by the Bosun Tijani Foundation in collaboration with the Ogun State Government and supported by several partners including T2, brought together 12 competitive teams from across Nigeria, positioning basketball as a powerful platform for youth engagement, discipline, and opportunity.
NCBC’s championship run reflected the values T2 seeks to champion, work ethic, intelligence, teamwork, and resilience. The team recorded commanding victories over Team Vision, Warlords, and Elevate before defeating the Ilupjeu Raiders 66–52 in a gripping final.
Commenting on the adoption of the team, Seni Ogunkola, Vice President, Brands and Communication, T2 stated “NCBC embodies the qualities we believe in, exceptional work rate, intelligence on the ball, discipline, and a hunger to excel. By supporting them, T2 is investing in potential, purpose, and the next generation of leaders on and off the court.”
The climax of the event saw His Royal Highness, Oba Adedotun Gbadebo, the Alake of Egbaland, alongside Nigeria’s Minister of Communications and Digital Economy, Bosun Tijani, present the trophy to the victorious team, drawing rapturous applause from spectators. The event was also attended by the Chief of Staff to Ogun State Governor Dapo Abiodun, Mr. Lere Olayinka, and the Ogun State Commissioner for Sports, Honourable Wasiu Isiaka, underscoring strong institutional support for youth-focused initiatives.
Through its participation in the tournament, T2 continues to position itself as a brand that goes beyond sponsorship, championing platforms that unlock talent, inspire ambition, and create lasting social impact for Nigerian youth.
Telecom3 days agoT2 Faces NCC Probe in Benue Over Major Service Outage in 9 LGAs
Telecom3 days agoMTN Nigeria Crowns Ayo Benzi Winner of Next Afrobeats Star
E-Business3 days agoJumia CEO says Black Friday Signals Nigeria’s E-Commerce Maturity
E-Financial3 days agoGTCO Secures Regulatory Approvals to Raise N10bn in Private Placement
General News3 days agoNDIC Reinforces Full Oversight Compliance to Safeguard Depositors
E-Financial2 days agoBanks to Impose N50 Stamp Duty on Transfers of N10,000 and Above from January 1
Telecom3 days agoNCC Unveils Draft 5-Year Spectrum Roadmap, 60 GHz License-Exempt Guidelines to Boost Broadband, Innovation
Telecom3 days agoNCC Grants 45 Days for Telecoms Firms to Fix Unapproved Shareholding Changes











