General News
IFC to Provide $80M Debt Financing to Azura-Edo Investment

IFC, a member of the World Bank Group, signed agreements to provide $80 million of debt financing to Azura Power West Africa Limited, a 450 MW gas-fired independent power project in Nigeria (the Azura-Edo IPP).
The project will strengthen Nigeria’s gas-to-power value chain and deliver much-needed electricity to almost 14 million residential consumers in the country.
The Azura-Edo IPP consists of the construction, operation and maintenance of a 450 MW gas-fired open-cycle power plant located in Edo State, Nigeria.
It also includes the construction of a short 330kV transmission line and an underground gas pipeline spur connecting the power plant to the country’s main gas trunk line.
The project has been developed by a consortium of investors led by Amaya Capital Ltd, a principal investment firm focused on energy projects in West Africa.
The other shareholders are American Capital Energy and Infrastructure, the Africa Infrastructure Investment Fund 2, Aldwych International Ltd, Pan African Infrastructure Development Fund 2 LLC, and the Asset & Resource Management Company Ltd.
Mr. Sundeep Bahanda, co-founder of Amaya Capital and Dr. David Ladipo, Managing Director of the Azura-Edo IPP, said in a joint statement: “The completion of the financing is a major milestone in our project development timeline. We have been working very closely with our financing partners over the past few years and today’s signing reflects all the tireless work put in by all the financiers and our advisors. ”
IFC is providing $50 million in debt for its own account, and $30 million of subordinated debt, for a total of $80 million. IFC is also mobilizing $212.5 million, of which $177.5 million has been jointly raised with Dutch DFI Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden (FMO), in long-term financing from a pool of eight development finance institutions. IFC acted as co-Lead Arranger with FMO for the senior DFI tranche of the financing.
The balance of debt financing is being provided by international commercial lenders, co-arranged by Standard Chartered Bank (SCB) and Rand Merchant Bank (RMB) and guaranteed by the World Bank and the Multilateral Investment Guarantee Agency (MIGA). First City Monument Bank (FCMB) is administering a local currency facility provided from the Central Bank of Nigeria’s Power and Airline Intervention Fund through the Bank of Industry. Standard Chartered Bank is the Global Lead Arranger for the project.
“This project is a cornerstone of the World Bank Group’s Energy Business Plan for Nigeria to support the country’s extensive energy reform program,” said Bernie Sheahan, Director for Infrastructure at IFC.
“The World Bank Group’s substantial involvement in the Azura-Edo power project is a clear confirmation of our commitment to help the Federal Government of Nigeria develop a sustainable gas-to-power sector”.
IFC has worked closely with its sister institutions of the World Bank Group, which are providing additional support to this landmark transaction: the Azura-Edo IPP is the first project to benefit from the World Bank Guarantees to support the mobilization of private capital in the power sector in Nigeria, and will further gain from political risk insurance to be provided by MIGA for equity and commercial debt.
As the first project-financed greenfield independent power project in Nigeria since the country’s ambitious power sector reforms, the transaction is expected to form a replicable model for future power plants in the country, and as such pave the way for further private sector investment in Nigeria’s energy sector.
Currently, it is estimated that only 35% of the population has access to electricity in Nigeria, despite the country housing the world’s eighth largest gas reserves.
General News
Court Remands Akujobi, Ex Access over alleged Theft of N294.5m

Chinonso Akujobi, former staff of Access Bank in Lagos, has been remanded in Ikoyi prison after she was arraigned on a five-count charge bordering on stealing to the tune of N294.5m.

Akujobi who is being prosecuted by the Economic and Financial Crimes Commission (EFCC) was arraigned before Justice I.O. Ijelu of the State High Court sitting in Ikeja, Lagos.
EFCC alleged that Akujobi stole the money between January and December 2025 while under the employment of Access Bank Plc.
As stated in one the charges, the defendant stole the money through unauthorized payments from the general ledger of Access Bank to her account number 0036668871 with the name Chinonso A., Uchechi A. and Florence A., thereby committing an offence of stealing, contrary to Section 280 and punishable under Section 287 of the Criminal Law of Lagos State, 2015.
The defendant pleaded “not guilty“ to the charges when they were read to her.
In view of this, S.M.Yabo, prosecution counsel, asked the court for a trial date and also prayed for the remand of the defendant in a Correctional centre.
Justice Ijelu, thereafter, adjourned the case till October 8, 2026, for the hearing of the bail application and the commencement of trial.
The Judge also ordered that the defendant be remanded in the Ikoyi correctional Centre.
General News
NSIB Faults Runway Identification, Reveals Cockpit Disagreement in Asaba Jet Incident

The Nigerian Safety Investigation Bureau (NSIB) says the flight captain of the VMO Aero aircraft that landed on a roadway near Asaba Airport in Delta State told investigators that the observer pilot mistakenly identified the paved road as the runway before touchdown.

The bureau disclosed this in a preliminary report released on Thursday on the June 10 incident, which prompted the Nigeria Civil Aviation Authority (NCAA) to ground the private jet.
The aircraft had seven people on board, including the pilot-in-command (PIC), second-in-command (SIC), an observer pilot, a cabin crew member and three passengers.
According to the report, the aircraft was cleared by Air Traffic Control (ATC) to approach Runway 11 at Asaba Airport after the crew requested a right orbit.
The crew initially discontinued the approach, executed a missed approach and repositioned for a second landing attempt.
NSIB said the crew reported that the aircraft’s navigation systems indicated it was correctly established on the published RNAV Runway 11 approach.
“The PIC and SIC reported that the observer pilot identified the paved surface ahead as the runway,” the report stated.
However, the observer pilot gave investigators a different version of events.
According to NSIB, he said the aircraft remained inside cloud until late in the approach and that the Ground Proximity Warning System (GPWS) repeatedly issued “TERRAIN, TERRAIN, PULL UP” alerts.
He also said he observed a telecommunications mast directly ahead and instructed the flight captain to abandon the approach and climb immediately.
The bureau further disclosed that a cabin crew member reported that one of the passengers became concerned after overhearing discussions among the pilots and asked whether one of them was undergoing training. The passenger was reportedly reassured that all three pilots on board were experienced captains.
NSIB said no abnormal events were reported in the cabin before touchdown.
The aircraft eventually landed at about 8:57 a.m. on an under-construction paved roadway near Asaba Airport instead of the designated runway.
The bureau said its investigation into the incident is ongoing, while the preliminary report highlights conflicting accounts among the cockpit crew over the circumstances that led to the erroneous landing.
General News
EU warns Meta over addictive Facebook, Instagram designs, threatens fines

European Union has warned Meta Platforms Inc. that it could face a significant financial penalty unless it changes what regulators describe as the “addictive design” features of Facebook and Instagram.

The European Commission issued the warning in preliminary findings released on Friday, saying Meta had failed to sufficiently address risks posed by its platforms, particularly to children and vulnerable users.
The Commission said features such as infinite scrolling, personalised content recommendations and automatic video playback were designed in ways that encouraged excessive engagement with the platforms.
EU Executive Vice-President for Tech Sovereignty, Security and Democracy, Henna Virkkunen, said protecting the physical and mental well-being of European citizens should be a priority for social media companies.
The Commission said Meta should consider introducing design changes, including disabling autoplay and infinite scrolling by default, providing effective screen-time reminders and adjusting recommendation systems to reduce the focus on maximising user engagement.
The findings were issued under the European Union’s Digital Services Act (DSA), which sets obligations for major online platforms to address risks associated with their services.
Meta, however, rejected the Commission’s conclusions, saying it disagreed with the findings but would continue engaging with European regulators.
The company said it had already implemented measures aimed at protecting younger users, including Teen Accounts that allow parents to manage screen time limits and restrict access during night hours.
The EU said its investigation, which began in 2024, found that existing time-management tools on Facebook and Instagram could easily be bypassed, while parental controls required technical knowledge that limited their effectiveness.
Regulators also expressed concerns over children’s nighttime use of the platforms and the possibility that features such as Reels and Stories could encourage compulsive behaviour.
If the Commission’s preliminary findings are confirmed, Meta could face a fine of up to six per cent of its annual global revenue under the DSA.
The warning comes as the EU steps up efforts to strengthen online safety measures for children, with an expert panel established by European Commission President Ursula von der Leyen expected to present recommendations on protecting minors online.
Several EU member states, including France, have also supported discussions on restricting social media access for children, following Australia’s decision to ban users under 16 from accessing social media platforms.
Meanwhile, the Commission is continuing a separate investigation into whether Meta’s recommendation algorithms create “rabbit hole” effects by directing users towards increasingly extreme content.
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