News
New Generation Consortium Needs $4.5Bn to Rejig Nitel

New Generation Telecommunications Consortium, the preferred bidder for the purchase of a controlling stake in Nitel/Mtel may have won the first phase of the battle for what is left of the beleaguered national carrier, but the enormous financial weight needed to rejig the carrier may prove fiercer, Nigeria CommunicationsWeek can now reveal.
In the short to medium terms, New Generations Telecom requires at least $4.5 billion to bring the first national operator to the level of competitions in the market and in the present very tough global financial market, the amount is staggering.
Apart from the $2.5 billion bid price for Nitel, the investors must source at least additional $2 billion to fast track the market re-entry of the national carrier and bring the carrier to the level of competitions like MTN, Glo, and Zain.
Nigeria CommunicationsWeek gathered that the fear is that after spending about $4.5 billion, the investors may not expect any return on investment at least in the next 10 years because the market is nearing saturation.
An official of the consortium who spoke on the condition of anonymity asked “don’t you think we have studied the market and worked out the business module that suits the national carrier before we put our best foot forward?”
The official said the consortium is bent on breaking the jinx and myth that surround successive failed attempts to sell government stake in the now comatose Nitel.
According to him, most of the funds will be sourced offshore. “We are not looking for local financing, Minerva Group; you will recall is our main financial backer. Money is not more important as financial and technical know-how,” the official added.
Expressing readiness of the group to pay, the official, said “if the National Council on Privatization (NCP) approves, today, we will hand BPE our draft in tomorrow.”
Chigbo Anichebe, spokesman for the Bureau of Public Enterprises (BPE) confirmed that NCP, the final okaying authority is yet to sit to approve the transaction.
He told Nigeria CommunicationsWeek that when the NCP approves the sale, the preferred bidder will be given 10 days to pay 30 per cent of the $2.5 billion (amounting to some $750 million) while the remaining 70 per cent must be paid within 60 days.
Meanwhile, the preferred bidder is rumoured to have string of suitors with deep wallets as well as technical and managerial expertise eager to turn around the fortunes of the national carrier.
They are eyeing Nitel’s tremendous goodwill, frequency, Sat-3 and landed properties.
An inside source said “that way, we hope to use the avalanche of cash that will available to restart the network. The truth is that the $2.5 billion by New Generation Consortium is unnerving.”
According to the BPE, New Generation Consortium’s $2.5 billion was followed by Omen International’s $956 million. Others are Brymedia Consortium $551 million and AFZ/Spectrum consortium $375.5 million and MTN which bidded for only SAT-3 and offered $25 million.
According to the source, negotiations among the parties have been characterized by hard bargaining and shrewd exchanges.
It would be recalled that New Generation Consortium etched its name in the record books after it emerged the preferred bidder for Nitel. It was a landmark privatization deal in any developing country outside the oil and gas sector.
Nigeria CommunicationsWeek gathered that the New Generation Telecom Consortium involved is made up of GiCell, local telco, China Unicom (Europe) and Minerva. Others are Sumatra Star GT Limited, Unified Access Licencee, and BGL Private Equity Limited, a subsidiary of BGL Plc.
GiCell Wireless on the other hand is jointly owned by GIC Nigeria Limited and Usman Ahmed Gumi, proprietor of G-Cell Nigeria Limited which is a rural telephony operator.
While GIC Nigeria Limited owned two-thirds equity, Gumi owned the balance one third of GiCell.
GIC Nigeria Limited with share capitalization of N500, 000 and located on Cemetery Road, Onitsha, Anambra State is owned by Ifeanyi Chima (N400, 000 shares) and Ikeme Chima (N25, 000). They are both directors of the company with Corporate Affairs Commission (CAC) Company Registration number RC 207962.
News
Nigeria Taps $190M JICA Loan to Power Underserved Communities

Nigeria is seeking a $190 million renewable energy loan backed by the Japan International Cooperation Agency (JICA), according to Adebayo Adelabu, minister of power.

Minister Adebayo-Adelabu
In a statement released by the ministry on Saturday, Adelabu disclosed the plan during the 9th Tokyo International Conference on African Development (TICAD 9) in Yokohama, Japan, where the Nigerian delegation led by President Bola Tinubu held high-level discussions on power, infrastructure, and industrial transformation.
Adelabu said the facility is aimed at scaling distributed renewable energy solutions across underserved communities. “This builds on the recently launched $750 million World Bank Distributed Access through Renewable Energy Scale-up (DARES) programme under the Mission 300 Compact, which aims to bring clean and reliable electricity to more than 17 million Nigerians,” the ministry said.
The minister also held talks with Japanese corporations including Toshiba, Hitachi, Japan’s transmission and distribution corporation, and energy exchange corporations. Discussions focused on strengthening transmission infrastructure, improving operational efficiency, and cutting system losses.
The ministry said these engagements build on recent Federal Executive Council approvals for counterpart funding of N19.08 billion to unlock a $238 million loan from JICA. The loan will finance the expansion of the national grid, including the construction of over 200km of new 330kV and 132kV double circuit lines, six new substations, and extensions to existing facilities.
Three substations funded through a $32 million JICA grant—located in Apo (FCT), Keffi (Nasarawa), and Apapa (Lagos)—are also set for commissioning, a move expected to boost supply reliability for households, industries, and business hubs, including the Lagos Port.
Speaking during a panel session themed “HICKARE Africa: Harnessing Innovation, Co-creation, and Knowledge for Accessible and Resilient Energy for Africa”, Adelabu highlighted Nigeria’s energy gap, noting that only 55–60 percent of the population currently has access to electricity, much of which is unreliable.
He outlined the government’s approach to expand grid access in urban areas while accelerating off-grid solutions such as solar mini-grids and standalone systems in rural and peri-urban communities. He pointed to challenges including limited access to affordable capital, high costs for rural households, and the under-utilisation of productive-use equipment.
Despite these hurdles, the minister reaffirmed the government’s commitment to reforms through supportive policies, private-sector collaboration, and increased local manufacturing of renewable energy components.
Adelabu commended JICA and the Japanese government for their “long-standing support” to Nigeria’s power sector, praising their contributions to infrastructure, training, technical studies, and financing. He expressed optimism for deeper partnerships between both countries in driving Nigeria’s energy transition.
News
Banigbe, T2 CEO says Nigeria’s Growth Hinges on Learning, Innovation, and Afrocentric Content

Obafemi Banigbe, chief executive officer of T2, has stressed that Nigeria’s long-term economic transformation depends on continuous upskilling, digital learning, and workforce adaptability.
Speaking as Special Guest at the 32nd Annual Trainers’ Conference (ATC 2025) of the Nigerian Institute of Training and Development (NITAD), held recently at the Shehu Musa Yar’Adua Centre, Abuja, Banigbe warned that without deliberate investment in human capital and technology-driven innovation, the nation risks lagging behind in a rapidly evolving global economy.
Drawing from personal reflections, practical insights, and a forward-looking vision, Banigbe urged Nigerians to reimagine approaches to learning, work, and growth in order to build a prosperous, inclusive, and innovation-led society.
He emphasized that the traditional model of “learning once and working forever” is obsolete.
“With Nigeria projected to become the world’s third most populous nation by 2050, and 70 percent of its citizens under 30, the need for continuous upskilling, digital learning, and adaptability is not optional, it is existential,” he stated.
Banigbe underscored the importance of democratizing access to digital tools, ensuring that every Nigerian child has the same opportunities as peers in developed economies.
He called for the creation of Afrocentric educational content, including culturally relevant cartoons, to help children learn science, mathematics, and history through familiar cultural references rather than foreign identities that disconnect them from their environment.
He also urged a national shift away from a culture that prizes certificates and training hours to one that rewards competence, innovation, and problem-solving.
He envisioned a civil service and workforce driven by solutions rather than processes, stressing that while artificial intelligence may analyze and automate, it cannot dream, uphold ethics, or create new nations, a reminder of the enduring human advantage.
Banigbe further encouraged adoption of cost-effective training models such as online platforms, virtual cohorts, and open-source learning, while acknowledging the continued value of global exposure where local resources fall short.
During an interactive question and answer session, he addressed concerns around affordability, accessibility, and the role of self-driven digital education in shaping Nigeria’s future-ready workforce.
He assured participants that T2 itself is on a path of transformation, committed to delivering world-class services as a proudly Nigerian brand.
In recognition of his contribution to national dialogue and thought leadership, the President of NITAD, James Bulus, presented Banigbe with an Award of Excellence.
News
NACCIMA, TETFund Forge Alliance to Boost Innovation, Skills, Economic Growth

The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) and the Tertiary Education Trust Fund (TETFund) have agreed to a new strategic partnership aimed at driving innovation, entrepreneurship, and workforce readiness.
Led by its National President and Chairman of the Organized Private Sector of Nigeria (OPSN), Engr. Jani Ibrahim, a high-level NACCIMA delegation visited the TETFund headquarters in Abuja today.
The team was received by the Executive Secretary of TETFund, Arc. Sonny S.T. Echono, during what both parties described as a milestone engagement.
Discussions during the meeting focused on collaborative initiatives including entrepreneurship development, support for the green economy, commercialization of academic research, industry–academia synergy, and skills development to better equip graduates for the evolving demands of the labour market.
A key outcome of the meeting was the mutual agreement to sign a Memorandum of Understanding (MoU) and establish a NACCIMA–TETFund Joint Technical Committee that will oversee the implementation of agreed initiatives.
Both sides also expressed commitment to developing additional partnership frameworks that will bolster Nigeria’s competitiveness and economic resilience.
Also present at the engagement, Prof. Umar Bindir lauded the collaboration, highlighting the need for structured, long-term partnerships between academia and the private sector to generate practical solutions to Nigeria’s socio-economic challenges.
Arc. Echono, in his remarks, praised NACCIMA’s leadership in promoting enterprise and innovation, and reaffirmed TETFund’s readiness to work closely with the Organized Private Sector to foster research, innovation, and economic transformation.
This collaboration positions NACCIMA as a key driver of national development, helping to bridge the gap between education, enterprise, and policymaking, while empowering young Nigerians and strengthening the foundation of the country’s knowledge economy.
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