General News
Nigeria, Others Float African Energy Bank with $5bn Takeoff Capital

The African Petroleum Producers Organisation (APPO) has floated the African Energy Bank with $5 billion capitalisation.

The project feeds into the continent’s move to break away from hurtful dependence on foreign lenders who are becoming increasingly reluctant to fund hydrocarbon-related projects.
Mr. Omar Farouk Ibrahim, Secretary General of APPO, disclosed this at the Nigerian Local Content African Continental Free Trade Agreement (AfCFTA) Energy Summit organised by the Nigerian Content Development and Monitoring Board (NCDMB) in partnership with the Petroleum Technology Association of Nigeria (PETAN) in Lagos.
The APPO Scribe announced that the African Energy Bank will start operations in 2024, adding that the 18 member nations of APPO have started paying up their shareholding, which is $83 million per country.
He affirmed that the African Energy Bank would be a veritable platform to fund oil and gas projects within the continent and mitigate the withdrawal of international financiers because of the clamour for renewable energy.
Ibrahim also confirmed that APPO was working to establish international research centres of excellence in different regions of the continent, which would cater to the research needs of oil companies operating in Africa and curb their dependence on international research centres for research solutions.
He stated that APPO is working to enhance the market for African oil and gas resources and ensure that crude oil and gas resources that are produced in Africa get consumed within the African continent.
He explained that the move by APPO is important because of the threat of energy transition, which is expected to substantially shrink the demand for crude oil and gas resources internationally.
‘‘Another important and related action is the construction of a continent-wide pipeline system that could convey crude oil, refined products, and gas across different countries of the continent,’’.
The APPO boss advocated for synergy among African countries, hinting that no African oil-producing country can provide the financial, technological, and marketing resources that it needs to be self-sufficient, adding that “if resources are pooled together, African countries can go far”.
He advised Nigerian oil and gas companies to be diplomatic when engaging their counterparts from other African countries and to co-opt other nationals when planning to operate in foreign jurisdictions.
“You need to have diverse shareholding and include nationals from other countries when you move to other African countries to operate. Do not create the impression that you want to dominate.”
Earlier in his remarks, the Executive Secretary of NCDMB, Mr. Felix Omatsola Ogbe, advocated the removal of visa restrictions among African nations, the creation of a database of available skills, and the simplification of cross border deployment of labour.
Represented by Mr. Ama Ikuru, the Director of Corporate Services, NCDMB, the Executive Secretary harped on the need to unlock barriers that are inhibiting free intra-Africa trade and advised African leaders to create unified codes and standards for goods and services, reform the services sector, and enhance trade facilitation programmes.
He assured that the NCDMB will continue to partner with stakeholders such as PETAN, APPO, and other continental and regional bodies to position Nigerian oil service providers to take advantage of the big market opportunities that AfCFTA offers.
Speaking at a panel session at the summit, the Director of Finance and Personnel Development, NCDMB, Dr. Obinna Ofili, expressed worry over the financing prospects of some key initiatives of AfCFTA.
He equally observed that the ongoing geopolitical conflicts were affecting the inflow of international funding into the African oil and gas industry.
He recommended that APPO should develop a financial strategy for its strategic plans and should mobilize funds from different sources, including from international financiers.
Ofilli advised other African oil-producing countries to setup a financing programme like the Nigerian Content Intervention Fund (NCI Fund), to support the growth of their local supply chain.
In his contribution, the Director of Monitoring and Evaluation, NCDMB, Mr. Abdulmalik Halilu, urged oil-producing countries to specialise in different manufacturing and service areas of the oil and gas industry and develop their competencies to the right specifications, so they can trade among themselves.
Citing an example with the manufacturing of complex equipment where the critical components are produced by different original equipment manufacturers (OEMs) and assembled at a designated factory, Halilu explained that such a model will ensure that each African country develops a competitive advantage and can contribute effectively to the African oil and gas industry.
He hinted that Nigeria had already completed two Oil and Gas Parks where manufactured components or services can be assembled at competitive costs.
He stressed the need for close collaboration among African oil-producing countries as well as between African OEMs to enable the success of AfCFTA.
Halilu listed other critical factors as trade liberalisation, uniform standards, measurements, and enforcement tools.
General News
UBA, NiDCOM Deepen Collaboration to Unlock Diaspora Capital for Nigeria’s Growth

United Bank for Africa (UBA) Plc, Africa’s Global Bank, has reiterated its commitment towards building tangible economic bridges and strengthening diaspora-driven investment into Nigeria.

L-R: Group Managing Director/CEO, United Bank for Africa (UBA) Plc, Oliver Alawuba, Chairman/CEO, Nigerians in Diaspora Commission (NiDCOM, Hon. Abike Dabiri and Chief Executive Officer, UBA UK, Loknath Mishra, during a strategic engagement with the African diaspora at the UBA UK Office, London.
UBA’s Group Managing Director/Chief Executive Officer, Oliver Alawuba, stated this on Monday, while hosting key representatives from the Nigerians in Diaspora Commission (NiDCOM) led by its chairman/CEO, Hon. Abike Dabiri, at the bank’s UK office.
The strategic visit comes on the heels of UBA’s recently launched Diaspora Banking platform, which is designed to provide a seamless, integrated platform for Africans in the diaspora to bank, invest, and manage their financial obligations back home, thus connecting global Africans with investment and wealth opportunities.
The bank launched the platform, with leading ecosystem partners representing a major step in redefining diaspora banking beyond remittances toward structured wealth creation and long-term investment.
During the strategic meeting with the NIDCOM officials at the UBA UK office on Monday, Alawuba underscored the diaspora’s critical role as a powerful economic force and a generation of builders shaping new narratives for the continent.
While emphasising UBA’s role as a trusted partner for Nigerians at home and abroad, he said, “With UBA, you have a financial partner that is with you, that understands what you are going through, and that can support you to make sure you realise your aspirations, both here and in the country.”
Alawuba further encouraged the diaspora to leverage the opportunities within Africa’s economic landscape, stating: “You are not limited here; you have opportunities on the continent, and we want you to make good use of them. That is where banking, and we at UBA, become the connecting point that you need to access the opportunities back home. Whether you like it or not, the returns are high in Africa, and we are here to help you navigate that space.”
He also took time to reiterate the Bank’s readiness to leverage its global network and innovative financial solutions to support diaspora engagement.
The Chairman/CEO, NiDCOM, Hon. Abike Dabiri-Erewa, who commended UBA for being a trusted financial partner over the years, especially with the recent launch of its diaspora platform, praised the resilience and success of Nigerians abroad while calling for a stronger focus on constructive narratives.
She said, “Many of you here are the real game-changers. “For years, it has been wonderful engaging Nigerians all over the world. When I started, it felt like we only heard the bad stories, not the good ones. What we have tried to do internationally is to tell and celebrate the good stories. We have Nigerians doing well all over the world, and they are in this room. We must continue to celebrate you.”
While remarking that the meeting demonstrates a significant step in aligning public and private sector efforts to deepen diaspora inclusion and accelerate Nigeria’s development agenda, she pledged closer collaboration in driving policies and initiatives that encourage Nigerians abroad to actively participate in the country’s economic growth.
The discussions further highlighted UBA’s unique position to facilitate cross-border payments, unlock high-yield investment opportunities, and connect diaspora enterprises to markets across the continent.
With a robust global footprint and an unrivalled African presence, UBA continues to serve as the critical link for those looking to engage with the continent’s growing economy.
United Bank for Africa is one of the largest employers in the financial sector on the African continent, with 25,000 employees group-wide and serving over 45 million customers globally. Operating in twenty African countries, the United Kingdom, the United States of America, France and the United Arab Emirates, UBA provides retail, commercial and institutional banking services, leading financial inclusion and implementing cutting-edge technology.
General News
FG Deploys Technology, Approves $54m Drugs to Tackle Tuberculosis

Federal government said that it is adopting technology and innovation to speed up eradication of tuberculosis and other infectious diseases.

It also said $54 million had been approved for the procurement of drugs, especially for treatment of tuberculosis and HIV, to prevent stock-outs of life-saving medicines.
Speaking at the 2026 Pre-World Tuberculosis Day briefing in Abuja, organised by Stop TB Partnership Nigeria, Dr. Charles Nzelu, director, Public Health at the Federal Ministry of Health and Social Welfare, said the present government was making giant strides in addressing challenges in the health sector.
Nzelu said the ministry, under the leadership of Professor Muhammad Pate, had prioritised TB as a major pillar of the health agenda.
As part of the implementation of National Strategic Plan (2021-2026), Nzelu, said the ministry had adopted technology to help achieve the target of stopping tuberculosis from constituting a public health risk in the Nigeria.
He stated, “To bridge the gap, we are leading with innovation. Specifically, this year, the National Tuberculosis and Leprosy Control Programme (NTBLCP) is spearheading the national rollout of the Pluslife Mini Dock diagnostic platform.
“This near-point-of-care technology is a game-changer, allowing us to bring molecular-grade testing to the most remote communities, ensuring that no Nigerian is left behind due to geography.
“Nigeria is rolling out over a thousand of this diagnostic equipment. But technology is only as strong as the systems that support it.
“We are currently focused on strengthening our electronic reporting systems to ensure real-time data flow from the facility level to the national dashboard.”
Nzelu said transparency allowed the ministry to manage the supply chain effectively and prevent stock-outs of life-saving medicines.
In her remarks, Dr. Queen Ogbuji-Ladipo, board chair, Stop TB Partnership Nigeria, said the country had witnessed remarkable milestones in the fight against tuberculosis.
They included the mobilisation and engagement of high-level TB champions at the national, state, and local levels; strengthened collaboration with government and private-sector actors; increased advocacy for domestic financing; and expanded public awareness of TB prevention and care, Ogbuji-Ladipo said.
She, however, said there were challenges in funding to be addressed with the changing global health financing landscape and dwindling donor support.
According to her, “This reality makes domestic resource mobilization for TB more important than ever before. Sustainable financing from government budgets, private sector contributions, and innovative financing mechanisms will be critical to sustaining TB programs.”
In its presentation, Dr. Temitope Adetiba, TB Programme Lead – Institute of Human Virology (IHVN and Global Fund Project, said under the Global Fund Grant Cycle 7 for TB and HIV response, Nigeria had recorded over 300,000 TB case detection across the country.
In addition, IHVN said more than 3,000 drug-resistant TB cases were identified and linked to care, while over 2.3 million pregnant women were screened for TB and HIV across 2024 and 2025.
It also said Nigeria was increasingly taking TB and HIV services to the people within communities, households, and the private sector.
Dr. Mayowa Joel, executive secretary of Stop TB Partnership Nigeria, said the theme, “Yes We Can End TB”, was action oriented.
Joel said the theme challenged all stakeholders to move beyond discussions and commitments toward practical action.
He said, “This means ensuring that TB diagnostic services, treatment, and care reach everyone who needs them, especially through Primary Health Care, where most people first access health services.”
Dr. Mya Ngom, representative of Country Director of World Health Organisation (WHO), said Nigeria had made tremendous progress in responding to the epidemic.
According to Ngom, “In 2024, Nigeria reported 405,324 TB cases having increased from 106,533 cases in 2018, while 335,003 TB cases were reported in the three quarters of 2025.”
He said, “Expectantly, eighty percent (80 percent) of the estimated 510,000 incident TB cases will be detected and notified when the entire 2025 TB notification report is received. While this progress is encouraging, the fight against TB is far from over.
“The number of undetected TB cases averaging 175,000 cases constitutes a pool of reservoir that fuels on-going transmission of TB in the community as one undetected infectious TB case can infest between 12-15 persons per year.
“The emergence of Multi-Drug-Resistant TB (MDR-TB) and the high number of HIV further complicates the burden of TB in the country.”
General News
Luno Launches First Crypto Prediction Market in Nigeria

Luno, an Africa-founded global exchange, has launched a structured Crypto Prediction Market, ushering in a new chapter for Nigeria’s cryptocurrency market.

This platform enables users to forecast short-term price fluctuations of key cryptocurrencies, such as Bitcoin , Ethereum , Solana, Dogecoin, Ripple, and earn USDC payments when when their predictions are accurate.
Powered by Limitless, the platform rewards right forecasts with USDC, a fully supported stablecoin.
This launch reflects shifting investment trends in Africa’s largest cryptocurrency market. Previously focused on long-term holding or spot trading, retail traders are now looking for tools that allow them to act on market information in a structured, short-term framework.
“We are seeing a clear shift in how Nigerians want to engage with crypto assets,” said Ayotunde Alabi, CEO of Luno Nigeria.
“Many already follow price movements closely and form strong market views; we want to lead with education as well as provide a safe and secure platform to help them apply that knowledge. This feature is designed to be a natural extension for those who enjoy forecasting.”
To mitigate risks, the platform integrates educational resources, dedicated prediction wallets, mandatory risk acknowledgements, and mechanisms preventing users from taking both sides of a market.
Unlike conventional derivatives or open-ended speculation, binary prediction markets are strictly outcome-based. Participants wager on whether an asset will close above or below a specific price target.
While this opens opportunities, it also carries high risk, as incorrect predictions result in total loss of the committed capital.
The launch could influence broader trends in African fintech. By introducing regulated, outcome-based products, exchanges can cater to a more informed investor base while promoting financial literacy.
For Nigeria, this could mark a turning point moving the market from passive participation to data-driven trading, providing a framework for responsible engagement in increasingly complex digital asset markets.
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