The Board of Directors of the African Development Bank Group has approved a financing package of up to $184.1 million to support the development of the Obelisk 1-gigawatt solar photovoltaic project and 200MWh battery energy storage system in Egypt, which will be Africa’s largest solar power plant.

Located in Qena Governorate in southern Egypt, the project entails the design, construction, operation, and maintenance of a photovoltaic power plant with an integrated battery energy storage system. The Egyptian Electricity Transmission Company will be the sole off-taker under a 25-year Power Purchase Agreement.

The project’s total cost is estimated at more than $590 million. The Bank Group’s financing package includes $125.5 million of ordinary resources, as well as concessional funding from Bank Group-managed Special Funds the Sustainable Energy Fund for Africa (SEFA) worth $20 million, and the Canada-African Development Bank Climate Fund ($18.6 million), a partnership of the Bank Group and the Government of Canada.

A further $20 million will come from the Climate Investment Funds’ Clean Technology Fund, with additional financing to be mobilized from a consortium of development finance institutions.

Under Egypt’s Nexus of Water, Food, and Energy (NWFE) platform, Obelisk has been granted a Golden License by the government, which recognizes it as a strategic initiative that will contribute to addressing Egypt’s energy constraints and advancing its energy transition.

Dr. Rania Al-Mashat, Egypt’s Minister of Planning, Economic Development and International Cooperation, said “the Obelisk solar project is another important milestone for Egypt under the energy pillar of the NWFE program which has since its launch in November 2022 at COP27 in Sharm El Sheikh delivered 4.2 GW of privately financed renewable energy investments, worth about $4 billion, with the support of partners such as the Africa Development Bank.

“The goal of NWFE’s energy pillar is to add 10 GW of renewable energy capacity with investments of approximately $10 billion, and phase out 5 GW of fossil fuel power generation by 2030.”

The project, expected to be fully operational by the third quarter of 2026, will generate an estimated 2,772 gigawatt-hours of clean, reliable, and affordable energy annually to the national grid. The battery energy storage system will help meet peak evening demand with renewable power while also mitigating the variability of solar power generation.

The project is expected to reduce annual carbon dioxide (CO2) emissions by approximately one million tons and create about 4,000 jobs during construction and 50 permanent jobs during operation, with a special focus on women and youth employment.

“Obelisk is another landmark development under NWFE that leverages on Egypt’s and the African Development Bank’s leadership as well as commitment to harnessing the country’s renewable energy to enhance the resilience of the country’s energy supply to meet its fast-growing energy demand sustainably,” said Kevin Kariuki, African Development Bank Vice President for Power, Energy, Climate, and Green Growth.

“This project also contributes to Egypt’s ambition of producing 42 percent of its power generation capacity from renewable energy sources by 2030 while spurring economic growth and reducing greenhouse gas emissions,”

Ambassador of Canada to the Arab Republic of Egypt Ulric Shannon said: “Canada is proud to support solar energy development in Egypt. This initiative is a meaningful step toward enhancing energy security and stability, with direct benefits for the Egyptian people.

“We are pleased to collaborate with the African Development Bank and other partners in supporting Egypt’s transition to a sustainable, low-carbon economy.”

The Obelisk Solar Project aligns with the African Development Bank’s Ten-Year Strategy, its New Deal on Energy for Africa, and its Country Strategy Paper for Egypt as well as SEFA’s strategic framework which aims to accelerate African countries energy transition by increasing the share of renewables and catalyzing commercial capital mobilization in the power sector. The project also advances Egypt’s commitment to achieve 42 percent generation capacity from renewable energy sources by 2030.

“This project exploits the abundant renewable energy potential in Africa and demonstrates how strong partnerships and innovative solutions contribute to balancing three core objectives in the energy sector, namely energy security, affordability, and sustainable economic development,” said Wale Shonibare, Director of Energy Financial Solutions, Policy, and Regulation at the African Development Bank. “It has high potential for replicability across the continent.”

Office of the Surveyor General of the Federation (OSGOF) and the National Space Research and Development Agency (NASRDA) have pledged to deepen collaboration in key national development areas, including geospatial data infrastructure, satellite technology, communication sector regulation, and population census operations.

This was the outcome of a high-level meeting held on Tuesday at the headquarters of OSGOF in Abuja, where Abudulganiyu Adeyemi Adebomehin, surveyor General of the Federation, received Dr. Matthew Adepoju, director general of NASRDA, and his management team.

This was disclosed in a statement issued on Wednesday by Henry David, head, Information and Public Relations, Office of the Surveyor General of the Federation, titled ‘SGOF Pledges To Support NASRDA For Optimal Performance.’

According to the statement, the discussions at the meeting focused on the impact of upstream and downstream operations in Nigeria’s communication sector, challenges of mast proliferation near residential areas, and the broader implications for public health. Both agencies expressed concern over the unregulated installation of communication infrastructure and its potential link to rising cancer rates.

“The downstream sector of communication companies involves placing signal-receiving stations within living communities, which poses significant health risks due to radiation,” the two agencies said in a joint position. “Co-location of infrastructure, as practised in developed countries like the UK and US, should be adopted here to reduce radiation exposure.”

The two agencies called for stronger regulation of telecommunication operators, noting that television and radio signal disruptions—commonplace in Nigeria—are largely due to a lack of oversight, a situation that does not persist in countries with stringent telecom regulations.

Addressing issues of national data management, the agencies stressed the critical need for collaboration with the National Population Commission (NPC) in the upcoming national census. “Without the input of NASRDA and OSGOF, the census will remain speculative,” they jointly noted.

On geospatial data, both parties resolved to work together to strengthen the National Geospatial Data Infrastructure, which they described as vital for national planning and development.

In his remarks, Surveyor General Adebomehin expressed firm support for NASRDA’s initiatives. “I will defend NASRDA to the best of my ability. If you need software engineers, we have capable hands here,” he said. “Keep encouraging your staff. Behind every successful organisation in the world, you will find Nigerians. We are in full support of your mission.”

Adebomehin urged NASRDA to engage the Presidency directly in acquiring high-precision satellite systems. “You need a satellite that can deliver accuracy of less than 10 centimetres,” he said. “This will reduce the government’s losses from MDAs sourcing satellite services externally.”

Duniya Magaji Joseph, director of Geodesy at OSGOF,  called for improved inter-agency collaboration, especially with the military. “Anytime the military collaborates with OSGOF, the outcome is always better,” he said. “We need to overcome the tendency to work in silos driven by funding concerns and instead focus on joint advantages.”

NASRDA’s DG, Dr. Matthew Adepoju, said his agency is working with the Ministry of Steel Development on mineral exploration projects, including the identification of new sites for raw materials such as steel and limestone. He stressed the importance of OSGOF’s technical input in these initiatives.

“We’ve agreed to support the Ministry of Steel Development in identifying new resource locations,” Adepoju said. “But I don’t want NASRDA to go it alone. We want OSGOF fully involved so that roles are clearly defined, and the synergy is more impactful.”

To mark the visit, NASRDA presented symbolic gifts, including a plaque and a vest, to the Surveyor General in appreciation of OSGOF’s commitment to partnership.

The meeting, held in Abuja, concluded with both agencies reaffirming their shared mandate to support national development through technology, data integration, and inter-agency cooperation.

The Securities and Exchange Commission (SEC) has warned investors that Crypto Bridge Exchange (CBEX), operating under the corporate identity of ST Technologies International Ltd, also known as Smart Treasure/Super Technology, remains banned in Nigeria, insisting that it has not been registered by the commission.

SEC’s position followed reports that traders on the controversial CBEX platform are now back and able to access their accounts and trade, with renewed assurance after the digital platform abruptly shut down in April, thereby trapping investors’ funds in excess of N1 trillion.

In a public notice issued on Wednesday, SEC advised the public to refrain from patronising or transacting any investment-related business with CBEX.

However, the commission was silent on what steps it would take against the trading platform and its promoters, having earlier declared that CBEX was not registered or authorised by it to embark on offer investment-related services to the Nigerian public.

The notice read: “The attention of the Securities and Exchange Commission has been drawn to media reports indicating that CBEX (Crypto Bridge Exchange), operating under the corporate identity of ST Technologies International Ltd, also known as Smart Treasure/Super Technology, has resumed operations across Nigeria.

“According to the reports, CBEX promoters are demanding $200 from their subscribers with balances above $1,000, and $100 from those with less than $1,000 balances before withdrawals can be processed.”

The commission stated unequivocally that neither CBEX nor ST Technologies International Ltd (or Smart Treasure/Super Technology) is registered with it or authorized to offer investment-related services to the Nigerian public.

“As a matter of fact, enforcement action has already been initiated against CBEX and its promoters following its previous unauthorized investment activities and the commission is collaborating with relevant law enforcement agencies to properly investigate CBEX/ST Technologies International Ltd and will take appropriate actions in line with the provisions of the Investments and Securities Act 2025.

“The Nigerian public is accordingly advised to refrain from patronising or transacting with CBEX /ST Technologies International Ltd (Smart Treasure or Super Technology) as they risk losing their funds,” it said.

It, therefore, advised the public to verify the registration status of investment platforms via the commission’s dedicated portal before transacting, adding that it remains committed to protecting investors and maintaining market integrity.