General News
IFC to Provide $80M Debt Financing to Azura-Edo Investment
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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
Ghana Shines as Host of QNET’s Groundbreaking V-Africa 2025 Event
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Ghana took center stage as the host of QNET’s highly anticipated V-Africa 2025, a regional edition of the company’s flagship convention.
From February 20 to 23, 2025, the Accra International Conference Centre welcomed over 4000 participants from across the Sub-Saharan Africa region to experience four days of empowerment, networking, and innovation.
The convention spotlighted QNET’s exclusive product offerings, which provide immersive entrepreneurship training and contribute significantly to Ghana’s tourism and economic growth. V-Africa 2025 showcased Ghana as a hub for entrepreneurial excellence.
Trevor Kuna, Chief Marketing Officer for QNET, expressed his enthusiasm: “Hosting V-Africa 2025 in Ghana is a testament to our commitment to supporting entrepreneurs in Africa.
This event isn’t just about showcasing our brand—it’s about empowering individuals to achieve their dreams while contributing meaningfully to local economies. We look forward to welcoming media representatives to witness QNET’s transformative impact firsthand.”
Empowering Entrepreneurs, Celebrating Culture
The itinerary for V-Africa 2025 included product workshops, dynamic training sessions on business building and entrepreneurship, and an exhibition featuring QNET’s signature product brands, such as HomePure range of home care products, Amezcua’s wellness range, Swiss watch brand Bernhard H. Mayer’s new Collection, and more.
Attendees gained invaluable insights into QNET’s ethos of wellness, sustainability, and entrepreneurship, setting the stage for lasting business growth.
Biram Fall, QNET’s Regional General Manager for sub-Saharan Africa, elaborated on the event’s local significance: “V-Africa 2025 will leave a lasting legacy by empowering Ghanaian entrepreneurs and supporting Ghana’s tourism industry.
“This is more than a business convention—it’s a platform for connection, growth, and transformation.”
Driving Tourism and Economic Growth
As one of the largest events of its kind in Ghana, V-Africa 2025 attracted participants from 25 countries, providing a boost to the local hospitality, transportation, and tourism sectors.
QNET’s commitment to Ghana includes partnering with local stakeholders to ensure the event delivers long-term benefits to the community.
General News
FlashChange CEO Seeks Regulatory Clarity in the Blockchain and Cryptocurrency Industry
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FlashChange, a forward-thinking financial service company that is redefining how digital assets are traded and managed has recently participated at the Lagos Tech Fest, a two-day event that brought together key stakeholders, industry leaders, and tech enthusiasts to discuss the future of technology in Africa.
The CEO of FlashChange, Bidemi Oke made a strong argument for more transparent regulations in the blockchain and cryptocurrency industry at the event, where he stressed the necessity of structured legislation to promote innovation, safeguard investors, and propel economic progress.
Speaking during a panel discussion alongside other panelists on Crypto in Nigeria: Fintech Integration, Real-World Applications and Opportunities, Oke emphasised the difficulties companies encounter because of legislative ambiguity. He urged legislators to work with industry players to create rules that promote responsible expansion while guarding against abuse.
“The potential for blockchain and cryptocurrencies to transform finance and promote financial inclusion throughout Africa is enormous. However, companies and investors continue to have doubts about the industry’s future in the absence of clear regulations. We must develop a framework that strikes a balance between innovation and consumer protection,” Oke remarked.
As one of Nigeria’s top cryptocurrency exchange platforms, FlashChange, has been leading the charge to encourage secure and effective digital asset transactions. While maintaining adherence to international standards, the business keeps pushing for laws that encourage the expansion of the sector.
The Lagos Tech Fest provided a forum for thought-provoking conversations about how technology, finance, and regulation interact in Nigeria. Many industry participants who agreed that a methodical and forward-thinking approach to blockchain governance was necessary found resonance in Oke’s support for regulatory clarification.
General News
Visa Enhances Digital Wallet Experience with Tap to Add Card in CEMEA
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Visa has announced the launch of its new Tap to Add Card feature in Central Europe, the Middle East, and Africa, marking a significant advancement in digital wallet provisioning.
This innovative technology allows cardholders to add their Visa contactless cards to digital wallets with a simple tap on their mobile device, addressing the growing need for secure and streamlined digital payment solutions.
Tap to Add Card enhances security and convenience by eliminating the manual entry process, which is prone to errors and vulnerable to fraud.
The tap generates a unique, one-time code validated by Visa’s Chip Authenticate service, ensuring secure provisioning of card credentials and offering a significantly faster and more secure alternative to traditional methods.
“We are excited to bring the enhanced security and simplicity of Tap to Add Card to West Africa,” said Andrew Uaboi, Vice President and Head, Visa West Africa. “The solution provides cardholders with greater peace of mind when adding a card to a digital wallet, knowing their information is protected by advanced security measures.
“We believe that Tap to Add Card will be instrumental in driving further adoption of digital wallets in West Africa by addressing key security concerns and simplifying the user experience.”
Global Momentum and Regional Impact
The Tap to Add Card feature has quickly gained traction worldwide since its introduction last September by Visa, as part of its suite of new services aimed at enhancing digital payment experiences.
Benefits for the Ecosystem
Tap to Add Card is designed to benefit all stakeholders in the payments ecosystem. Cardholders can enjoy a faster, more convenient, and more secure way to add cards to their digital wallets, encouraging greater adoption of digital payments. For issuers, Tap to Add Card can help reduce the risk and associated costs of provisioning fraud, simplify the add-to-wallet process, leading to fewer customer service inquiries, and improve transaction approval rates.
Similarly, for digital wallets, Tap to Add Card follows Visa security standards, reducing the risk of card compromise and promising a potentially higher token provisioning rate due to fewer card entry errors, while also presenting the opportunity to introduce new customer experiences.
The technology is supported by digital wallets globally, ensuring seamless integration with existing digital wallet experiences.
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