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AfDB, EU Ink Agreements to Co-Finance Road Projects in West Africa

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The African Development Bank (AfDB) and the European Commission have signed five co-financing agreements to support road infrastructure projects in West Africa.

The total cost of the 5 projects co-financed by the Bank and EU is 652 million Euros (428 billion CFA francs). Of this, the Bank contributes 350 million Euros in loans [and grants], the European Commission 105 million Euros in grants (close to 70 billion FCFA), with the remaining amounts financed by other partners, the West African Economic and Monetary Union (WAEMU), the concerned West African countries and other donors.

The agreements were signed by Stefano Manservisi, European Commission Director General for International Cooperation and Development, and Charles Boamah, AfDB Senior Vice-President, during the 6th EU-Africa Business Forum, held in Abidjan. The presidents of the Economic Community of West African States and of WAEMU, West African transport ministers and several donors were present at the signing ceremony.

The cooperation agreements form part of a historic framework agreement known as the Pillar Assessed Grant or Delegation Agreement (PAGODA) between the Bank group and the European Commission (EC) on September 25, 2017. They include blended finance instruments to mobilize grant resources to contribute to the implementation of the Bank’s priorities: light up and power Africa, feed Africa, integrate Africa, industrialize Africa and improve the quality of life for people of Africa.

As the continent’s premier financial institution, the Bank is playing a leading role in meeting the financing needs of African countries. The signing of the PAGODA partnership agreement and of these 5 specific infrastructure projects showcases AfDB’s role in leveraging partner institutions to achieve greater development impact.

According to Boamah, the signing of the delegation agreements “demonstrate the strong partnership between the Bank and the European Commission.  We are on the right path and I am convinced that our cooperation will continue to grow. For the Bank, PAGODA goes beyond a simple financing framework. The stakes are much higher: we must fulfill our commitment to fight poverty by mobilizing additional partners and resources for greater results and impact.”

The PAGODA accords will help fund the rehabilitation of the Lome-Cotonou road, studies and measures for trade and transport facilitation on the Abidjan-Lagos corridor, road development and transport facilitation on the Bamako-San Pedro corridor between Mali and Côte d’Ivoire, as well as the construction of the Rosso bridge between Mauritania and Senegal, and the rehabilitation of the CU2a community road section in Burkina Faso near the border with Niger.

The AfDB and the European Commission are committed to financing development projects focusing on poverty reduction by investing in critical infrastructure to promote seamless connectivity of transport, energy and ICT.


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DBN Awards N13m in Grants to Tech Startups

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Development Bank of Nigeria (DBN) has awarded a total of N13 million in grants to three standout tech startups at the 2025 Techpreneur Summit held in Lagos, reinforcing its commitment to innovation and inclusive growth among Nigeria’s micro, small, and medium enterprises (MSMEs).

DBN Awards N13m in Grants to Tech Startups

The winners include: BuyScrap, a digital marketplace for recyclable materials – N6 million; Qiqi Farms, which connects local farmers to hospitality and export markets – N4 million; Eco-Cyclers, a youth-led recycling initiative based in Enugu – N3 million

Alongside the grant awards, DBN also launched a new digital data asset, a first-of-its-kind platform aimed at enabling data-driven decisions within the MSME ecosystem.

The platform offers deep insights into business trends, sector-specific challenges, and growth opportunities—supporting smarter policymaking and targeted investments.

In his keynote address in Lagos, Tony Okpanachi, managing director/ CEO, DBN,   described the event’s theme, “CTRL + SHIFT: Tech Empowered Movement for Naija,” as a strategic call to reimagine enterprise development in Nigeria.

“This isn’t just a keyboard shortcut,” he said. “It’s a mindset reset—powered by technology—to build a more inclusive, innovative, and resilient business landscape. From financing to innovation, DBN remains committed to enabling MSMEs to thrive.”

Okpanachi emphasized that the Summit aligns with DBN’s AMPLIFI Strategy, which integrates digital transformation, sustainability, and scalability into its core programs.

He highlighted initiatives such as the Digital Shift Workshops and the Eco-Innovation Challenge as key steps toward embedding innovation in Nigeria’s MSME sector.

Encouraging young innovators, he added: “The future belongs to those bold enough to imagine and build it. DBN is proud to support the ideas that will shape tomorrow.”

A major highlight was the unveiling of the DBN Data Asset—a digital platform designed to provide real-time, evidence-based insights into Nigeria’s MSME landscape.

The platform combines DBN’s proprietary data with external sources like the National Bureau of Statistics (NBS) to offer a comprehensive view of MSME performance by region and sector.

Jeremy Dan Okayi, DBN’s Head of Strategy, Policy & Innovation, described the platform as: “A reservoir of insight, potential, and direction—built on two years of collaboration and shared vision. This tool will support informed decision-making across the public and private sectors.”


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FCCPC Shuts France, Belgium, and Italy Visa Centres in Abuja Over Alleged Consumer Rights Violations

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In a bold enforcement action, the Federal Competition and Consumer Protection Commission (FCCPC), supported by the Nigeria Police Force and the Nigeria Security and Civil Defence Corps (NSCDC), has sealed off the visa application centres of France, Belgium, and Italy in Abuja over alleged consumer protection breaches and obstruction of regulatory investigations.

The affected centres—located at Mukhtar El-Yakub House in the Central Business District and operated by TLS Contact, a Teleperformance Company—were shut down following reports that they refused to accept formal correspondence from the FCCPC regarding a consumer complaint. The Commission cited further infractions, including obstruction of investigation and alleged assault of its officers during lawful duties.

Speaking to journalists at the scene, Mrs. Boladale Adeyinka, Director of Surveillance and Investigations at the FCCPC, explained: “This is an enforcement operation against TLS. On March 25, 2025, we served them a letter to address a consumer complaint, which they refused to accept. Instead, TLS officers assaulted our team, and in a subsequent visit on June 17, they also allegedly assaulted uniformed police officers.”

Citing Section 33 of the Federal Competition and Consumer Protection Act (FCCPA), Mrs. Adeyinka emphasized that failure to comply with Commission directives constitutes a criminal offense, punishable by imprisonment, fines of up to ₦20 million, or both.

TLS has been ordered to appear before the Commission on June 20, 2025, to provide testimony, submit evidence, and make formal depositions. The company may be held liable for any financial losses suffered by applicants due to the disruption of visa services.

Despite multiple requests for comment, management at TLS Contact declined to respond as of press time.


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How and Why N210 Trillion is Missing in NNPCL – CFO

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Adedapo Segun, chief financial officer (CFO), Nigerian National Petroleum Company Limited (NNPC), has explained why there is a missing sum of N210 trillion in the company’s audited financial statement spanning from 2017 to 2023.

How and Why N210 Trillion is Missing in NNPCL - CFO

According to Segun, the missing funds are cash calls requested by joint venture (JV) partners and settlement to the JVs.

He spokeat a session of the Senate Committee on Public Accounts chaired by Aliyu Wadada.

Segun was responding to an alarm raised by the committee over missing N210 trillion in NNPCL’s audited financial statement.

Recall that Wadada issued a one-week ultimatum to NNPCL to account for the missing N210 trillion.

Reacting, Segun said, “The N103 trillion and N107 trillion are made up of joint venture cash calls that have been requested by the JV operators and JV cash call payments made by NNPCL, which are yet to be reconciled because governance procedures were not done at that time.

“That is why you see the description reflecting those two items would be washed out because they are two sides of the same transaction, which is the cash calls by JV partners and the settlement by NNPCL.”

However,  Habu Sadeik, a financial analyst, in a post on X on Thursday, said Segun’s response was unsatisfactory.

Saidik faulted NNPCL’s response about the fund discrepancies, noting that something is not right with the audited financial statement.

“Forget about the senators’ lack of knowledge.

“The CFO’s response is not satisfactory. Are you saying that cash calls worth hundreds of trillions are just appearing on your FS only in 2024 without 31 disclosure?

“If it’s a cash call, why hasn’t the disclosure said so?

“Which cash call is over 100 trillion?

“Something is definitely not right, and I hope they retrospectively correct that FS.

“Someone somewhere did a chef’s work,” he wrote on X.

 

 


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