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FCMB Joins REA To Boost Electricity Access For 2M

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FCMB Joins REA To Boost Electricity Access For 2M

In a landmark move to bolster electricity access for millions of Nigerians, the Rural Electrification Agency (REA) and First City Monument Bank (FCMB) have on Thursday 19th June, 2025, at the bank’s head-quarters in Marina, Lagos, entered into a strategic collaboration to provide a ₦100 billion loan facility targeted at accelerating private sector-led deployment of renewable energy solutions across the country.

The agreement supports the implementation of the Distributed Access through Renewable Energy Scale-Up (DARES) initiative. It will enable the deployment of decentralised renewable energy projects aimed at delivering reliable power to approximately 2,000,000 households in unserved and underserved areas across the country.

The signing of these agreements between REA and FCMB signifies the commencement of private sector investment in the Rural Electrification Agency’s renewable energy space, which was catalysed by the $750 million DARES World Bank funding.

The approval of DARES funding by President Bola Ahmed Tinubu, its commencement, and the guidance of the Federal Ministry of Power will undoubtedly lead to increased private sector funding, accelerating the intended impact of supplying electricity to 17.5 million Nigerians in unserved and underserved communities.

Under this partnership, FCMB will provide a revolving loan facility of ₦1 billion per eligible mini-grid developer for a period of two years, with potential for scale-up. The facility will serve as a critical financial instrument for developers engaged under REA’s DARES programme, which is an initiative designed to expand inclusive energy access and stimulate economic growth through the deployment of interconnected and isolated mini-grids, as well as productive-use applications.

Speaking at the event, Abba Abubakar Aliyu, Managing Director and CEO of REA, emphasised the strategic importance of the collaboration. He stated, “This partnership signifies a significant milestone in addressing one of the biggest challenges in decentralised renewable energy deployment—access to finance. Through this facility, developers will have better access to funding that will enable them to scale and meet electrification targets, thus improving the quality of life in rural and peri-urban communities.”

Yemisi Edun, Managing Director and CEO of FCMB, stated,” Our partnership with the Rural Electrification Agency represents a pivotal step in our commitment to powering inclusive growth and economic resilience across Nigeria. Access to reliable energy is a catalyst for enterprise, education, and improved livelihoods, making it a critical development goal. Through this collaboration, we are combining financial innovation with infrastructure delivery to ensure underserved communities are not left behind. Together, we are building pathways for people to thrive by unlocking the power of energy to transform homes, businesses, and entire communities.”

A key highlight of the launch was the introduction of a “Deal Room”. This is a dedicated platform for project developers to engage with REA and FCMB on project financing, structure, and disbursement processes. This will enable developers to better understand the eligibility criteria and project evaluation mechanisms.

The partnership structure provides that FCMB will finance up to 70% of approved project costs, while REA will domicile performance-based grant payments into a reserve account within FCMB to further de-risk the transactions.

Through this collaborative approach, REA and FCMB reaffirm their commitment to bridging Nigeria’s energy access gap, promoting private sector participation, and unlocking investment opportunities within the renewable energy sector.

Thenationonlineng.net

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After Petrol, Dangote Refinery Slashes Cooking Gas Price Lowest In Nigeria [Price Per State Emerges]

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Africa’s largest refinery, Dangote Refinery, has slashed the price of liquified natural gas (LPG), also known as cooking gas to the lowest in 2025, a few hours after cutting petrol rate, a move that has sent joy to Nigerian households.

This move came barely 24 hours after the refinery reduced its petrol prices to N820 per litre from N854.

Checks showed Dangote Refinery lowered the cooking gas price, easing hardship for Nigerians.

Checks by Legit on petroleumpriceng’s price data show that the refinery slashed the LPG price to N740 per kg, the lowest among depot operators and cheapest in Nigeria.

The latest price is also the cheapest the refinery has sold cooking gas in 2025 after rates jumped above N1,000 per kilogramme.

Experts have hailed the move as exemplary, urging other operators to follow suit. They also attributed the latest price cut to the declining crude oil prices in the international market.

Where it’s cheapest and costliest

Oyo, Plateau, and Yobe currently offer the lowest 5kg refill costs at ₦7,100, ₦7,200, and ₦7,600, respectively. For the 12.5kg size, Yobe leads with ₦19,000, followed by Niger (₦19,242.48) and Jigawa (₦20,025.94).

At the other extreme, the South-South zone records the highest average: ₦8,871.63 for a 5kg cylinder and ₦22,179.08 for a 12.5kg refill. In contrast, the South-West pays the least regionally—₦7,960.42 and ₦20,402.42, respectively.

A reversal of fortune for Nigerians
This development came after Legit.ng reported that cooking gas prices are on the rise again.

For the fifth straight month, cooking gas prices in Nigeria have risen, tightening the squeeze on household budgets.

According to fresh data from the National Bureau of Statistics (NBS), refilling a 5kg cylinder now costs ₦8,323.95—up 1.92% from May’s ₦8,167.43 and a hefty 19.49% more than in June 2024.

The pain is sharper for larger households. A 12.5kg cylinder refill now costs an average of ₦21,010.56, marking a 1.46% rise from May and a staggering 33.52% jump compared to last year’s ₦15,736.27.

Crude oil prices slump
“International crude oil price is a great factor in setting petroleum product prices globally,” energy analyst and Team Lead at Platforms Africa, Adeola Yusuf, said.

According to him, falling crude prices mean falling petroleum product prices, and vice versa. Findings show that Brent Crude slumped 0.66% on Wednesday, August 13, 2025, to sell at $65.46 per barrel.

WTI fell 0.75% to sell for $62.35 per barrel, while Murban Crude sold for $67.52 per barrel, recording a 0.89% decline.

Why the surge won’t stop
Despite being Africa’s largest oil producer, Nigeria imports much of its cooking gas.

This dependence makes local prices vulnerable to swings in the global market. Disruptions in supply chains, increased global demand, and geopolitical tensions have driven up costs worldwide.

The naira’s persistent weakness worsens the situation, as importers pay more to secure foreign exchange, passing the burden to consumers.

 

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Fuel Scarcity: Petrol Price Rises Above N1,500 As Marketers Shut Filling Stations To Support Strike

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A litre of petrol is selling for as high as N1,700 as fuel scarcity has hit residents of Benue state following the petrol tankers’ protest over unfulfilled compensation

Several filling stations are closed, and black market operators have taken advantage of the situation to hike prices

The sudden shutdown has sent petrol prices skyrocketing to hit new levels as black market operators have taken advantage of the situation.

The state governor has pleaded with the petrol tankers to suspend their strike and return to work.

Petrol Tanker Drivers (PTD) branch of the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) is currently on a 3-day warning strike in Benue state.

In solidarity, petrol station owners in the state shut their doors.

The sudden shutdown has sent petrol prices skyrocketing to hit new levels as black market operators have taken advantage of the situation.

Vanguard reports that desperate motorists and commercial motorcycle operators who have been left stranded are resorting to black market operators who are selling petrol for as high as N1,700 perlitre.

Prices vary depending on the location within the town, with some areas seeing prices at N1,600.

The price is a massive N775 difference when compared to N945 it was sold before the showdown.

According to a member of the Independent Petroleum Marketers Association of Nigeria (IPMAN) in Benue State, who was quoted in the report said the strike action was taken following unresolved grievances.

“A few years ago, youths attacked a etrol-laden truck on the Makurdi-Aliade road and siphoned its contents. Promises of ompensation by the former administration were never fulfilled.”

He added that efforts by NUPENG and IPMAN to engage the current administration for redress reportedly met with resistance, prompting the decision for a warning strike.

All fuel station managers were instructed to cease operations during this period. “Heavy penalties of up to N500,000 were threatened for non-compliance, leaving no stations perational.”

Meanwhile, the Benue State Government has urged NUPENG to call off the strike, noting that the strike was uncalled for.

Deborah Aber, the Secretary to the State Government (SSG), stated that the government received a letter from NUPENG requesting payment of over N40 million as compensation for the vandalised PMS tank in 2022.

“In the letter, they were asking for payment for their 45,000 litres of PMS they lost through the activities of vandals in 2022 at Aliade.

“We needed to sit down and look at the whole scenario and how it played out. To us, it seemed like a straightforward case of theft and vandalism, with no government involvement.

“We have held several meetings with them. Surprisingly, we woke up today to find that the stations were locked. The government too is surprised because we are still. t the discussion at table.

“When we received the letter, we wrote to the police and DSS to furnish us with what happened that time.

In the letter they were claiming payment of over N40m for the loss of their goods in 2022.”

NNPC increase petrol prices
The new price follows changes announced by petrol importers and the Dangote Refinery amid the global oil price increase

NNPC Limited retail outlets are now selling nigher rate than the rate offered by Dangote refinery partners.

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What God Showed Me About NNPC GMG Ojulari -Primate Ayodele Reveals

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Spiritual leader and founder of INRI Evangelical Spiritual Church, Primate Elijah Ayodele, has sounded an alarm over impending challenges for a top executive at the Nigerian National Petroleum Company (NNPC), warning that powerful cabals are working behind the scenes to frustrate and destabilize him.

In a recent video prophetic message from 00:02:07, Ayodele revealed that the General Managing Director (GMG) of NNPC is facing spiritual and political sabotage that could lead to serious complications in the months ahead.

Saboteurs Hinder Transformation, Says NNPCL Management

“NNPC GMG—the problem has just started,” the cleric declared. “They want to frustrate him. Frustrate him. Because there are cabals that have tied his life.”

Ayodele explained that these internal forces are not just opposing the GMG’s reforms or leadership style, but are spiritually plotting to discredit and dismantle his influence. According to the prophet, these groups are determined to undermine the GMG’s success and force him into conflict and confusion within the organization.

“If he’s not careful, they will create commotion for him,” Ayodele warned. “They are not just fighting his position; they are fighting his peace and his purpose.”

The renowned prophet called on the GMG to be prayerful and spiritually alert, urging him not to rely solely on political loyalty or official power to withstand the coming storm. He emphasized that the battle was more spiritual than administrative.

“This is a time to seek divine protection and guidance,” Ayodele advised. “Those around him are not all loyal. Some are pretending while planning his fall.”

Ayodele’s message adds to growing concerns about internal politics and power struggles within Nigeria’s oil and gas sector, especially as the government pushes for reforms, transparency, and accountability at the NNPC.

Though the cleric did not mention a specific name, his warning has sparked speculation about tensions within the corporation and what steps leadership must take to avoid disruption.

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