News

ERA/FoN Wants An End To ECAs Facilities In Africa, Nigeria

Published

5 years ago

November 23, 2020

By Joseph Kanjo, Benin

Dr. Godwin Uyi Ojo, Executive Director, Environmental Rights Actions/Friends of the Earth, Nigeria, Monday called on developed countries to as a matter of urgency put an end to activities of Export Credit Agencies (ECAs) facilities in Africa Nigeria in particular, saying they are injurious and negative to the development of renewable energy in the continent, Nigeria inclusive.

ECAs are business enterprises who obtain money from industrialised countries as a loan and deploy such loans to developing countries and forced the recipient countries government to guarantee such loans.

Dr. Uyi Ojo, while briefing newsmen on a research carried out by ERA and four other bodies from different countries on activities of ECAs, described their (ECAs) activities in Africa particularly Nigeria as huge obstacles to development and transition from fossil fuel to renewable energy by developing countries.

He called on African governments to stop the acceptance of fossil fuel projects driven by European countries via their Export Credit Agencies(ECAs).

“We consider the ECAs of the industrialised countries as a huge obstacles to development and transition from fossil fuels to renewable by developing countries.

“Therefore, we are calling on developed countries to dismantle, as a matter of urgency, Export Credit Facilities because they are inimical to development, and they are highly injurious and negative to the development for renewable energy sources in Africa (sic), and Nigeria is one of the countries suffering this. The impacts are so severe.

“The locals have continued to blame especially Shell Oil Company, and the Nigerian government for their impoverishment and human rights violations.

“To ensure improved clean energy access, there is the need for a post-petroleum economy devoid of oil and gas and embracing renewable energy sources to reduce carbon footprints and address climate change impact”, he said.

While stating that as far as energy transition in Africa is concerned ECAs activities have been double standard, the ED noted that from 2013 to 2020 $80b has been given to developing countries-Ghana, Nigeria, Togo and Uganda mainly to develop oil and gas, and that only 1% was assigned to renewable energy, adding that this 1% was for Nigeria only.

Further speaking on double standard of ECAs in Africa, Dr. Uyi Ojo said these companies involved in energy development in their countries while undermining that of Africa, saying “they tell us that they are supporting Africa in energy transition whereas reverse is the case.”

He continues, “Secondly, double standard in the sense that they involved in energy transition in their own countries while undermining countries like Nigeria and continually infringing on their development plan with huge debt which they know may likely cripple the countries’ economy.

“Between 2013 and 2020, some industrialised countries have put together over $80billion for Ghana, Nigeria, Togo, and Uganda, mainly to develop oil and gas that is been phased out in Europe.

“ECAs- Export Credit Agencies is a business enterprise purely for business. but the money is given by industrialised countries to these companies as a loan, and they go to the developing countries such as Nigeria and deploy these loans and force the Nigeria government to and other recipient countries to guarantee those loans.”

News

Transfer: Premier League Clubs Scramble For Dele-Bashiru

Published

3 hours ago

May 6, 2026

Editor

Lazio midfielder, Fisayo Dele-Bashiru is a subject of interest from three Premier League clubs, according to Sky Sports.

Lazio reportedly rejected offers from Nottingham Forest and Bournemouth for the Nigeria international in January.

La Biancolesti are bracing for more interest in Dele-Bashiru ahead of the summer transfer window, according to Sky Sports.

The 24-year-old has two years left on his contract with the Serie A club.

The attacking midfielder joined the Rome-based club from Turkish Super Lig outfit Hatayspor in 2024.

He has been a regular feature for Lazio this season.

News

Xenophobic Attacks: Nigerian Students To Picket MTN, MultiChoice, Other Businesses

Published

3 hours ago

May 6, 2026

Editor

The leadership of the National Association of Nigerian Students, NANS South-West Zone D, has announced plans to picket South African companies in Nigeria following the ongoing xenophobic attacks in the country.

DAILY POST reports that some Nigerians were recently killed in South Africa over the violent attacks.

A statement issued to newsmen by Comrade Adeyemo Josiah Kayode, Coordinator, NANS South-West, Zone D, said that the association is mobilizing to take decisive and lawful action by organizing peaceful picketing and mass advocacy against South African business interests operating in Nigeria.

“We categorically state that the continued targeting of Nigerians under any guise is unacceptable and must come to an immediate end.

“This will include major corporations such as MTN Group and MultiChoice Group. It is morally indefensible for businesses to thrive in an environment where the lives of Nigerians are protected, while Nigerians are subjected to fear and violence elsewhere.

“This contradiction will no longer be tolerated,” the statement said.

News

N5m, N10m Zero-interest Loans: SheVentures Opens Applications For Women Entrepreneurs

Published

5 hours ago

May 6, 2026

Editor

First City Monument Bank (FCMB) has opened a new round of applications for its SheVentures proposition, offering zero-interest loans of up to ₦10 million to women entrepreneurs to ease access to working capital and support business growth.

The facility provides loans ranging from ₦500,000 to ₦5 million under a general category, and ₦5 million to ₦10 million for sector-specific businesses, with funding capped at up to 50% of an applicant’s average monthly turnover.

At the centre of the offering is a 0% interest rate, with all charges embedded in a transparent structure.

Repayment is structured over four or six months, allowing businesses to match obligations with their cash flow cycles.

Yemisi Edun, Managing Director and Chief Executive of First City Monument Bank (FCMB), said the initiative reflects a deliberate approach to inclusive growth.

“Inclusive growth requires access to capital and the right conditions for businesses to deploy that capital effectively.

“Women-led enterprises are critical to economic activity, yet they face structural barriers.

This intervention aims to help close that gap by providing financing that supports job creation, business expansion, and long-term sustainability for women entrepreneurs.”

“Access to affordable finance remains a major constraint for women entrepreneurs,” said Nnenna Jacob-Ogogo, Group Head, SheVentures and Impact Segments at First City Monument Bank (FCMB).

“By removing the cost barrier and offering quick, flexible funding, this zero-interest loan is designed to safeguard existing jobs, enable businesses to invest in growth initiatives, and foster resilience in challenging economic conditions.”

Women-owned businesses account for a significant share of Nigeria’s small and medium-sized enterprises but continue to face high borrowing costs and limited access to credit.

Through these efforts, SheVentures tackles persistent financing gaps facing women-led businesses, combining targeted funding with broader support to empower women entrepreneurs, encourage business innovation, and enhance their ability to compete on a national scale.

Applications for the zero-interest loan are now open.Apply now.