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World Bank names Nigerian Among 15 CEOs To Aid Climate Finance
The World Bank on Monday named Nigerian Damilola Ogunbiyi of Sustainable Energy for All among the 15 chief executive officers including financiers and asset managers to a group launched by the lender’s president, Ajay Banga, aiming to marshal more private capital to combat climate change and boost investment in developing countries.
The “Private Sector Investment Lab” will begin work in the coming weeks, initially focusing on expanding financing for the transition to renewable energy and associated infrastructure, the bank said in a statement released at a climate meeting in Britain attended by U.S. President Joe Biden and King Charles.”
Banga announced the initiative at a global finance summit in Paris last month alongside Mark Carney, the U.N. special envoy on climate action, and Shriti Vadera, chair of Prudential Plc. Monday’s announcement identified other participants.
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The World Bank and the CEOs will work “to develop, test, implement and ultimately scale financing structures that can most effectively mobilize private capital,” Carney said in a statement.
The other CEOs are: Thomas Buberl of AXA; Larry Fink of BlackRock; Noel Quinn of HSBC; Shemara Wikramanayake of Macquarie; Hironori Kamezawa of Mitsubishi UFJ Financial Group; Hendrik du Toit of Ninety One; Jessica Tan of Ping An Group; Feike Sijbesma of Royal Philips; Sim Tshabalala of Standard Bank; Bill Winters of Standard Chartered; Damilola Ogunbiyi of Sustainable Energy for All; Natarajan Chandrasekaran of Tata Sons; Dilhan Pillay Sandrasegara of Temasek; and Mark Gallogly of Three Cairns Group.
“Results won’t come overnight, but if successful, this group has the potential to unlock significant investment that will deliver jobs and better quality of life for people living throughout the Global South – the surest way to drive a nail into the coffin of poverty,” Banga said.
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Banga, the former Mastercard CEO who took office in June, is working to boost the World Bank’s lending resources to expand its work beyond traditional development projects to tackle climate change, pandemics and other global challenges.
He said in a statement that the Private Investment Lab CEOs were a “crucial piece of the puzzle” to devise ways to pull more private sector investment into the intertwined challenges of poverty, climate and fragility.
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NiMet Predicts Three-day Rain, Thunderstorms From Monday
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JUST IN: Ooni Visits Olubadan-designate Ladoja In Ibadan
The Ooni of Ife, Oba Enitan Ogunwusi, on Sunday, paid a visit to the Olubadan designate, Rashidi Ladoja, at his Bodija private residence in Ibadan, Oyo State.
The PUNCH reports that Oba Ladoja will be installed as the 44th Olubadan on Friday, September 26, 2025, following the demise of the 43rd Olubadan, Oba Owolabi Olakulehin, who joined his ancestors on Monday, July 7, 2025, at the age of 90 years.
READ ALSO:Ladoja Coronation Date As 44th Olubadan Revealed
The two paramount rulers are currently exchanging pleasantries.
Details later…
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JUST IN: FG Revokes 1,263 Mineral Licenses Over Unpaid Fees
The Federal Government through the Ministry of Solid Minerals Development has announced a fresh revocation of not less than 1,263 mineral licenses.
These licenses, which will now be deleted from the Electronic Mining Cadastral System portal of the Nigerian Mining Cadastral Office, include 584 exploration licenses, 65 mining leases, 144 quarry licenses, and 470 small-scale mining leases.
The minister of Solid Minerals Development, Dele Alake, gave the revocation announcement in a statement issued by his special assistant on Media, Segun Tomori, on Sunday in Abuja.
The minister explained that the directive was issued due to the companies’ failure to comply with the requirement of paying their annual service fees.
The latest revocation brings the total mineral titles revoked under the current administration to 3, 794 including,619 mineral titles revoked for defaulting in paying annual service fees and 912 for dormancy last year.
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By opening up the areas formerly covered by these licenses, the revocation is expected to spur fresh applications by investors looking for fresh opportunities.
The statement read, “Not less than 1,263 mineral licenses will be deleted from the portal of the Electronic Mining Cadastral system of the Nigerian Mining Cadastral Office, MCO, following their revocation by the Federal Government.
“These include 584 exploration licenses, 65 mining leases, 144 quarry licenses, and 470 small-scale mining leases.”
Approving the revocation following the recommendation of the MCO, the Minister said applying the law to keep speculators and unserious investors away from the mining sector would make way for diligent investors and grow the sector.
“The era of obtaining licences and keeping them in drawers for the highest bidder, while financially capable and industrious businessmen are complaining of access to good sites, is over.
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“The annual service fee is the minimum evidence that you are interested in mining. You don’t have to wait for us to revoke the license because the law allows you to return the license if you change your mind,” the minister said.
He warned that the revocation does not mean the Federal Government has pardoned the annual service debt owed by licensees, adding that the list will be forwarded to the Economic & Financial Crimes Commission to ensure that debtors pay or face the wrath of the law.
“This is to encourage due diligence and emphasise the consequences of inundating the license application processes with speculative activities.”
In the recommendation to the minister, the Director-General of the MCO, Simon Nkom, disclosed that there were 1,957 initial defaulters when the MCO published the intention to revoke licences in the Federal Government Gazette on June 19, 2025.
He informed the minister that the gazette was distributed to MCO offices nationwide to sensitise licencees and encourage them to comply within 30 days in compliance with the Minerals and Mining Act 2007 and relevant regulations.
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He observed that the delay in the final recommendation was due to complaints of several licensees who claimed to have paid to the Federal Government through Remita and had to be reconciled.
Earlier this month, the DG MCO had hinted that more mining licences would be revoked as part of ongoing efforts to sanitise the solid minerals sector and protect investors from fraudsters.
According to Nkom, the clean-up exercise, which covers expired, speculative, and inactive titles, is necessary to make room for genuine investors and ensure compliance with the law.
This is part of ongoing efforts at sanitising the sector since the inception of the Tinubu administration, and the salutary effects of the reforms are massive and manifest despite the attempts to push back by defaulters and their agents.
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