TechPression

Tag: World Bank Group

  • Africa Energy Summit 2025 opens in Tanzania, targeting universal electricity access for 300 million by 2030

    Africa Energy Summit 2025 opens in Tanzania, targeting universal electricity access for 300 million by 2030

    The Africa Energy Summit 2025 has commenced in Dar es Salaam, Tanzania, with a focus on addressing Africa’s critical energy access and sustainability challenges.

    Under the theme “Mission 300,” the summit aims to provide reliable, affordable, and sustainable electricity to 300 million Africans by 2030. The gathering has brought together African Heads of State, business leaders, development partners, and civil society representatives to forge a path toward universal energy access.

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    Tanzanian President Samia Suluhu Hassan is hosting the event, which is a joint effort by the African Union, African Development Bank Group (AfDB), World Bank Group, and the Rockefeller Foundation.

    Prominent attendees include Ajay Banga, President of the World Bank Group, who arrived in Tanzania on January 26 and will chair critical discussions. Other notable participants include Amina J. Mohammed, Deputy Secretary-General of the United Nations; Dr. Rajiv J. Shah, President of the Rockefeller Foundation; Dr. Muhammed Al Jasser, Chairman of the Islamic Development Bank Group; and Damilola Ogunbiyi, CEO of Sustainable Energy for All.

    Bridging Africa’s energy gap

    The summit highlights the urgent need to close Africa’s electricity deficit, with 600 million people currently lacking access to power. Key discussions will focus on expanding energy access in underserved regions, advancing renewable energy solutions, and mobilising private sector investments.

    Two major outcomes are anticipated from the summit. The Dar es Salaam Energy Declaration will document commitments by African governments to implement reforms in their energy sectors to achieve universal access. Meanwhile, National Energy Compacts will outline country-specific strategies with defined targets and timelines for implementation. 12 countries, including Nigeria, Chad, Côte d’Ivoire, and Tanzania, will unveil their initial compacts, with others joining later.

    Read also: Africa’s top tech startups honored at AfricArena

    Nigeria’s participation

    Nigeria’s President Bola Tinubu is attending the summit and is set to deliver a national statement reaffirming Nigeria’s dedication to universal energy access. Nigeria will also present its energy compact, detailing its plans to address energy challenges and extend access nationwide.

    A Transformative Partnership

    Mission 300 represents a collaboration between the AfDB, the World Bank Group, and other global stakeholders, leveraging advanced technology and innovative financing to reshape Africa’s energy landscape. Partnerships and commitments made during the summit aim to transform lives, foster sustainable development, and create jobs.

  • World Bank bans Nigerian companies, CEO 30 months for fraud

    World Bank bans Nigerian companies, CEO 30 months for fraud

    Two Nigerian businesses, Viva Atlantic Limited and Technology House Limited, along with their Managing Director and Chief Executive Officer, Norman Bwuruk Didam, have been placed on a 30-month debarment by the World Bank Group for participating in dishonest, collusive, and corrupt activities related to the National Social Safety Nets Project in Nigeria.

    The Washington-based organisation said in a statement on Monday that it had discovered serious infractions of its Anticorruption Framework in a 2018 procurement procedure. It was discovered that the businesses and Mr Didam had obtained private tender information from public officials and had falsely disclosed conflicts of interest in bid submissions.

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    Additionally, Viva Atlantic Limited and its CEO submitted fraudulent authorisation letters, gave inducements to project officials, and misrepresented experience records.

    Through unscrupulous actions, the NSSNP—which was designed to provide social safety nets for disadvantaged Nigerian households—was jeopardised.

    The World Bank claims that Didam, Technology House Limited, and Viva Atlantic Limited committed the following crimes: offering inducements to public officials, illegally obtaining confidential tender information, fabricating manufacturer authorisation letters and corporate experience, and misrepresenting conflicts of interest in bid documents.

    “These actions constituted fraudulent, collusive, and corrupt practices,” the statement read, prompting the enforcement of strict sanctions.

    The companies and their CEO are barred from participating in World Bank-funded projects for 30 months.

    Culprits admit wrongdoing 

    The parties agreed to meet strict integrity compliance requirements for reinstatement and acknowledged their wrongdoing as part of the settlement agreements.

    Important requirements include frequent ethics training programs in line with the Bank’s Integrity Compliance Guidelines, improvements to internal compliance procedures for both companies and corporate ethics training for Mr Didam.

    Additionally, the businesses promised to continue working with the World Bank’s Integrity Vice Presidency.

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    Due to cooperation during the investigation and voluntarily corrective actions, the debarment period was shortened.

    Other multilateral development banks are also subject to the sanctions under the Agreement for Mutual Enforcement of Debarment Decisions, which essentially prevents the businesses and their CEOs from participating in projects financed by global financial institutions.

    The World Bank reaffirmed its commitment to protecting development money and underlined its zero-tolerance policy towards corruption.

    By guaranteeing that monies meant for economic growth and poverty alleviation reach their intended beneficiaries, the debarment highlights the institution’s commitment to responsibility in global development initiatives.

    After the debarment period, the involved parties must show complete adherence to the requirements to be eligible for World Bank-funded opportunities again.

  • WIOCC secures $50 million for Africa’s digital gap

    WIOCC secures $50 million for Africa’s digital gap

    A significant finance deal worth more than $50 million is expected to be given to the West Indian Ocean Cable Company (WIOCC) Group, a top supplier of high-capacity connectivity.

    A group of multinational organisations working to close the digital gap in Africa are the source of this large funding injection. The funding infusion would help WIOCC expand in three important African countries: South Africa, Nigeria, and the Democratic Republic of the Congo (DRC).

    Read also: WIOCC, OADC promote STEM among Lagos students

    Navigating Investments in Africa’s Digital Landscape

    The International Financing Corporation (IFC), a World Bank Group member; Proparco, a development financing agency and a division of the Agence Française de Développement Group; and RMB Corvest, a private equity firm, are among the group of international organisations supporting this project.

    IFC is contributing $10 million and ZAR 200 million, or roughly $11.07 million, to the finance package, structured as a combination of loans. Proparco is adding $20 million.

    Furthermore, WIOCC anticipates finalising a $10 million loan agreement with RMB Corvest in the coming weeks, specifically for its expansion plans in Nigeria. This comprehensive funding approach demonstrates the strong international support for improving digital infrastructure across the African continent.

    The funding package’s structure, which is tied to sustainability, is significant. WIOCC’s pledge to increase energy efficiency and obtain EDGE green building certification affects the loan rate.

    By ensuring that data centres are resource-efficient and sustain no carbon emissions, EDGE, an IFC-provided certification, connects the project with global environmental goals.

    WIOCC planned to allocate funds towards expanding its core and edge data centres in Nigeria, South Africa, and the DRC. This expansion aims to meet these countries’ growing demand for data centre services. Furthermore, the company intends to invest in growing its fibre networks, extending digital access to more people and fostering economic growth across Africa.

    Read also: 2Africa, the largest subsea cable lands in Nigeria

    Unleashing Africa’s Digital Potential

    The CEO of WIOCC Group, Chris Wood, expressed zeal about this capital raise, highlighting its importance in enabling substantial expansion. He emphasised that the funding would facilitate the addition of further capacity to their open-access data centre operations and extend open-access hyper scale national, international, and metro connectivity across key markets.

    Since its inception in 2007, WIOCC has consistently invested in Africa’s digital sector, since its inception in 2007. The company has focused on providing open-access infrastructure to meet the escalating demand for reliable connectivity throughout the continent. This latest funding round reinforces WIOCC’s commitment to improving digital infrastructure and accessibility in Africa.

    International financial institutions fund WIOCC’s expansion, enhancing connectivity and data centre capabilities. This investment is crucial for Africa’s digital transformation and economic growth. The expansion will improve internet access and create opportunities for businesses, education, and sectors to leverage digital technologies for growth and innovation.