馃嚦馃嚞NigeriaWest Africa
Airtel Africa reduces diesel consumption by 9.1 million litres, converts 390 sites to on-grid power
via Punch Nigeria2 min read
Airtel Africa Plc decreased its diesel consumption by 9.1 million litres in its 2025/2026 financial year, moving towards lower-carbon energy sources and reducing its environmental impact. This reduction, partly achieved by converting 390 infrastructure sites to on-grid power, is estimated to save between N12.8bn and N13.2bn based on December 2025 diesel prices in Nigeria. Airtel Africa Chief Executive Officer, Sunil Taldar, shared these figures in Lusaka, Zambia, highlighting the company's sustainability efforts. The telecommunications operator, which offers mobile and financial services in 14 African countries, emphasizes responsible growth, aiming to balance business expansion with environmental responsibility, digital inclusion, and socio-economic development. In addition to cutting diesel use, Airtel Africa recycled 94 percent of its waste generated during the year. The company's network now covers 81.9 percent of the population across its markets. Its mobile money business, Airtel Money, serves 54.1 million customers through 2.4 million agents, with women making up 44.1 percent of these customers. The Airtel Africa Foundation invested $6.2 million in programs for financial inclusion, education, environmental sustainability, and digital inclusion. Through a partnership with UNICEF, 3,296 schools gained free internet access, benefiting over two million learners and 38,868 teachers. Furthermore, 64 zero-rated digital learning platforms provided free educational content to m
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This summary was AI-generated from a story originally published by Punch Nigeria.
The Economic and Financial Crimes Commission is preparing to arraign Jimoh Yisawu, former Managing Director of Warri Refining and Petrochemical Company Ltd, and Ahmed Dikko, former Managing Director of Port Harcourt Refining Company Ltd, on separate money laundering charges. Both cases are before Justice Inyang Ekwo of the Federal High Court, Abuja. Yisawu faces eight charges, including alleged conversions of $789,950 and $122,600, and receiving N25,563,000 from a contractor. He is also accused of making cash payments exceeding N5,000,000 without using a financial institution, transferring N65,860,000 to purchase treasury bills, and retaining N15,000,000 and N3,000,000 from a contractor. Dikko faces 12 counts, including allegations of indirectly making a cash payment of the dollar equivalent of N218,375,000 for property purchase without a financial institution, retaining N100,000,000 and N90,000,000 from a contractor, and disguising the origin of N90,000,000 through an account operated by Aisha Ahmed Dikko. He is also accused of disguising the origin of N328,710,337.50 from transactions involving NNPC Limited allocation of Vacuum Gas Oil for export, taking possession of N59,200,000, procuring Ebenezar Oluwagbemiga to take possession of N356,412,500 on his behalf, converting $77,080, and using his son鈥檚 account to control N20,000,000. The alleged offenses contravene various sections of the Money Laundering Prevention and Prohibition Act, 2022, and the Money Laundering Prohibit
Mrs. Olubunmi Kuku, the Managing Director of the Federal Airports Authority of Nigeria FAAN, has advised state governments against initiating airport projects without thorough economic and feasibility assessments. She highlighted that less than 10 percent of Nigerians currently travel by air, with approximately 17.5 million air travelers recorded in 2025 out of a population of 220 million. Kuku emphasized that building and maintaining airports requires substantial financial commitment beyond just terminal construction, including runways, firefighting equipment, and trained aviation security personnel to meet global standards. She urged states to consider the economic viability of such projects and to actively create economic activities like sporting events, manufacturing, agriculture, or cargo operations to generate passenger and cargo traffic. While acknowledging that some airport projects are justified by security and accessibility concerns, Kuku stressed the importance of also strengthening road and rail infrastructure as part of a multimodal transportation approach. She warned that airports lacking sustainable traffic projections and supporting infrastructure could become expensive assets with limited returns.
Twelve leading fast-moving consumer goods companies listed on the Nigerian Exchange collectively reduced their finance costs by 23.02 percent to N67.66bn in the first quarter of 2026, down from N87.90bn in the same period of 2025. This N20.23bn year-on-year decrease signals improved profitability, lower debt burdens, and a greater reliance on equity financing. Industry analysts attribute this trend to stronger earnings, deleveraging efforts, and increased access to equity financing due to a rally in the Nigerian capital market, which has lessened dependence on expensive bank loans. Dangote Sugar Refinery, despite still having the highest finance cost in the sector, contributed significantly to the decline with a 4.73 percent reduction. Nestl茅 Nigeria saw a 27.88 percent fall, while Nigerian Breweries achieved a 46.09 percent cut. Other companies like Guinness Nigeria, BUA Foods, Cadbury Nigeria, and NASCON Allied Industries also reported substantial reductions. However, some firms, including Champion Breweries, International Breweries, Northern Nigeria Flour Mills, and PZ Cussons Nigeria, experienced increased finance costs during the period. The Chief Executive Officer of Economic Associates, Dr. Ayo Teriba, noted that companies are enjoying cheaper financing by attracting funding through the equity market, while an Investment Associate at CardinalStone, Kayode Eseyin, highlighted improved earnings and aggressive debt repayment as key factors. A research analyst, Mobifoluwa