Tanzania, Ethiopia, and Nigeria lead Africa's electrification efforts, connecting over 50 million people
via Punch Nigeria5 min read
Tanzania, Ethiopia, and Nigeria are at the forefront of a World Bank-backed electrification initiative in Africa, which has connected more than 50 million people to electricity across 40 countries in less than three years. This achievement is detailed in the Mission 300 Progress Report, which tracks World Bank Group-financed operations from July 1, 2023, to April 30, 2026. Tanzania recorded the highest number of new connections with 7.5 million people gaining access, followed by Ethiopia with 4.67 million, and Nigeria with 4.51 million. The World Bank Group President, Ajay Banga, noted that this initiative helps countries accelerate progress and build a lasting platform for electricity access, which is crucial for jobs, business, healthcare, education, and opportunity. Despite these gains, the report also highlights persistent gaps, with eight countries yet to record a single new connection under the program, including Angola, Cabo Verde, the Republic of Congo, Guinea-Bissau, Mauritania, Senegal, South Sudan, and Sudan. The Mission 300 initiative aims to provide electricity access to 300 million Africans by 2030, utilizing grid expansion, mini-grid deployment, and off-grid renewable energy solutions to address the continent's significant electricity deficit.
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MTN Nigeria Communications Plc's corporate employee share acquisition vehicle has purchased over 1.23 million ordinary shares from the Nigerian Exchange Limited. The transaction, valued at approximately N921.8 million, was executed across multiple trading tranches on June 19, 2026. This move aims to deepen employee asset ownership and align staff interests with corporate financial goals. Uto Ukpanah, Company Secretary of MTN Nigeria, confirmed that the purchase is a structured layout under the group’s public operational guidelines and involves the MTNN Employee Share Acquisition scheme, a related party to the issuer. The acquisition was structured across five distinct tranches to navigate market liquidity and maximize price entry points, with a volume-weighted average price of N747.42 per share. Market analysts suggest that such large-scale insider purchases by employee schemes typically provide strong psychological support for public equities, signaling internal confidence in the company’s long-term commercial balance sheet and revenue sustainability. The transactions were carried out under the Legal Entity Identifier 0292003626J3K6UG9D04.
Odu'a Investment Company Limited, owned by six South-West states, aims to achieve N1 trillion in total assets by 2030 through its "30 by 2030" growth strategy, also known as SRC 2.0 2026–2030. The company announced a Profit Before Tax of N23.58 billion for the 2025 fiscal year, as stated by former Chairman Bimbo Ashiru during the 44th Annual General Meeting in Ibadan. Revenue for 2025 grew by 78 percent to N20.22 billion, up from N11.34 billion in 2024. The profit before tax saw a 410 percent increase from N4.62 billion in the previous year, primarily due to N18.81 billion in fair value gains on investment properties and a strong performance in the Nigerian stock market. Agusto & Co. upgraded Odu'a Investment's credit rating from 'A+' to 'Aa-' with a stable outlook. The redeveloped Premier Hotel in Ibadan is expected to begin full operations in the fourth quarter of 2026. Group Managing Director Abdulrahman Yinusa noted that the company is seeking its first foreign credit rating to access international debt capital markets and attract foreign direct investment. He also presented the company's first fully consolidated financial statements. New Chairman Tola Kasali committed to actualizing SRC 2.0 and ensuring continued economic development and social impact for the South-West region.
The Nigeria Democratic Congress NDC is preparing to appeal a Federal High Court ruling that nullified its registration, following marathon strategy meetings involving its presidential candidate, Peter Obi, and national leader, Seriake Dickson. The ruling, issued by the Federal High Court in Lokoja, Kogi State, set aside an earlier judgment that directed the Independent National Electoral Commission INEC to register the NDC. This decision has heightened political tensions, with opposition leaders suggesting it aims to weaken opposition forces before the 2027 general election. NDC officials, including National Secretary Ikenna Enekweizu, confirmed that the appeal would be filed on Monday, June 30, 2026. Enekweizu described the Lokoja judgment as unprecedented and lacking legal foundation, expressing confidence that the party would win on appeal. He asserted that all NDC candidates, including presidential candidate Peter Obi, would be on the ballot for the upcoming elections. Senator Rabiu Musa Kwankwaso, National Leader of the Kwankwasiyya Movement, met with Seriake Dickson in Abuja, stating that no temporary setback would weaken the NDC. He expressed confidence in the party's ability to overcome legal challenges and appealed to members not to be discouraged. The court's decision to set aside the earlier judgment was based on the finding that it was delivered without hearing all affected parties, particularly the Peace Movement Party, which claimed ownership of the disputed par