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Home Lead-In

Nigeria, Morocco, ECOWAS Advance $26bn African Gas Pipeline Project

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11 months ago
in Lead-In
Reading Time: 2 mins read
Gas
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Nigeria, Morocco, and the Economic Community of West African States (ECOWAS) have reiterated their commitment to the $26 billion African Atlantic Gas Pipeline project, an ambitious plan aimed at transforming energy access and boosting economic growth across West Africa. Representatives from these governments gathered in Abuja on Monday to review progress and align efforts on the project.
The high-level ECOWAS Inter-Ministerial Meeting on the Nigeria-Morocco Gas Pipeline Project included Ministers of Hydrocarbons and Energy from across the region, alongside officials from Morocco and Mauritania. The project, designed to link at least 13 African nations, will extend over 5,300 km from Nigeria to Dakhla, Morocco, with an additional 1,700 km of onshore pipeline reaching Northern Morocco.
Nigeria’s group chief executive officer of the Nigerian National Petroleum Company Limited (NNPC), Mele Kyari, spoke to the importance of the project, calling it “a transformative initiative that promises to connect at least 13 African nations in shared prosperity and development.” Represented by NNPC’s executive vice president for gas power & new energy, Olalekan Ogunleye, Kyari highlighted recent milestones, including completion of the front-end engineering design and phase two study, as well as ongoing environmental and social impact assessments.
“This project,” Ogunleye stated, “underscores our shared capacity and resolve, demonstrating both viability and regional collaboration.” He emphasised that NNPC’s extensive expertise in production, processing, and transmission will drive the initiative to completion.
Nigeria’s minister of state for petroleum resources (Gas), Ekperikpe Ekpo, echoed the potential of the pipeline to reshape Africa’s energy sector. “We stand at a critical juncture where these draft agreements hold the power to reshape our energy landscape, strengthen our economies, and uplift our people,” Ekpo said, underscoring the project’s expected impact on hydrocarbon trade and energy access across ECOWAS countries.
The pipeline, envisioned during a 2016 visit by King Mohammed VI of Morocco to Nigeria, is projected to supply gas to Morocco, 13 ECOWAS countries, and parts of Europe, offering an alternative export route for Nigeria’s natural gas reserves. The project also includes the $975 million West African Gas Pipeline Extension, which spans 678 km.
Laila Benali, Morocco’s Minister of Energy Transition and Sustainable Development, expressed optimism, highlighting that the pipeline will unlock new markets and generate significant employment across the region.
Meanwhile, ECOWAS commissioner for infrastructure, Energy, and Digitalisation, Sediko Douka, noted the importance of partnership in advancing the project. “We have reached a critical phase in the development of this project, and it’s crucial for all parties to work closely to bring it to fruition,” he said.
With a $26 billion investment, the pipeline aims to leverage Nigeria’s vast natural gas reserves, reduce gas flaring, diversify gas export routes, and foster economic integration across West Africa, solidifying Africa’s presence in the global energy market.

 

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Lead-In

Providus Bank has acquired the 34% equity stake held by the Asset Management Corporation of Nigeria (AMCON) in Unity Bank Plc, marking a decisive step toward the long-anticipated merger between the two financial institutions. The deal, valued at about N6.5 billion, saw AMCON offload its decade-old holding in Unity Bank to Providus at a price of N3.18 per share, representing a 110per cent premium to the bank’s prevailing market value of N1.50 on the Nigerian Exchange. Industry analysts said the transaction signals a turning point for Unity Bank, which has faced prolonged struggles with weak capitalisation, rising non-performing loans, and declining market relevance. By transferring AMCON’s strategic stake, they noted, Providus has strengthened its hand as it pushes for regulatory approvals to consummate a full merger. AMCON acquired its Unity Bank stake during the 2011–2012 banking sector clean-up after the global financial crisis exposed balance sheet vulnerabilities across second-tier lenders. Its divestment, according to banking sources, underscores the corporation’s gradual exit from long-held equity positions as it focuses on recovering toxic assets and reducing its systemic footprint. “AMCON’s sale to Providus is significant not just for Unity Bank but for the entire financial system,” said a Lagos-based investment banker. “It shows the government is serious about cleaning up legacy interventions while paving the way for stronger private-sector-led banks.” Unity Bank shareholders are set to benefit from the deal’s pricing structure. At N3.18 per share, Providus’ offer more than doubles the bank’s trading value, giving investors a rare premium exit in a market where bank stocks often trade at steep discounts. For minority shareholders, the merger if approvedcould also unlock value by combining Providus’ niche strength in corporate banking and digital services with Unity Bank’s broader retail and SME base. Providus, one of Nigeria’s fastest-growing mid-tier lenders, is widely seen as using the Unity Bank deal to accelerate its ambition of achieving national bank status. By absorbing Unity’s branch network and customer base, the lender would scale its operations beyond its current limited licence, positioning itself to compete more aggressively with tier-one institutions. “The synergies are clear,” said a senior Unity Bank executive familiar with the talks. “Providus brings balance sheet strength and digital innovation, while Unity offers reach and brand equity, especially in northern Nigeria.” Following AMCON’s divestment, the proposed merger will be subject to approval from the Central Bank of Nigeria (CBN), the Securities and Exchange Commission (SEC), and Unity Bank shareholders. Both banks are expected to present a detailed merger scheme in the coming months, outlining share swap ratios, post-merger governance, and capital plans. Market watchers say regulatory scrutiny will focus on whether the combined entity meets CBN’s revised recapitalisation thresholds, which mandate higher minimum capital bases for Nigerian banks. The Providus–Unity transaction comes amid a wave of consolidation moves triggered by the CBN’s ongoing recapitalisation drive. Several lenders are exploring mergers, acquisitions, or fresh capital injections to meet compliance deadlines ahead of 2026. “This is the first big-ticket transaction of the recapitalisation era,” said a financial markets analyst. “It won’t be the last.”

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