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ITFC Releases US$1 Billion for Development of Strategic Commodities in Member Countries.

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On the side-lines of the Islamic Development (IDB) Group 42nd Annual Meeting of the Board of Governors held in Jeddah recently, the International Islamic Trade Finance Corporation (ITFC), member of the Islamic Development Bank (IDB) Group has signed two Murabaha agreements between the Republic of Tunisia represented by the Tunisian Electricity and Gas Company to contribute to financing resourcing of natural gas for an amount of US$ 160 million and the Tunisian Company of the Refining Industries to contribute to financing resourcing of crude oil and petroleum products for an amount of US$ 150 million.

The agreement has been signed by Eng. Hani Salem Sonbol, CEO of ITFC and H.E Mohamed Fadhel Abdelkefi, Minister of Development, Investment and International Cooperation of Tunisia (Governor of Islamic Development Bank).

ITFC has also signed a US$ 35 million agreement with the Republic of Suriname for the support of the medical, agricultural, energy and industrial sectors. The agreement was signed by Eng. Hani Salem Sonbol, CEO of ITFC and H.E Gillmore Hoefdraad the Minister of Finance of Suriname (Governor of Islamic Development Bank).

Another agreement was signed between ITFC and the Republic of Mali for the purchase of petroleum products and electricity. The agreement which amounts to €40,000,000 has been signed by Eng. Hani Salem Sonbol, CEO of ITFC and H.E Dr. Boubou CISSE, the Minister of Economy and Finance (Governor of Islamic Development Bank).

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The signing of these agreements contribute to the diversification of the sectors financed by the International Islamic Trade Finance Corporation (ITFC) in the member countries

The corporation has also signed a framework agreement with the Government of The Gambia amounting to US$ 210 Million over a period of 3 Years. The agreement signed is for the imports of petroleum products and fertilizers, in addition to the provision of pre-export financing for groundnuts and cashew nuts. The agreement has been signed by Eng. Hani Salem Sonbol, CEO of ITFC and H.E Mr. Amadou Sanneh, Minister of Finance and  Economic Affairs of The Gambia(Governor of Islamic Development Bank).

It is worth mentioning that the signing of these agreements contribute to the diversification of the sectors financed by the International Islamic Trade Finance Corporation (ITFC) in the member countries, thus enhancing the role of the institution as a partner for the comprehensive development of these countries.

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FG Unveils Unbundling Plan for Electricity Distribution Companies

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In a bid to enhance efficiency within Nigeria’s power sector, the Federal Government has initiated the unbundling process for 11 electricity distribution companies (DisCos).

This move aims to streamline operations and bolster effectiveness within the sector, as highlighted by Nigeria’s Minister of Power, Adebayo Adelabu.

Addressing the Senate Committee on Power in Abuja, Minister Adelabu emphasized the necessity of restructuring the DisCos into more manageable entities aligned along state lines.

He stressed the impracticality of current setups, citing examples such as the Ibadan Disco, which spans across seven states, hindering operational efficiency.

Also, Minister Adelabu disclosed the government’s intention to exercise its ownership rights in the DisCos, reclaiming management responsibilities to rectify operational shortcomings. He underscored the imperative of governmental intervention, citing past mismanagement by private sector operators.

In tandem with the unbundling initiative, the Federal Government has directed the sale of DisCos currently under the management of banks and the Assets Management Corporation of Nigeria (AMCON). Four DisCos, including Abuja, Benin, Kaduna, and Kano, are now under bank management due to loan repayment issues, signaling a broader need for industry-wide reform.

The Senate Committee on Power echoed concerns over DisCos’ inefficiencies, advocating for comprehensive overhauls to address longstanding performance deficits. Senator Danjuma Goje decried DisCos’ lackluster contributions to the power sector, labeling them as “complete failures.”

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In response to mounting challenges, Minister Adelabu outlined key strategies to revitalize the sector, including stringent regulatory measures, franchise agreements, and accelerated completion of transmission projects. Additionally, efforts are underway to bridge the metering gap and expand renewable energy capacity to bolster the national grid.

Looking ahead, the Federal Government remains committed to realizing its vision of a robust and sustainable power sector, with plans underway to achieve a target of 6,000MW of power generation by the year’s end. As stakeholders collaborate to address systemic deficiencies, the trajectory of Nigeria’s power sector points towards a future marked by resilience and progress.

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Nigerian Army Dismisses Two Personnel Over Alleged Theft at Dangote Refinery

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The Nigerian Army has swiftly acted on allegations of misconduct within its ranks, as it announces the immediate dismissal of two of its personnel implicated in a reported theft at the Dangote refinery in Lagos.

Director of Army Public Relations, Onyema Nwachukwu, affirmed this disciplinary action in a statement released on Monday.

Corporal Innocent Joseph and Lance Corporal Jacob Gani have been relieved of their duties and handed over to the police for further investigation.

“As a demonstration of NA’s zero-tolerance for misconduct and criminality within its ranks, the two soldiers have been dismissed from the NA with immediate effect and handed over to relevant authorities for further prosecution,” Nwachukwu stated.

Major General Nwachukwu outlined the charges against the soldiers, citing their abandonment of duty post and unauthorized possession of materials. He noted that they were summarily tried and found guilty in accordance with military laws.

“This decisive action underscores the NA’s resoluteness in maintaining its institutional integrity and reputation,” Nwachukwu added. “The NA reassures the general public of its dedication to upholding integrity, discipline, and accountability at all levels.”

“We remain resolute in our duty to protect and serve the nation with honor and dignity,” he concluded.

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Rainstorm plunges forty Ogun communities into darkness

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Forty communities in Ogun State have been plunged into darkness following a rainstorm on Sunday.

The downpour, which began midday, destroyed electricity facilities in some parts of the state, leading to a blackout.

“Due to broken poles occasioned by the heavy downpour at Ota and Mowe, customers in the following communities: lyana lyesi, Osuke Town, Egan Road, lyana Ilogbo, Ijaba, Ijagba, Itele, Lafenwa, Singer, Joju, Alishiba, Oju Ore, Tollgate, Eledi, Akeja, Abebi, Osi Round About, Ota Town, Ota Industrial Estate, Igberen, lju, Atan, Onipanu, Obasanjo, Lusada, Arigba, Odugbe, Ado-Odo, Igbesa, Owode,” the Ibadan Electricity Distribution Company (IBEDC) said in a statement late Sunday.

“Olokuta, Hanushi, Bamtish Camp Lufiwape, Eltees Farm, August Engineering, Spark Cear Soap Ayetoro, Amazing Grace Oil, Christopher University, Royal Garden Estate, Pentagon Estate, and environs are experiencing power outages”.

It called on residents of the areas to avoid “contact with the broken poles, saggy wires or any other electrical installation affected by the rain.

“Our technical team is working to clear and replace the broken poles and installations to ensure power supply is restored as soon as possible,” IBEDC said.

A video circulating on social media showed fallen electricity poles on vehicles in a flooded Sango-Ota area of the state.

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