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AfDB launches landmark US$500 million credit insurance deal with African Trade Insurance Agency, UK reinsurers

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The African Development Bank (AfDB) and African Trade Insurance Agency (ATI) announce the successful completion of a US$500 million credit insurance deal structured to cover a portion of the Bank’s portfolio of non-sovereign operations in Africa.

This transaction is expected to have an important demonstration effect to encourage similar institutions to invest more on the continent in the future.

While ATI will be the direct insurer facing the African Development Bank, the transaction involves the participation of a number of Lloyd’s & Company private reinsurers who will share the risk on African financial institutions. This vehicle will enable many insurance companies operating outside Africa to participate in the financing of development in Africa for the first time.

The deal is the second Balance Sheet Optimization transaction under the “Room to Run” initiative following the successful signing of the Synthetic Securitization transaction in September.

The insurance will cover approximately 22% of the Bank’s US$2.3 billion outstanding non-sovereign financial sector portfolio. Specifically, it will protect the Bank against the non-payment of loans made to approximately 30 African financial institutions. The portfolio spans the African continent, with exposure to financial institutions in all major regions of the continent, and is expected to release sufficient capital to create almost US$500 million of headroom for new lending.

“This transaction leverages the Bank’s own capital to achieve more development and lending as it creates new pathways for collaboration between private insurers and the Bank in the development of the African continent,” said Akinwumi Adesina, President of the African Development Bank Group. “This is a significant step towards enhancing Africa’s finance partnerships across the globe.”

Adesina added that, given Africa’s endowment as a resource-rich continent with a strong economic outlook, the Bank had adopted more efficient and effective initiatives to bridge the existing development financing gaps.

Launching the transaction at an event in London, Penny Mordaunt, International Development Secretary commented, “This is a great example of how the City of London can partner with African institutions to mobilise more investment for developing countries and support the creation of the 18 million new jobs a year which Africa needs. This work is driving economic development abroad and supporting prosperity at home”.

The transaction is also expected to strengthen the development of credit insurance markets in Africa. The experience and comfort gained in transferring risks between the African Development Bank, the African Trade Insurance Agency and the Lloyd’s reinsurers is expected over time to lead to the lengthening of insurance terms and lower insurance and financing costs, leading to more trade and investment in, and among, the private sector and the African region.

“With ATI’s insurance guarantees leveraging the balance sheet of AfDB and crowding-in new investments, this innovation provides a timely solution to the scarcity of trade finance that could create enormous impact across the continent. ATI’s commitment reflects the US$35 billion worth of trade and investments that we have supported in the past decade, which, thanks to this model, can now be more easily replicated, to the ultimate benefit of Africa” said George Otieno, Chief Executive Officer of ATI.

RFIB commented, “RFIBs Political Risk & Trade Credit team (PRTC) are delighted to have been able to assist the African Development Bank and ATI in putting together this significant insurance-backed programme that will allow the Bank to facilitate further lending, promoting further development in Africa.”

This landmark transaction between AfDB and ATI is one of several recent initiatives undertaken by the Bank under its “Room to Run” program that responds to the G20 and G7 call on the multilateral development banks (MDBs) to explore innovative ways to optimize their balance sheets to achieve the “Billions to Trillions” development agenda. Credit insurance is one of such instruments involving a specialized market with currently low penetration in Africa, but intent on playing a more active role.

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Tinubu sends state police bill to Senate

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President Bola Tinubu has transmitted a Constitution Alteration Bill to the Senate seeking the establishment of state police as part of efforts to reform Nigeria’s security architecture.

The proposed legislation, contained in a communication dated June 15, 2026, was read during plenary on Tuesday by Senate President Godswill Akpabio.

Tinubu said the bill was aimed at providing a legal framework for a dual policing structure that would allow states to establish and operate their own police services alongside the Nigeria Police Force.

According to the President, the proposed amendment forms a key component of ongoing efforts to restructure the country’s policing system to improve security and enhance the protection of lives and property.

He explained that under the arrangement, communities, municipalities and local government areas would play more active roles in policing, enabling local authorities to detect suspicious activities and promptly relay intelligence to security agencies.

Following the presentation, Akpabio referred the bill to the Senate Committee on Constitution Review and directed it to report back on Wednesday.

Speaking on the importance of community-based policing, the Senate President said local authorities were better placed to identify security threats and support proactive responses by law enforcement agencies.

“You will know when foreigners infiltrate Nigeria and alert security agencies so they can react proactively rather than reactively,” he said.

Akpabio expressed optimism that sustained collaboration between the executive and legislative arms would ensure the successful passage and implementation of the initiative.

He disclosed that the process would be undertaken in phases through constitutional amendments and subsequent Acts of Parliament.

“We will do it in two phases through alteration and an Act of Parliament. There will be a lot of safeguards; let us come and do this important task. It is extremely important that we come tomorrow,” he said.

The Senate President also informed lawmakers that plenary would not entertain other major business following the death of a member of the House of Representatives, Yahaya Tongo of Gombe State.

Similarly, the Senate Leader urged senators to attend the next sitting, stressing the significance of the proposed state police framework.

“We need a minimum of two-thirds of members to vote on constitutional alterations. The issue of state police is non-partisan and cuts across geopolitical zones and interests,” he said.

The latest development came barely two weeks after the Senate passed an executive bill on state police for second reading.

Akpabio said the fresh Constitution Alteration Bill transmitted by the President builds on the earlier proposal and seeks to provide the constitutional foundation necessary for the establishment and operation of state police services across the country.

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Kola Oyewo’s family to Adeleke, Ooni, Atiku: Your condolences are our pillar of strength

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The family of the late veteran actor and scholar, Chief (Prof.) Adekola “Kola” Oyewo, has expressed deep appreciation to Governor Ademola Adeleke of Osun State, the Ooni of Ife, Oba Adeyeye Enitan Ogunwusi, Ojaja II, and former Vice President Atiku Abubakar, among other Nigerians, for their messages of condolence and support following the death of their patriarch.

In a statement issued on Saturday by Dr. Adewale Oyewo on behalf of the family, the bereaved household said the overwhelming show of sympathy, prayers, visits and acts of kindness from across Nigeria and beyond had served as a strong pillar of comfort in their period of grief.

The family described the late Oyewo as a respected community leader, accomplished academic, devoted family man, and traditional title holder whose life was defined by service, integrity, and unwavering commitment to societal development.

According to the statement, the tributes received in his honour reflect the far-reaching impact he made on students, colleagues, cultural practitioners and the wider society.

The family particularly appreciated Governor Ademola Adeleke for his condolence message and prayers, noting that his support had been deeply comforting.

It also expressed gratitude to the Ooni of Ife, whose words of encouragement were described as uplifting and consoling during the mourning period.

The statement further acknowledged the Oloba of Oba-Ile, Oba (Prof.) Adekunle Ashamu Oyeyemi (Tewogbade I), the Oloba-in-Council, and other traditional institutions for their fatherly support and solidarity.

Former Vice President Atiku Abubakar was also commended for his message of sympathy, which the family said brought reassurance in their moment of loss.

The family extended appreciation to professional bodies including the National Association of Nigerian Theatre Arts Practitioners (NANTAP) and the Theatre Arts and Motion Pictures Practitioners Association of Nigeria (TAMPAN), as well as academic communities of Obafemi Awolowo University, Redeemer’s University, Ekiti State University, and Elizade University, where the deceased served.

They also thanked friends, associates and well-wishers who stood by them with prayers and support.

“As we continue preparations to honour the life and legacy of our beloved patriarch, we humbly seek continued prayers and support,” the statement added, praying for the peaceful repose of his soul.

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IGP appoints Iniedu Force spokesman, replaces Placid

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photo combo of Anietie Iniedu and outgoing Force spokesman, Anthony Placid

The Inspector-General of Police, Tunji Disu, has appointed Anietie Iniedu as the new Public Relations Officer of the Nigeria Police Force, succeeding Anthony Placid, who was appointed to the position barely three months ago.

The appointment was announced in a statement issued on Friday by Placid, who described his successor as a seasoned police officer with extensive experience in public communication, operational policing, intelligence management, institutional accountability and administration.

An indigene of Etinan Local Government Area of Akwa Ibom State, Iniedu holds a Bachelor of Science degree in Pure Chemistry from the University of Uyo and has attended several professional courses in investigative interviewing, crime scene management, intelligence analysis, strategic communication and human rights-based policing.

Before his latest appointment, Iniedu headed the Complaint Response Unit at the Force Headquarters, Abuja, where he coordinated the management of public complaints and drove initiatives aimed at deepening transparency, accountability and public trust in the Nigeria Police Force.

He also served as Public Relations Officer of the Police College of Information Technology, Kobape, Ogun State, in addition to holding several operational and administrative positions across the country.

His previous postings include Operations Officer at the Maisandari Division in Yobe State, Area Crime Officer at the Umuahia Area Command in Abia State, Staff Officer at the IGP Secretariat, Force Headquarters, Second-in-Command of the 50 Police Mobile Force Squadron, Kubwa, and Officer-in-Charge of the Force Headquarters Situation Room, where he coordinated the dissemination of crime and security information nationwide.

The statement quoted the Inspector-General as expressing confidence in Iniedu’s capacity to lead the Force Public Relations Department, noting that his wealth of experience and professional background would further strengthen the police’s strategic communication architecture and enhance engagement with members of the public.

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