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

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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Alleged KGB Infiltration: Police in Dilemma as Senator Natasha Abandons Petition, Snubs Summons

The Nigeria Police Force appears to be in a quandary over its investigation into the alleged infiltration of the National Assembly by Russia’s KGB (Komitet Gosudarstvennoy Bezopasnosti), the former Soviet security agency.
Checks revealed that the police had invited the Senator representing Kogi West, Sunday Karimi, for interrogation following a petition filed by his colleague, Senator Natasha Akpoti-Uduaghan of Kogi Central.
In the petition dated March 5, 2025, Akpoti-Uduaghan, who is currently serving a six-month suspension from the Senate, urged the police to investigate Karimi’s claim that the KGB had infiltrated the National Assembly, posing a serious threat to Nigeria’s democracy.
She specifically alleged that Senator Karimi had circulated a report titled “KGB Agent Group Warns Senate: A Call for Vigilance Amidst Threats to Democracy” on the official WhatsApp group of the 10th Senate on February 23, 2025.
Describing the claim as a matter of national security, Akpoti-Uduaghan insisted that the alarm raised by Karimi should not be taken lightly. “No nation can afford to ignore the presence of such a group within its legislative body,” she emphasized in her petition.
Karimi Appears Before Police, Natasha Recoils
Further investigations revealed that Senator Karimi honored the police invitation on Monday, appearing at the Force Headquarters in Abuja to clarify his position.
Sources within the police described his session as “positive and insightful,” revealing that he admitted to sharing the report in question. However, the police were reportedly taken aback when Senator Akpoti-Uduaghan distanced herself from the petition and ignored requests to appear for questioning.
“We reached out to her after our session with Senator Karimi, expecting her to provide further clarification, but she has continuously ignored our invitation,” a senior police source disclosed.
“What is disturbing is how she suddenly abandoned such a serious petition against her colleague. First, she claimed to be outside the country, but a viral video has since surfaced showing her in her constituency. It is difficult to reconcile her claims with the information available to us,” the source added.
The police official, who spoke on condition of anonymity, further hinted at possible political undertones behind the petition.
“We do not want to meddle in the ongoing power play within the Senate. However, it would be scandalous if she attempted to use the police as a tool in her political battles.”
When asked about the possible next steps, the source stated that his superiors would determine the fate of the petition, which he described as “frivolous.”
News
Twelve Inmates Escape in Kotonkarfe Jailbreak

Twelve inmates have escaped from the Federal Correctional Centre in Kotonkarfe, Kogi State, following an early morning jailbreak on Monday.
Confirming the incident, the Kogi State Commissioner for Information, Kingsley Fanwo, described it as “unfortunate” and assured the public that the government, in collaboration with security agencies, was taking measures to prevent a recurrence.
According to Fanwo, law enforcement officers have already re-arrested one of the escapees.
“The theory that the inmates escaped through the tower without causing any structural damage raises serious concerns. This calls for a thorough investigation to determine the exact circumstances of the escape, arrest the fleeing inmates, and identify possible saboteurs within the system,” he stated.
The commissioner further disclosed that Governor Usman Ododo has directed security agencies to ensure that such breaches do not happen again.
“We call on the public to report any suspicious individuals in their communities. Anyone found harbouring an escaped inmate will be held accountable,” Fanwo warned.
Reassuring residents, he added: “There is no cause for panic. We encourage citizens to go about their daily activities as normal, knowing that the security of lives and property remains our top priority.”
Authorities have yet to disclose further details about the escapees or ongoing efforts to apprehend them.
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Trump Ends Legal Status for Over 500,000 Immigrants, Orders Mass Expulsions

The United States has announced the termination of legal status for over 500,000 immigrants, ordering them to leave the country within weeks, as President Donald Trump pushes forward with what he calls the largest deportation campaign in American history.
The sweeping directive, issued on Friday, affects approximately 532,000 Cubans, Haitians, Nicaraguans, and Venezuelans who arrived under a programme launched by Trump’s predecessor, Joe Biden, in October 2022 and later expanded in January 2023.
According to the Department of Homeland Security (DHS), the affected immigrants will lose their legal protections 30 days after the order is published in the Federal Register on Tuesday. This means they must leave the United States by 24 April, unless they secure another immigration status permitting them to stay.
Welcome.US, an organisation that supports asylum seekers, has urged those impacted to “immediately” seek legal counsel regarding their options.
A Reversal of Biden’s Immigration Policy
The Processes for Cubans, Haitians, Nicaraguans, and Venezuelans (CHNV) programme, introduced in January 2023, allowed up to 30,000 migrants per month from these nations to enter the United States for two years. The initiative was designed to offer a “safe and humane” alternative to the dangerous crossings at the US-Mexico border, which had seen a surge in arrivals.
However, the DHS reiterated on Friday that the programme was never meant to provide permanent residency.
“Parole is inherently temporary, and parole alone is not an underlying basis for obtaining any immigration status, nor does it constitute an admission to the United States,” the agency stated.
Mass Deportations Under Trump
Trump, who has made immigration control a cornerstone of his presidency, has vowed to crack down on migrants—particularly those from Latin America.
Last week, he invoked rare wartime legislation to deport more than 200 alleged members of a Venezuelan gang to El Salvador, a country that has controversially offered to imprison both migrants and U.S. citizens at a discounted rate.
The latest order signals Trump’s intent to follow through on his hardline immigration policies, raising concerns among human rights advocates about the humanitarian impact of such mass deportations.
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