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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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Ago-Iwoye Comes Alive as Community Celebrates Cultural Heritage

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Traditional rites, medical outreach, sporting events and youth competitions feature in weeklong celebration

AGO-IWOYE came alive with cultural displays, sporting activities and community development initiatives as indigenes and residents gathered for the 2026 Ago-Iwoye Day celebration.

The weeklong programme, which began on Monday, October 5, brought together indigenes from across Nigeria and the diaspora to celebrate the town’s cultural heritage and promote unity and grassroots development.

The celebration opened with the traditional Woro Plucking Programme at Ojuade Olooto at 7am on Monday. This was followed by intellectual and strategy games at the Ebumawe Palace, where participants competed in chess, draughts, Scrabble and Ayo Olopon.

Health and sports featured prominently on Tuesday, October 6, as residents took part in a medical check-up and eye screening exercise at the Ago-Iwoye City Hall.

At the Ago-Iwoye Stadium, sports enthusiasts watched the table tennis finals and the final of the Quarters Football Competition.

 

The activities continued on Wednesday, October 7, with the finals of the secondary school football competition for male and female categories at the stadium.

Students returned to the spotlight on Thursday, October 8, for a quiz and debate competition at the City Hall. The academic activities were complemented by a public lecture on sustainable community development and youth empowerment.

On Friday, October 9, the Ebumawe of Ago-Iwoye led a health walk from the Omoedumare Roundabout at 7am, drawing residents into another activity designed to promote healthy living and community participation.

The day ended with Ebiripo Night at the Imososi Primary School Field, where music, dance and folklore accompanied celebrations around the town’s popular local delicacy.

The grand finale is scheduled for today, Saturday, October 10, at the Imososi Primary School Field, with traditional performances, civic honours and fundraising activities on the programme.

A thanksgiving service at the Methodist Cathedral, Imere, Ago-Iwoye, is expected to bring the celebration to a close on Sunday, October 11.

Speaking on the significance of the event, the Secretary of the Planning Committee, Dr Samuel O. Awobona, said the turnout demonstrated the commitment of indigenes and residents to preserving the town’s identity and advancing its development.

He said, “This weeklong celebration underscores our collective resolve to preserve our identity while driving grassroots development. The massive turnout across all generations reflects the enduring spirit of Ago-Iwoye.”

The annual celebration provides an opportunity for the community to showcase its traditions while bringing residents, young people and indigenes in the diaspora together around shared cultural and developmental goals.

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2027: INEC begins distribution of 77,015 PVCs in Oyo Friday

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The Independent National Electoral Commission will on Friday begin the distribution and collection of 77,015 newly printed Permanent Voter Cards across Oyo State ahead of the 2027 general elections.

The exercise, which will run from October 9 to 15, will be conducted at the 351 registration areas and wards across the state.

The Resident Electoral Commissioner in Oyo State, Prof. Adeniran Tella, disclosed this in a statement issued on Tuesday.

Tella said the exercise would hold daily, including weekends, between 9am and 3pm.

He explained that the exercise would cover newly printed PVCs as well as unclaimed cards printed ahead of the 2023 general elections.

The REC urged eligible voters to visit their respective registration areas during the seven-day exercise to collect their cards.

He also appealed to members of the public to disregard information circulating online suggesting that the Continuous Voter Registration exercise was still ongoing.

According to him, the CVR exercise ended on July 26, 2026.

Tella said those expected to benefit from the current exercise included newly registered voters, persons who had lost their PVCs, voters who requested transfers from one polling unit to another, and those whose cards were damaged or defaced during the last CVR exercise.

He said the collection of PVCs would continue at INEC offices in the 33 local government areas of the state after the seven-day exercise at the registration areas and wards.

The same collection hours of 9am to 3pm would apply at the local government offices, he added.

Tella further assured residents that the commission would receive additional batches of newly printed PVCs for distribution in the state.

He therefore urged eligible voters and other stakeholders to take advantage of the exercise and ensure that their PVCs were collected ahead of the 2027 elections.

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Alli Campaign Warns Against Fraudsters Collecting NIN, Bank Details

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The campaign organisation of the All Progressives Congress governorship candidate in Oyo State, Senator Sharafadeen Alli, has warned members of the public against fraudsters allegedly impersonating the senator and members of his campaign team to obtain sensitive personal information.

The organisation said the suspected fraudsters had been contacting unsuspecting members of the public by telephone and requesting their National Identification Numbers, bank account details and other confidential information.

The warning was contained in a statement issued on Saturday by the Director of Media and Publicity of the campaign organisation, Bisi Oladele.

Oladele described the development as an attempt to deceive members of the public and expose their personal and financial information to possible abuse.

He said, “Neither Senator Sharafadeen Alli nor his campaign organisation has authorised anyone to solicit NINs, bank details, passwords, PINs, One-Time Passwords or any other confidential information from members of the public.”

The campaign organisation urged anyone who receives such calls or messages to disregard them and avoid disclosing personal, banking or identification details until the identity of the caller has been properly verified.

It also cautioned members of the public against transferring money or responding to requests for financial assistance made through unverified telephone numbers, social media accounts or other unofficial communication channels purportedly linked to the campaign.

The organisation warned that sensitive information could be exploited for identity theft, financial fraud and other criminal activities.

It urged victims or members of the public who encounter suspicious calls or messages to report them promptly to the appropriate security agencies.

The campaign organisation said it was taking the allegations seriously and would cooperate with relevant authorities to identify and prosecute anyone found to be involved in impersonation, fraud or other criminal activities using Alli’s name.

It further advised the public to remain vigilant and verify unsolicited requests before responding to them, stressing that information about Alli and his campaign should be obtained only through officially verified communication channels.

The organisation reaffirmed Alli’s commitment to lawful and transparent engagement with the people of Oyo State, maintaining that legitimate political engagement does not require anyone to surrender confidential banking or identity information to unidentified callers.

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