Connect with us

News

AfDB launches record breaking $3 billion “Fight COVID-19” Social Bond

Published

on

The African Development Bank (AfDB) has raised an exceptional $3 billion in a three-year bond to help alleviate the economic and social impact the Covid-19 pandemic will have on livelihoods and Africa’s economies.

The Fight Covid-19 Social bond, with a three-year maturity, garnered interest from central banks and official institutions, bank treasuries, and asset managers including Socially Responsible Investors, with bids exceeding $4.6 billion. This is the largest dollar denominated Social Bond ever launched in international capital markets to date, and the largest US Dollar benchmark ever issued by the Bank. It will pay an interest rate of 0.75%.

The African Development Bank Group is moving to provide flexible responses aimed at lessening the severe economic and social impact of this pandemic on its regional member countries and Africa’s private sector.

“These are critical times for Africa as it addresses the challenges resulting from the Coronavirus. The African Development Bank is taking bold measures to support African countries. This $3 billion Covid-19 bond issuance is the first part of our comprehensive response that will soon be announced. This is indeed the largest dollar social bond transaction to date in capital markets. We are here for Africa, and we will provide significant rapid support for countries,” said Dr. Akinwumi Adesina, President of the African Development Bank Group.

The order book for this record-breaking bond highlights the scale of investor support, which the African Development Bank enjoys, said the arrangers.

“As the Covid-19 outbreak is dangerously threatening Africa, the African Development Bank lives up to its huge responsibilities and deploys funds to assist and prepare the African population, through the financing of access to health and to all other essential goods, services and infrastructure,” said Tanguy Claquin, Head of Sustainable Banking, Crédit Agricole CIB.

Coronavirus cases were slow to arrive in Africa, but the virus is spreading quickly and has infected nearly 3,000 people across 45 countries, placing strain on already fragile health systems.

It is estimated that the continent will require many billions of dollars to cushion the impact of the disease as many countries scrambled contingency measures, including commercial lockdowns in desperate efforts to contain it. Globally, factories have been closed and workers sent home, disrupting supply chains, trade, travel, and driving many economies toward recession.

Commenting on the landmark transaction, George Sager, Executive Director, SSA Syndicate, Goldman Sachs said: “In a time of unprecedented market volatility, the African Development Bank has been able to brave the capital markets in order to secure invaluable funding to help the efforts of the African continent’s fight against Covid-19. Not only that, but in the process, delivering their largest ever USD benchmark. A truly remarkable outcome both in terms of its purpose but also in terms of a USD financing”.

The Bank established its Social Bond framework in 2017 and raised the equivalent of  $2 billion through issuances denominated in Euro and Norwegian krone. In 2018 the Bank was designated by financial markets, ‘Second most impressive social or sustainability bond issuer” at the Global Capital SRI Awards.

“We are thankful for the exceptional level of interest the Fight Covid-19 Social Bond has raised across the world, as the African Development Bank moves towards lessening the social and economic impact of the pandemic on a continent already severely constrained. Our Social bond program enables us to highlight our strong development mandate to the investor community, allowing them to play a part in improving the lives of the people of Africa. This was an exceptional outcome for an exceptional cause,” said Hassatou Diop N’Sele, Treasurer, African Development Bank.

Fight Covid-19 was allocated to central banks and official institutions (53%), bank treasuries (27%) and asset managers (20%). Final bond distribution statistics were as follows: Europe (37%), Americas (36%), Asia (17%) Africa (8%,) and Middle-East (1%).

Comments

News

IGP Steps In: FCID to Investigate Death of Man Detained Over N220,000 Debt

Published

on

By

IGP Kayode Egbetokun during his visit to the family of late Jimoh Abdulquadri in Kwara

 

The Kwara State Police Command has confirmed the death of a 35-year-old man, Jimoh Abdulquadri, who passed away in police custody in the early hours of Friday.

 

Abdulquadri, who was arrested on December 19, 2024, reportedly died under controversial circumstances, with his family accusing police operatives of subjecting him to brutal treatment during his detention. Reports indicate that the deceased had been detained over an alleged debt of N220,000 owed to an individual identified as Peter.

 

In response to the incident, the Inspector-General of Police (IGP), Kayode Adeolu Egbetokun, has directed the Force Criminal Investigations Department (FCID) to immediately take over the case. A statement issued by the Force Public Relations Officer, ACP Olumuyiwa Adejobi, revealed that the IGP also visited Kwara State to meet with the bereaved family.

 

During the visit, the IGP was received by the Balogun Fulani of Ilorin, Alhaji Sadiq Atiku Fulani, who represented the family. The IGP expressed his condolences and assured them of a thorough investigation.

 

“The IGP expressed his profound condolences and assured the family that no stone would be left unturned in uncovering the circumstances that led to the tragic incident. He has ordered the FCID to handle the case with utmost diligence and ensure a conclusive and impartial investigation,” the statement read.

 

The IGP reiterated the Nigeria Police Force’s commitment to upholding accountability, professionalism, and respect for human rights. He further called on all stakeholders to remain calm and allow the due process of law to take its course.

 

 

 

Continue Reading

News

FG Lifts Five-Year Ban on Mining in Zamfara, Eyes Economic Boost

Published

on

By

The Federal Government has officially lifted the five-year ban on mining activities in Zamfara State, citing improved security and the potential for economic growth in the mineral-rich region.

The announcement was made on Sunday by the Minister of Solid Minerals Development, Dele Alake, through his representative, Segun Tomori, during a press briefing in Abuja.

“The Federal Government has lifted the ban on mining exploration activities in Zamfara State, citing significant improvements in the security situation across the state,” the minister said in a statement.

Security Gains and Economic Promise

The ban, imposed in 2019 due to escalating insecurity and illegal mining, was described by Alake as a necessary but temporary measure to protect lives and resources. However, he noted that the ban inadvertently created a vacuum exploited by illegal miners, leading to resource plundering.

Alake praised recent security advancements under the Tinubu administration, highlighting the neutralization of notorious bandit commanders and other strategic wins, including the capture of Halilu Sububu, one of the state’s most wanted criminals.

“The existential threat to lives and properties that led to the 2019 ban has abated. The security operatives’ giant strides have led to a notable reduction in the level of insecurity,” Alake said.

He added that with the restoration of mining activities, Zamfara’s mineral wealth—ranging from gold and lithium to copper—could now be harnessed under strict regulation to contribute significantly to national revenue.

Boosting Regulation and Combating Illegal Mining

The minister emphasized that lifting the ban would pave the way for better regulation and monitoring of mining activities. This, he said, would enable authorities to tackle illegal mining more effectively and ensure Nigeria benefits fully from Zamfara’s mineral resources.

“By reopening this sector, we are prioritizing not only revenue generation but also intelligence gathering to curb illegal mining,” he said.

Addressing Controversies

Alake also addressed concerns surrounding Nigeria’s recent Memorandum of Understanding (MOU) with France, which had sparked controversy. He clarified that the agreement focused solely on capacity building and technical support for the mining sector.

“The high point of the MOU is on training and capacity building for our mining professionals. Similar agreements have been signed with Germany and Australia. Misinformation about ceding control over our mineral resources is uncalled for,” Alake said.

Press as Partners in Progress

Commending the media for their role in promoting reforms in the mining sector, Alake urged continued collaboration to drive transparency and attract foreign investments.

 

 

Continue Reading

News

NNPCL Refutes Shutdown Claims: Port Harcourt Refinery Fully Operational

Published

on

By

 

The Nigerian National Petroleum Company Limited (NNPCL) has dismissed media reports suggesting that the recently resuscitated old Port Harcourt refinery has been shut down, labeling such claims as baseless and misleading.

In a statement issued in Abuja on Saturday, the Chief Corporate Communications Officer of NNPCL, Olufemi Soneye, clarified that the refinery, with a capacity of 60,000 barrels per day, is “fully operational.”

The facility resumed operations two months ago after years of inactivity.

“We wish to clarify that such reports are totally false, as the refinery is fully operational, as verified a few days ago by former Group Managing Directors of NNPC,” Soneye said.

He added that preparations for the day’s loading operation are currently underway, emphasizing that the public should disregard the claims.

“Members of the public are advised to discountenance such reports as they are the figments of the imagination of those who want to create artificial scarcity and rip off Nigerians,” Soneye stated.

The old Port Harcourt refinery is part of the country’s efforts to revive its local refining capacity. Three years ago, the Federal Government approved $1.5 billion to rehabilitate the plant, which was initially shut down in 2019 due to operational challenges.

Despite being one of the largest oil producers globally, Nigeria has long relied on fuel imports to meet its domestic needs, swapping crude oil for petrol and other refined products. This dependency, coupled with government subsidies, has strained the nation’s foreign exchange reserves.

The recent return of the Port Harcourt refinery to operation follows the commissioning of the Dangote refinery, which began petrol production in September 2024. These developments are expected to reduce Nigeria’s reliance on imports and address long-standing issues in the petroleum sector.

 

Continue Reading

Trending