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

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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%).

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Politics

Ex-Oyo deputy governor Adeyemo sworn in as APC chair, rallies support for Tinubu

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A former Deputy Governor of Oyo State, Chief Moses Alake Adeyemo, has been sworn in as the Chairman of the Oyo State chapter of the All Progressives Congress (APC), urging members of the party to rally support for President Bola Tinubu ahead of the 2027 general elections.

Adeyemo formally assumed office on Friday following the inauguration of the newly elected State Executive Committee members who will manage the affairs of the party in the state for the next four years.

The inauguration ceremony, held at the party’s State Secretariat in Oke-Ado, Ibadan, marked the climax of the party’s 2026 congresses in the state.

The South-West Zonal Legal Adviser of the APC, Kolawole Majaro, administered the oath of office on Adeyemo and 35 other members of the State Executive Committee.

The executives had emerged through a consensus arrangement during the March 3, 2026 state congress held at the Obafemi Awolowo Stadium, Ibadan, under the supervision of a committee led by Amos Gombi from the APC National Secretariat in Abuja.

In his acceptance speech, Adeyemo described his emergence as a renewed call to service, pledging to strengthen the party and sustain unity among members.

He appreciated party leaders within and outside the state for ensuring a smooth and successful congress process.

Adeyemo also commended members of the Local Organising Committee, particularly Fatai Ibikunle and Afeez Bolaji Repete, for their contributions to the success of the exercise.

He said, “This new State Executive Committee under my leadership is being put in place to add value and strengthen our great party in view of the challenges ahead.

“We have used the opportunity of the congresses to showcase our collective commitment to unity and harmony as progressives and democrats.”

The new chairman expressed optimism that the atmosphere of peace within the party would be sustained ahead of future party primaries and the 2027 elections.

According to him, the party’s target is to secure 90 per cent of the votes in Oyo State for President Tinubu while also reclaiming the state’s Government House in 2027.

Adeyemo praised the President’s leadership, saying the administration was delivering on its promises.

“President Tinubu is, no doubt, performing beyond our expectations and the best way to appreciate his good work is to retain him in Aso Rock until 2031,” he said.

“Against all odds, the President is pursuing his Renewed Hope Agenda with vigour and passion, while the positive results are being felt across sectors of the economy and national life.”

Other members of the newly inaugurated executive include Taofeek Lamidi as Deputy Chairman, Fatai Adesina as State Secretary, Adekemi Opatunde as Woman Leader, Olawale Sadare as Publicity Secretary, Olalekan Oladejo as Youth Leader, and Remi Adepoju as Organising Secretary.

Also inaugurated were Ajiboye Akinsanya as Treasurer, Sunday Aborisade as Legal Adviser, Tinuade Adigun as Auditor, Lukman Owonikoko as Assistant State Secretary, Fatimah Hassan as Deputy Woman Leader, and Jimoh Osundara as the Leader of Persons Living With Disabilities, among others.

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Kano Assembly Moves to Impeach Deputy Governor Gwarzo Over ₦1.6bn Alleged Fraud

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Deputy Governor of Kano State Aminu Gwarzo

The Kano State House of Assembly has initiated impeachment proceedings against Deputy Governor Aminu Abdussalam Gwarzo over allegations of gross misconduct, abuse of office, and breach of public trust.

The notice was presented yesterday during plenary by the Majority Leader, Lawan Hussaini Dala, who said the action follows Section 188 of the 1999 Constitution of the Federal Republic of Nigeria.

Dala said the allegations stem from Abdussalam’s tenure as Commissioner for Local Government (2023–2024) and his current role as deputy governor. He accused the deputy governor of diverting funds meant for the 44 local government councils.

According to the majority leader, Abdussalam allegedly received N1.5 million monthly from each council between June 2023 and January 2024, totaling N462 million. Between February and July 2024, he allegedly collected N3.255 million monthly from each council under the guise of special assignments, amounting to N726 million.

Dala also accused the deputy governor of abuse of office, claiming he facilitated payments of N10 million from each council to NovoMed Pharmaceuticals Limited, totaling N440 million, in violation of state procurement laws.

“The misuse of official capacity to confer undue advantage constitutes abuse of power and undermines public trust,” Dala told lawmakers, adding that the allegations amount to gross misconduct under the Constitution.

The impeachment notice was reportedly endorsed by 38 lawmakers, meeting the constitutional threshold to proceed. The Speaker has acknowledged receipt, and the House is expected to serve the allegations on the deputy governor.

If approved, a panel may be constituted by the state Chief Judge to investigate the claims.

As of filing, Abdussalam had yet to respond publicly to the allegations.

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2027: Sen. Dickson Dumps PDP, Joins Newly Registered NDC

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Senator Seriake Dickson receiving the flag of the NDC

The Senator representing Bayelsa West, Seriake Dickson, on Thursday announced his resignation from the Peoples Democratic Party (PDP), declaring that he had joined the newly registered Nigeria Democratic Congress (NDC).

Dickson, a former governor of Bayelsa State, made the announcement during a media briefing in Abuja, attributing his decision to what he described as irreconcilable differences within the PDP.

The lawmaker said the emergence of the NDC would strengthen Nigeria’s democratic system by providing a credible opposition platform.

According to him, the party recently received its certificate of registration from the Independent National Electoral Commission.

He said, “Last week INEC issued a certificate of registration and we now have the newest party in Nigeria known as the Nigeria Democratic Congress and our symbol is victory, the victory sign.

“So, my dear Nigerians, you now have a credible alternative opposition party known as the Nigeria Democratic Congress.”

Dickson noted that although the party’s registration took longer than expected, its eventual approval was a welcome development for the country’s democratic landscape.

“Yes, it is coming at this time. We would have wished it started some years or months back. We don’t control INEC and their processes; they delayed. We don’t also control the judiciary, but thank God it has finally arrived,” he said.

The senator also stressed that Nigeria’s democracy must not slide into a one-party system, insisting that political diversity remained vital for national stability.

“This nation cannot be a one-party state. Nigeria cannot be a one-party state. Nigeria is not designed to be a one-party state.

“We are a very diverse nation culturally, religiously and politically and that is the beauty of our country.

“So anyone or any party promoting one-party rule in Nigeria is mistaken. We build political parties and get involved in movements to access power for the good of the people, not for our personal benefit,” he added.

Meanwhile, the Independent National Electoral Commission recently announced the registration of two new political parties.

The parties are the Democratic Leadership Alliance and the Nigeria Democratic Congress, bringing the total number of registered political parties in Nigeria to 21.

The announcement was made by the INEC Chairman, Prof. Joash Amupitan, during the commission’s first quarterly consultative meeting with political party stakeholders for 2026.

According to him, the Democratic Leadership Alliance completed the required verification process, while the Nigeria Democratic Congress was registered in compliance with a Federal High Court order.

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