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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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Swegop to Politicians: Stop Mudslinging, Fix Roads

The South West Guild of Online Publishers (SWEGOP) has urged politicians to stop mudslinging and focus on issues affecting Nigerians, while calling on the Federal Government and state governments to declare a state of emergency on roads ravaged by rainfall.

The guild said political campaigns should be centred on policies, development plans and practical solutions to the people’s problems, rather than false information, unsubstantiated allegations and personal attacks.

The position was contained in a statement signed by the guild’s Acting Chairman, Chief Tunde Busari, and Publicity Secretary, Mr Remi Oladoye.

SWEGOP warned that spreading misinformation during political campaigns could erode public confidence in the democratic process, urging politicians to tell the electorate what they intend to do and how they plan to deliver on their promises.

It called on political actors to embrace responsible communication and constructive engagement, stressing that campaigns should provide voters with clear choices on policies and programmes capable of improving their lives.

In a related development, the guild called on the Federal Government and state governments to urgently address the worsening condition of roads following damage caused by rainfall in several areas.

It expressed concern that some roads had been washed away or rendered impassable, making movement difficult for motorists and other road users.

The guild urged the relevant authorities to prioritise the rehabilitation of damaged roads, improve drainage systems and implement lasting solutions to prevent recurring damage, particularly during the rainy season.

It warned that the deteriorating road network posed risks to road users and could disrupt the movement of people and goods, with consequences for commercial activities and the wider economy.

SWEGOP stressed that emergency repairs must be backed by proper drainage, effective maintenance and coordinated action by the different levels of government to prevent the problem from recurring.

The guild maintained that responsible political campaigns and urgent action on failing infrastructure were both necessary to address public concerns and improve the lives of Nigerians.

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2027: Alli, Oseni Tour Ibarapa, Seek Support for APC Candidacies

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Governorship, Oyo South senatorial candidates meet traditional rulers, religious leaders and community groups

The All Progressives Congress (APC) governorship candidate in Oyo State, Senator Sharafadeen Alli, and the party’s Oyo South senatorial candidate, Hon. Remi Oseni, have toured Ibarapa North, Central and East Local Government Areas to seek stakeholders’ support for their 2027 candidacies and other APC candidates across the ballot.

The two-day tour, which took place on Monday and Tuesday, covered Igangan, Tapa, Ayete, Idere, Igbo-Ora and Eruwa, where the candidates met traditional rulers, religious leaders, community groups and other stakeholders to discuss the area’s development challenges and solicit their backing ahead of the 2027 general elections.

During the engagements, Alli outlined his priorities for Oyo State, promising to prioritise the reconstruction of the Ibadan-Ibarapa road, extending to Igangan, improve the education sector, revive public water supply and strengthen local government administration if elected governor.

The delegation visited the palaces of the Asigangan of Iganganland, Oba Rafiu Adeniyi; the Asawo of Ayete, Oba Emanuel Ewuola Okeniyi; the Elempe of Tapa, Oba Sunday Oyekanmi Titiloye (Abioje I); the Olu of Igbo-Ora, Oba Jimoh Olajide Titiloye (Asoroolu Ayinla V); and the Eleruwa of Eruwa, Oba Samuel Adebayo Adegbola (Ajobo Olurin I). The team was also hosted by Dr. Olusola Ayandele Eruobodo at his residence on Monday evening.

Speaking during the meetings, Alli identified effective local government administration as critical to grassroots development, noting that local councils must be empowered to deliver meaningful improvements to their communities. He pledged to work towards a functional local government system that would make development more visible at the grassroots.

On education, the APC governorship candidate expressed concern about the standard of learning in the state and proposed limiting class sizes to a maximum of 30 pupils to improve teaching and learning outcomes.

He also promised to ensure that Oyo State’s financial resources, including federal allocations, translate into tangible improvements in infrastructure and public services. As part of his plans to improve residents’ welfare, he pledged to work towards reviving the state water corporation to ensure a more reliable supply of clean water across the state.

On infrastructure, Alli reiterated his commitment to reconstructing the Ibadan-Ibarapa road, extending to Igangan. He also promised to create greater opportunities for indigenous construction firms in the award of public contracts, while engaging external contractors for projects beyond the capacity of local companies.

The APC candidate also criticised the reported N5.5 billion expenditure on a stadium, questioning whether the facility met international standards and adequately served the needs of the state’s football clubs, particularly Shooting Stars Sports Club (3SC).

He cited difficulties faced by the club in arranging matches, including playing several away fixtures within a week and receiving a hostile reception at its temporary home ground in Ogun State. He attributed these challenges to the stadium facility’s reported failure to meet the required standards.

Also addressing the gatherings, Oseni, who is seeking election to the Senate to represent Oyo South Senatorial District, highlighted his contributions to the development of communities across Ibarapa and appealed to residents and community leaders to support his senatorial ambition.

He urged stakeholders to support APC candidates across the ballot, arguing that stronger cooperation between the state and the Federal Government could improve Oyo State’s access to federal opportunities, resources and development initiatives.

At a meeting with the League of Imams in Igbo-Ora, Alli acknowledged that disunity within the Muslim community might have affected communication with political leaders. He assured the religious leaders that his administration would not marginalise any religious group and appealed for their support for his aspiration and those of other APC candidates.

The tour was attended by APC leaders and campaign officials, including the Director-General of the Sharafadeen Alli Campaign, Hon. Yemi Aderibigbe; the Director-General of the Remi Oseni Campaign Council, Chief Lowo Obisesan; and the APC Deputy National Auditor, Hon. Gbenga Ariba, alongside other party leaders from across Oyo State.

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Watchdog Alleges Pressure on Oyo LG Chairmen, Warns Against Releasing N2.57bn for election

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Group questions budgetary provision, cites pending court cases

The Watchdogs for Good Governance has warned the 33 local government chairmen in Oyo State against releasing council funds for the planned December 29 local government election, questioning the legality and financial implications of a proposed N4.28bn funding arrangement.

The group alleged that the councils were being pressured to contribute N2.57bn towards the exercise despite claims that no provision was made for the expenditure in their 2026 budgets.

Under the proposed arrangement announced by the state government, the local governments are expected to bear 60 per cent of the election cost, amounting to N2,566,800,000, while the state government will contribute the remaining 40 per cent, or N1,711,200,000.

The controversy followed an announcement by the Commissioner for Information, Prince Dotun Oyelade, that the State Executive Council had approved funding for the Oyo State Independent Electoral Commission to conduct the election scheduled for December 29.

But the Watchdogs for Good Governance, in a statement issued on Tuesday and signed by its convener, Comrade Ahmed Adeyemo, questioned why the councils should commit billions of naira to the election when, according to the group, the expenditure was not captured in their approved budgets.

Adeyemo argued that the proposed spending could further limit the resources available to local governments to address pressing needs in their communities, including bad roads, inadequate infrastructure and poor access to primary healthcare.

“Where is the budgetary provision for OYSIEC? Why resort to milking the councils dry when grassroots communities are grappling with bad roads, lack of basic infrastructure and poor access to quality primary healthcare?” he asked.

The group also raised concerns over pending court cases challenging the conduct of the election, warning that the councils could face financial consequences if the exercise were subsequently nullified.

According to Adeyemo, at least three suits had been filed by members of the Allied Peoples Movement over the election, including grievances relating to the selection of chairmanship and councillorship candidates across the 33 local government areas.

He maintained that proceeding with the election while the cases remained pending raised questions about the prudence of committing such a substantial amount of public money to the exercise.

“Spending billions on an election that is sub judice and may be voided by the courts is the height of administrative irresponsibility and financial recklessness,” Adeyemo said.

The group further alleged that council chairmen were under intense pressure from the state government to release their respective contributions, although it did not provide documentary evidence to substantiate the claim.

It consequently urged the chairmen not to authorise any transfer of council funds for the election without addressing the budgetary and legal concerns it had raised.

Adeyemo warned that any chairman found to have improperly diverted public funds for the exercise should be held accountable, insisting that local government resources should be used to meet the needs of residents.

“The funds belong to the people of Oyo State for development, not for funding an election whose legality is being contested,” he said.

The group called on the relevant authorities to clarify the financial arrangements for the election and address the concerns surrounding the pending litigation.

Efforts to obtain reactions from the affected council chairmen as of press time were unsuccessful.

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