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AfDB launches record breaking $3 billion “Fight COVID-19” Social Bond
Published
6 years agoon
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Mega IconThe 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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2027: APC Perfects Consensus Strategy for Oyo
Published
7 hours agoon
May 12, 2026By
Mega Icon
Ahead of the 2027 general elections, the national leadership of the All Progressives Congress (APC) on Tuesday held a high-level strategic meeting with the Oyo State chapter of the party as part of efforts to reposition the APC for victory and prevent internal crisis ahead of the polls.
The development was first scooped by OYOINSIGHT.COM which quoted multiple party sources familiar with the closed-door deliberations.
Sources disclosed that the meeting, held in Abuja, focused largely on a consensus arrangement being considered by stakeholders of the party in Oyo State, in line with political templates reportedly being adopted in Lagos and Ogun states ahead of the next electoral cycle.
Party insiders said the move was aimed at strengthening unity within the fold of the opposition party in the state, minimising rancour during the primaries and presenting a formidable front against rival parties in 2027.
It was further gathered that some members of the state executive committee may have been subtly informed about preferred consensus candidates being considered for elective positions across the state.
Though details of the deliberations were still sketchy as of press time, sources hinted that the national leadership stressed the need for cohesion, discipline and strategic alignment among stakeholders to improve the party’s electoral fortunes in Oyo.
Those at the meeting included the Oyo APC Chairman, Moses Alake Adeyemo; the state secretary, Fatai Adesina Adeniyi; the Publicity Secretary, Olawale Sadare; the Organising Secretary, Aderemi Adepoju; and the Legal Adviser, Sunday Aborisade.
Others were the Women Leader, Adekemi Opatunde; the Youth Leader, Olalekan Oladejo; Joshua Oyebamiji; Tunde Oloyede; Sunday Babalola; Joseph Omoniyi; and Mojeed Adebayo.
As of the time of filing this report, the party had yet to issue an official statement on the outcome of the meeting.
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2027: Oyo APC Set for Credible Direct Primaries, Says Alake Adeyemo
Published
2 days agoon
May 11, 2026By
Mega IconThe Chairman of the All Progressives Congress (APC) in Oyo State, Chief Moses Alake Adeyemo, on Monday assured aspirants and party members that the party would conduct transparent, peaceful and credible direct primaries ahead of the 2027 general elections.
Adeyemo declared that no aspirant would be victimised or denied a level playing field, stressing that the party leadership remained committed to internal democracy and progressive ideals.
The former deputy governor spoke while receiving members of the APC Screening and Appeal Committees deployed from the party’s National Secretariat in Abuja at the APC Secretariat in Oke-Ado, Ibadan.
He disclosed that although the party initially explored consensus arrangements across elective positions, prevailing realities indicated that direct primaries would be conducted in some areas, including the governorship contest.
Adeyemo said the party had already put necessary structures in place to ensure a hitch-free exercise capable of strengthening unity within the APC.
He said: “We set machineries in motion for us to achieve the aim of consensus across board but reports available to me indicate that we would have to go by the second option which is direct primary in certain cases including the governorship ticket.
“To this end, we shall work towards organising free, fair and credible exercise in all the affected areas even as we cannot rule out the possibility of some aspirants having a rethink and supporting the consensus arrangement as necessary.
“Where we have more than an aspirant, Abuja would send people to conduct primaries and we at the state level would provide the required support to make everything work out in the interest of our great party.”
The APC chairman explained that all registered party members would participate fully in the exercise at their respective wards on dates to be announced by the National Secretariat.
According to him, affirmation would be adopted in areas where consensus candidates emerge, while voting would be conducted wherever direct primaries become necessary.
“For consensus, members will lend their voices for affirmation while voting will be done in the cases of direct primary,” he added.
Speaking earlier, Chairman of the Screening Committee and former Speaker of the Ondo State House of Assembly, Rt. Hon. Taofiq AbdusSalam, assured party faithful that the committee would carry out a thorough, transparent and unbiased screening process.
He said only eligible aspirants would be cleared to participate in the primaries and eventually fly the APC flag in the forthcoming elections.
Other members of the Screening Committee are Kamal Sanusi (Secretary), Smart Oluwole, Tunde Kolade and Olabamiji Agunloye.
Members of the Screening Appeal Committee are Jibola Oduwole (Chairman), Abimbola Jack (Secretary) and Jelil Jimoh.
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NDC zones 2027 presidency to South, reserves 2031 for North
Published
3 days agoon
May 9, 2026By
Mega IconThe Nigeria Democratic Congress on Saturday zoned its 2027 presidential ticket to Southern Nigeria, declaring that the party’s candidate would serve a single four-year term if elected.
The decision was reached during the party’s national convention held in Abuja amid growing momentum within the opposition platform following a wave of high-profile defections from other political parties.
Announcing the development on its official social media handle, the party stated, “NDC presidential ticket is zoned to the South!!”
The party also resolved that its 2031 presidential ticket would be ceded to Northern Nigeria as part of efforts to maintain regional balance and internal equity.
The convention comes as key opposition figures, including former Labour Party presidential candidate, Peter Obi, and former New Nigeria People’s Party presidential candidate, Rabiu Kwankwaso, joined party leaders and delegates at the Abuja gathering.
Saturday’s convention is expected to ratify several recent decisions taken by the party’s National Executive Committee, including zoning arrangements, amendments to the party constitution, and the election of new national executives.
According to the convention agenda obtained by journalists, discussions centred on zoning, ratification of the amended constitution, and leadership restructuring ahead of the 2027 general elections.
The NDC has in recent weeks witnessed a surge in defections from rival opposition parties, particularly the African Democratic Congress and the Peoples Democratic Party.
On Tuesday, no fewer than 17 members of the House of Representatives defected from the ADC to the NDC.
Their defections were formally announced during plenary at the House of Representatives.
The lawmakers include Yusuf Datti, Uchenna Okonkwo, Adamu Wakili, Thaddeus Attah, George Ozodinobi, Lilian Orogbu, Oluwaseyi Sowunmi, Peter Aniekwe, Mukhtar Zakari, George Oluwande and Munachim Umezuruike.
Others are Emeka Idu, Jesse Onuakalusi, Ifeanyi Uzokwe, Afam Ogene, Murphy Omoruyi and Abdulhakeem Ado.
The defections came barely two days after Obi and Kwankwaso formally joined the NDC from the ADC.
The duo were presented with the party’s membership cards last Sunday shortly after a closed-door meeting with party leaders.
A former Governor of Bayelsa State and NDC national leader, Seriake Dickson, officially welcomed the opposition figures into the party.
Obi had attributed his exit from the ADC to worsening internal crises, external interference and what he described as increasing hostility within party structures.
The former Anambra State governor said Nigeria’s political environment had become increasingly toxic, marked by intimidation, insecurity and sustained scrutiny of opposition figures.
He also lamented that institutions meant to protect citizens were now often deployed against them, while individuals committed to genuine public service faced mounting pressure both publicly and privately.
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