AfDB launches US$ 2 billion 1.625% Global Benchmark due 16 September 2022 - Mega Icon Magazine
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AfDB launches US$ 2 billion 1.625% Global Benchmark due 16 September 2022

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The African Development Bank (AfDB) rated Aaa/AAA/AAA (Moody’s/S&P/Fitch, all stable), has launched and priced a US$ 2 billion 3-year Global Benchmark bond due 16 September 2022, its first US$ benchmark of the year.

Launched on September 11, the bond issue is the Bank’s second Global Benchmark of 2019, following a EUR 1 billion 10-year priced in March 2019. With this transaction, the Bank has now raised US$ 4.4 billion in 2019 to date and executed 61% of its borrowing program for the year. The transaction received strong support from investors globally, with order books reaching US$ 2.8 billion and 53 investors participating. The high quality of the order book is illustrated by the strong participation of Central Banks and Official Institutions, taking 64% of the allocations.

The African Development Bank decided to take advantage of favorable investor sentiment post summer break to access the 3-year tenor, in spite of volatile market conditions ahead of the Fed Meeting the following week. The mandate was announced on Tuesday, September 10, at 12:00 London time with Initial Pricing Thoughts of Mid-Swaps + 13 basis points (bps) area.

The transaction met strong interest from the outset, with Indications of Interest in excess of US$ 1.8 billion (excluding Joint-Lead Managers interest) when order books officially opened at 08:00 London time the following morning, with initial price guidance of Mid-Swaps + 13bps area.

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Momentum continued throughout the European morning, with orders in excess of US$ 2.5 billion around 11:20 London time. At this time, final pricing was set at Mid-Swaps + 13bps. Following the close of the order book in the US, the size of the transaction was set at US$ 2 billion by 14:20 London time.

The transaction was priced at 16:24 London time with a re-offer yield of 1.679%, equivalent to a spread of 8.75bps vs UST 1.5% 15 September 2022, the issuer’s tightest print vs US Treasuries to date.

“We are delighted with this successful dollar Global Benchmark, and particularly pleased by both the very high quality of the order book and the solid participation of African Central Banks. The African Development Bank achieved its tightest ever spread to US Treasuries, and we are grateful to our investors across the world for this outcome, and the financing it will bring to the African continent”. Hassatou Diop N’Sele, Group Treasurer, African Development Bank

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‘Foment trouble, go to jail’, Makinde tells  NURTW members

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The Seyi Makinde led  Oyo State Government has  warned some leaders of the suspended National Union of Road Transport Workers (NURTW) in the state to desist from carrying out the threats of violence issued in a video, which has gone viral in the last 24 hours.

A statement signed by the state’s Commissioner for Public Works and Infrastructure, Professor Raphael Afonja, on Sunday noted that the government  would bring the full weight of the law to bear on anyone caught disturbing peace and order in the state.

The government further called on the residents of the state to ignore the empty threats by leaders of the suspended union and go about their lawful businesses, noting that the state government and all the security agencies in the state remained alert and on top of the security situation.

The government maintained that though the leaders of the NURTW might have misinterpreted the Park Management System, which is aimed at rebranding the management of motor parks in the state, it would not sit idly and watch some individuals threaten the peace of the state.

The statement reads in part: “The attention of the Honourable Commissioner for Public Works and Infrastructure, Professor Raphael Afonja has been drawn to a video that has gone viral in the last 24 hours, in which some members of the banned Oyo State Chapter of the National Union of Road Transport Workers (NURTW) were seen threatening to unleash violence in the state.

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“It has come to the knowledge of the Ministry that a number of commentators and some of those who were seen threatening mayhem have misinterpreted the initiative that has yielded the planned rebranding of the Motor Parks in the State under the aegis of the Park Management System(PMS) introduced by the current administration in Oyo State.

“The Ministry therefore wishes to place on record that the government of the day in Oyo State will not open its eyes and allow unwarranted activities threaten the peace of the good people of Oyo State.

“The Ministry wishes to urge the peace-loving residents of the state to go about their lawful duties without fear and intimidation.

“Let it, however, be known to any agents of violence or purveyours of trouble that the state would not hesitate to deal decisively against any threat of violence within the ambits of the law.
“Those seeking to throw the state into confusion have been at it for a long while with the series of traps that have continued to fail.

“It should also be noted that the laws of the land, including the Anti-Terrorism Act, fully and clearly denominate acts of violence and threats to instigate the same. Those who stand accused of accessories after the facts of treason and Treasonable felony are in no way excusable under the law.

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“The Ministry would therefore urge everyone who do business around the Motor Parks in Oyo State to continue to abide by the laws of the land. Anything to the contrary would bring the full weight of the law to bear on the accused.”
The statement further explained that new Park Management Systems (PMS) initiative, apart from being introduced to sanitise the poor state of the parks across the state, would also assist in boosting the State’s Internally Generated Revenue (IGR) and also provide employment to the teaming youths across the state who would be recruited by the Park Managers.

“In another breath, the Ministry wishes to bring to the notice of the residents and the good people of Oyo State that the new Park Management Systems (PMS) that the initiative is aimed at sanitising the poor state of the parks spread around the state.

“Besides being a way of boosting the State’s Internally Generated Revenue (IGR), the PMS will also provide employment to the teaming youths across the state who would be recruited by the Park Managers.

“The fear of job loss by those currently involved in the Park systems is unfounded because every able-bodied, and law-abiding person willing to contribute to the proper management of the parks would be gainfully engaged.

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“The Honourable Commissioner also wishes to reiterate the ban on activities of the NURTW at the Parks in the state, pending the resolution of the Union’s internal conflicts.”

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VIDEO: 3 months after Supreme Court’s sack, dethroned Eleruwa resumes in palace

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• Hires thugs, OPC men for protection

The sacked Eleruwa of Eruwa, Oba Samuel Adegbola on Sunday (February 16th, 2020) resumed at the Eleruwa Palace, Eruwa in Ibarapa East Local Government Area of Oyo state amidst hired thugs and members of the Oodua Peoples Congress (OPC), Mega Icon Magazine reliably gathered.

 

 

It would be recalled that the Supreme Court had earlier sacked Oba Adegbola  and six others, dismissing an appeal they lodged before it as lacking in merit.

 

The apex court, in an unanimous judgement by a five-man panel of Justices led by Justice Danttijo Mohammad, declined to set-aside concurrent verdicts of the Oyo state High Court and the Court of Appeal that held that they appellants had no right to the ancestral throne.

Appellants before the apex court were H.R.H. Oba Samuel Adebayo-Adegbola (Eleruwa), Chief Samuel Salako Adewusi (The deceased Odofin Eruwa), Chief Femi Atanda-Jagun of Eruwa, Chief I.O. Olabode-Olukuton of Eruwa, Chief Idowu Okeowo-Asipa of Eruwa, Chief E. Ojebis.

Also, respondents in the appeal included Mr. James Olatunde Idowu, (For himself and on behalf of Laribikusi ruling house excepting Lasubu family or section of OF Laribikusi ruling house/quarters), Alhaji Rasheed Oyedepo Ajao, Oyo state governor, the Oyo state Attorney General and the Ibarapa East local government.

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According to the lead verdict that was delivered by Justice Kudirat Kekere-Ekun, the apex court held: “The appeal has no merit and is hereby dismissed, I made no order as to cost. Parties are to bear their cost, the appeal is dismissed”.

Having resolved all the five issues raised in the appeal against the appellants, it upheld earlier decisions of the two lower courts.

The video footage obtained by our reporter  today via the social media platform shows the sacked monarch,  Oba Adegbola  returning  to the  Palace three months after the Supreme court’s judgement.

Also corroborating our reporter’s claim, two hours ago, one  Akintunde Segun, the younger brother of the youngest Olori, posted on his Facebook timeline, “Don’t be too excited when you’re happy and someone is crying.

“Don’t be too excited when you got the answer and someone is failing

“EXCITEMENT as Good people of Eruwa welcoming ELERUWA OF ERUWA BACK TO PALACE ….. KABIYESI OBA SAMUEL ADEGBOLA. 

#LETPEACEREIGN#.

However, this controversial development has been generating heated debates at different fora .

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Oodua group lauds Makinde over road maintenance

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The management of Western Hotels Ltd, a subsidiary of Odua Group of Companies has commended Governor Seyi Makinde for his promptness in the rehabilitation of the internal road network of the hotel and major roads within the Ibadan metropolis, which has made vehicular and people’s movement less stressful..

 

The commendation was made in Ibadan by the Managing Director/ CEO of the hotel, Mr Abimbola Alagbe during a courtesy visit to the Chairman, Oyo State Road Maintenance Agency, OYSROMA, Hon. Kamil Akinlabi Mudashiru, in his office over the weekend.

 

Also present during the visit was the State Commissioner for Information, Culture and Tourism, Dr. Wasiu Olatunbosun and other government officials.

 

According to him, the gesture of the State government to rehabilitate the internal road network of the Premier Hotel was notable and historical as such repair work was done about 30 years ago.

 

“I make bold to say that our passionate appeal for assistance on the resurfacing of our hotel internal road network to His Excellency Governor Seyi Makinde was given prompt approval and attention, this is a major rehabilitation in the last 30 years.

 

“The present administration in Oyo State, led by Governor Seyi Makinde has given governance a human face, I can assure you and the whole world that the quality of the work done was unprecedented, we noticed same in the metropolis as many areas that were difficult to ply by motorists are now free, due to recent repair works by the government agency.

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” We are grateful to the government for the quality and standard in which the work was done. Within 5 days, the work was completed, we commend the level of professionalism that was put in place during the rehabilitation of the road network.”

 

In his remarks, the Chairman OYSROMA, Hon. Kamil Akinlabi Mudashiru, noted that the assistance of the government, through the agency, was to fulfill its promise of improving the Internally Generated Revenue, IGR of the Premier Hotel and the State at large.

 

“Governor Seyi Makinde made a promise to improve the Internally Generated Revenue IGR of the State, hence the rehabilitation of the Premier Hotel road network would Improve their patronage and by extension that of the State, there was also a recent approval from the governor for our agency to reopen our offices at the local communities to replicate the work we are doing in the metropolis, it shows this administration is for the people.”

 

In his contribution, the Commissioner for Information, Culture and Tourism, Dr. Wasiu Olatunbosun, stated that the State government would continue to deliver dividends of democracy to the citizenry through the provision of basic amenities within the nooks and crannies of the state.

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“The present administration in the state led by Governor Seyi Makinde will continue to deliver dividends of democracy to the people through the provision of good roads, quality education, free qualitative health care , security of lives and property across the nooks and crannies of the State”.

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