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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.

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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‎OYO 2027: ‘Fact-Check Always’ – Oseni’s Aide Replies Ex-AGF , Ojo Over Alli’s Campaign Billboard Claims

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The media aide to the All Progressives Congress (APC) senatorial candidate for Oyo South, Hon. Aderemi Oseni,  Com. Idowu Ayodele, has dismissed allegations that his principal deliberately excluded the party’s governorship candidate, Senator Sharafadeen Alli, from his campaign activities.

‎Idowu described the allegation by a former Attorney-General and Commissioner for Justice in Oyo State, Mutalubi Ojo Adebayo, SAN, as unfounded, saying it was based on hearsay rather than facts.

‎Adebayo had, in a Facebook post on Friday, accused Oseni of not being a team player and alleged that the lawmaker deliberately left Alli out of his campaign billboards across Oyo South Senatorial District.

The former Attorney-General described the alleged action as anti-party and unfortunate, urging Oseni to retrace his steps in the interest of party unity ahead of the 2027 general elections.

‎Adebayo also appealed to the APC leadership in Oyo State to intervene and ensure a united and coordinated campaign structure.

‎However, Idowu, while reacting to the allegation, urged the former Attorney-General to verify his facts before making such claims.

‎“I cannot pre-empt your reason or say exactly what informed your decision or the motive behind your post.

“But knowing your nature and what you stand for, I believe your submissions on issues like this should not be based on hearsay. They should be based on facts, proper checks, genuine information and, where necessary, investigation,” he said.

‎Idowu said contrary to the allegation, Oseni had sponsored and erected no fewer than 20 billboards across Oyo South featuring Alli.

“For the record, there are no fewer than twenty billboards presently across Oyo South Senatorial District, sponsored and erected by Hon. Aderemi Oseni, featuring the APC governorship candidate, Senator Sharafadeen Alli,” he stated.

‎According to him, Oseni’s support for Alli was not limited to billboard publicity, as the lawmaker had also actively campaigned and solicited support for the APC governorship candidate, President Bola Tinubu and other candidates of the party.

“Oseni did not just sponsor or erect billboards. He also actively campaigned and solicited support for President Tinubu, Senator Alli and other APC candidates.

“This is a known fact, and Senator Alli himself can attest to it,” Idowu added.

The media aide urged Adebayo to verify the information and correct the impression created by his post.

“I therefore expect you, as a man of honour and integrity, to do the needful by verifying the facts and honourably debunking the falsehood contained in your post,” he stressed.

Idowu also appealed to APC leaders and stakeholders in the state to exercise caution in their public statements, warning that unverified allegations could create unnecessary tension among party leaders.

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FG vows to tackle power crisis, commissions 3MW solar plant at Abuja varsity

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Joseph Tegbe

The Federal Government has vowed to tackle Nigeria’s power challenges, with the Minister of Power, Joseph Tegbe, assuring Nigerians that the administration of President Bola Tinubu will deliver on its promise of improved electricity supply.

Tegbe gave the assurance on Wednesday in Abuja while commissioning a 3MW solar hybrid power project at Yakubu Gowon University, formerly the University of Abuja.

The project, delivered under Phase II of the Federal Government’s Energising Education Programme, is expected to provide more reliable electricity for teaching, research, laboratories, digital services and other critical activities at the university.

The intervention was implemented by the Rural Electrification Agency through the World Bank-funded Nigeria Electrification Project.

The facility comprises a 3.3MW solar array, 3MW AC output capacity and 2MWh battery storage designed to support critical loads beyond daylight hours. The project also includes 388 solar-powered streetlights to improve lighting and security across the campus.

Speaking at the commissioning, Tegbe said the project demonstrated how investment in electricity could directly support human capital development.

“There is perhaps no better place to demonstrate the practical value of Nigeria’s energy transition than a university,” the minister said.

He explained that universities required dependable power not only for classrooms, but also for research, laboratories, technology, administration and digital services.

Tegbe, who described the commissioning as the beginning rather than the end of the investment, said the government was also working to ensure that renewable energy facilities remained functional over the long term.

He said the newly established Renewable Asset Management Company would play a role in ensuring proper management and maintenance of renewable energy assets.

The minister also disclosed that efforts were underway to extend electricity coverage to other parts of the university, including student hostels, following requests from the institution’s Student Union Government and management.

He said the government would work towards ensuring that other areas of the university were covered within six months.

The Managing Director of the REA, Abba Aliyu, said the Energising Education Programme had evolved from simply providing electricity infrastructure to supporting education, research and human capital development.

According to him, the programme has so far delivered renewable energy infrastructure to 22 federal universities and three affiliated teaching hospitals, deploying more than 100MW of clean energy nationwide.

Aliyu said the experience gained from the projects had shown the need to pay as much attention to maintenance and long-term performance as to construction.

“We have become very good at asking, ‘How do we build more?’ We must now become equally rigorous about asking, ‘How do we protect what we have already built? How do we make it perform? And how do we preserve its value?’” he said.

The Head of the Nigeria Electrification Project, Olufemi Akinyelure, said the impact of the project should be measured beyond the electricity generated.

He said reliable electricity would enable laboratories to function, support research and create better conditions for students and lecturers.

“Government may not be in the business of making profit, but it must always be in the business of making progress,” Akinyelure said.

The Vice-Chancellor of Yakubu Gowon University, Prof. Hakeem Fawehinmi, described the project as a major investment in the institution’s academic mission.

Fawehinmi said the university could not effectively teach, conduct meaningful research, operate laboratories or sustain digital services without dependable electricity.

He assured the Federal Government and other partners that the university would properly utilise and maintain the facility.

Also speaking, the Chairman of the Senate Committee on Power, Senator Enyinnaya Abaribe, said the project underscored the need to connect government investment with sustainable outcomes.

Abaribe urged the university to take ownership of the facility and ensure that appropriate arrangements were made for its operation, maintenance and protection.

Beyond electricity generation, the project includes a Renewable Energy Workshop and Training Centre designed to support practical learning and skills development in renewable energy technologies.

The programme also has a female STEM component aimed at giving students practical exposure to renewable energy and opportunities in the sector.

The project was delivered through collaboration among the Federal Government, REA, the Nigeria Electrification Project, the World Bank, Yakubu Gowon University and EMONE Energy Solutions.

With the facility now commissioned, the focus shifts to keeping it operational and ensuring that improved electricity translates into better learning, stronger research and greater opportunities for innovation at the university.

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IGP Disu seeks NIPR partnership to boost public trust in police

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NIPR President, Dr Ike Neliaku, in a handshake with the Inspector-General of Police, Olatunji Disu, at the Force Headquarters in Abuja on Tuesday.

The Inspector-General of Police, IGP Olatunji Disu, has called for stronger collaboration between the Nigeria Police Force (NPF) and the Nigerian Institute of Public Relations (NIPR) to enhance public confidence in the police.

The IGP made the call on Tuesday when he received a delegation of the NIPR, led by its President and Chairman of Council, Dr Ike Neliaku, on a courtesy visit to the Force Headquarters, Abuja.

According to a statement issued by the Force Public Relations Officer, CSP Ani Iniedu, the IGP emphasised the importance of effective communication, professionalism, transparency and fairness in strengthening the relationship between the police and members of the public.

Disu noted that every police officer was an image-maker of the Force, adding that the conduct of personnel in their daily interactions with citizens had a direct impact on public perception of the police.

He said the Nigeria Police Force (NPF) remained committed to policing by consent and promoting a service-oriented policing culture built on professionalism, empathy, accountability and respect for human rights.

The IGP also sought the support of the NIPR in providing specialised communication training for police personnel and developing a coherent communication framework that would effectively communicate the sacrifices and contributions of police officers to public safety and national security.

Earlier, Neliaku commended the IGP for his professional accomplishments and briefed him on Nigeria’s hosting of the 2026 World Public Relations Forum and Africa Charter Forum.

The international event is scheduled to hold at the Transcorp Hilton, Abuja, and is expected to attract more than 3,000 delegates from 126 member countries of the Global Alliance for Public Relations.

The NIPR delegation also sought the support of the Nigeria Police Force in security planning and coverage for the event.

Neliaku further invited the IGP to serve as a keynote speaker at the forum and encouraged police officers to register and participate as delegates.

The delegation included the Secretary-General of the African Public Relations Association, Dr Omoniyi Ibietan; Dr Suleiman Haruna; Mrs Maryam Sanusi; Mrs Olubunmi Badejo; Commandant Olusola Odumosu; Chief Uzoma Oyegbadu; Chief Moji Makanjuola; Mr Stanley Ogadigo and other members of the institute.

Iniedu said the meeting reflected the commitment of the  Police Force to building productive partnerships with professional bodies and other stakeholders to strengthen public trust, enhance public safety and promote national security.

 

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