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AfDB President, Adesina to receive honorary degree from the University of Alberta

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The University of Alberta will confer an honorary doctorate of science degree on Dr. Akinwumi  Adesina, President of the African Development Bank , at its convocation event on June 4 in Edmonton, Canada

Dr. Adesina is a globally renowned leader who has dedicated his life to lifting millions of people out of poverty. For more than 30 years, he has implemented policies to increase investment in agriculture and give millions of farmers’ access to financing and credit, improved seeds, and fertilizers.

Since assuming office in 2015 as President of the African Development Bank—the premier development finance institution in Africa— Adesina has made a significant impact.

The Bank has won international recognition for its transparent and effective governance and programs that advance the UN’s Strategic Development Goals. Between 2015 and 2018, the Bank has achieved huge developmental results: 16 million people gained access to new or improved electricity; 70 million people gained access to improved agricultural technologies; 9 million people benefitted from private sector investment projects; 55 million people gained access to better transport services; and 31 million people benefitted from improved access to water and sanitation.

President Adesina also launched key initiatives aimed at unleashing African women’s potential. The Affirmative Finance Action for Women in Africa (AFAWA) is a pan-African initiative to bridge the $42 billion financing gap facing women in Africa. It aims to drastically transform the banking and financial landscape in Africa and creating incentives for lending to women in business.

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Adesina has also helped change the perception of business in Africa, by promoting de-risked development projects seeking funding from private investors.

Canada, a member of the African Development Bank since January 1983, is the fourth largest shareholder among the Bank’s non-regional member countries. It provided temporary callable capital in 2010 while negotiations about the Bank’s capital increase from USD33 billion to 99 billion were ongoing. That decision enabled the Bank to continue to provide financial support to regional member countries in the aftermath of the international financial crisis. More recently, Canada announced a similar commitment to the tune of $1.1 billion in temporary callable capital to support the African Development Bank. Canada’s announcement, to be approved by the Bank’s governors, was made by Maryam Monsef, the Canadian Minister of International Development and for Women and Gender Equality on 12 April 2019 on the sidelines of the World Bank-IMF Spring meetings.

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Senate Approves Tinubu’s $500m Loan for Power Sector Boost

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The Nigerian Senate has approved President Bola Tinubu’s $500 million loan request intended to bolster the operations of the Bureau of Public Enterprises (BPE) to enhance the financial and technical performance of electricity distribution companies, ultimately benefiting citizens.

The endorsement, announced on Tuesday, follows a thorough examination of the report presented by Senator Aliyu Wamakko, who heads the Senate Committee on Local and Foreign Debts overseeing the 2022 – 2024 External Borrowing (Rolling) Plan specifically for the Bureau of Public Enterprises (BPE).

During the presentation of the report, Senator Haruna Manu, serving as the Vice Chairman of the Committee, emphasised the importance for the Senate to duly receive and deliberate upon the report of the Committee on Local and Foreign Debts concerning the 2022 – 2024 External Borrowing (Rolling) Plan for the Bureau of Public Enterprises (BPE).

The $500 million loan constitutes a portion of the $7.94 billion loan originally requested by President Bola Tinubu on November 1st, 2023, within the framework of the 2022-2024 external borrowing plan. In addition to the $500 million, President Tinubu also sought approval for a €100 million loan.

However, during a special plenary session on December 30, the Senate greenlit the borrowing of $7.4 billion after careful consideration of the report furnished by the Committee on Local and Foreign Debt.

ALSO READ  Buhari lauds African Development Bank’s transformative role

 

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Melinda Gates Resigns from Gates Foundation, Set to Receive $12.5 Billion

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In this file photo taken on September 26, 2018, Bill Gates and his ex-wife, Melinda Gates, introduce the goalkeepers event at the Lincoln Center in New York. Ludovic MARIN / AFP

Melinda French Gates announced Monday she was leaving the philanthropy mega foundation she established with her ex-husband, Microsoft co-founder Bill Gates.

The resignation, which becomes effective on June 7, will leave Bill Gates as the sole chair of one of the world’s most influential and powerful non-governmental organizations.

“After careful thought and reflection, I have decided to resign from my role as co-chair of the Bill & Melinda Gates Foundation,” Melinda French Gates wrote in a statement posted on social media.

The statement gave no reason for her departure, but noted that “under the terms of my agreement with Bill, in leaving the foundation, I will have an additional $12.5 billion to commit to my work on behalf of women and families.”

The couple married in 1994 but announced their divorce in 2021.

They had continued to co-chair the foundation which they established in 2001 with the vast wealth acquired through the success of Microsoft.

With a focus on child poverty and preventable diseases, the foundation has been heavily involved in fighting malaria and in providing toilets and sanitation in poorer parts of the world.

The foundation’s website says it has spent $53.8 billion since 2000, and claims the number of children around the world who die before their fifth birthday has halved in this time.

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Bill Gates thanked his ex-wife for her “critical contributions” to the organization.

“As a co-founder and co-chair Melinda has been instrumental in shaping our strategies and initiatives, significantly impacting global health and gender equality,” he said.

“I am sorry to see Melinda leave, but I am sure she will have a huge impact in her future philanthropic work.”

The organization’s chief executive, Mark Suzman, said its name would change to simply the Gates Foundation — it has been known as The Bill & Melinda Gates Foundation.

“I truly admire Melinda, and the critical role she has played in starting the foundation and in setting our values, she has played an essential role in all that we’ve accomplished over the past 24 years,” he said in a video posted to social media.

“I will miss working with her and learning from her. I look forward to seeing her continued impact.”

 

 

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EFCC calls on banks’ compliance officers to uphold confidentiality

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The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede, has urged Compliance Officers of Banks nationwide to refrain from unauthorised disclosure of EFCC’s investigative activities and requests made to banks’ customers.

Speaking through the Acting Zonal Director of the Ibadan Zonal Command of the EFCC, ACE I Hauwa Garba Ringim, during a stakeholders’ meeting with Compliance Officers of Banks in Oyo State on Tuesday, Olukoyede emphasised the detrimental impact such disclosures have on the investigation of financial crimes and the timely filing of corruption cases in court.

Olukoyede expressed concern over the tacit support fraudsters receive from the Nigerian banking sector, highlighting the challenges it poses to the Commission.

He urged Compliance Officers to promptly respond to EFCC’s correspondence with certified true copies of relevant documents, as this facilitates swift investigation processes.

Also, Olukoyede addressed the illegal trading of naira with Point-of-sale (POS) operators, stressing the need to curtail such practices for the benefit of Nigerians.

In response to the chairman’s directives, Compliance Officers assured the EFCC of their unwavering support and commitment to enhancing collaboration between the Commission and banks for more effective anti-corruption efforts.

 

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