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African leaders reaffirm support for AfDB as President Adesina begins second term

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African leaders on Tuesday reaffirmed their support for the African Development Bank Group (AfDB) and its leadership under, Dr. Akinwumi Adesina as he begins his second five-year term with a renewed mandate to foster sustainable development on the continent.

In goodwill messages to mark Adesina’s inauguration, Presidents Muhammadu Buhari of Nigeria, Paul Kagame of Rwanda, Alpha Conde of Guinea, George Weah of Liberia, President Sassou Nguesso of Republic of the Congo  and Guinea Bissau’s Umaro Embalo, commended the Bank’s interventions, especially its assistance to member states in the wake of the COVID-19 pandemic.

“Dr. Adesina, you have our full support as you continue to lead the Bank through this COVID-19 period, marked by turmoil but also the prospect of new opportunities for our continent,” Kagame said, noting that the Bank had played a key role in ensuring that Africa’s interests reflected on the international agenda during the crisis.

Adesina, who first took office as the 8th elected president of the Bank Group in 2015, was unanimously reelected by the Board of Governors with a 100 percent vote at the end of the Bank’s 2020 Annual Meeting on 27 August. For the first time, the meetings were held virtually due to the restrictions imposed by the COVID-19 outbreak.

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President Buhari noted that the unanimity of Adesina’s reelection was a vote of confidence in his leadership and programs, especially the Bank’s High 5 priority agenda. If diligently implemented, the High 5s will help Africa to meet most of the Sustainable Development Goals of the UN.

“Under your leadership, the Bank has made admirable progress and we are confident that this gain will be consolidated and scaled up in the next five years,” Buhari said in a message presented on his behalf by the Bank’s Governor for Nigeria.

While congratulating Adesina for his overwhelming reelection, President Conde urged him to continue to pursue the High 5s and related policies to provide jobs for the continent’s growing youth population.

President Weah pledged Liberia’s continued partnership with the Bank under Adesina’s leadership. “Dr. Adesina, your reelection signifies Africa and the world’s confidence in your leadership,” he added.

Niale Kaba, the Ivorian Minister of National Planning and the immediate past chairperson of the Bank’s Board of Governors, represented Ivorian President Alassane Ouattara, who also reaffirmed his country’s strong bond with the Bank.

There were solidarity messages also from former Nigerian President Goodluck Jonathan and former Vice President Atiku Abubakar, under whose government Adesina served as Agriculture Minister. Messages also poured in from regional bodies, including the African Union Commission, the Common Market For Eastern and Southern Africa (COMESA), ECOWAS and the New Partnership for Africa’s Development (NEPAD).

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In his inaugural speech, Adesina outlined a renewed vision to build a much stronger and resilient African Development Bank Group, with the leadership and capacity to deliver greater quality impacts for Africa, while remaining financially strong and sustainable.

To achieve this, he said he would focus on building a stronger institution, strengthen human capacity, enhance effectiveness, deepen quality and impact and maintain financial sustainability.

Ghana’s Finance Minister and incoming chairman of the Board of Governors, Kenneth Ofori-Atta, presided over the swearing in ceremony.

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Ex-NCC Chair, Akande extols Senator Sarafadeen Ali on his 61st birthday

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Former Chairman of the Nigerian Communications Commission (NCC), Prof. Adeolu Akande, has extended warm felicitations to Barrister Sarafadeen Ali, the Senator representing Oyo South Senatorial district, on the occasion of his 61st birthday.

In a statement released on Saturday in Ibadan, the Oyo state capital, on Saturday, Akande lauded the lawmaker, describing him as a luminary whose life has been marked by distinguished service to the nation.

“Today, I join the world in celebrating you on your special day, as you mark 61 years of God’s abundant love and glorious impact on humanity,” the former NCC gaffer expressed.

He added, “I wish you many more years of God’s grace in your life.”

 

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Labour union protests Heritage Bank’s dismissal of 1,000 workers

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The headquarters of Heritage Bank at Victoria Island, Lagos, was besieged on Thursday by members of the labour union, protesting the recent dismissal of 1,000 support workers.

The National President of the National Union of Banks, Insurance and Financial Institutions Employees, Comrade Anthony Abakpa, led the demonstration, condemning the bank’s management for what he deemed a lack of adherence to due process in the termination of employment contracts.

Speaking during the protest, Comrade Abakpa asserted that the leadership of Heritage Bank failed to follow established protocols before executing the mass layoffs.

He emphasised the union’s commitment to pursuing justice for the affected workers, vowing to escalate their demands until the bank’s management rectifies the situation.

“We will intensify our demands for justice,” declared Comrade Abakpa, urging the bank’s management to take corrective action to address the grievances of the dismissed workers.

 

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Nigeria not using foreign reserves to defend naira, says CBN governor

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CBN governor

The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, clarified that Nigeria is not utilising its foreign reserves to bolster the naira, despite recent fluctuations in reserve levels.

Speaking from Washington DC, where he is attending the International Monetary Fund-World Bank Spring Meetings, Cardoso highlighted the influx of $600 million into Nigeria’s reserves account within the past two days.

While the naira has experienced a notable appreciation against the dollar in recent weeks, climbing over 40% from approximately N1,900/$ to about N1,000/$1, Nigeria’s foreign reserves have been dwindling. As of April 15, reserves dropped to approximately $32.29 billion, marking the lowest level in over six years.

Cardoso emphasised that the shifts in reserves are typical for any country, where various financial obligations, such as debt repayments, necessitate withdrawals.

He stated, “What you’ve seen with respect to the shift in our reserves is normal in any country’s reserves where, for example, debts are due and certain payments need to be made. They are made because that is also part of keeping your credibility.”

Continuing, Cardoso underscored the dynamic nature of the market, advocating for a system driven by willing buyers, willing sellers, and price discovery.

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He emphasised, “The shift in our reserves has really little or nothing to do with defending the naira, and that is certainly not our objective.”

 

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