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Buhari lauds African Development Bank’s transformative role

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At a meeting with the African Development Bank President in Abuja, Nigeria’s President Muhammadu Buhari commended the Bank for its successes and pledged Nigeria’s continuous support for the institution.

“I want to recognize the support that the African Development Bank has given Nigeria in recent times. I remember the Bank’s critical gesture in 2016 during the difficult period of economic recession through a US$600 million budget support facility. We appreciate this and assure you that we will continue to work towards a diversified Nigeria,” President Buhari, said at the meeting with Bank President, Akinwumi Adesina, which was attended by some of the country’s Ministers and senior government officials.

President Buhari commended the Bank’s interventions in infrastructure and agriculture, and encouraged the institution to keep supporting countries like Nigeria to grow agriculture as a business through the promotion of agro-industrial zones in the country.

African Development Bank President Akinwumi Adesina thanked President Buhari for his support to the Bank and pledged the Bank’s commitment to fast track Africa’s development.

Adesina also highlighted several reforms at the Bank and strategic efforts to move the Bank’s operations closer to countries.

“The African Development Bank’s robust operations in Nigeria have had significant results and impacts on the ground, and continue to accelerate the country’s economic transformation as well as improve the lives of millions.”

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At the end of March 2019, the Bank’s active portfolio in Nigeria comprises 60 operations with total commitments of US$4.5 billion. These include 28 public sector operations with total commitments of US$1.7 billion (21 national and 7 regional); 34 non-sovereign operations with total commitments of US$2.8 billion.

Following Nigeria’s request to the African Development Bank, Adesina reported that the United Nations Secretary-General, Antonio Guterres, has accepted to co-chair a multi-billion fund-raising  session to revive the Lake Chad – a strategic effort that has major climate, economic, agricultural and employment implications for the region.

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Okonjo-Iweala: My Father Died Same Way He Lived

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“He died in Lagos soon after he arrived from a trip to the United States of America and Ghana. We are immensely grateful that his last moments were peaceful and that he died the same way he lived his life – with quiet dignity.”
by saharaReporters, New York Sep 14, 2019

The father of former Minister of Finance, Dr. Ngozi Okonjo-Iweala, Prof. Chukwuka Okonjo is dead. The former minister through her spokesperson, Paul Nwabuikwu, in a statement yesterday announced the death.

Okonjo-Iweala, in the statement, said his father died in Lagos soon after he arrived from a trip to the United States and Ghana.

“He died in Lagos soon after he arrived from a trip to the United States of America and Ghana. We are immensely grateful that his last moments were peaceful and that he died the same way he lived his life – with quiet dignity.

“Daddy was an accomplished man on so many levels – a highly respected academic, international public servant, university administrator, intellectual and traditional ruler. My father touched so many lives personally and professionally,” she said.

The former World Bank Chief added: “It is a tribute to the kind of life that Daddy lived that on his 90th birthday last year, a delegation of old students of Ibadan Boys High School presented him with a letter of commendation written in 1953 in which a colonial education administrator praised him highly for the all-round improvements he achieved in the school within a short period of time. He was only 25 then.

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“Daddy was a passionate intellectual and prolific writer whose last book was published at the age of 90. He touched so many lives personally and professionally and was an unrelenting believer and practitioner in the power of education to transform lives.

“In pursuit of this commitment, Daddy sponsored the education of at least 19 students up to university level in addition to his own seven children. He inspired and motivated so many more.

“Having witnessed the ravages of war, he was committed to unity and peaceful coexistence of all. From his marriage of 66 years to our mother, Prof. Kamene Okonjo to his dedication to duty, he was exceptional.”

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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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Niger: IDPs reject government’s relief materials

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The Internally Displaced Persons (IDPs) in Niger State housed in some temporary camps have rejected relief materials donated to them by the state government.

The displaced persons said the government has handled their plight with levity.

They insisted on getting a permanent solution to the incessant security challenges in their communities.

Over 5,000 persons are currently taking shelter in five camps provided by the state government after bandits attacked several communities including Rafa and Shiroro.

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