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AfDB Issues First “Light Up and Power Africa” Theme Bond

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The African Development Bank (AfDB) has issued the first “Light Up and Power Africa” Bond for SEK 733 million (approximately JPY 10 billion) sold to the Dai-ichi Life Insurance Company, Limited, the sole investor in the transaction.

The “Light Up and Power Africa” Bond supports AfDB’s ambition to achieve an important goal of realizing Africa’s energy potential and bridging the continent’s energy deficit.

Over 645 million Africans have no access to energy. The electricity access rate for African countries is just over 40 percent, the lowest in the world. This undermines efforts to lift Africans out of poverty. Access to energy is crucial for the attainment of health and education outcomes, reducing the cost of doing business, unlocking economic potential, and creating jobs.

Over 90% of Africa’s primary schools lack electricity while 600,000 Africans die each year due to a lack of clean cooking energy. Insufficient energy access handicaps the operations of hospitals and emergency services; compromises educational attainment; and drives up the cost of doing business.

Energy access for all is therefore one of the key drivers of inclusive growth as it creates opportunities for women, youth, and children in urban and rural areas. The aspirational goal of this priority area is to help the continent achieve universal electricity access by 2025 with a strong focus on encouraging clean and renewable energy solutions.

This will require generating 160 GW of new capacity, 130 million new on-grid connections, 75 million new off-grid connections and providing 150 million households with access to clean cooking solutions.

As part of this effort, “Kenya’s Last Mile Connectivity Program II”, an energy project that provides access to electricity in Kenya, aims to provide electricity to 1.5 million people mainly from low-income groups and micro-enterprises that improve living standards and support economic growth.

Hassatou N’Sele, Acting Vice President, Finance and Treasurer of the AfDB Group, says  – “Our mission is the sustainable development of Africa and our core priorities are the High 5’s: “Light Up and Power Africa”; “Feed Africa”; “Industrialize Africa”; “Integrate Africa” and “Improve the Quality of Life for the People of Africa”.

We would like to thank Dai-ichi Life for their interest and investment in “Light up and Power Africa” Bond. Their role in this transaction is helping towards our goal of attaining universal electricity access by 2025, with a strong focus on encouraging clean and renewable energy solutions.”

The AfDB will use its best efforts to direct an amount equal to the net proceeds of the issue of the Notes to lending projects within the strategic “Light Up & Power Africa” priority, subject to and in accordance with the AfDB’s lending standards.

The proceeds of the Notes will be included in the ordinary capital resources of the AfDB and will be used for the general operations of the Issuer in accordance with the Agreement Establishing the African Development Bank.

The Bond was offered to Dai-ichi Life in a private placement format with Deutsche Bank AG as the sole arranger of the bond.


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E-Financial

Lagos State Appoints MoneyMaster as Payment Partner for “Ounje Eko” Programme

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“Ounje Eko”, the food price discount initiative of the Lagos State Government, has appointed leading payment service bank, MoneyMaster Payment Service Bank Limited (MMPSB), as its collaborator in the bid to ensure ease of payments at the market.

MoneyMaster is one of the Central Bank of Nigeria-licensed Payment Service Banks (PSBs) to promote financial inclusion across Nigeria.

Under the partnership, MMPSB will apply its cutting-edge payment solution to engender easy payment and reconciliation in order to make   the experiences of Lagosians who will be getting their food supplies from the markets pleasurable. Its payment solution is also all-encompassing and ensures real time value to payment destinations.

The mobile bank was appointed as the collection and payment partner for “Ounje Eko” Food Markets programme which is a government initiative serving the five divisions of Lagos State. Consequent on this, MoneyMaster Payment Service Bank will collect payments in 57 LCDAs in the state.

The partnership gives credence to the quality of payment solutions that MoneyMaster is reputed for in its services to its growing business clientele in private and public sectors.

 


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CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering

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Central Bank of Nigeria (CBN), is investigating irregular foreign exchange transactions and forward contracts valued at approximately $2.4 billion.

CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering

The  inquiry follows an extensive audit by Deloitte, which scrutinized $7 billion in dollar debts accumulated under the bank’s previous leadership.

In the aftermath of the 294th Monetary Policy Committee meeting in Abuja, Yemi Cardoso, governor of CBN,  disclosed to journalists that the investigation, supported by the Economic and Financial Crimes Commission, among other security bodies, aims to clarify the legitimacy of these FX allocations identified as problematic by the audit.

“It was determined that a number of these transactions did not qualify…they were outright illegal. The law enforcement agencies are now looking into those transactions that as far as we are concerned, are not valid to be paid,” Cardoso detailed, emphasizing the unlawful nature of these forex deals.

The crux of the investigation lies in the audit findings that a significant portion of the scrutinized transactions lacked proper documentation and, in many instances, were deemed outright illegal.

However, the unfolding investigation has raised concerns within the organized private sector, with some entities contemplating legal action against commercial banks for unresolved forex bids.

Despite these tensions, Governor Cardoso reassures that the foreign exchange market remains open and transparent, inviting stakeholders to address their forex needs through the official channels.

Furthermore, Cardoso clarified the distribution of fertilizers to farmers as a one-off measure and not indicative of a shift back to direct interventions by the CBN, underscoring a commitment to strategic, regulatory governance rather than direct market involvement.

 

 

 

 

 

 

 

 


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CBN Urges Banks to Expedite Action on Recapitalisation

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Central Bank of Nigeria (CBN) has directed deposit money banks in the country to expedite action to increase their capital base from the current ₦25bn.

CBN Urges Banks to Expedite Action on Recapitalisation

Olayemi Cardoso, governor of CBN

Olayemi Cardoso, governor of CBN, stated this during the apex bank’s 294th meeting of the Monetary Policy Committee (MPC) on Tuesday in Abuja, when the MPC hiked the interest rate by 22.75% to 24.75%.

The apex bank chief said the MPC examined developments in the banking sector and expressed satisfaction that the industry remained stable. The committee, however, said to guard against risk, commercial banks in the country should accelerate their recapitalisation efforts.

Cardoso said, “The MPC also reviewed developments in the banking system and noted that the industry remains safe, sound, and stable. The committee thus called on the bank to sustain its surveillance and ensure compliance of banks with existing regulatory and macro-potential guidelines.

“The MPC also enjoined the banks to expedite actions on the recapitalisation of banks to strengthen the system against potential risks in an increasingly globalised world.”

 

 

 

 


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