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AfDB introduces its inaugural sustainable bond

Tosin Ranks
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AfDB introduces its inaugural sustainable bond

The African Development Bank has unveiled a $2 billion global social bond set to mature on February 25, 2027.

This marks the institution’s inaugural social bond issuance under the newly established Sustainable Bond Framework introduced in September 2023. The three-year tenor bond carries a 4.125% interest rate.

The AfDB, maintaining a stable Aaa/AAA/AAA/AAA rating from Moody’s, S&P, Fitch, and Japan Credit Rating, positioned the sustainable bond program to consolidate and strengthen its existing Green and Social Bond initiatives.

Notably, this 3-year Social Benchmark stands as the bank’s first global benchmark for the year, strategically aligning with the robust reopening of primary markets in January 2024.

The issuance, amidst a dynamic week in the USD SSA markets, saw the launch of 8 benchmarks totaling $17.25 billion within two days.

With a compelling order book exceeding $3.5 billion, the bond garnered significant support from diverse global investors, including central banks, official institutions, and bank treasuries, constituting 78% of the book.

Geographically and in terms of investor profiles, the distribution was well diversified, with 76 orders in the book.

Notably, the social label attracted considerable interest from ESG investors, comprising 38% of participants in the book.

The mandate for the bond was disclosed on January 17 at 15:00 GMT, and the initial pricing thoughts indicated strong investor demand, reaching $2.1 billion by the time the books officially opened on Thursday, supported by Indications of Interest during the overnight session.

 

CITN provides training for staff at the Gambia Revenue Agency

Tosin Ranks
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0
CITN provides training for staff at the Gambia Revenue Agency

The Chartered Institute of Taxation of Nigeria recently conducted a comprehensive five-day training in Lagos for six senior personnel from the Gambia Revenue Authority.

This initiative aims to equip participants with advanced skills in tax management, addressing the current manual operation of the Gambia’s tax system.

Notably, the Tax Manager from the Gambia Revenue Authority acknowledged Nigeria’s advanced and fully automated tax administration.

Describing it as a ‘train the trainer’ program, he emphasized the importance of this training in implementing full automation for efficient utilization of taxes in The Gambia.

 

EKEDC reaffirms its dedication to delivering high-quality services

Tosin Ranks
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EKEDC reaffirms its dedication to delivering high-quality services

Eko Electricity Distribution Company has reiterated its dedication to significant investments in infrastructure development and corporate social responsibility.

The company’s General Manager of Corporate Communications, Babatunde Lasaki, emphasized that substantial infrastructure upgrades were pivotal for the outstanding performance achieved in 2023.

Lasaki expressed the company’s commitment to elevating customer satisfaction by year-end, highlighting ongoing efforts to enhance supply quality.

He disclosed plans to finalize new injection substations in key locations, addressing the growing demand for power due to expansion and population increase.

Additionally, Lasaki outlined initiatives undertaken in 2023, including the procurement of over 150 transformers and the addition of 100 operational vehicles to the fleet, aiming to improve response capabilities.

Furthermore, he affirmed the company’s dedication to social philanthropy, focusing on education, health, environment, safety, sports, and entrepreneurship to make meaningful impacts across various societal strata.

EKEDC serves parts of Lagos and Ogun States.

Chery Automobile experiences a robust sales surge, soaring by 52.6%

Tosin Ranks
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0
Chery Automobile experiences a robust sales surge, soaring by 52.6%

Chery Automobile reported a robust performance in 2023, with the sale of 1,881,316 vehicles, reflecting an impressive 52.6% growth from the previous year.

The disclosure, made by Carloha, Chery’s exclusive national partner in Nigeria, highlighted the export of 937,148 vehicles, showcasing a remarkable 101.1% increase.

The Chinese automaker’s achievements surpassed industry growth rates, solidifying its pivotal role in the global automotive market.

Chery, recognized for innovation and quality, not only maintained its status as China’s top passenger car exporter for 21 consecutive years but also set new benchmarks globally.

The company excelled in various areas, securing top positions in the “Top 50 Chinese Global Brand Builders’ Report” and J.D. Power’s IQS.

Additionally, Chery achieved a five-star rating in Australian A-NCAP collision testing, emphasizing its commitment to safety and exceeding expectations across vehicle series like Tiggo 8, Tiggo 7, and Tiggo 4.

The automaker reiterated its dedication to environmentally friendly solutions through the production of eco-friendly vehicles and sustainable manufacturing practices.

This success story serves as both a celebration of Chery’s accomplishments and an inspirational call to greatness, resonating through the continued growth of the Chery brand in the Nigerian automotive market.

 

The CBN highlights the government’s dedication to fostering business growth through SMEDAN’s N19 billion allocation

Tosin Ranks
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The CBN highlights the government’s dedication to fostering business growth through SMEDAN’s N19 billion allocation

The Central Bank of Nigeria has highlighted the 238.87% increase in the 2024 budget allocation for the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) to N19.79bn, signaling the government’s strong commitment to stimulate the business environment.

CBN’s Deputy Governor, Economic Policy, Muhammad Abdullahi-Dattijo, emphasized this during a keynote address, pointing out that the allocation to SMEDAN has risen significantly from N5.84bn in the previous budget.

Abdullahi-Dattijo emphasized the 2024 budget’s role in laying the foundation for the future by prioritizing critical infrastructure and human capital development.

He noted increased government focus on fostering both foreign and domestic investment, along with the growth of small and medium enterprises.

Additionally, he highlighted the government’s aim to diversify revenue sources, reducing dependence on oil through tax reform measures.

The CBN deputy governor also addressed the need for businesses to adopt strategies to cope with current insecurity issues.

He urged businesses to mitigate risks, engage in advocacy, and adopt international best practices, especially in cybersecurity.

Abdullahi-Dattijo assured that the CBN is working towards market orderliness, transparency, and promoting investments in response to these challenges.

In discussing the evolving economic conditions globally and domestically, Abdullahi highlighted that the specific policies and priorities of the CBN may adapt.

He emphasized the pivotal role of the bank’s strategies in maintaining stability and fostering an environment conducive to business, investment, job creation, and overall economic prosperity.

Meanwhile, the President/Chairman of Council, the Chartered Institute of Bankers of Nigeria, Ken Opara, reassured the public of the strength and resilience of the Nigerian banking and finance sector.

Despite facing challenges such as non-performing loans, inflationary pressures, foreign exchange scarcity, and cybersecurity threats, Opara expressed confidence in the sector’s ability to weather the storm and contribute to sustained growth and prosperity in the country.

Opara also urged stakeholders to refrain from speculating about the new capital base of banks, emphasizing that the Central Bank of Nigeria (CBN) is the sole authority constitutionally empowered to make such decisions.

The CBN Governor, Olayemi Cardoso, had previously announced a recapitalization exercise for banks to meet the $1tn economy projection by President Bola Tinubu.

 

FG aims to generate 100,000 employment opportunities through the development of a 50,000MT NesGas depot

Tosin Ranks
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0
FG aims to generate 100,000 employment opportunities through the development of a 50,000MT NesGas depot

On Tuesday, the Federal Government initiated the construction of a 50,000 metric tonnes Liquefied Petroleum Gas and propane depot, aiming to generate 100,000 jobs.

Developed by Nesgas, the facility at the Oil and Gas Free Trade Zone in Rivers State is set to address Nigeria’s energy demand, reduce environmental impact from traditional fossil fuels, create job opportunities, and contribute to overall economic growth.

Minister Ekperikpe Ekpo, overseeing the groundbreaking, emphasized the depot’s role in unlocking Nigeria’s vast gas potential for cleaner energy and economic diversification.

He affirmed the government’s commitment to fostering an environment supportive of the gas industry’s expansion.

Nesgas’s Managing Director, Tunde Banjo, highlighted the company’s mission to combat energy poverty in Africa through strategic investments.

The groundbreaking event at the 50,000MT LPG Onne depot marks a significant step toward a brighter and more sustainable energy future for the continent.

In addition, the occasion witnessed the formalization of partnership agreements between Nesgas and Gas360, Modern West Advisory, and Hebron Gas Infrastructure Limited, as outlined in the accompanying statement.

Naira shows a recovery in the official market

Tosin Ranks
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0
Naira shows a recovery in the official market

Following days of market turbulence, the naira experienced a rebound at the official I&E Window on Tuesday, closing at N878.61/$1, a notable improvement from the N925.34/$1 on Monday.

This positive shift signifies a significant recovery for the local currency, which had recently surpassed the 1000/dollar mark at the official window just over a week ago.

The naira had been under strain due to ongoing foreign exchange shortages, with some analysts attributing the recent pressure to the alleged hoarding of the U.S. dollar by certain bank customers.

Meanwhile, at the parallel market on Tuesday, the naira maintained its position at 1,365/dollar, mirroring Monday’s closing level.

This development marks a slight interruption in the consistent decline of the local currency in the black market.

It had previously dropped from N1,200/dollar to over N1,300/dollar approximately a week ago.

According to a Bureau De Change operator in Zone 4, Abuja, the dollar was being traded at N1,350 to the naira in the capital city, with a selling range between N1,360 and N1,365.

Another operator, Ibrahim Yahu, stated that he could only sell the dollar at N1,360.

Despite maintaining stability for two consecutive days, as reported by Aboki FX, data from the FMDQ Securities Exchange revealed a recovery of N46.73 against the U.S. dollar, with the naira bouncing back from N925.34/$1 on Monday to N878.61/$1 on Tuesday.

It’s worth noting that this positive trend follows the naira’s stabilization after a Central Bank of Nigeria report highlighted that Nigerians spent $1.58 billion on health tourism, foreign education, and other personal matters in the first six months of 2023.

The breakdown showed expenditures of $245.68 million on overseas health-related issues, $896.09 million on foreign education, and $434.63 million on other personal foreign needs.

Accra is buzzing with excitement as Ghana’s unfortunate AFCON narrative persists, with Nigerians retaliating in a satisfying turn of events

Tosin Ranks
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0
Accra is buzzing with excitement as Ghana’s unfortunate AFCON narrative persists, with Nigerians retaliating in a satisfying turn of events

Ghanaian players and fans faced deep disappointment as the Black Stars experienced an early exit from the ongoing Africa Cup of Nations in Ivory Coast.

This marks the second consecutive AFCON where Ghana failed to advance beyond the group stage, following their 2019 elimination in Egypt.

Despite being favorites in a group with Cape Verde and Mozambique, a 2-1 loss to Cape Verde and 2-2 draws against Egypt and Mozambique resulted in only two points out of nine for the Black Stars.

Criticisms were directed at players like goalkeeper Richard Ofori and the Ayew brothers, while fans consoled Mohammed Kudus for his brace against Egypt.

The exit extends Ghana’s quest for a fifth AFCON trophy since 1982, and frustrated fans expressed their discontent through actions like vandalizing the team bus.

The rivalry with Nigeria also surfaced, with banter extending beyond football to various aspects of culture.

Ghana’s decline since the time of Asamoah Gyan was lamented by some fans, while others highlighted Nigeria’s perceived superiority across different domains.

 

Ghana dismisses coach Hughton following AFCON disappointment

Tosin Ranks
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0
Ghana dismisses coach Hughton following AFCON disappointment

Chris Hughton has been dismissed as the coach of Ghana following the early exit of the Black Stars from the Africa Cup of Nations.

Hughton’s team failed to secure a victory in any of their three group-stage matches in Cote D’Ivoire, earning only two points and concluding third in Group B.

On Tuesday, the Ghana Football Federation announced the termination of Hughton’s role as head coach, a decision made by the executive council.

The statement also revealed the dissolution of the technical team of the Black Stars, with the Ghana Football Association promising to outline a roadmap for the future direction of the national team in the coming days.

Despite a disappointing draw against Mozambique on Monday, Ghana still had a potential pathway to qualify for the last 16 as one of the best third-placed teams.

 

Blinken engages with Tinubu, commits to allocating a $45 million security fund for Nigeria and neighboring countries

Tosin Ranks
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0
Blinken engages with Tinubu, commits to allocating a $45 million security fund for Nigeria and neighboring countries

On Tuesday, United States Secretary of State Antony Blinken announced an additional $45 million in funding for West African nations, augmenting the ongoing effort to combat instability.

This brings the total funding under the year-old program to almost $300 million.

During a tour of four African democracies, Blinken separately met with President Bola Tinubu and Ivorian President Alassane Ouattara.

The discussions focused on strengthening US-African partnerships across various domains, including trade, climate, infrastructure, health, and security.

Blinken highlighted Ivory Coast as a model for combating coups and extremism, praising their approach of economic investment to build security in northern areas.

He commended Ivory Coast’s leadership in the fight against extremism and violence, pledging increased cooperation, particularly through the training of security forces.

Last year saw significant security challenges in Africa, including a coup in Niger and ongoing terrorist attacks in Nigeria, underscoring the importance of collaborative efforts

 

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