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EBID’s Authorised Capital now USD3.5 billion

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EBID’s Authorised Capital now USD3.5 billion

By: Michael Mike

The Board of Governors of the ECOWAS Bank for Investment and Development (EBID) has unanimously increased the Bank’s authorised capital from USD 1.5 billion to USD 3.5 billion with effect from January 2023. The Governors also called for the third tranche of the capital of the Bank which is in the sum of USD 438 million.

The Board of Governors which comprises the Ministers for Finance and Ministers for Planning and Development of the fifteen ECOWAS Member States took this decision at its just ended 10th Extraordinary session held on 27th October 2022 in Praia, Republic of Cabo Verde.

The President and Chairman of the Board of Directors of EBID, Dr. George Agyekum Donkor, made this   disclosure immediately after the session. According to Dr. Donkor, the decision by the Governors was very strategic and timely especially as the Bank intensifies its resources mobilisation initiatives and seeks to position itself as the foremost regional development finance institution committed to playing a key and expansive role in assisting ECOWAS Member States to navigate the path to socio-economic recovery from the fallout of the COVID-19 pandemic and the Russian – Ukraine war.

Outlining the justifications for the Governors’ decision, Dr. Donkor emphasized the need for the Bank to improve leverage, capital adequacy, liquidity, and the overall risk-bearing capacity. He further underscored the need for the Bank to be abreast with industry trends and improve its rating. According to the President of EBID, calling the third tranche of the Bank’s capital will no doubt enhance the Bank’s capacity to grant concessionary resources to Member States in order to accelerate economic recovery.

Also Read: https://dailypost.ng/2022/10/29/journalists-in-yobe-boycott-government-activities-over-alleged-intimidation-harassment/

The Chairman of the Board of Governors, who is also the Vice-Prime Minister for Finance and Business Development and Minister for Digital Economy of the Republic of Cabo Verde, Dr. Olavo Avelino Garcia Correia, commended the President of the Bank and his team for the remarkable and exceptional performance within a short time which has led to impressive operational and financial performance of the Bank and the eventual upgrade of the Bank’s rating by both Moddy’s and Fitch rating agencies. He urged the Management of the Bank not to rest on its oars but strive to obtain investment grade in order to attract competitive resources for ECOWAS Member States.

ECOWAS Bank for Investment and Development (EBID) is a leading regional investment and development bank, owned by the fifteen (15) ECOWAS Member States, namely, Benin, Burkina Faso, Cape Verde, Côte d’Ivoire, The Gambia, Ghana, Guinea, Guinea-Bissau, Liberia, Mali, Niger, Nigeria, Senegal, Sierra Leone, and Togo. Based in Lomé, Togolese Republic, the Bank is committed to financing developmental projects and programs covering diverse initiatives from infrastructure and basic amenities, rural development and environment, industry, and social services sectors, through its private and public sector windows. EBID intervenes through long, medium, and short-term loans, equity participation, lines of credit, refinancing, financial engineering operations and related services.

EBID’s Authorised Capital now USD3.5 billion

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SGBV Centre to be Established in All Wards in Kuje LGA

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SGBV Centre to be Established in All Wards in Kuje LGA

By: Michael Mike

Kuje local council of the Federal Capital Territory is set to establish Sexual and Gender Based Violence Centre in all its ten political wards to clampdown on the growing menace.

Delivering a speech at a one-day community advocacy/dialogue on issues of SGBV organised by the National Agency for the Prohibition of Trafficking in Persons (NAPTIP) for stakeholders in Kuje, the Council Chairman, Alhaji Abdullahi Sabo who noted that: “Violence against women and girls in any form is the manifestation of profound lack of respect and a failure by men to recognize the inherent equality and dignity of women,” said that the council would set up response centres across the 10 political wards in Kuje Area Council to support the fight against SGBV.

The Chairman who was represented by his Chief of Staff, Abdullahi Sabo (Snr), said: “The time for complacency has long gone, it is time for action, we can no longer watch over 70 per cent of women in our communities face physical or sexual violence in their lifetime.

” Therefore, for an effective response to this menace, the need for different sectors in the society to collaborate and work together cannot be overemphasised.

“We indeed pledge to do better for survivors of SGBV. As an institution, we need to do more to support victims and hold the perpetrators accountable.

“We have to do more to respond to the cry for justice for women and children who have suffered violence.”

On her part, the NAPTIP Director-General, Prof Fatima Waziri-Azi, said that the aim of the dialogue was to discuss the unique roles of all community stakeholders towards reducing SGBV in the FCT.

She said that it was also aim at empowering community members to recognize early signs of abuse, intervene effectively create a culture that does not tolerate violence.

“We must collectively continue to create a supportive environment where victims feel empowered to report cases of SGBV, this lies in the hands of the communities.

She said that parents are been complacent by failing to protect their children in abusive and exploitative situations.

The DG encouraged Nigerians to report cases of SGBV to NAPTIP, while also stressing the need to preserve evidence especially in cases of rape.

SGBV Centre to be Established in All Wards in Kuje LGA

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President Tinubu flags off inaugural airlift of 2024 Hajj in Kebbi

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President Tinubu flags off inaugural airlift of 2024 Hajj in Kebbi

By: Our Reporter

President Bola Ahmed Tinubu (CFR) has flagged-off the inaugural airlift of 2024 Hajji exercise from Nigeria to the Kingdom of Saudi Arabia.

The grand ceremony took place at Sir Ahmadu Bello International Airport Birnin Kebbi on Wednesday with distinguished personalities in attendance.

The President, who was represented by the Vice President, Sen. Kashim Shettima, urged the intending pilgrims to pray for peace, unity and progress of the country.

He charged the intending pilgrims to abide by all rules and regulations of the Kingdom of Saudi Arabia and urged them to avoid any illicit act capable of affecting the integrity of their Hajj.

“Mr president has been committed to this year’s Hajji due to the economic situation, he has also contributed the sum of N90 billion Naira to subsidise this year’s Hajj exercise in order to have a smooth and successful exercise.
”You may recall that this year, we had a major challenge in announcing the final hajj fare for the 2024 Muslim pilgrimage due to fluctuation in foreign exchange rates.

”President Bola Tinubu also work round the clock to control the downwards spiral of our local currency to bring relief to our pilgrims and other Nigerians.

”A moved that eventually succeeded in lowering the fare. The President approved the released of N90 billion to subsidized the cost of pilgrimage for this year’s hajj.”

He said that the government of Renewed Hope led by Tinubu attaches immense importance to religious pilgrimage due to the role its plays in transforming behavioral and social vices of the believers beyond performing the pilgrimage.

Delivering his speech, the Kebbi State Governor, Comrade Dr Nasir Idris said this year’s Hajji signifies a sacred journey for thousands of devoted pilgrims who embarked on a spiritual voyage to the Holy land.

He explained further that Hajj is a time to honoured tradition that holds great significance for Muslims around the world.

“It is a journey of faith, devotion and unity where believers come together to fufill one of the five pillars of Islam, the pilgrimage to Mecca is a profound experience that fosters a sense of community, humility and spiritual renewal,” he said

The Governor urged the people that they should remember the significance of this sacred ritual, adding that Hajji remained a testament to the unity of Muslim Ummah, transcending geographical boundaries and cultural differences.

“It is a time for reflection, prayer and seeking forgiveness, as well as an opportunity for personal growth and self discovery,” he added.

He commended the Federal Government, National Hajji Commission and those that were involved for there commitments toward the successful exercise.

Gov. Idris noted with satisfaction that Kebbi was the first state to remit 2024 Hajj fare in Nigeria, adding the intending pilgrims from Kebbi were given special treatment by the present administration to confort them toward a successful Hajj exercise.

The governor said his administration had spent N900 for infrastrutural development of the Hajj Camp in Birnin Kebbi to make it more conducive for the intending pilgrims

In his remarks, the National Chairman, National Hajji Commission of Nigeria (NAHCON), Alhaji Jalai Ahmad Arabi thanked the President and Kebbi State Governor for their support and cooperation towards the success of this year’s Hajji exercise.

He described this year’s Hajji as the most innovative and special one, saying, “honestly, I am well over warm the way and manner the Kebbi State Goqqvernor committed all the resources for them to achieve.

President Tinubu flags off inaugural airlift of 2024 Hajj in Kebbi

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Nigeria Calls for Collaboration Among ECOWAS States to Develop Tourism Sector in West Africa

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Nigeria Calls for Collaboration Among ECOWAS States to Develop Tourism Sector in West Africa

By: Michael Mike

Nigeria government has called for the collaboration among the counties of Economic Community of West African States (ECOWAS) to develop the tourism potential of the subregion and place West Africa in prime position to compete with other regions.

The Director General of the Nigerian Tourism Development Corporation, Folorunsho Coker, also called for the streamlining of policies on tourism in countries in the subregion while delivering a speech at the opening ceremony of the meeting of experts and stakeholders of the private tourism industry on the monitoring and evaluation mechanism of ECOTOUR 19-29 and the ECOWAS Tourism Accommodation regulator in Abuja on Tuesday.

Coker said: “It’s the season to collaborate not to compete,” adding that: “It’s in the spirit of collaboration that we will grow pan-African tourism.”

He said: “I want to encourage the localisation of policies”, insisting that policies would only be successful when localised.

Coker said all the regulations in the region be streamlined into one that will guide activities in the tourism sector across the 15 ECOWAS member states, urging for the training of tourism operators in the region as well as the introduction of technology in tourism.

He said: “We must embrace technology or it will leave us behind.”

The Commissioner for Economic Affairs and Agriculture of the ECOWAS Commission, Massandjé Toure-Liste said the meeting drew aspiration from the ECOTOUR 19-29 action plan, adopted by the Authority of Heads of State and Government which was designed to serve as a roadmap for promoting responsible tourism.

She said: “To this end, our technical meeting today centres around drafting the operational modalities for two critical tools: the ECOTOUR 19-29 monitoring and evaluation mechanism and the ETAR – ECOWAS Tourism Accommodation Regulator.

“The ECOTOUR 19-29 Monitoring and Evaluation Mechanism will involve developing operational guidelines and appointing dedicated members or focal points to oversee its implementation.

“Simultaneously, for the ECOWAS Tourist Accommodation Regulator (ETAR) we will define the composition and operational modalities in alignment with Regulation C.REG.2/07/23.

“Our focus on Private Sector Collaboration includes; facilitating dialogue among representatives from the private tourism sector and encouraging strategic alignment and collaboration at the regional level.

Massandjé, who was represented by the ECOWAS Commission’s Director of Private sector, Dr Anthony Elumelu, said: “Additionally, we aim to support private sector players in finalising the process of creating a regional confederation.”

The meeting is expected to end on Friday 17th May, 2024.

Nigeria Calls for Collaboration Among ECOWAS States to Develop Tourism Sector in West Africa

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