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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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President Tinubu Storms Jos Today To Commiserate With Residents Of Angwa Rukuba Massacre

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President Tinubu Storms Jos Today To Commiserate With Residents Of Angwa Rukuba Massacre

By: Bodunrin Kayode

President Bola Tinubu will today visit the Plateau state capital Jos to commiserate with residents who lost loved ones during the Palm Sunday shooting spree by criminals that took place at Angwa rukuba area of the city.

The President who was scheduled to visit Ogun state postponed his scheduled trip to Iperu, meant to flag off operations at the Gateway International Cargo Airport.

From the Plateau, the President is expected to travel to Lagos to observe Good Friday public holiday which ushers the beginning of the Easter public holiday which rounds up the lent period.

A state house release signed yesterday by the Presidential spokesman Bayo Onanuga noted that President Tinubu will travel to Ogun State for the commissioning of the Cargo Airport and the inauguration of two commercial aircrafts for the export and import of goods, aimed at boosting the state’s economic growth on Saturday April 4th.

“He will also inaugurate the new edifice of the Federal Operations Unit of the Nigerian Customs Service and its operational vehicles.

“He will return to Lagos to continue the Easter holiday, during which he is also expected to commission infrastructural projects undertaken by the administration of Governor Babajide Sanwo-Olu.

“These projects include: the iconic Ojota/Opebi Link Bridge; the Lagos State Geographic Information System Building; the Multi-Agency Complex named after the President, and a school Complex.

“Before returning to Abuja, President Tinubu will visit Bayelsa State on April 10 to commission some of Governor Duoye Diri’s completed projects.” Said the release.

Sadly several residents lost their lives during the black Palm Sunday shooting spree which is suspected to have been carried out by auto bike riding bandits following after their patterns in the hinterlands of the state.

These bandits who had tormented, killed and destroyed homes of residences of the Jos north axis of the state for several years after September 7th 2001

This damnation let loose on innocent residents is resurfacing after hundreds of killings had occurred in the Jos North council area of the state from September 7th 2001 till date.

And because of the myriad of challenges creeping into the federal security system sub regionals have geared up to manage their on police and Intel services which would assist greatly because they are masters of their territories.

The Federal government is fast tracking the process of state police to ensure that each sub nationals take charge of their environment to ensure that they support the center in the maintenance of internal security.

President Tinubu Storms Jos Today To Commiserate With Residents Of Angwa Rukuba Massacre

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NiMet predicts 107 to 138 days of rainfall in Gombe

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NiMet predicts 107 to 138 days of rainfall in Gombe

The Nigerian Meteorological Agency (NiMet) has said that in 2026, the length of the rainy season in Gombe State is expected to be between 107 and 138 days.

This is contained in the Agency’s 2026 Seasonal Climate Prediction (SCP) document, which Gayus Musa, the meteorological manager for Gombe State, made available to Our Correspondent in Gombe on Tuesday.

The total amount of rainfall across Gombe State in 2026 is predicted to be between 701 mm in the northern part of the state (Nafada) and 1089 mm in the South (Shongom).

The onset of the rainfall is expected to commence in the state on May 29 (Shongom) and cease by October 22 (Yamaltu/Deba).

Similarly, in the prediction, four local government areas of the state, namely: Nafada, Yamaltu/Deba, Dukku and Funakaye were likely to be impacted by a severe dry spell (21 days and above) between June and August.

Musa while speaking to Our Correspondent on the first rainfall experienced in some communities in Akko, Gombe and Yamaltu/Deba Local Government Areas of the state on Monday urged farmers to resist the temptation of early planting of crops.

He described the first rain as false onset, explaining that the rainfall was false because it would not support any germination as seeds planted with such rain would not survive.

“This (first rain) is a false onset because the precipitation cannot carry any germination and so any seed planted would not survive.

“So farmers should not engage themselves in planting but to prepare their farmlands while getting their seeds and other inputs ready,” he said.

Musa advised farmers in the state, to make use of the prediction in carrying out farming activities towards avoiding losses in view of the impact of climate change on agriculture.

He further urged relevant authorities in the state to take proactive measures towards tackling environmental issues associated with the rainy season.

NiMet predicts 107 to 138 days of rainfall in Gombe

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Tuggar Resigns from Tinubu’s Cabinet, Sets for Bauchi Governorship

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Tuggar Resigns from Tinubu’s Cabinet, Sets for Bauchi Governorship

By: Michael Mike

The rumoured interest of Minister of Foreign Affairs, Ambassador Yusuf Tuggar in becoming the governor of Bauchi State come 2027 may have been confirmed he resigned on Monday to prepared ground for actualization of his political ambition.

The resignation was ahead of the deadline set for political appointees seeking elective positions in the forthcoming general elections.

In a resignation letter submitted to the office of the Secretary to the Government of the Federation, Tuggar expressed profound gratitude to President Bola Ahmed Tinubu for the opportunity to serve the country and contribute to the implementation of the administration’s Four-D foreign policy strategy.

The former minister also appreciated the management and staff of the Ministry of Foreign Affairs and members of the diplomatic community for their cooperation and support throughout his tenure.

During his time in office, Tuggar was credited with advancing Nigeria’s foreign policy objectives through initiatives focused on people-centred diplomacy. These included humanitarian evacuations, facilitation of scholarships for Nigerians abroad, and sustained support for citizens in the diaspora.

His tenure also witnessed increased diaspora engagement, including efforts to develop a structured database of Nigerians living abroad aimed at strengthening their participation in national development.

In addition, Tuggar strengthened bilateral and multilateral relations through strategic engagements with traditional partners and regional alliances, particularly across the Global South. His leadership also promoted regional security cooperation and supported the formation of the Regional Partnership for Democracy initiative.

He also prioritised economic diplomacy, positioning Nigeria as an attractive destination for foreign investment, especially in the energy sector, while facilitating diplomatic interventions that secured the release of detained Nigerians in foreign countries and improved bilateral relations.

The resignation letter was received on behalf of the Secretary to the Government of the Federation by Dr. Abubakar Kana, Permanent Secretary, General Services Office, ahead of the March thirty-first deadline directed by President Tinubu in line with provisions of the Electoral Act.

Tuggar’s resignation was conveyed in a statement issued by his Special Assistant on Media and Communications Strategy, Alkasim Abdulkadir.

Tuggar Resigns from Tinubu’s Cabinet, Sets for Bauchi Governorship

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