National News
EBID’s Authorised Capital now USD3.5 billion
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.
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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
National News
Nigeria Mourns 21 Killed in China Landslide, Reaffirms Strategic Partnership
Nigeria Mourns 21 Killed in China Landslide, Reaffirms Strategic Partnership
By: Michael Mike
The Federal Government has extended its condolences to the Government and people of China following the devastating landslide that struck Tanchang County in Gansu Province, killing at least 21 people and leaving several others affected, as Abuja reaffirmed the enduring strategic partnership between the two countries.
In a statement issued on Wednesday, the spokesperson for the Ministry of Foreign Affairs, Kimiebi Ebienfa, described the disaster as a tragic incident and said Nigeria stood in solidarity with China as rescue teams continued efforts to reach victims and support affected communities.
The landslide occurred on Tuesday in Tanchang County, a mountainous area in northwestern China’s Gansu Province, where heavy rainfall triggered the collapse of earth and debris, burying homes and disrupting transportation. Emergency responders were immediately deployed to search for survivors, evacuate residents and provide humanitarian assistance.
Expressing the Federal Government’s sympathy, Ebienfa said Nigeria shared in China’s grief over the lives lost.
“The Federal Government of Nigeria expresses deep condolences to the Government and people of the People’s Republic of China following the tragic landslide that struck Tanchang County in Gansu Province on Tuesday, July 7, 2026,” he said.
He added: “Nigeria mourns the loss of lives in this disaster, which has claimed at least 21 lives, with others affected amid the rescue operations. Our thoughts and prayers are with the families of the deceased, the injured, and all those who have lost loved ones or property in this unfortunate incident.”
The spokesperson also commended the swift response mounted by the Chinese authorities, praising emergency personnel for their efforts to rescue survivors and provide relief to victims.
“Nigeria commends the swift response of the Chinese authorities and rescue teams in their efforts to save lives and provide relief to those impacted,” he stated.
Beyond the immediate humanitarian message, Nigeria used the occasion to reaffirm the strength of its diplomatic and economic relationship with China, one of its largest trading partners and a key investor in critical infrastructure projects across the country.
Over the years, China has played a significant role in financing and constructing major Nigerian infrastructure, including rail lines, airport terminals, highways and power projects. The two countries have also deepened cooperation in trade, investment, security, agriculture, technology and human capital development under the framework of their Comprehensive Strategic Partnership.
Reflecting on these longstanding ties, Ebienfa said: “Nigeria and China share a long-standing strategic partnership built on mutual respect, friendship, and cooperation. Nigeria stands in solidarity with China during this difficult time, and we are confident in the resilience of the Chinese people and government as they work towards recovery and rehabilitation in the affected areas.”
He also offered prayers for those affected by the disaster.
“We pray for the peaceful repose of the souls of the departed, the speedy recovery of the injured, and strength and comfort for the bereaved families,” he said.
The latest tragedy underscores the vulnerability of many mountainous regions in China to landslides and flash floods, particularly during the annual rainy season. Chinese authorities have in recent years strengthened early warning systems, disaster preparedness and emergency response mechanisms, but extreme weather events linked to intense rainfall continue to pose significant risks to lives and infrastructure.
Nigeria’s condolence message joins those from countries around the world expressing solidarity with China as rescue operations continue and recovery efforts begin in the affected communities.
Nigeria Mourns 21 Killed in China Landslide, Reaffirms Strategic Partnership
National News
President Tinubu Flags Off the Construction of Dikwa–Gamboru Ngala, Bama–Banki International Road Projects
President Tinubu Flags Off the Construction of Dikwa–Gamboru Ngala, Bama–Banki International Road Projects
By: Bodunrin Kayode
President Bola Tinubu on Saturday flagged off the construction of the 49.55-kilometre Dikwa–Gamboru Ngala Road and the 49.15-kilometre Bama–Banki Road, describing the strategic highways as critical to economic growth, regional integration, and national security.
The two road projects, regarded as economic lifelines of North-East Nigeria, serves as key gateways to neighbouring African countries, which will bolster cross-border trade, facilitate the movement of agricultural produce, and strengthen security operations in a region recovering from over a decade of insurgency.
The groundbreaking ceremony was held along the Maiduguri–Gamboru Ngala Road, where President Tinubu was represented by Vice President Senator Kashim Shettima.
The Vice President said the rehabilitation of the roads would improve connectivity and deliver on the administration’s commitment to infrastructure development across the country.
“His Excellency, President Bola Ahmed Tinubu, GCFR, has made infrastructure a central priority. This is what Mr. President promised Nigerians, and I’m here today to affirm our readiness to redeem the promise and to convey his goodwill and gratitude for the support you have shown us,” Shettima said.
“The Bama–Banki Corridor carries special strategic weight. It is a top route of agriculture, movement, and national security. The Dikwa–Gamboru Ngala Road belongs to the same vision of reconnecting communities and restoring economic confidence across Borno State.”
The President also commended Borno State Governor, Professor Babagana Zulum, for prioritising infrastructure and maintaining a strong partnership with the Federal Government.
“The partnership between the Federal Government and Borno State shows what becomes possible when public institutions are united by the urgency of service. Certainly, Your Excellency, Professor Babagana Umara Zulum, you are one of the best-performing governors in the federation,” Tinubu stated.
Governor Zulum expressed appreciation to President Tinubu for approving the road projects and other critical interventions in Borno State.
“The successful commencement of this project reflects the strong partnership between the Federal Government and the Borno State Government. We deeply appreciate and remain eternally grateful to the President of the Federal Republic of Nigeria, President Bola Ahmed Tinubu, GCFR, for his unwavering commitment to the development, peace, and security of the North East and Nigeria as a whole.
“Borno State Government recognizes that infrastructure remains a critical foundation for development. Since assuming office, our administration has prioritized the rehabilitation and construction of roads, schools, hospitals, water facilities, and other critical infrastructure as part of our commitment to improving the lives of our citizens,” he added.
Governor Zulum also pledged the state’s political support for President Tinubu in the next presidential election.
“I want to assure the President and indeed the Vice President that, Insha Allah, come January 2027, the people of Borno State will overwhelmingly vote him into office.”
The Governor equally praised his representative Vice President Shettima for his sustained support towards the reconstruction and development of Borno State.
“Your Excellency, your personal interest in the reconstruction and development of our state continues to inspire confidence among our people. We sincerely appreciate your leadership and steadfast commitment.” said Zulum.
Zulum also acknowledged the humanitarian contributions of Alhaji Aliko Dangote, particularly through the Aliko Dangote Foundation, during the state’s recovery from insurgency and the 2024 flood disaster.
He recalled the construction of Dangote Village, the donation of ₦1.5 billion to the National Emergency Management Agency (NEMA), ₦1 billion to the Borno State Government following the 2024 flood, and the distribution of relief materials to internally displaced persons.
“Through the Aliko Dangote Foundation, thousands of displaced persons received food and non-food items. Essentially, in 2017, he donated 106 trucks of food to IDPs.
“Alhaji Aliko Dangote has also donated ₦1.5 billion to NEMA to support flood victims in Borno State in the year 2024.”
Governor Zulum assured that the road projects would be closely monitored to ensure value for money and strict compliance with quality standards. He also appealed to the Minister of Works to grant the Borno State Government a waiver to regulate the activities of heavy-duty truck drivers using the roads intermittently.
Earlier, the Minister of Works, Senator David Umahi, disclosed that the projects would be executed in two phases and expressed confidence that construction would be completed within six months.
The ceremony was attended by the Borno State Deputy Governor, Umar Kadafur; APC Deputy National Chairman (North), Hon. Ali Dalori; senators; members of the House of Representatives; the Shehu of Borno, represented by the Shehu of Dikwa; ministers; members of the Borno State House of Assembly; APC leaders; the Secretary to the State Government; the Head of Service; the Acting Chief of Staff; commissioners; heads of government agencies; and other dignitaries.
President Tinubu Flags Off the Construction of Dikwa–Gamboru Ngala, Bama–Banki International Road Projects
National News
Tinubu Flags Off Dikwa–Gamboru Ngala, Bama–Banki Road Projects
Tinubu Flags Off Dikwa–Gamboru Ngala, Bama–Banki Road Projects
..:Describes Zulum Best Performing Governor
…Zulum Hails Tinubu’s Commitment to Borno Recovery Process
By: Our Reporter
President Bola Ahmed Tinubu on Saturday flagged off the construction of the 49.55-kilometre Dikwa–Gamboru Ngala Road and the 49.15-kilometre Bama–Banki Road, describing the strategic highways as critical to economic growth, regional integration, and national security.
The two road projects, regarded as economic lifelines of the North-East, serve as key gateways to neighbouring African countries, which will bolster cross-border trade, facilitate the movement of agricultural produce, and strengthen security operations in a region recovering from over a decade of insurgency.

The groundbreaking ceremony was held along the Maiduguri–Gamboru Ngala Road, where President Tinubu was represented by Vice President Senator Kashim Shettima.
The Vice President said the rehabilitation of the roads would improve connectivity and deliver on the administration’s commitment to infrastructure development across the country.

“His Excellency, President Bola Ahmed Tinubu, GCFR, has made infrastructure a central priority. This is what Mr. President promised Nigerians, and I’m here today to affirm our readiness to redeem the promise and to convey his goodwill and gratitude for the support you have shown us,” Shettima said.
“The Bama–Banki Corridor carries special strategic weight. It is a top route of agriculture, movement, and national security. The Dikwa–Gamboru Ngala Road belongs to the same vision of reconnecting communities and restoring economic confidence across Borno State.”
The Vice President also commended Borno State Governor, Professor Babagana Umara Zulum, for prioritising infrastructure and maintaining a strong partnership with the Federal Government.

“The partnership between the Federal Government and Borno State shows what becomes possible when public institutions are united by the urgency of service. Certainly, Your Excellency, Professor Babagana Umara Zulum, you are one of the best-performing governors in the federation,” the Vice President stated.
Governor Zulum expressed appreciation to President Tinubu for approving the road projects and other critical interventions in Borno State.
“The successful commencement of this project reflects the strong partnership between the Federal Government and the Borno State Government. We deeply appreciate and remain eternally grateful to the President of the Federal Republic of Nigeria, President Bola Ahmed Tinubu, GCFR, for his unwavering commitment to the development, peace, and security of the North East and Nigeria as a whole,” Zulum remarked.
“Borno State Government recognizes that infrastructure remains a critical foundation for development. Since assuming office, our administration has prioritized the rehabilitation and construction of roads, schools, hospitals, water facilities, and other critical infrastructure as part of our commitment to improving the lives of our citizens,” he added.
Governor Zulum also pledged the state’s political support for President Tinubu in the next presidential election.
“I want to assure the President and indeed the Vice President that, Insha Allah, come January 2027, the people of Borno State will overwhelmingly vote him into office.”
The governor equally praised Vice President Shettima for his sustained support towards the reconstruction and development of Borno State.
“Your Excellency, your personal interest in the reconstruction and development of our state continues to inspire confidence among our people. We sincerely appreciate your leadership and steadfast commitment.”
Zulum also acknowledged the humanitarian contributions of Alhaji Aliko Dangote, particularly through the Aliko Dangote Foundation, during the state’s recovery from insurgency and the 2024 flood disaster.
He recalled the construction of Dangote Village, the donation of ₦1.5 billion to the National Emergency Management Agency (NEMA), ₦1 billion to the Borno State Government following the 2024 flood, and the distribution of relief materials to internally displaced persons.
“Through the Aliko Dangote Foundation, thousands of displaced persons received food and non-food items. Essentially, in 2017, he donated 106 trucks of food to IDPs. Alhaji Aliko Dangote has also donated ₦1.5 billion to NEMA to support flood victims in Borno State in the year 2024.”
Governor Zulum assured that the road projects would be closely monitored to ensure value for money and strict compliance with quality standards. He also appealed to the Minister of Works to grant the Borno State Government a waiver to regulate the activities of heavy-duty truck drivers using the roads.
Earlier, the Minister of Works, Senator David Umahi, disclosed that the projects would be executed in two phases and expressed confidence that construction would be completed within six months.
The ceremony was attended by the Borno State Deputy Governor, Hon. Umar Usman Kadafur; APC Deputy National Chairman (North), Hon. Ali Bukar Dalori; senators; members of the House of Representatives; the Shehu of Borno, represented by the Shehu of Dikwa; ministers; members of the Borno State House of Assembly; APC leaders; the Secretary to the State Government; the Head of Service; the Acting Chief of Staff; commissioners; heads of government agencies; and other dignitaries.
Tinubu Flags Off Dikwa–Gamboru Ngala, Bama–Banki Road Projects
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