Connect with us

Uncategorized

Emerging Africa to raise N250bn capital for infrastructure development in Northern Nigeria

Published

on

Emerging Africa to raise N250bn capital for infrastructure development in Northern Nigeria

Emerging Africa to raise N250bn capital for infrastructure development in Northern Nigeria

By: Michael Mike

African investment banking franchise, Emerging Africa Group (EAG) said it will be raising a minimum of N250 billion capital to finance infrastructure development and Micro, Small and Medium Enterprises (MSMEs) in Northern Nigeria in the next two years.

The Executive Vice Chair of the Company, Mrs. Oluwatoyin Sanni disclosed this at the Opening of the new Abuja Office Complex of EAG which will oversee the operation of the investment bank in the entire Northern Nigeria.

Sanni said the North requires huge financing especially in infrastructure in order to speed up development in the region. 

She said: “There can’t be development or growth without adequate infrastructure, so what we aim to do is to help them raise funds (North) for infrastructure development.  As we speak, we have gone on four different exercises to raise funds for road development in Niger state.”

Also Read: CIVIL PARAMILITARY RELATIONSHIP: NSCDC GIVES FREE MEDICAL…

She added that: “So first of all, we offer Northern states opportunity to raise funds from the capital market, by private bonds and notes for all their different infrastructure needs. We are also involved in raising funds for some state-backed initiatives. We also provide Micro and SME finance for these small businesses that ordinarily struggle to raise capital and we have many of them both in the North and the rest of Nigeria and Africa.”

Sanni disclosed that Emerging Africa had set out a target to raise up to $1 billion over a five-year period for businesses in Nigeria and the rest of Africa when it started business, but said the company successfully met the target three and half years into the plan.

The Executive vice Chair said this encourage the Group to set a fresh target to raise $4 billion over the next five years for businesses in Africa. 

On how the Group raises capital, she explained, “When we target to raise this capital, what we do is that we match-make between the surplus segment of the economy and the deficit segment.  We look for partners, local banks, international banks, and development finance institutions, similar investment banks like us, institutional investors and wealthy families.  We crowd them all in, to invest in segments and sectors that we think can have a catalytic effect for the development of the economy.”

On the infrastructure funding for development of roads in Niger state,  Sanni said the Group did a final signing ceremony for a private bond that it raised, to the tune of N13.2 billion.   

She disclosed that the funding was raised for a private infrastructure funding company that would then deploy the money to the development of projects within the state.  

She said: “That way we bring private sector accountability, private sector transparency and unique funding structure. Niger state is a partner and a beneficiary to that funding.” 

The Executive Vice Chairman said the Group decided to open a more befitting office in Abuja to provide investment management, wealth management, trust services, capacity building, financial technology solutions to develop Abuja and the entire North.

She said: “We are bringing funding access, investment management capability, recent technical skills; we are bringing transparency and quality investment management services to Abuja and to the entire North.”

Emerging Africa to raise N250bn capital for infrastructure development in Northern Nigeria

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Uncategorized

Wanted drug baron behind 4 cocaine shipments to Saudi Arabia, Qatar arrested

Published

on

Wanted drug baron behind 4 cocaine shipments to Saudi Arabia, Qatar arrested

By: Michael Mike

Operatives of the National Drug Law Enforcement Agency (NDLEA) have taken into custody a wanted drug baron, Alhaji Suleiman Aremu (a.k.a Barryshine) two years after coming under the radar of the anti-narcotics agency.

Suleiman who is the Managing Director/CEO of Barryshine Suleiman Nigeria Ltd, according to a statement on Friday by the spokesman of the NDLEA, Femi Babafemi came under the agency’s watchlist over his alleged role in four foiled attempts to export cocaine to Saudi Arabia and Qatar through the Murtala Muhammed International Airport, Lagos between 2022 and 2024.

Babafemi said the alleged drug baron, name first featured on November 13, 2022, when a female passenger on Qatar airlines flight to Saudi Arabia, Alhaja Ajisegiri Sidika was arrested at the MMIA in possession of 400 grammes of cocaine, which was concealed inside female footwears.

He said investigations later revealed that one Abdullahi Ramon, who is a brother to Suleiman hired the arrested drug courier, with further facts subsequently emerging that the flight tickets and other travel expenses of the suspect were sourced by Alhaji Suleiman Aremu.

Babafemi said a few days after the arrest of Ajisegiri Sidika, another drug mule, Lawal Oyenuga was arrested on November 24, 2022, with the same quantity of cocaine, 400 grammes, concealed in male footwears while going to the same destination, Saudi Arabia.

The suspect, Lawal Oyenuga on his arrest and interrogation, confessed that one Wasiu Gbolahan (a.k.a Teacher) who was later arrested and convicted by the court, hired him for Suleiman. Lawal further alleged that Wasiu Gbolahan linked him up with the baron through one Igbono, who was later unveiled through investigation as Oluwafemi Abidoye (a.k.a Igbono, Murphy, Femi Iwaya, Ade Iwaya, Baba Eje and Ejeoto)

Babafemi said, while investigation of the two cases subsisted and the manhunt for the baron was ongoing, two drug mules were arrested at the MMIA on June 21, 2024 on their way to Doha, Qatar. One of the suspects who was later identified as Aikhomoun Daniel (a.k.a Oladapo Olanrewaju) digested in observation custody a total of 90 pellets of cocaine, weighing 1.022 kilogrammes, which he ingested, while the second suspect, Ayigoro Omobolaji excreted 60 wraps of cocaine with a total weight of 662 grammes.

He said further investigation later revealed that the two arrested couriers, Aikhomoun Daniel and Ayigoro Omobolaji were recruited by the same Igbono who works for the baron and featured in 2022 during the arrest of Ajesegiri Sidika and Lawal Oyenuga.

He added that financial investigation conducted by the agency also linked the baron Suleiman to the arrested suspects and two of his associates who recruit traffickers for him: Oluwafemi Abidoye and Olanrewaju Ramon, both currently at large.

The spokesman said as a result, the agency blocked the bank accounts linked to members of the cartel after which Suleiman was eventually taken into custody on August 26, 2024 for further investigation.

In his statements, Suleiman was said to have claimed he is into property development and hotel management while he lives in Lagos and Paris, France.

He also stated that he runs another business that deals in cloths with his wife at Balogun market, Lagos Island, adding that his regular visits to Saudi Arabia was to perform lesser hajj.

He said he holds the traditional title of Akeweje of Yaba (Youth Leader of Yaba Land). Already, some properties traced to Suleiman include: two houses at 63 and 72 Queens Street, Ebute-Meta and his Barryshine hotel at 95 Freeman street, Yaba, Lagos.

Meanwhile, Justice Dipeolu Deinde Isaac of the Federal High Court, Lagos has granted an application by the NDLEA for the extension of the detention of the drug kingpin Suleiman for 30 days and to declare his two associates: Oluwafemi Abidoye and Olanrewaju Ramon, both currently at large, wanted.

Ruling on the motion ex-parte in suit number: FHC/L/MISC/555/24, Justice Dipeolu said: “an order is hereby made declaring one Oluwafemi Akande Abidoye a.ka ‘Igbono’, ‘Murphy’, ‘Femi Iwaya’, ‘Ade Iwaya’, ‘Baba Eje’, ‘Ejeoto’ wanted who is presently at large for his involvement in multiple drug trafficking activities with Suleiman Aremu Ganiu (a.k.a Barryshine).”

The judge also ruled that “an order is hereby made declaring one Olarenwaju Ramon Abdulahi wanted who is presently at large for his involvement in the drug trafficking activities with Suleiman Aremu Ganiu (a.k.a Baryshine) with respect to the arrest of Ajisegiri Kehinde Sidika who was arrested at MMIA Ikeja-Lagos during outward clearance of Qatar Airways flight to Saudi Arabia with 400 grammes of cocaine concealed in foot wears.”

Reacting to the development, Chairman/Chief Executive Officer of NDLEA, Brig. Gen. Buba Marwa (Rtd) commended the officers and men of the MMIA Strategic Command for the painstaking two years investigation that culminated in the conviction of three traffickers and the eventual arrest of the kingpin behind the cartel. He said this demonstrates that the long arm of the law will always get whoever is involved in the criminal trade no matter how long it takes.

Wanted drug baron behind 4 cocaine shipments to Saudi Arabia, Qatar arrested

Continue Reading

Uncategorized

Maiduguri Flood: IPCR Offers Condolences to Borno People, Urges Partners to Provide Assistance

Published

on

Maiduguri Flood: IPCR Offers Condolences to Borno People, Urges Partners to Provide Assistance

By: Michael Mike

The Institute for Peace and Conflict Resolution (IPCR) has expressed its deepest sympathy to all the people, governor and government of Borno state including the Vice President, Sen. Kashim Shettima over the unfortunate flood disaster that ravaged Maiduguri and its environs.

While, extending it deepest condolences to
the people of Borno State, who have been severely affected by the flood disaster, the Director General of the Institute, Dr. Joseph Ochogwu in a statement on Friday, said: “Our thoughts are with the families who have lost loved ones, homes, and livelihoods due to this devastating effect of the flood.”

He said: “The IPCR recognizes the immense challenges posed by the flood, which has not only caused widespread destruction but also exacerbated the existing humanitarian crisis in the region.

“The IPCR acknowledges the resilience and strength of the Borno people, who have faced numerous challenges in recent years, including insurgency and displacement.

“In light of this disaster, the IPCR calls on its partners, stakeholders, and the international community to come to the aid of the Borno people.”

Ochogwu appealed for immediate assistance in providing relief materials, shelter, food, and medical care to those affected, adding that: “It is crucial that we act swiftly to address the urgent needs of the displaced and vulnerable populations.”

He further emphasized the need for long-term support to help the people of Borno rebuild their lives and communities. This includes investing in sustainable infrastructure, agricultural support, and economic empowerment programs to ensure that they can recover and thrive in the face of future challenges.”

He noted that: “As an institute dedicated to promoting peace and conflict resolution, we recognize that natural disasters like floods can exacerbate social tensions and conflict.

“Therefore, we stress the importance of inclusive and equitable response efforts that address the needs of all affected people, regardless of their background or identity.

“The IPCR stands in solidarity with the government and people of Borno and commits to supporting them and humanitarian agencies in their response efforts.

“We will continue to work towards promoting peace, stability, and sustainable development in the region. We will also continue to ensure that all is well with the people of Borno state.

“Once again, we commiserate with the Governor of Borno state, Babagana Umara Zulum, the affected families, the family of those who lost love ones, the leaders and traditional rulers of the state over this unfortunate incident. Let us come together to support the Borno people in their time of need.”

Maiduguri Flood: IPCR Offers Condolences to Borno People, Urges Partners to Provide Assistance

Continue Reading

Uncategorized

Army troops nutrialised top Boko Haram Commander Ibn Kaseer, 2 others

Published

on

Army troops nutrialised top Boko Haram Commander Ibn Kaseer, 2 others

By: Zagazola Makama

The Nigerian Army troops of Operation Hadin Kai have nutrialised a top ISWAP Commander, Ibn Kaseer and three other fighters during a raid at Sambisa Forest in the early hours of Sept. 12, 2024.

Intelligence Sources told Zagazola Makama, that acting on credible intelligence, soldiers from the 21 Brigade, in conjunction with Hybrid forces, launched the swift and successful operation in Kashomeri village.

Ibn Kasir, notorious for terrorizing the Geizuwa and Yale axis, had attempted to seek refuge with his family in Kashomeri.

However, his hideout was identified, and he was neutralized alongside two of his lieutenants with one identified as Bulamadu. The operation occurred while his men were away on an assignment in Jalumeri.

The neutralization of Ibn Kasir is a significant blow to the Boko Haram terrorists group.

Four women and children were rescued while some families of the terrorists came out to surrender at konduga.

Army troops nutrialised top Boko Haram Commander Ibn Kaseer, 2 others

Continue Reading

Trending

Verified by MonsterInsights