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

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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.”

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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

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ECOWAS Court President Receives the Ambassador of Guinea-Bissau

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ECOWAS Court President Receives the Ambassador of Guinea-Bissau

By: Michael Mike

The President of the ECOWAS Court of Justice, Honourable Justice Ricardo Cláudio Monteiro Gonçalves has welcomed His Excellency, Mr. João Ribeiro Butiam Có, Ambassador of the Republic of Guinea Bissau and Permanent Representative to ECOWAS, during a courtesy visit to the Court in Abuja, Nigeria.

The courtesy and working visit provided an opportunity to discuss key regional issues, including the current state of the ECOWAS Community.

The meeting also addressed the main challenges facing the ECOWAS Court of Justice, particularly regarding the enforcement of its rulings and the impact of the withdrawal of three member states from the Community.

Furthermore, both parties exchanged views on the socio-political situation in the region, emphasizing the importance of maintaining peace, security, and democratic governance across ECOWAS member states.

Honourable Justice Gonçalves expressed his appreciation for the visit, highlighting the Court’s commitment to upholding justice and promoting the rule of law within the ECOWAS region. He reaffirmed the Court’s readiness to work with all stakeholders to address the challenges arising from recent regional developments.

ECOWAS Court President Receives the Ambassador of Guinea-Bissau

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WADEMOS Asks ECOWAS to Prioritize Citizens Interest, Security of Region in Post-Exit Dialogue with AES

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WADEMOS Asks ECOWAS to Prioritize Citizens Interest, Security of Region in Post-Exit Dialogue with AES

By: Michael Mike

The West Africa Democracy Solidarity Network (WADEMOS Network), a transnational Network of CSOs, across the West African sub-region has called on the Economic Community of West African States (ECOWAS) in its proposed post-exit dialogue with the three nation of Alliance des États du Sahel (AES), Burkina Faso, Mali and Niger, to take the wider interest of community citizens and the security of the region a top priority

In a statement on Friday, the WADEMOS Network urged the parties to prioritize inclusive solutions in the interest of millions of citizens in the region, stating that: “The network remains convinced that regional integration is essential to meet the common challenges of our states.”

The statement read: “We further recognize the importance of the Sahel States to protect their national sovereignty while responding to the urgent needs of security, development, and autonomy in a complex geopolitical context. Indeed, economic and trade-related activities should provide deep reflection for the AES and countries in the sub-region, particularly because multilateralism offers mutual benefits for resolving cross-border challenges and promoting regional peace and security.

“In light of the above, WADEMOS Network urges the Sahel States’ leaders and ECOWAS to consider as follows:

“Following the expiry of the one-year mandatory notice of exit of member countries from ECOWAS, there are still many issues to be resolved requiring the two parties to sustain and promote dialogue and negotiation. These dialogues must consider
and reflect the wider interest of community citizens and the security of the region.

“The WADEMOS Network therefore urges the parties to prioritize inclusive solutions
in the interest of millions of citizens in the region. The network remains convinced
that regional integration is essential to meet the common challenges of our states.

“ECOWAS should undertake a comprehensive review of its revised treaty and organs and the complementary frameworks to align strategically with the current and emerging context and restore trust and confidence. The ECOWAS of Citizens, through the introduction of ECOSOC, must be integral to the future of ECOWAS.

“We, therefore, commend ongoing efforts for the formation of ECOSOC and call on
ECOWAS to accelerate the process, being the only organ yet to be constituted.
The future and sustainability of ECOWAS will largely depend on how it connects
vertically with community citizens. It is undeniable that the regional bloc requires
fundamental reforms, especially in the areas of conflict prevention, management,
resolution, peacekeeping, and security, in addition to democracy and good
governance. As a civil society intervention, WADEMOS Network will continue to
mobilize, engage, and support ECOWAS towards building a strong, democratic,
and safe region.

“We recommend a review of the ECOWAS sanction regime and response to the
Unconstitutional Change of Governments (UCG) as a tool for strengthening
compliance and respect for democratic values and principles. We urge ECOWAS
to place more emphasis on supporting member countries through the revised
frameworks to improve democratic governance, strengthen democratic institutions, and promote cross-border opportunities for addressing the youth bulge and related social threats and challenges.

“Additionally, ECOWAS institutions and member countries should remain committed to the Standby Force (SF), which has been activated for counterterrorism operations, particularly in areas affected by instability, including Burkina Faso, Mali, and Niger.”

The statement further added that: “Finally, we urge the AES to reconsider and rescind the exit decision in the interest of
ECOWAS citizens and to explore the 6-month window provided by ECOWAS as the
transition continues. While the pursuit of national sovereignty and the fight against neo-colonial exploitation are vital, cutting ties with a robust regional alliance risks undermining the significant benefits the people enjoy.

“The WADEMOS Network encourages leaders to consult their citizens more and to
integrate their concerns into the decision-making process to guarantee solutions that truly benefit the population.”

WADEMOS Asks ECOWAS to Prioritize Citizens Interest, Security of Region in Post-Exit Dialogue with AES

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Tuggar: Exit of AES Countries Will Have Far-reaching Consequences for West Africa’s Security, Economy, Integration Efforts

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Tuggar: Exit of AES Countries Will Have Far-reaching Consequences for West Africa’s Security, Economy, Integration Efforts

By: Michael Mike

The Minister of Foreign Affairs, Ambassador Yusuf Tuggar has warned that the withdrawal of Burkina Faso, Mali, and Niger from the Economic Community of West African States (ECOWAS) will have far-reaching consequences for regional security, economy, and integration efforts.

The minister in a statement on Wednesday by his spokesman, AlKasim AbdulKadir noted that the exit of these countries from ECOWAS is a complex issue that requires careful consideration and diplomatic efforts to address the underlying concerns.

The Minister stressed that the decision to impose sanctions on these countries was a collective one made by the ECOWAS Heads of States and Government, noting that President Bola Tinubu has been working tirelessly to address the concerns of these countries through diplomatic channels.

Tuggar said: Several delegations have been sent to these countries, and the presidents of Togo and Sierra Leone have been appointed as mediators to facilitate dialogue.

“Additionally, ECOWAS has lifted sanctions on these countries, paving the way for potential reconciliation.”

Tuggar also said, the security implications of this exit are a significant concern, as the region is already grappling with terrorism and humanitarian crises.

He said: “ECOWAS has established a 1650-man strong brigade to combat terrorism and offered financial assistance to support the affected countries in their fight against terrorism.

“The economic implications are also substantial, as these countries will no longer be part of the regional economic community, potentially limiting their access to markets and hindering economic growth.”

“The withdrawal may also disrupt regional integration efforts, including the African Continental Free Trade Area (AfCFTA).

“The African Union and other international organisations have expressed concerns about the potential impact on regional integration efforts and the stability of the continent.

The Minister emphasized the need for continued collaboration and cooperation to mitigate the challenges arising from this development.

He said: “The regional bloc has also offered support to the affected countries to address their security concerns.

“We recognize the challenges faced by these countries, and we are committed to providing assistance to help them address their security concerns.”

He also said the exit of these countries from ECOWAS has also raised concerns about the potential impact on regional health organisations.

He noted that: “The West African Health Organization (WAHO) is based in Burkina Faso, and its relocation could have significant implications for the region.

He however emphasized that the door remains open for these countries to rejoin the regional bloc. “We hope that they will take advantage of this opportunity to re-engage with their West African neighbors and work towards a more stable and prosperous future for all.” He said.

While reacting to uncertainty surrounding the future of the Alliance of Sahel States(AES) countries’ relationship with ECOWAS, Tuggar said with continued diplomacy, cooperation, and a commitment to the well-being of the people, it is possible to navigate these challenges and promote a more stable and prosperous West Africa.

“The region is at a critical juncture, and the decisions made in the coming months and years will have a lasting impact on the future of West Africa.

“As such, it is essential that leaders prioritize the needs and concerns of the people and work towards finding solutions that promote peace, stability, and prosperity.

“Ultimately, the future of the AES countries’ relationship with ECOWAS will depend on the ability of leaders to work together and find common ground.”

“As President Tinubu emphasized, the door remains open for these countries to rejoin the regional bloc, and it is hoped that they will take advantage of this opportunity to re-engage with their West African neighbors.” He said.

Tuggar: Exit of AES Countries Will Have Far-reaching Consequences for West Africa’s Security, Economy, Integration Efforts

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