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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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Zulum Pledges Reforms for 2025 Hajj Operations
Zulum Pledges Reforms for 2025 Hajj Operations
By: Our Reporter
Borno State Governor, Professor Babagana Umara Zulum, has reaffirmed his commitment to enhancing the annual Hajj pilgrimage to the Holy Land for better performance.
The Governor made the pledge during the presentation of the 2024 Hajj report by the Amirul Hajj team, led by the Chairman of the Committee and Senator representing Borno Central, Senator Kaka Shehu Lawan, at the Government House on Monday.
Zulum described the 2024 Hajj as one of the most successful in recent years. “I want to assure you that during my tenure, “we have not seen such a degree of success in recent years. I was impressed by the way and manner our pilgrims were airlifted from Maiduguri to Madina and Jidda to Maiduguri,” Zulum stated.
He expressed particular satisfaction with the smooth airlift operations, the quality of services provided, the dedication of the Amirul Hajj team, and the conduct of the pilgrims.”
“I will continue to sanitise the system for greater productivity,” Zulum stated.
The governor also assured the public that he would review the report thoroughly and work towards implementing the recommendations. “Within the next few hours, I will go through the report clause by clause to ensure we implement the valuable suggestions made,” he promised.
Commending the committee for introducing innovative solutions, Governor Zulum highlighted the use of online media to inform pilgrims about their flight schedules and the publication of pilgrim names to ensure smooth operations. “The previous practice of calling names throughout the night, which was inefficient, has been eliminated,” he noted.
The Governor declared that, moving forward, the Borno State government will no longer cover the cost of excess luggage for defaulting pilgrims. “We have done it this year, but we will not do it next year. If anyone reports to the airport with excess luggage, they will bear the cost themselves,” Zulum stated.
He directed the Executive Secretary of the Pilgrims Board to inform all intending pilgrims for 2025 of this new policy.
Additionally, Governor Zulum called for the deployment of technology and the engagement of local government Hajj fare collectors to identify and eliminate individuals posing as pilgrims in the Holy Land.
Chairman 2024 Amirul Hajj team, Senator Kaka Shehu Lawan, announced that 1,803 pilgrims performed the 2024 Hajj, five pilgrims hospitalised in the Holy Land with no death recorded.
According to him, Governor Zulum has rendered enormous support to the pilgrims in areas of securing befitting accommodation in Mecca, covering the differential for Basic Travel Allowances (BTA) to the tune of 260 million naira, and payment of sacrificial animals amounting to 290 million naira.
Others include payment of 65 million Naira to the National Hajj Commission (NAHCON) as medical support and 25 million for excess luggage.
“His Excellency has extended hands of fellowship to the entire 1,815 pilgrims, the Amirul Hajj team, and the National Hajj Commission by extension. Some of the support rendered by Governor Zulum to the pilgrims while in the Holy Land includes the release of 380 million naira to secure a befitting accommodation in Mecca, covering BTA differentials, and payment of Hadya for all the pilgrims, among other things,” Lawan said.
Senator Kaka Shehu identified excess luggage as one of the challenges faced during the 2024 Hajj operations and emphasised that the success of this year’s pilgrimage was largely due to the unwavering support provided by Governor Babagana Zulum.
Zulum Pledges Reforms for 2025 Hajj Operations
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Gov. Buni Signs 2025 Budget into Law
Gov. Buni Signs 2025 Budget into Law
…Assures Transparecy and Accountability in Govt. Business
By: Mamman Mohammed
Yobe state governor, Hon. Mai Mala Buni CON said the year 2025 would record timely completion of all ongoing and new projects in fulfilment of his campaign promises to the people of the state.
The Governor stated this today while signing the 2025 budget into law, saying, “this administration is committed to judicious use and investment of our resources into people oriented programmes and projects, especially, education, Healthcare delivery, agriculture, Infrastructural development, wealth Creation, and empowerment to stimulate economic growth.
“We have identified and mapped out some rich agricultural, livestock and other natural potentials for international investment to generate employment opportunities and wealth Creation. We have commenced discussions with reputable local and international organizations to harness these potentials.
“Let me seize this opportunity to draw the attention of all the supervising engineers attached to government projects. Your attachment to these projects is to protect government interests. You must ensure that every project is executed in strict compliance to specifications and other contractual agreements. I will support you, and stand with you to execute your duties effectively and efficiently.
“However, if you fail in your responsibilities, Government would not hesitate to engage external supervising engineers to ensure quality execution of our projects for the government to get value for its money.
“The Project Monitoring Committee under the leadership of Engr. Zaji Bunu is hereby advised to intensify supervision and monitoring of all projects so that the projects would be executed on schedule and in strict compliance with the contractual agreement to add value to the lives of our people” he said.
Governor Buni charged the Bureau on Public Procurement to always undertake “clinical diagnosis of contractual biddings and to patronise only competent contractors with the capacity, technical know- how and other required prerequisites”.
He assured that the State government would strive to sustain accountability and transparency in governance which earned the state the award of best performing state in transparency and accountability in Nigeria from the World Bank assisted State Fiscal Transparency Accountability and Sustainability (SIFTAS).
“I am optimistic that the new leaderships of the State Fiscal Responsibility Commission, and the Board of Internal Revenue, would both work towards enhancing accountability and prudence in revenue generation and government expenditure to promote good governance and efficient service delivery to the people” he said.
The governor charged the new Chairman Board of Internal Revenue Alhaji Suleiman Bakura to work towards improving revenue generation, block leakages and ensure remittance of all revenues collected into government coffers.
Buni also charged the new Chairman of the State Universal Basic Education Board (SUBEB) Alhaji Babayo Umar to key into the government efforts to advance basic education through ensuring qualitative teaching and learning, provision of instructional materials and conducive environment.
“You should ensure effective monitoring and supervision in the schools, and the execution of all projects awarded by the board.
The Governor also launched distribution of N50 Million cash grant and start-up kits to 500 beneficiaries trained by the Yobe State Emergency Management Agency (SEMA) in collaboration with the United Nations Development Programme (UNDP), in production of soaps, detergents, charcoal, Shoes and disinfectants.
The beneficiaries received a cash grant of N100,000 each and a start-up kit to launch their businesses for a sustainable income generation, urging them to make good use of the opportunity for a brighter future.
Gov. Buni Signs 2025 Budget into Law
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Senator Kaka Shehu Gives Educational Materials to Gov Zulum
Senator Kaka Shehu Gives Educational Materials to Gov Zulum
By: Our Reporter
Senator Kaka Shehu Lawan SAN recently presented 20,000 exercise books, whiteboards, markers, and mathematical sets to the Borno State Government, as part of his ongoing support for the state’s educational development.
This gesture complements the significant investments made by Governor Prof. Babagana Umara Zulum in the education sector, especially following the devastating flood disaster of September 10th, which caused widespread destruction of homes and educational infrastructure.
In a brief ceremony at the Government House in Maiduguri, the items were handed over to Governor Zulum in the presence of key government officials and the press. Governor Zulum expressed his gratitude for Senator Lawan’s contribution, highlighting that this gesture is part of a broader effort that includes empowerment and capacity-building initiatives across various sectors.
He assured that the donated materials would be distributed to schools to support the education of pupils in the state.
This donation underscores the collaborative effort between the state government and key stakeholders to rebuild and improve the education sector, which has received global recognition for its transformative initiatives under Governor Zulum’s leadership.
Senator Kaka Shehu Gives Educational Materials to Gov Zulum
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