News
Nigeria to Benefit from US$500 million Development Plan
Nigeria to Benefit from US$500 million Development Plan
By: Michael Mike
Nigeria is one of the country to benefit from a Memorandum of Understanding (MoU) signed for the co-financing of up to US$500 million of debt transactions to facilitate long-term sustainable development across developing economies and low-income countries in Africa, Asia, and the Caribbean.
The MoU was signed between British International Investment (BII), the UK’s Development Finance Institution (DFI) and impact investor with Amsterdam-based ILX Management (ILX), an SDG and Climate-Focused Emerging Market Private Debt Fund.
According to a statement jointly signed by Clare Murray of British International Investment and Simone Boes of ILX Management, BII and ILX will invest across a broad range of sectors including renewable energy, infrastructure, financial services, manufacturing and agribusiness to increase the flow of capital into impactful businesses and projects.
The statement added that this new partnership will enable both parties to leverage each other’s expertise and provide additional financial firepower across Africa, Asia and the Caribbean. ILX and BII will share information on prospective projects, emerging technologies, and financial innovation. They will also establish a roadmap to mobilise private sector capital, specifically focusing on providing institutional investors with greater access to high-impact private debt investment opportunities in scalable businesses driving productive, sustainable and inclusive growth.
CEO, BII, Nick O’Donohoe said: “This partnership has been driven by our shared view of the need to invest to meet the SDGs. It furthers our ambition to create new job opportunities in developing economies and will provide private credit to help bridge the finance gap faced by many businesses. This asset class remains nascent, comprising of just 3 per cent of private credit globally, and is the natural next step for allocators of global private credit.”
CEO, ILX Management B.V., Manfred Schepers, said “ILX has already received over US$1 billion in commitments from leading Dutch pension funds and is currently raising a successor fund for a targeted US$ 2 billion commitments from European pension funds. Working with BII, together we will increase financial capacity for project finance, financial services debt and private sector debt across Africa, Asia and the Caribbean. We have a strong track record of investing alongside the leading Multilateral Development Banks and other Development Finance Institutions in climate, and SDG-targeted projects across emerging economies globally and look forward to the opportunities this partnership will bring.”
UK Minister for Development and Africa, Andrew Mitchell, on his part said “This MoU with ILX is an example of British International Investment’s pioneering approach to mobilising the private finance needed to deliver the UN Sustainable Development Goals. I am proud that FCDO provided early-stage funding to ILX, which went on to secure over US$1 billion in commitments to its first investment fund.
This new partnership will mobilise up to US$500m of additional finance for low-income countries across Africa, Asia, and the Caribbean, improving access to renewable energy and quality infrastructure and helping businesses to thrive.”
Nigeria to Benefit from US$500 million Development Plan
Boko Haram: Zulum Donates N30m for Purchase of House to Family of Slain Army Officer
By: Michael Mike
Borno State Governor, Prof. Babagana Zulum has donated N30 million cash to the family of the late Army Officer, Lieutenant Colonel Thomas Alari, who recently lost his life in the ongoing battle against Boko Haram insurgents in the Timbuktu Triangle.
The donation, which was made personally to the wife of the late officer by the Governor on Saturday in Maiduguri, is to enable the family buy a house
The governor while extending his condolences to the family of the late soldier and all others who lost their lives fighting to restore peace in Borno State, said: “Yesterday, we sent a high-level state government delegation to the funeral. However, I felt the need to personally extend my condolences on behalf of the government and people of the state.”
He added: “Let me also extend my condolences to the families of all those who lost their lives in the cause of the fight against terrorism in Borno and all parts of the northeast.”
“We are also presenting a token donation of N30m for his immediate family to purchase a house because I was told that Lt Col Alari doesn’t own a personal house. I want to assure you that apart from this, we will continue to offer support to you and the families of our fallen heroes who have put their lives in defence of our country.” Zulum stated.
The presentation was made in the presence of the Theatre Commander Operation Hadin Kai, Major General Waidi Shuaibu, Sector 2 Commander, and Major General Chieiebere Ejike. Also present are Senator Kaka Shehu Lawan and House of Representatives members Engr Bukar Talba and Ahmed Jaha.
Other State Government officials who attended the presentation include the Deputy Chief of Staff, Engr. Babagana Malumbe; Commissioners; Permanent Secretary, Government House, Mustapha Ali Busuguma; Special Adviser on Security to the Governor, Brigadier Gen. Abdullahi Ishaq (Rtd); and Chairman of Damboa Local Government, Ali Kauji among other senior officers.
Boko Haram: Zulum Donates N30m for Purchase of House to Family of Slain Army Officer
Buni elected chairman of the Lake Chad governor’s forum.
By: Yahaya Wakili
The Executive Governor of Yobe State, Hon. Mai Mala Buni CON, COMN, was elected as chairman of the Lake Chad Basin Governor’s Forum to run the affairs for two years.
The election of Governor Buni comes shortly after the end of the 5th Lake Chad Basin Governor’s Forum meeting held at Maiduguri, the Borno state capital.
In his acceptance speech, Governor Mai Mala Buni CON commended President Bola Ahmed Tinubu GCFR for providing leadership to the country and region at a very difficult time.
The 5th Lake Chad Basin Governor’s Forum meeting was hosted by the Yobe state government and was declared open by President Bola Ahmed Tinubu GCFR, represented by Vice President Kashim Shettima GCON.
“I would like to extend my deepest gratitude to His Excellency, President Bola Ahmed Tinubu GCFR, for his leadership and commitment to peace, security, and development of the Lake Chad Basin region, Governor Buni said.
He appreciated his colleagues, the governors of the Lake Chad Basin region, delegates, and all other stakeholders for attending and contributing to the success of the meeting.
“Therefore, we look forward to a more robust partnership, support, and the needed resource allocation for us to individually and collectively actualize our shared ambition of building a better and prosperous region for our citizens.
“I wish to, on behalf of myself, the government, and the people of Yobe State, commend and appreciate the decision of my colleagues for endorsing me as the new chairman of the forum.
According to Buni, it is gratifying that as we celebrate the successful end of this meeting, my colleagues have found me worthy of chairing the forum for the next two years.
Buni elected chairman of the Lake Chad governor’s forum.
Mustapha Rufau Appointed as Kangiwa of Adamawa Emirate
By: Michael Mike
In a significant development for the Adamawa Emirate, Mustapha Rufau, a distinguished businessman from a prestigious family, has been appointed as the Kangiwa of the Adamawa Emirate.
The appointment underscores his exemplary contributions to business, leadership, and community development.
Mustapha Rufau is renowned for his sharp business acumen and success in diverse ventures, which have cemented his reputation as an astute entrepreneur.
His visionary leadership and commitment to societal growth have earned him admiration both in the corporate world and among community stakeholders.
The title of Kangiwa is one of great honor and responsibility, symbolizing leadership, trust, and service to the emirate. With his deep-rooted values and dedication to progress, Mustapha Rufau is expected to play a pivotal role in preserving the emirate’s cultural heritage while driving unity and development across the region.
This appointment also reflects the enduring influence of the Rufau family, known for their legacy of service and excellence.
As Kangiwa, Mustapha Rufau’s leadership is anticipated to leave a lasting impact on the Adamawa Emirate and beyond.
Mustapha Rufau Appointed as Kangiwa of Adamawa Emirate
Boko Haram: Zulum Donates N30m for Purchase of House to Family of Slain Army Officer
Buni elected chairman of the Lake Chad governor’s forum.
Mustapha Rufau Appointed as Kangiwa of Adamawa Emirate
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