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
News
Army arrests four suspects over attempted transformer vandalism
Army arrests four suspects over attempted transformer vandalism
By: Zagazola Makama
Troops of Operation Udo Ka have arrested four suspects in Afikpo Local Government Area of Ebonyi State for attempting to vandalize a transformer at the SETRACO live camp in Amasiri.
According to source, at about 0650 hours on March 21, troops from 24 Special Engineering Regiment and 2 Works Battalion responded to a distress call from the camp’s Public Relations Officer about a suspected individual trying to tamper with a transformer.
“On arrival, troops confirmed that one suspect had been apprehended by camp security personnel while attempting to carry out the act,” the source said.
Preliminary interrogation of the suspect led to the arrest of three additional accomplices and the recovery of a large quantity of copper wires, aluminum cables, batteries, cutting tools, and other equipment believed to be intended for theft or vandalism.
The suspects and recovered items are now in the custody of the troops for further investigation and appropriate legal action.
Army arrests four suspects over attempted transformer vandalism
Military
Army troops recover 75,000 litres of stolen crude oil in bonny, River state
Army troops recover 75,000 litres of stolen crude oil in bonny, River state
By: Zagazola Makama
Troops of the Joint Task Force, Operation Delta Safe (OPDS), have recovered about 75,000 litres of stolen crude oil in Bonny Local Government Area of Rivers State.
Sources told Zagazola that troops of the 146 Battalion (Maritime) discovered a wooden boat anchored around the Lady B creeks, loaded with the crude oil suspected to have been illegally bunkered.
The recovered items were handled in accordance with the directives of OPDS, the statement added.
Military authorities reiterated their commitment to combating oil theft and illegal bunkering in the Niger Delta, urging residents and stakeholders to cooperate with security agencies to protect national resources.
Army troops recover 75,000 litres of stolen crude oil in bonny, River state
News
Zulum Visits Ngoshe, Pledges Reconstruction of Damaged Infrastructure
Zulum Visits Ngoshe, Pledges Reconstruction of Damaged Infrastructure
…Vows Ngoshe Will Not Fall Again
By: Our Reporter
Borno State Governor, Professor Babagana Umara Zulum, on Sunday, visited Ngoshe which is about 40 kilometres away from Gwoza to see for himself the level of damage.
Zulum, who has embarked on a two-day confidence and resilience-building tour to victims of recent Boko Haram attacks in Ngoshe and Pulka, disbursed cash and relief items to over 30,000 people affected by the recent incident.
Speaking to newsmen shortly after inspecting the affected community, the governor described the level of destruction as shocking and heartbreaking.
“It is saddening to see this kind of devastation. In recent times, I have not witnessed such destruction. It is sheer madness, but Insha Allah, we shall build back better,” the governor said.
He assured residents of Ngoshe in Gwoza Local Government Area that government will rebuild homes and public infrastructure destroyed by recent attacks, while intensifying security efforts to restore lasting peace in the area.
Zulum said he had directed officials of the Ministry of Reconstruction, Rehabilitation and Resettlement to immediately assess the extent of the damage with a view to rehabilitating all burnt structures.
“I am here with representatives of the Ministry for Reconstruction, Rehabilitation and Resettlement, and I have directed them to assess the level of damage so that all the burnt infrastructure can be rehabilitated,” he said.
The governor noted that the Federal Government, under President Bola Ahmed Tinubu, had recently released funds to the Multinational Joint Task Force to boost military operations in the region.
“I am pleased to announce the support and funding recently released by the Federal Government of Nigeria, under President Bola Ahmed Tinubu, to the Multinational Joint Task Force for military operations in this general area,” he said.
He explained that the Mandara Hills remain a major stronghold for insurgents, stressing that the only effective response is to take the battle directly to them.
The governor commended the military authorities, particularly the General Officer Commanding 7 Division and the Brigade Commander, for their renewed effort in Ngoshe.
According to him, security presence in the area has now been significantly reinforced.
“The military has taken over Ngoshe again. They have increased the number of personnel in Ngoshe by 100 per cent, and I believe with what they have done so far, we will keep Ngoshe secure,” Zulum added.
…Vows Ngoshe Will Not Fall Again
Governor Babagana Umara Zulum has reaffirmed the commitment of both the Federal Government and Borno State Government to decisively address the lingering security challenges in the state, assuring residents of Ngoshe that the town will not be allowed to fall back into the control of insurgents insha Allah.
Addressing troops of 82 Division Task Force Battalion Ngoshe, Zulum said efforts are ongoing to strengthen the military’s capacity.
“I want to assure you that the Federal Government of Nigeria, and indeed the Government of Borno State, in partnership with the Armed Forces, will do everything possible to contain the lingering security situation,” he said.
The governor emphasized the strategic importance of Ngoshe, warning that its fall could have wider security implications for surrounding communities.
“Ngoshe is very important. The fall of Ngoshe would send a very bad signal to Pulka, Kirawa, Gwoza, and even Bama. We shall not allow this town to be taken over again by insurgents.”
Governor Babagana Zulum was accompanied on the visit by Senator Mohammed Ali Ndume, member House of Assembly representing Gwoza, Hon. Abdullahi Buba Abatcha, Commissioner for Transport and Energy, Mohammed Lawan Buba, and Commissioner for Local Government and Emirate Affairs, among other personalities.
Zulum Visits Ngoshe, Pledges Reconstruction of Damaged Infrastructure
-
News2 years agoRoger Federer’s Shock as DNA Results Reveal Myla and Charlene Are Not His Biological Children
-
Opinions4 years agoTHE PLIGHT OF FARIDA
-
News11 months agoFAILED COUP IN BURKINA FASO: HOW TRAORÉ NARROWLY ESCAPED ASSASSINATION PLOT AMID FOREIGN INTERFERENCE CLAIMS
-
News2 years agoEYN: Rev. Billi, Distortion of History, and The Living Tamarind Tree
-
Opinions4 years agoPOLICE CHARGE ROOMS, A MINTING PRESS
-
ACADEMICS2 years agoA History of Biu” (2015) and The Lingering Bura-Pabir Question (1)
-
Columns2 years agoArmy University Biu: There is certain interest, but certainly not from Borno.
-
Opinions2 years agoTinubu,Shettima: The epidemic of economic, insecurity in Nigeria
