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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
Bandits kill seven, abduct three in Sabon Birni border attack in Sokoto
By: Zagazola Makama
At least seven persons were killed and three others abducted when armed bandits attacked Kyara village, a remote border community in Sabon Birni Local Government Area of Sokoto State, in the early hours of Thursday.
Sources said the attack occurred at about 4:00 a.m. in the village, which lies close to the Niger Republic border and has no mobile phone network coverage.
The bandits, who were said to be in large numbers and armed with sophisticated weapons, stormed the community, shooting sporadically and causing panic among residents.
During the attack, seven persons were shot dead, while two others sustained gunshot injuries. Three villagers were also kidnapped, and an unspecified number of domestic animals were rustled.
Joint security forces were immediately deployed to the area after the incident was reported. On arrival, they evacuated the corpses and the injured victims to a hospital for autopsy and medical treatment.
Troops have since launched a manhunt for the attackers with a view to rescuing the abducted victims, recovering the rustled livestock and arresting those responsible.
Confidence-building patrols are currently ongoing in and around Kyara village to reassure residents and prevent further attacks.
Bandits kill seven, abduct three in Sabon Birni border attack in Sokoto
Five injured in suspected IED blast on Bukuyum road in Zamfara
By: Zagazola Makama
Five persons have been seriously injured following a suspected improvised explosive device (IED) explosion along the Takalafiya–Gadar Zaima Road in Bukkuyum Local Government Area (LGA) of Zamfara State.
Sources said the incident occurred at about 11:30 a.m. on Thursday when a motorcycle conveying five passengers ran into an explosive device believed to have been planted by armed bandits targeting security patrols in the area.
The device detonated on contact, causing a loud explosion that severely damaged the motorcycle and left all five occupants with serious injuries.
Following the incident, security operatives immediately closed the road to traffic and advised residents to stay away from the area pending a thorough safety assessment.
The injured victims were evacuated to the General Hospital, Gummi, where they are currently receiving medical treatment.
Movement along the Takalafiya–Gadar Zaima axis remains restricted as security agencies continue to monitor the situation and clear the area of any further threats.
Five injured in suspected IED blast on Bukuyum road in Zamfara
Three killed in fatal road accident at gaggaba village in Borno
By: Zagazola Makama
At least three persons were killed in a fatal motor vehicle accident at Gaggaba Village, Fune Local Government Area of Borno State, early Wednesday morning.
Sources said the accident occurred around 1:20 a.m. when a Daf trailer with registration number DAL 964 YY, driven by Mal. Abubakar, 35, of Maiduguri, traveling from Lagos to Maiduguri, was involved in a collision with a Mitsubishi Canter truck, registration XA 437 NNR, driven by Salisu Ibrahim of Dirra Village, Fune LGA.
The Canter reportedly veered at full speed from its lane and rammed into the Daf trailer, causing the trailer driver and two passengers to fall unconscious. They were immediately rushed to General Hospital Damagum, where the driver and two passengers were pronounced dead by medical personnel.
Three killed in fatal road accident at gaggaba village in Borno
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