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
Troops Rescue Kidnap Victim in Edo During Search Operation
By: Zagazola Makama
Troops of Operation MESA, in collaboration with the Nigeria Police, local vigilantes and hunters, have rescued a kidnapped civilian in Esan North-East Local Government Area of Edo State.
Security sources said the troops, deployed at Forward Operating Base (FOB) Udomi, responded to credible intelligence at about 9:00 a.m. on April 21 regarding the abduction of a civilian in the Amendokhian general area.
The troops immediately launched a search-and-rescue operation and successfully secured the release of the victim.
The victim has since been reunited with family members, while efforts are ongoing to track down and apprehend the perpetrators.
Troops Rescue Kidnap Victim in Edo During Search Operation
Troops Rescue Kidnap Victim in Benue
By: Zagazola Makama
Troops of Sector 1, Operation WHIRL STROKE (OPWS), have rescued a kidnapped victim following a swift response to a suspected terrorist attack in Katsina-Ala Local Government Area of Benue State.
Security sources disclosed that the troops, deployed at Abaji, acted on a report at about 1:45 p.m. on April 21 regarding an attack at Tumataa community.
On arrival, the troops engaged the suspected terrorists in a gun duel, forcing them to abandon the victim and flee the scene.
The victim was successfully rescued and has since been reunited with family members.
The sources added that troops are sustaining operations in the area to track down the fleeing suspects and prevent further attacks.
Troops Rescue Kidnap Victim in Benue
Troops Arrest Illegal Arms Manufacturers, Recover Weapons in Plateau
By: Zagazola Makama
Troops have arrested two suspected illegal arms manufacturers during a raid on a criminal hideout in Langtang North Local Government Area of Plateau State.
Security sources disclosed that the operation was carried out at about 5:00 p.m. on April 22 at Gwandanu Village, following credible intelligence on illicit arms production in the area.
According to the sources, the suspects were apprehended while actively engaged in the fabrication of weapons.
Items recovered during the operation include two AK-47 rifles, one G3 rifle, two generating sets, a welding machine, a drilling machine, a hand filer and a toolbox, among other items.
The suspects are currently in military custody pending further investigation.
The sources added that troops have intensified efforts to mop up illegally fabricated arms in the general area as part of ongoing operations to curb criminal activities and enhance security in the state.
Troops Arrest Illegal Arms Manufacturers, Recover Weapons in Plateau
Troops Repel Multiple Terrorist Attacks, Rescue 15 Kidnap Victims in Borno
Troops Rescue Kidnap Victim in Edo During Search Operation
Troops Rescue Kidnap Victim in Benue
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