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Nigeria to Benefit from US$500 million Development Plan

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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

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Congo: 10,000 confirmed Ebola cases demands rapid scale-up – NRC

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Congo: 10,000 confirmed Ebola cases demands rapid scale-up – NRC

By: Our Reporter

Norwegian Refugee Council (NRC) calls for urgent scale-up as outbreak continues to outstrip humanitarian operation

The Democratic Republic of the Congo (DR Congo) has now confirmed more than 10,000 cases of Ebola in the current Bundibugyo virus outbreak.

“The outbreak has affected eight provinces in DR Congo, placing an enormous burden on affected communities. The epidemic is currently concentrated in eastern parts of the country, but recent cases in Kenya and Nigeria have raised fears of a regional flare-up. Almost five thousand deaths have now been confirmed in DR Congo alone.

“The outbreak comes on the backdrop of a chronic and neglected humanitarian crisis in eastern DR Congo. NRC has been operational in the country for over two decades, and is taking part in the Ebola response, including in the most affected province of Ituri. NRC urgently calls for sustained and coordinated efforts to protect communities, strengthen access to essential services, and address the needs of people affected by the outbreak and displacement.

“As I move around Ituri I’m seeing just how hard the disease is hitting communities, and I am struck by how much more needs to be done to bring this outbreak under control,” said Silvia Beccacece, NRC emergency team leader. “Families here have been struggling for years as a result of extreme violence, forced displacement, and the lack of essential services. Ebola comes on top of that, at a point where many have exhausted their ability to cope with the additional challenge it brings. The fact remains that this response is in no way proportionate to the vast scale of the outbreak.

“Combating Ebola requires close cooperation between health authorities, humanitarian organisations, community-based organisations, and international partners. It is essential that the response is scaled up in a way that keeps communities at the centre and is grounded in local customs and traditions. NRC calls on donors and partners to increase their support for humanitarian operations in the DR Congo, particularly in areas affected by the outbreak and displacement.

“10,000 confirmed cases must be a wake-up call that this response is not getting ahead of the outbreak, and is not supporting communities with what they need to bring transmission under control. The warning signs are here for all to see: now it depends on whether leaders will take notice and take the required action,” said Beccacece.

Congo: 10,000 confirmed Ebola cases demands rapid scale-up – NRC

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AFD, BOI Sign $30m Deal to Unlock Finance for Nigeria’s Creative Sector

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AFD, BOI Sign $30m Deal to Unlock Finance for Nigeria’s Creative Sector

…90% of facility reserved for small businesses, women and youth entrepreneurs targeted

By: Michael Mike

The French Development Agency (AFD) and the Bank of Industry (BOI) have signed a $30 million financing agreement to expand access to credit for Nigeria’s creative industry, with at least 90 per cent of the facility earmarked for micro, small and medium-sized enterprises (MSMEs).

The agreement, which includes a €500,000 technical assistance programme, is AFD’s first credit line dedicated to cultural and creative industries anywhere in the world, positioning Nigeria as the beneficiary of a financing initiative targeting one of the country’s emerging sources of jobs and economic diversification.

The facility, signed in Abuja during the visit of AFD Chief Executive Officer, Christophe Lecourtier, is designed to improve access to finance for businesses in fashion, design, textiles, music, film and audiovisual production, video games and visual arts.

Women-led and youth-led enterprises, as well as first-time borrowers, are among the priority beneficiaries of the programme, which seeks to address financing barriers that have constrained the growth of creative businesses.

The initiative comes as Nigeria’s cultural and creative industries account for approximately five per cent of the country’s Gross Domestic Product (GDP) and provide livelihoods for more than 4.2 million people.

Under the agreement, the BOI will deploy the credit facility to eligible businesses, while the technical assistance component will strengthen the bank’s capacity to finance the sector through staff training and the development of financial products tailored to the needs of creative enterprises.

The programme targets the training of at least 70 per cent of relevant BOI staff, alongside the development of specialised financing products to better serve businesses whose needs may differ from those of conventional industrial enterprises.

The agreement was signed by BOI Managing Director, Dr Olasupo Olusi, and Lecourtier, who represented AFD, reinforcing the longstanding partnership between the two institutions.

Beyond expanding access to credit, the initiative is expected to promote financial inclusion, support skilled employment and strengthen the contribution of the creative economy to Nigeria’s sustainable and inclusive growth.

Its focus on smaller businesses could prove particularly significant for entrepreneurs seeking to expand production, acquire equipment, develop new products or reach wider markets but who struggle to secure affordable financing.

The facility also aligns with the Federal Government’s Destination 2030 ambition for the creative sector, as Nigeria seeks to diversify its economy and harness industries capable of generating employment and business opportunities for its growing population.

The €500,000 technical assistance component is expected to complement the lending facility by improving BOI’s capacity to understand and meet the financing needs of creative businesses.

For AFD, the agreement represents an expansion of its development financing partnership with Nigeria, while the BOI is expected to use the facility to support enterprise development, job creation and economic diversification.

The two institutions said the programme would help remove financial and non-financial barriers to the development of Nigeria’s cultural and creative industries.

AFD, BOI Sign $30m Deal to Unlock Finance for Nigeria’s Creative Sector

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Family Seeks Fresh Probe into Missing Corpse at Anambra Hospital

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Family Seeks Fresh Probe into Missing Corpse at Anambra Hospital

By: Michael Mike

The family of a deceased engineer whose corpse allegedly disappeared from a mortuary in Anambra State has asked the Inspector-General of Police (IGP) to order a supplementary investigation into the incident, citing omissions and inconsistencies in the police report.

The family, through its lawyer, Mr Joseph Offor, said the investigation into the disappearance of Chukwunweike Okammelu’s body from the mortuary of Chukwuemeka Odumegwu Ojukwu Teaching Hospital, Amaku, Awka, had left critical questions unanswered.

In a letter dated July 6 and addressed to the IGP, Offor, counsel to Chief Osita Okammelu, urged the police chief to review the investigation and direct further inquiries into the circumstances surrounding the disappearance of the corpse.

The petition was also copied to the Deputy Inspector-General of Police in charge of the Force Criminal Investigation Department, Abuja.

Offor said the matter was referred to the IGP following the family’s complaint, after which it was assigned to the Intelligence Response Team (IRT) for investigation.

He said the IRT had concluded its investigation and issued a report, but his client identified material omissions, inconsistencies and investigative gaps that, he argued, undermined the completeness, fairness and credibility of the findings.

According to him, the report acknowledged the possibility of criminal conspiracy and systemic failures but recommended the prosecution of only the mortician, Mr Clement Ogbonna.

He further alleged that the report acknowledged that significant aspects of the investigation remained outstanding while simultaneously recommending immediate prosecution.

Offor said the findings also identified serious administrative and operational negligence without adequately investigating or recommending appropriate action against all persons who might bear criminal responsibility.

He added that the investigators relied on financial records, call data records and other documentary exhibits without making comprehensive findings from the evidence.

The lawyer said critical questions concerning the chain of custody of the corpse, the roles of other listed suspects, institutional responsibility and the circumstances surrounding the alleged unlawful release and disappearance of the body remained unresolved.

Following the disappearance, the family had reported the matter to the police and raised concerns about what it described as the unprofessional conduct and poor handling of the case by the hospital management.

Offor alleged that, rather than adequately addressing the incident, the hospital leadership relied on what the family described as “spurious narratives and falsehoods” attributed to the mortician.

“Our client has accordingly prepared a detailed analysis identifying these gaps and respectfully demonstrating why he believes the investigation requires further review,” he said.

He urged the IGP to direct a supplementary investigation, with particular attention to the issues outlined in a memorandum accompanying the petition.

“Our client firmly believes that a thorough and comprehensive investigation will ensure that truth is fully uncovered and that justice is done to all parties without fear or favour,” Offor said.

Family Seeks Fresh Probe into Missing Corpse at Anambra Hospital

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