Connect with us

News

Ould Tah, AfDB President Presses for Scaled-Up Financing and Stronger Partnerships to Realize Africa’s Development Goals @ UNGA80

Published

on

Kindly share this post

Sidi Ould Tah,  President, African Development Bank Group is attending the United Nations’ 80th General Assembly this week to push the continent’s development priorities and mobilise support for the replenishment of its concessional lending arm the African Development Fund.

High on Dr Ould Tah’s packed agenda are financing, resource mobilization, climate change, African financial architecture, concessional resources, socio-economic fragility, regional integration, peace and security.

As a guest speaker at several sideline events, he will have the opportunity to present his strategic vision, based on four cardinal points: achieving self-sufficiency and unlocking Africa’s potential; reforming Africa’s financial architecture; transforming population growth into an economic engine for job creation for women and youth; and building climate-resilient infrastructure and creating added value.

Since Sunday, Dr Sidi Ould Tah has met with several global development leaders and heads of government.

The president of the Bank held talks with Ms Amina J. Mohammed, Deputy Secretary-General of the United Nations, on prospects for strengthening cooperation between the two institutions. Dr Ould Tah praised Africa’s resilience and commitment in the face of current challenges and stressed the need for development partners to work together to build a new African financial system, drawing on each other’s strengths.

In a meeting with UNFPA Executive Director Ms Diene Keita, he affirmed the importance of maternal health, stressing the importance of transforming Africa’s demographics into a demographic dividend.

“This means investing in mothers and girls today,” Dr Ould Tah added.

With Botswana’s President Duma Gideon Boko, Dr Ould Tah discussed the country’s strategic priorities and opportunities for partnership with the Bank. President Boko stressed the need to “diversify the economy beyond diamonds and invest in infrastructure, particularly rail interconnectivity, to position Botswana on major regional trade corridors.” For his part, President Ould Tah stressed the importance of developing natural resources as a lever for job creation for African youth.

Dr Sidi Ould Tah held a one-on-one meeting with Sheikh Shakhboot Nahyan Al Nahyan, Minister of State for Foreign Affairs of the United Arab Emirates, who reaffirmed that his government is ‘ready to support the Bank’s mission in every way possible’ and to strengthen the relationship.

On Wednesday, Dr Ould Tah participated in the launch of new National Energy Compacts under Mission 300, a joint initiative between the World Bank and the African Development Bank Group to provide electricity to 300 million Africans by 2030.

A trilateral meeting focusing on continental issues is scheduled with the Chairperson of the African Union Commission, Mahmoud Ali Youssouf, and the Executive Secretary of the United Nations Economic Commission for Africa, Claver Gatete.

The seventeenth replenishment of the African Development Fund, the concessional window of the African Development Bank Group is coming up in December.

Among Dr Ould Tah’s priorities will be to drum up support for the upcoming replenishment, amidst a global climate of dwindling development aid. On Tuesday, he confirmed that several African countries have pledged support for the fund, which is a key source of financing for 37 low-income African countries.


Kindly share this post

Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

News

EFCC Arraigns Two FSDH Bank Officials Over $307k, €50k Fraud

Published

on

Kindly share this post

Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission (EFCC), Ikoyi, Lagos, on Tuesday, March 3, 2026, arraigned two bank officials, Bakare Oladimeji Surajudeen and James Olukayode Imokwede, over an alleged $306,667.81 and €50,250 fraud before Justice Ismaila Ijelu of the Lagos State High Court sitting in Ikeja.
EFCC Arraigns Two FSDH Bank Officials Over $307k, €50k Fraud

EFCC

The defendants, who are both top officials of FSDH Merchant Bank Limited, were arraigned on a 10-count charge bordering on alleged stealing and retention of stolen property to the tune of $306,667.81 and €50,250.
The petitioner, FSDH Merchant Bank Limited, alleged that an internal audit uncovered unauthorized debits totaling $306,667.81 and €50,250, equivalent to N527,406,916.66 (Five Hundred and Twenty-Seven Million, Four Hundred and Six Thousand, Nine Hundred and Sixteen Naira, Sixty Six kobo), from its Letters of Credit (LC) payable accounts.
Investigations revealed that the defendants processed fraudulent transfers through the SWIFT platform to third parties.
One of the counts reads:
“That you, BAKARE OLADIMEJI SURAJUDEEN and JAMES OLUKAYODE IMOKWEDE, sometime in 2021 in Lagos within the jurisdiction of this Honourable Court, dishonestly took the sum of N527,406,916.66 (Five Hundred and Twenty-Seven Million, Four Hundred and Six Thousand, Nine Hundred and Sixteen Naira, Sixty Six kobo), property of FSDH Merchant Bank Limited.”
Another count reads:
“That you BAKARE OLADIMEJI SURAJUDEEN AND JAMES Olukayode Imokwede sometime in 2021 in Lagos within the jurisdiction of this Honourable Court dishonestly took sum of $306,667. 81 (Three Hundred and Six Thousand, Six Hundred and Sixty Seven dollars, Eighty one cents) property of FSDH Merchant Bank Limited”.
The defendants pleaded “not guilty” to all the charges preferred against them.
Following their pleas, prosecution counsel, H. U. Kofarnaisa, asked the court for a trial date and also prayed that the defendants be remanded in a Correctional facility pending trial.
Counsel to the first and second defendants, Oluwaseun Akintunde and Olajide S. Onasanya, informed the court that bail applications had been filed on behalf of the defendants and also urged the court to grant them bail on liberal terms.
They also prayed that the defendants be remanded in the EFCC custody pending the perfection of their bail conditions.
The prosecution counsel, however, opposed the prayers of the defence seeking the remand of the defendants in the EFCC custody, saying that “the EFCC detention facilities are overstretched.”
After listening to both parties, Justice Ijelu granted the defendants bail in the sum of N2 million each, with two sureties in like sum.
The court ordered that one of the sureties must be a relative, who is gainfully employed.
The sureties must provide evidence of tax payment in the last three years and must show proof of livelihood, with their residences verified.
The defendants were ordered to deposit their international passports with the court, and must not travel outside the country without the leave of the court.
The judge subsequently remanded the defendants in a Correctional facility pending the perfection of their bail conditions.
Justice Ijelu adjourned the matter till March 25, 2026, for the commencement of trial.

Kindly share this post
Continue Reading

News

AfDB Supports Francophone Africa Start-ups with €6.5M

Published

on

Kindly share this post

The African Development Bank Group last week approved an investment of €6.5 million in the Saviu II fund in order to support technology start-ups through their seed phase and first institutional fundraising, mainly in French-speaking Central and West Africa.

The Bank will invest €4.5 million as equity and €2 million as a first-loss hedging tranche on behalf of the European Commission, under the Boost Africa Programme.

This participation of the Bank Group will enable the Saviu II fund to give priority to companies with a strong technological or digital component.

Saviu II, the second investment vehicle of Saviu Partners, plans to invest between €500,000 and €3 million in about 20 technology or technology-oriented business-to-business start-ups in the seed phase or carrying out first institutional fundraising.

The Saviu II venture capital fund aims to make at least 60% of its commitments in the French-speaking countries of West and Central Africa: Côte d ‘Ivoire, Cameroon, Benin, Senegal, Togo, Burkina Faso and Mali.

The fund can also co-invest in promising technology companies in East Africa that have a strong team and business model, and whose strategy includes entering the market in French-speaking West African countries and establishing a strong presence there.

In addition, the fund will devote a dedicated envelope to pre-seed investments, focusing on minority equity investments, usually in co-investment with studios, incubators or other ecosystem partners.


Kindly share this post
Continue Reading

News

Nigeria Inks $1.3bn MoU with AFC for Alumina Refinery, Mining Push

Published

on

Kindly share this post

Nigerian Government has signed a $1.3 billion Memorandum of Understanding (MoU) with Africa Finance Corporation (AFC) via the Solid Minerals Development Fund (SMDF) to fund an alumina refinery, national geoscience mapping, and a strategic investment vehicle for mining growth.

Nigeria Inks $1.3bn MoU with AFC for Alumina Refinery, Mining Push

Special Assistant to the Minister of Solid Minerals Development, Segun Tomori, said the refinery will process one million tonnes of bauxite yearly using a modern Bayer process, powered by an on-site gas-fired cogeneration plant.

Minister Dele Alake called it a transformative milestone boosting GDP, aligning with reforms that improve investment climate, regulations, and licensing to attract private capital. He directed agencies to fast-track permits.

The 20-year project at 95% utilization eyes 19 million tonnes total output, $1.2 billion annual GDP addition, $25 billion economic impact, and $8 billion forex earnings, per feasibility studies.

SMDF Executive Secretary Fatima Shinkafi termed it the agency’s biggest funding deal, supporting value-addition policy.

The partnership extends to geoscience mapping for mineral data, de-risking exploration, and a joint vehicle for mining assets.

Permanent Secretary Engr. Farouk Yabo praised the reforms. Shinkafi signed for government; AFC’s Franklin Edochie for the corporation, witnessed by AFC CEO Samaila Zubairu.

Tomori positioned it as Nigeria’s largest private mining investment and FDI magnet.


Kindly share this post
Continue Reading

Trending