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African Development Bank to provide €39 million loan package for Gabon’s first independent hydropower project

African Development Bank to provide €39 million loan package for Gabon’s first independent hydropower project

Business, Finance
The Board of Directors of the African Development Bank Group (AfDB.org) has approved a €39 million loan package for the construction of the Kinguélé Aval hydroelectric project in Gabon. The package comprises €20 million from the African Development Bank, €10 million from the Africa Growing Together Fund and €9 million in concessional financing from the Sustainable Energy Fund for Africa, a special multi-donor fund managed by the African Development Bank. We are delighted to support the first IPP project in Gabon Additional financing to meet the project’s €133.8 million budget will come from the International Finance Corporation of the World Bank Group, the Canada-IFC Program for Renewable Energy in Africa, the Development Bank of Southern Africa and the Emerging Africa Infrastruc...
Multilateral Development Banks’ (MDBs) climate finance rose to $66 billion in 2020, joint report shows

Multilateral Development Banks’ (MDBs) climate finance rose to $66 billion in 2020, joint report shows

Business, Corporate Stories, Finance
MDBs publish 2020 Joint Report on Multilateral Development Banks’ Climate Finance; Eight MDBs committed $66 billion for climate finance in 2020, up from $61.6 billion; Of the total, 58 per cent was committed in low- and middle-income countries. Climate finance committed by major multilateral development banks (MDBs) rose to a total of $66 billion last year from $61.6 billion in 2019, according to the 2020 Joint Report on Multilateral Development Banks’ Climate Finance (bit.ly/3dxJ6pf), published today. Of this, 58 per cent – or $38 billion – was committed to low- and middle-income economies. The total climate co-finance committed during 2020 alongside MDB resources was $85 billion. Together, MDB climate finance and climate co-finance totalled more than $151 billion. The amo...
Banks owe telcos N50b as new USSD pricing regime begins

Banks owe telcos N50b as new USSD pricing regime begins

Business, Economy, Finance
Although the fragile peace between Deposit Money Banks (DMBs) and telecommunications operators over the use and non-payment of charges as appropriate on Unstructured Supplementary Service Data (USSD) remains, the mobile network operators (MNOs) have, however, said the unpaid debt owed them by the banks has risen to N50 billion. The Guardian gathered at the weekend from the Association of Licensed Telecoms Operators of Nigeria (ALTON) that since the crisis came to the public, the figure rose from the initial N42 billion to N45 billion around April and currently hovers between N47 billion and N50 billion. The telecoms body said it believed that the DMBs would do what is required and appropriate by defraying the debts as soon as possible. The USSD is said to be about 30 per cent of...
Tanzania: African Development Bank Group signs loan agreements for $140 million to increase power generation

Tanzania: African Development Bank Group signs loan agreements for $140 million to increase power generation

Agriculture, Capital Market, Finance
The funds will be used to construct the plant and an evacuation transmission line, as well as to add 4,250 rural electrification connections The African Development Bank Group (AfDB.org) and the Government of Tanzania have signed loan agreements totalling $140 million to finance the construction of the 50-megawatt Malagarasi hydropower plant in Western Tanzania. The agreements cover a $120 million sovereign loan from the Bank and $20 million from the Africa Growing Together Fund (AGTF), administered by the Bank. Emmanuel M. Tutuba, Permanent Secretary at the Tanzania Ministry of Finance and Planning, and Nnenna Nwabufo, Director General of the Bank Group’s East Africa Regional Development and Business Delivery Office, signed the agreements. The funds will be used to construct the...
Nigeria’s bid round signature bonuses are overpriced, says Owieadolor

Nigeria’s bid round signature bonuses are overpriced, says Owieadolor

Economy, Finance
The Nigerian government’s expectation of raising half a billion dollars from signature bonuses has imposed significant financial pressure on participants in the about-to-be-concluded bid round of marginal fields, the chief executive of Platform Petroleum, Osa Owieadolor has said. “By our own assessment, I think it is overpriced”, contends Owieadolor, noting that, “in (the last marginal field bid round exercise) in 2003, $150,000 was paid as signature bonus, but now it is ranging from $5,000,000 to as high as twenty-something million dollars. That’s a lot of money” Owieadolor, who retires from the job at the end of this month, says he is not canvassing for a signature bonus as low as $150,000, “but $5Million for a marginal field is too high” and this is one of the lowest figures. ...
Mint Digital Bank reaffirm commitment to revitalising the Nigerian banking industry

Mint Digital Bank reaffirm commitment to revitalising the Nigerian banking industry

Economy, Finance, Innovation
It’s not news that Nigerians have now become more aware of their need for seamless, transparent, and inclusive banking services that are not only accessible but also guarantee some financial freedom for their lives and livelihood. While much of the older population are still battling with financial literacy as well as apathy towards banking services, a large percentage of the younger populace are aggressively moving towards providers that cleverly harness the power of technology – which is believed to be the new frontier for successful banking. This has led to the birth of many new fintechs springing up on a daily basis. However, the real problems seem to still be at large. Nigerians still mistrust and express their lack of confidence in the financial system. But amidst these challengi...
African crypto exchange, Quidax raises 7,772 BNB on worst day of crypto

African crypto exchange, Quidax raises 7,772 BNB on worst day of crypto

Capital Market, Economy, Finance
On what could be tagged as the worst day of crypto this year, African-founded exchange, Quidax, raised over 7,772 BNB from the public sale of its token, QDX. The crypto market suffered its first major dip in 2021 on Thursday May 19, 2021 with Bitcoin dropping as low as $30,000 from highs of $64,000. In spite of this, the public sale of QDX sold out in less than 48 hours. Recently, Quidax announced that it had processed over $3 billion in transaction volume since its launch in 2018 with over 400,000 customers across 72 countries. In the announcement, Quidax also shared a shift from its African-focused strategy to becoming the global home of BEP20 tokens. Next Steps for QuidaxOn Friday, the exchange revealed that $QDX will be listed on its platform and DeFi platform, JulSwap...
WorldRemit reaffirms commitment to CBN’s Naira 4 Dollar Scheme

WorldRemit reaffirms commitment to CBN’s Naira 4 Dollar Scheme

Business, Economy, Finance
Global cross-border payment company, WorldRemit, has said it would continue to reward customers who receive international money transfers through its partner banks in Nigeria. The promise is in line with the extension of the Central Bank of Nigeria’s (CBN) Naira for Dollar Scheme. The scheme, which was launched on March 8, 2021, will run indefinitely following a notice released by the apex bank. The Naira 4 Dollar scheme was launched as a strategy to increase diaspora remittances and discourage the use of informal routes. The CBN believes this incentive will improve FX inflows and boost liquidity in the foreign exchange market. Country Manager for Nigeria and Ghana at WorldRemit, Gbenga Okejimi, said: “The CBN’s decision to extend the scheme is indeed a development we will co...
NDIC calls for collaboration to improve professionalism in banking

NDIC calls for collaboration to improve professionalism in banking

Finance
The Managing Director of the Nigeria Deposit Insurance Corporation (NDIC), Bello Hassan, has stressed the need for collaboration between regulators and operators in the banking system for sound ethics and professionalism in the industry. He made the call during a courtesy visit by the Executive Council members of the Chartered Institute of Bankers (CIBN) led by the President and Chairman of Council, Bayo Olugbemi. The NDIC boss observed that although there have been improvements in risk management practice in the banking industry, there is a need for the Institute to strengthen its efforts towards ensuring that professionals comply with the high standards expected of them. Hassan explained that the vision of the institute aligns with that of the Corporation which focuses on t...