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European Investment Bank and UBA Agree Record EUR 60 million New Private Sector Investment Programme

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The European Investment Bank and United Bank for Africa (UBA) have agreed a new EUR 60 million lending programme to support private sector investment across Nigeria. This represents the EIB’s largest ever loan to UBA and will allow UBA to provide longer term loans than currently available to private companies in Nigeria.

 

The new private sector lending programme was formally agreed on the side-lines of the World Bank Annual Meetings in Washington DC by Ambroise Fayolle, Vice President of the European Investment Bank and Kennedy Uzoka, Group Managing Director and Sola Yomi-Ajayi. Head of Global Financial Institutions at UBA.

 

“Private sector investment is crucial for creating jobs and ensuring sustainable economic growth. The European Investment Bank is committed to unlocking investment across Africa and we are pleased to build on past success to strengthen our partnership with UBA that will benefit projects across Nigeria.” said Ambroise Fayolle, Vice President of the European Investment Bank.

Speaking at the signing ceremony, Kennedy Uzoka, Group Managing Director, UBA said “Our growing partnership with the European Investment Bank underlines our long term objective of facilitating the development and growth of African businesses.  This facility will enable UBA bridge critical financing gaps for Nigerian companies and deepen our capacity to support their growth aspirations in the local and international market place”

 

Ambassador Michel Arrion, Head of the European Union Delegation to Nigeria and ECOWAS, described the programme as an example of the catalytic role the EU and its institutions like the EIB are playing to support Nigeria’s economic development. “We look forward to more fruitful partnerships with Nigeria, and particularly with the private sector, which remains the engine of economic growth”.

 

This represents the first Nigerian operation under the European Investment Bank’s new dedicated Nigeria Private Enterprise Investment Facility, a wider million lending scheme intended to support private sector investment in the country. Under the new initiative private sector entrepreneurs and companies will be able to use loans with a longer tenor than traditionally available to invest and expand activities across a range of sectors.

 

The new loan will also fund capital expenditure by UBA to strengthen their support for private investment, through expansion of their branch network and improving information technology.

 

The European Investment Bank has supported infrastructure and private sector investment in Nigeria since 1978.

 

The European Investment Bank is the world’s largest international public bank and over the last five years has provided EUR 12.8 billion for investment across Africa.

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State of Emergency in Rivers: Akpabio, Dickson in heated argument

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The President of the Nigerian Senate, Godswill Obot Akpabio and Senator Seriake Dickson were, on Thursday, locked up in a heated argument over the provision of Senate Rules in the handling of debate on the State of Emergency in Rivers State.

As the Senate convened for plenary, Leader Michael Bamidele Opeyemi moved a motion for the Order Paper to be re-ordered to enable the Senate to handle the debate on the state of emergency before any other motion itemized for legislative action.

As Bamidele stood to point out the relevant order, Seriake Dickson\, representing Bayelsa Central Senatorial District and former governor of Bayelsa State raised a point of order, to which Akpabio was hesitant to oblige.

The angry Akpabio reminded Seriake Dickson in a witty manner, how he watched him on television saying he would not go the way of the Senate on the state of emergency in Rivers, even as Dickson insisted on getting the Senate President’s attention through a point of order.

Akpabio said: “Senator Seriake Dickson, let’s not argue, if we argue it won’t be good for any of us.

“We are all distinguished people, you were a former governor, I was a former governor. Please turn off your mic and sit down. I watched you on television. You said, whatever the Senate does, the Senate will never go with you.

“I said you said whatever the Senate does, the Senate will never have your vote.

“I don’t know but if you have already made up your mind to go on television when the Senate has not done anything or considered any issue, I am not arguing with you, but I say, please allow me to preside.

Replying to the Senate President, Seriake Dickson said: “Mr Senate President, you know we must have mutual respect for all our colleagues, and I do have regard for you, particularly, as our presiding officer and I think that should be reciprocal.”

Dickson said the point of order he raised was to draw the attention of Senators to the provision on the need to first break into a closed-door meeting.

The motion to close the door was immediately raised by the Senate Leader and seconded by the minority leader, Senator Abba Moro and the Senate went into a closed-door session.

https://x.com/i/status/1902686188504252855

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Death toll in Abuja CNG tanker explosion rises to eight

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The Federal Capital Territory (FCT) Emergency Management Department has confirmed that the death toll from the Abuja truck explosion has risen to eight.

The accident, which occurred on Wednesday evening near Karu Bridge along the Abuja-Keffi Expressway, involved a Compressed Natural Gas (CNG)-laden truck and multiple vehicles.

Acting Director General of the FCT Emergency Management Department (FEMD), Abdulrahman Mohammed, provided the update on Thursday while addressing journalists at the scene.

Earlier, the FCT Police Command, through a statement signed by its spokesperson, SP Josephine Adeh, reported six fatalities and the destruction of 14 vehicles in the explosion. However, Mohammed clarified that among the initial six casualties, four were burned beyond recognition. Two additional victims, who were initially rescued, succumbed to their injuries on Thursday morning, bringing the total fatalities to eight.

“Five people were confirmed dead at the scene yesterday. One more passed away later, making six. Then this morning, after further checks, we discovered that two more had died, bringing the total to eight. Four of the victims from yesterday were burned beyond recognition,” he explained.

He also confirmed that 30 others were receiving medical treatment at various hospitals across the FCT. According to him, eight victims are being treated at Karu General Hospital, 10 at Customs Hospital, 11 at the National Hospital, and one at Aso Clinic.

Mohammed further stated that officials were checking other hospitals, including Asokoro Hospital, to verify if additional victims had been admitted.

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Sirajo Jaja, Bauchi accountant-general in EFCC custody for ‘N70bn fraud’

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Sirajo Jaja, the accountant-general of Bauchi State is currently in the custody of the Economic and Financial Crimes Commission (EFCC) for alleged fraud.

Jaja, was arrested alongside one Aliyu Abubakar, an unlicensed bureau de change (BDC) operator, and Sunusi Ibrahim Sambo, a point of sale (PoS) operator.

The three individuals were apprehended in Abuja on Wednesday, with investigations pointing to a massive fraud involving the diversion of public funds and money laundering amounting to N70 billion.

EFCC spokesperson Dele Oyewale confirmed the arrests, and sources within the commission revealed that the investigation centers on the alleged movement of N59 billion, which was withdrawn from various bank accounts opened by Sirajo Jaja on behalf of the Bauchi State government.

The funds were allegedly funneled through Abubakar and Sambo, who made cash payments to political party agents and associates of Bauchi State Governor Bala Mohammed.

Additionally, Abubakar, who had previously jumped bail, was rearrested in connection with the case.

The EFCC is also looking into Governor Bala Mohammed’s involvement in the scandal.

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