Imo gov-elect warns banks against new transactions with state govt

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Ihedioha

The Imo Governor-elect, Mr Emeka Ihedioha, has advised financial institutions in the country to stop entering into new transactions with the state government or do so, at their own peril.

Ihedioha, who gave the advice at a media interaction in Owerri on Thursday, warned that new transactions would increase chances of illegal activities and jeopardise the financial stability of the state.

He said his duty and responsibility would be to ensure that citizens and residents of the state remained united and work together for the common good of the state.

The governor-elect commended other contestants in the election for their “sportsmanship” and urged them to partner his administration to “restore the dignity of the state”.

He described his success at the poll as a “new path to progress” which would signal an end to impunity and brazzenness in the state.

Ihedioha promised to ensure that the citizens remained united for a common purpose and shun divisiveness.

Dedicating his success to the “common man,” in the state, he commended the people for buying into his vision of realising a dream state, while promising to work hard to justify their faith in him.

He also commended the Independent National Electoral Commission (INEC), and security agencies for their roles in ensuring that the election was credible. The Imo State governor elect hinted of plans to set up a transition committee to liaise with the outgoing government to ensure a smooth transition and chart a way forward for the state.

He promised to work out programmes, which would engage the youth as a way to end drug abuse and curb vices, starting with the rehabilitation of the four technical colleges in the state.

Meanwhile, the African Development Bank (AfDB) yesterday, said it would provide $25 billion (2.5 trillion shillings) over the next five years to boost the global fight against climate change.

Mr Akinwumi Adesina, the President of AfDB said the bank currently provides 34 per cent of its overall lending portfolio to projects aiming at boosting the fight against climate change.

Addressing participants at the One Planet Summit during the 4th session of the UN Environment Assembly, Adesina said that there was need to create home-made financing mechanisms to enable local communities cope with climate change.

The AfDB boss said the financing required to deal with climate change should come from the private sector, and should be directed toward renewable energy solutions to enable millions of people still unable to access electricity to be connected.

“Africa needs indigenous models to finance climate change,” He said.

According to him, the AfDB had created the Africa Financial Alliance for Climate Change, meant to pool financial resources towards investing on efforts to fight climate change.

Adesina said that under the financial initiative, the bank was working with African central banks to direct money to climate change action.

He explained that the AfDB, the central bank owns some $1.2 trillion worth of reserves which can be redirected toward renewable energy financing initiatives to help fight climate change effects.

“We want countries to move away from coal power and we are investing in the green load facility to help move renewable energy,” Adesina said.

The AfDB, through its Desert-to-Power Initiative, currently seeks to produce solar energy from the Sahel region to help some 250 million people access affordable energy.

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