New financial instruments designed to boost lending capacity and enable the World Bank Group (WBG) to take on more risk for shared global challenges have received a significant endorsement.

The World Bank Online Media Briefing Centre communicated this in a statement, a copy of which was obtained by the News Agency of Nigeria (NAN) on Saturday in Abuja.

The statement said 11 countries announced commitments on Friday for the Portfolio Guarantee Platform, hybrid capital mechanism, and new Livable Planet Fund totaling 11 billion dollars.

“The WBG’s unique leveraging capability enables the resources pledged to hybrid capital and the Portfolio Guarantee Platform to be multiplied six to eight times over 10 years.

“Under certain conditions, the leverage amount could reach tenfold.

“The resources pledged today could provide up to 70 billion dollars in urgently needed funds, which can be deployed to address cross-border challenges and advance development goals.”

It said Belgium, France, Japan, and the U.S. pledged to the Portfolio Guarantee Platform, while Denmark, Germany, Italy, Latvia, the Netherlands, Norway, and the UK made commitments to hybrid capital.

“Japan is committed to providing the first contribution to the new Livable Planet Fund.”

The statement quoted Ajay Banga, WBG President, as saying, “We worked hard to develop these new financial instruments that boost our lending capacity, multiply donor funds, and ultimately allow us to improve the lives of more people.

“The generosity of these countries is both an endorsement of the progress we have made to reform the bank and a sign of their shared commitment to development globally.”

It quoted Vincent Van Peteghem, Deputy Prime Minister and Minister of Finance, Belgium, as saying that Belgium was delighted to provide a 70 million dollar Portfolio Guarantee to the World Bank’s Global Solutions Accelerator Platform.

“Belgium strongly supports the WBG’s new vision to create a world free of poverty on a livable planet.

“This contribution will help to expand the bank’s lending capacity to assist International Bank for Reconstruction and Development (IBRD) clients address global challenges.

“Such challenges include pandemic prevention and preparedness, including health system strengthening and climate change, as well as biodiversity.”

The statement quoted Andrew Mitchell, Deputy Foreign Secretary and Minister for Development and Africa, UK, as saying,

“If the world is serious about shifting the dial on poverty and climate change, we need to put our money where our mouth is; the World Bank’s efforts to mobilise extra funds do just that.

“Our pledge of 100 million pounds for hybrid capital, which will unlock one billion pounds of additional financing capacity over the next decade, will turbocharge our ability to tackle urgent global problems and deliver real impact.”

The statement said the WBG had implemented a series of reforms and developed innovative financial instruments as part of the Capital Adequacy Framework review, which was recommended by the G20 Expert Group.

It said the reforms include adjusting the loan-to-equity ratio to secure 40 billion dollars over 10 years from the IBRD’s balance sheet and increasing the bilateral guarantee limit by 10 billion dollars.

“Others are working to maximise callable capital benefits by publishing a detailed report for rating agencies to better assess its potential value and the bank’s financial capacity.

“Also introducing hybrid capital, giving shareholders and partners an opportunity to invest in bonds with special leveraging potential.”

The statement said another reform was developing the Portfolio Guarantee Platform which provided a shared approach to risk that would make the bank’s financing more widely available.

“Also, launching a Livable Planet Fund that enables governments’, philanthropies’ and other partners’ contributions to incentivise cooperation across borders and tackle shared challenges.”

The statement said the WBG had taken the additional steps to develop IBRD 50-year loans at no additional cost for borrowers.

It said the loans would be utilised for projects that provide cross-border benefits.

“Additionally, we created a system to reduce interest rates for projects that address global challenges, which will be partially funded through the Livable Planet Fund.”

The Founding Publisher of Nigerian NewsDirect, Late Dr Samuel Ibiyemi has been honoured with a Posthumous award for his contributions to the Energy sector at the maiden edition of the Energy Times award ceremony in Lagos.

The late Dr Samuel Ibiyemi was bestowed with the award of “Most Versatile Journalist of the year.”

Dr Ibiyemi before he passed on last year July was a member of the Nigerian Gas Association, Nigerian Guild of Editors, NIPR, Rotary Club, Newspapers Propietors Association of Nigeria (NPAN), Association of Energy Correspondents of Nigeria (NAEC), member Ife Development board, Board Chairman, Olode Grammar School, amongst a host of others. He was also notably a member of the technical drafting committee that drafted the Petroleum Industry Bill now Petroleum Industry Act (PIA), being the only Journalist on the committee.

Described by the former Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB) as a champion of local content, Dr Ibiyemi utilised his platform to advocate for the development of Nigeria’s local content and created foras to adumbrate on policies that will change the trajectory of Nigeria’s Oil and gas industry.

Commending Dr Ibiyemi, Dr Diran Fawibe, the Chairman of International Energy Services Limited (IESL) and Chairman of the occasion described the Late Dr Ibiyemi as one of the few journalists who were really knowledgeable about the sector and actively pursued the growth of the sector through his tabloid, NewsDirect.

Fawibe noted that he used to buy NewsDirect everyday due to the rich quality content and reportage it supplied on a daily basis on the energy sector.

Receiving the award on behalf of the family, the Publisher/Executive Director of Nigerian NewsDirect, Mr Mathew Ibiyemi commended the management of Energy Times for recognizing the impacts Dr Ibiyemi made on the energy sector in Nigeria.

Mr Mathew Ibiyemi noted that the award was emotional for him explaining that though his late dad was no longer with the family presently, his impacts continue to make him remembered globally.

Similarly, the Deputy Managing Director of Falcon Corporation, Mrs Audrey Ozigbo in an emotional moment who also bagged an award of Amazon of Gas development dedicated her award to the Late Dr Ibiyemi and two of his colleagues who stood by her company at the early stages of her company’s growth.

The hall was filled with many industry stakeholders who were also eager to share their encounters and the impact the Late Dr Samuel Ibiyemi had on their lives and businesses.

Other recipients awarded at the award ceremony include the GCEO of the Nigerian National Petroleum Company Limited, Mr Mele Kolo Kyari, recognized at the award ceremony, Governor of Edo State, Mr Godwin Obaseki, Heirs Energies, Commission Chief Executive of Nigeria Upstream Regulatory Commission (NUPRC), Mr Gbenga Komolafe, United Bank for Africa, Niger Delta Power Holding Company, amongst a host of others.

The Senate Ad-Hoc Committee to Investigate the Turnaround Maintenance of Nigeria’s Refineries has said the Port Harcourt Refinery will begin operation before the end of December.

This is as the Rivers State Governor,  Siminalayi Fubara, has stated that his administration is working in tandem with President Bola Tinubu-led Federal Government’s policies designed to make life better for Nigerians through the Renewed Hope Agenda.

Fubara noted that, in doing so, the Woji-Aleto-Alesa-Refinery Road, now 70 per cent completed, was being constructed to provide a bypass to easily access the Port Harcourt Refinery and take off traffic from the East-West Road.

He made the remark when members of the Senate Ad-Hoc Committee to Investigate the Turnaround Maintenance of Nigeria’s Refineries, led by their Chairman, Senator Ifeanyi Ubah, paid him a courtesy visit at the Government House in Port Harcourt on Friday.

This was contained in a statement issued in Port Harcourt on Saturday by the Chief Press Secretary to the Governor, Nelson Chukwudi.

The governor said the purpose of governance was to make life easy for the people. He expressed delight that the Senate Committee’s investigation would make life easy and meaningful for Nigerians.

The statement read, “We, as a state, before the commencement of the rehabilitation job, had a contribution that we wanted to make to support the work at the refinery because of the deplorable state of the East-West Road.

“There is a road: Woji-Aleto-Alesa Refinery Road. We are almost completing the bridge. It’s about 70 per cent completed. We are doing almost the last part of it. With that road, it will help to decongest and reduce the trouble commuters face along the East-West Road while providing easy access, straight to the refinery.

“So, you can see that our government is working in line, supporting the Administration of President Bola Tinubu to give our people hope and assurance that things will soon get better.”

It added, “And it is this role that you are playing, genuinely. With the support of this state government, that is the only way we can achieve the purpose of governance for everyone.

“The purpose of governance is to make life easy for the people. I am happy that your investigation would make life easy for the people,” the governor explained.

Fubara pointed to the derivable benefits when the refinery is eventually revamped and becomes operational, both to the Federal Government and host, Rivers State.

He added, “When the refinery restarts production, there will be petroleum products available locally. The issue of importation will go down.

“We will now make an impact, the economy will grow, and internally generated revenue will increase. More projects will be executed in this state. You can see that it’s a chain effect thing. So, I want to thank you. ”

Fubara reiterated the obvious, saying: “We might be a state, as being presented that we have issues. But we don’t have any issues. Our eyes are on the ball to deliver for our people.

“Even in the face of this deliberate distraction, we will not fail our people because, in the end, it is the impact we make on our people that counts.”

He warned that anybody who disrespects a man in authority either for his age or status, such person could succeed but temporarily because such insults would boomerang, coming with greater, bigger pain.

“I am aware that this is not the actual number of members of this committee. You are more than this. I am also aware that the senator representing, unfortunately, my senatorial district didn’t want you to come here.

“But because you are men of integrity: the real ones who have integrity; you decided to come and do what is right. God will bless you.

“What you are doing is the right thing. Politics is a business of interest. Your worst enemy today can become your best friend tomorrow. It’s a business of interest. But the interest of the people should come first.

“Unfortunately, some people think it has to do with life or death. That is one mistake everybody makes when you take this business outside of the normal principles and rules.

“Our government has no business with politics of bitterness because we have the interest of our people at heart. We take their well-being as our priority because that is why they gave us the mandate to govern them.

“So, their interest, which is the interest of the State, comes first in our scheme of things.”

He reminded the Senators of the peaceful nature and hospitality of the state and its people and urged them to feel free to interact with the state for the mutual benefit of all stakeholders.

In his presentation, Ubah (representing Anambra South Senatorial District), said they were at Warri Refinery on Thursday and had come to Port Harcourt to investigate the work that has been done and assess the level of preparedness of both the old and new Port Harcourt Refinery to recommence operations.

He stated, “We will recall that the old Port Harcourt Refinery was the first refinery in Nigeria built in 1965 and the second one in 1989. And for so long now, they have not been in active operations.

“And with the Renewed Hope Agenda of Mr. President, and also the desire of Nigerians and our determination; the Senate led by our President, Senator Godswill Akpabio, we had a resolution in the Senate to look at it and make sure that Nigeria’s refineries are working so that we shouldn’t be depending on importation of petroleum products.

“And that is one of the reasons that we are here, as well to look into the contract and investigate the level of compliance vis-a-vis the contract specifications.”