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Afreximbank bags six awards at Capital Markets Africa awards

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The African Export-Import Bank (Afreximbank) has bagged six awards at the recently concluded 2024 Bonds, Loans and ESG Capital Markets Africa Awards in South Africa.

This is contained in a statement signed by Vincent Musumba, Manager, Communications and Events, Afeximbank, in Abuja on Tuesday.

Musumba said the awards were presented on the sidelines of the Bonds, Loans and ESG Capital Markets Africa Conference.

He said the awards recognised Afreximbank’s outstanding achievements in financing, promoting, and facilitating trade and for its broadening work to facilitate sustainable economic growth and development in Africa.

Musumba said Afreximbank was recognised with ‘Financial Institutions Bond Deal of the Year’ for acting as Joint Lead Manager on the debut 300 million dollar senior Eurobond issuance by Mauritius Commercial Bank (MCB), in April 2023.

“This marked the first Investment Grade-rated commercial bank senior bond out of Africa as well as the first international Eurobond out of Mauritius.”

He said Afreximbank also won the ‘Infrastructure Finance Deal of the Year’ award for its 1.76 billion dollar loan to the Government of Tanzania, issued on June 30, 2023.

Musumba said the award for the Export Credit Agency, Development Finance Institution, and International Finance Institution Deal of the Year was presented to the bank for its 640 million dollar Samurai loan issued in July 2023.

“The Renewable Energy Finance Deal of the Year award went to the Bank for its 147 million euro loan to the Government of Cameroon which was issued on October 7, 2023.”

“For the Oil and Gas Deal of the Year award, the organisers recognised Afreximbank for its 1.3-billion dollar loan to Sonangol Finance Limited, issued in August 2023.”

He said the final award to the bank was for being the Financial Institution Debt House of the Year.

Musumba said Chandi Mwenebungu, Director and Group Treasurer, Afreximbank, reacting to the awards, was quoted as saying “these awards represent a recognition of our bank’s strategic work in Africa’s financial markets.

“They also present an opportunity for Afreximbank to recognise and celebrate the outstanding achievements of its clients and partners working to advance the economic development of Africa.”

Mwenebungu said that the bank had been playing a leading debt-arranging role across Africa’s main industry sectors.

The director said Afreximbank had been instrumental in promoting the inclusion of environmental, social, and governance (ESG) standards in financing structures, thereby furthering their application on the continent and attracting capital.

Musumba said the Bonds, Loans and ESG Capital Markets Africa Conference is the only Pan-African debt event bringing together local and international bonds issuers, investors and financial institutions, and financial services providers from across the continent.

“The conference is recognised as the number one business meetings facilitator for Africa’s capital markets and is Africa’s largest corporate and investment banking event.”

He said no fewer than 1,060 senior borrowers, issuers, regulators, bankers, investors, advisors, and government officials from 383 companies and 46 countries participated.

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Stop using repressive laws to intimidate journalists – SERAP, NGE tell FG

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The Socio-Economic Rights and Accountability Project, SERAP, and Nigeria Guild of Editors, NGE, have called on Nigerian authorities at all levels of government to stop using repressive and anti-media laws to target, intimidate and harass journalists, critics and media houses.

The groups made the demand after an interactive session on ‘the state of press freedom in Nigeria’ held at the Radisson Blu Hotel in Ikeja.

In a joint statement, SERAP and NGE said that, “the government of President Bola Tinubu, the country’s 36 governors and FCT minister must now genuinely uphold press freedom, ensure access to information to all Nigerians, obey court judgments, and respect the rule of law”.

They expressed concerns about the escalating crackdown on the right to freedom of expression and media freedom and the flagrant disregard for the rule of law by authorities at all levels of government.

The groups note that the suppression of the press in recent times takes various forms ranging from extrajudicial to unlawful detentions, disappearances, malicious prosecutions and wrongful use of both legislation and law enforcement.

The statement read in part: “We would continue to speak truth to power and to hold authorities to account for their constitutional and international obligations including on freedom of expression and media freedom.

“Nigeria as a country has a long and unpleasant history of press gagging and clampdown on media freedom, which is evidence of extensive state censorship of media and in some cases, the utter control of state-owned media houses.

“This position has not changed considerably despite almost 25 years of unbroken democratic rule in the Fourth Republic.”

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FG adds 625MW to national grid – Minister

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The Federal Government  has announced the  addition of 625MW of power to the national grid, increasing the grid’s wheeling capacity to 4800MW. .
Mr Bolaji Tunji, Special Adviser, Strategic Communications to the Minister of Power said this in a statement in Abuja on Friday.
 Bolaji quoted the  Minister of Power, Mr  Adebayo Adelabu as saying  this at the inauguration of the 63  Mega Volt Ampere (MVA), 132/33 Kilo Volt (KV )mobile station at Ajah, Lagos  and at the inuaguration of 60MWA, 132/33KV Power Transformer in Birnin Kebbi, Kebbi .
According to the minister, the   pivotal project is a testament  to the Renewed Hope Agenda of President Bola  Tinubu towards transforming the Power sector in the pursuit of reliable and sustainable energy infrastructure for a better Nigeria.
Adelabu said that the mobile substation being inaugurated was a strategic deployment aimed at improving the transmission capacity constraints by over 1300mv across the nation.
He spoke on the significance of the project and other equipment undergoing installation under the Presidential Power Initiative (PPI).
  Adelabu said that  the mobile substations equally stands as a beacon of hope for businesses, household reliant on uninterrupted power supply,  stopgap measure during maintenance and emergency.
He commended  the collaborative efforts of the FGN Power Company, the German Government and Siemens Energy whose partnership has facilitated the production and installation of the substations.
 The minister also announced the remote inuaguration of a 60MVA power  transformer at Birnin Kebbi, Kebbi .
“Together, these equipment will boost our transmission wheeling capacity by 123mw, thereby paving the way for enhanced electricity supply for all Nigerians”.
”I urgyall Nigerians to  safeguard these vital installations against acts of  vandalisation and sabotage,”he said.
Adelabu noted that the success of governments initiatives hinges on collective responsibility.
He also called on the management of the Power Company and all stakeholders in the power sector to work with  determination to ensure that the timelines set for projects delivery are  achieved.
“Together, we will embark on a journey towards a brighter future for Nigeria, one powered by innovation, resilience and collective determination”, he said.
Earlier in his remarks, Mr Kenny Anuwe,  Managing Director of FGN Power Company said, ” as Nigeria continues its journey towards energy sufficiency and economic prosperity, initiatives like the PPI.
According to him, this underscores President Tinubu’s unwavering determination to deliver adequate electricity towards unlocking Nigeria’s  full economic potentials.
Anuwe assured  of FGN Power Company’s  commitment in driving progress and delivering tangible improvements in  electricity access for all Nigerians in this transformative era in  Nigeria’s power Sector.
Tunji said that FGN Power was established by the Presidency as a special purpose vehicle (SPV), tasked with implementing the Presidential Power Initiative (PPI) with Siemens serving as the technical partner.
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Tax: Court orders FCT-IRS agency to seal off defaulting coys

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A Magistrate Court sitting in Wuse Zone 2, Abuja, on Friday, ordered the Federal Capital Territory Internal Revenue Service (FCT-IRS) to seal off a company, Ifedi A.K. Nigeria Ltd, over allegations bordering on non-filing of annual returns.

The Magistrate, Janada Balami, gave the order after lawyer to FCT-IRS, Michael Towolawi, moved the application to the effect.

Towolawi told the court that the company had failed to file its annual returns from 2019 to 2023 in breach of Section 81 of the Personal Income Tax Act, LFN, 2004, and amended in 2011.

He said all efforts to make the company comply with the law proved abortive.

The lawyer, therefore, applied that the company be compel to appear before the court to explain why it acted in breach of the law.

Balami, who held that the application by the agency against the company had merit, accordingly granted same to seal the No 6, Rudolph Close, Off Katsina-Ala Street, Maitama, Abuja.

She, consequently, ordered the company, the sole defendant in the matter, to appear before the court on May 16.

The Director, Legal Services of the FCT-IRS, Festus Tsavar, told journalists after the proceeding that the service would move against companies that do not file their annual returns as provided by law.

“You know that we have a new minister in FCT that is doing a lot of projects and that hinges on money.

“And of course, you are aware that FCT has come out of TSA.

“So it is the internally generated revenue that will make the government of FCT to be able to do those projects completely within required time,” he said.

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