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  • AfDB inaugurates initiative to spur home-grown solutions to debt challenges

     

    Debt

    By Lucy Ogalue

    Abuja, June 15, 2024 (NAN) The African Development Bank’s (AfDB) African Development Institute (ADI), has inaugurated a programme, the African Debt Managers’ Initiative Network (ADMIN), to provide home-grown solutions to Africa’s debt challenges.

    A statement issued by AfDB on Saturday in Abuja, said the inauguration and first peer-learning event took place in Addis Ababa.

    The News Agency of Nigeria (NAN) reports that the theme of the event was: “Developing and Deepening Domestic Debt Markets in Africa. “

    AfDB’s Director, Mr Coulibaly Abdoulaye said the network would provide tailored and homegrown solutions to the continent’s debt challenges.

    According to Abdoulaye, the network will also strengthen the debt management’s capacity of African countries’ officials and institutions to rapidly resolve the debt challenges faced by these countries.

    He said it would restore macroeconomic stability and support inclusive growth, as well as promoting the exchange of experiences among debt managers in regional member countries.

    Meanwhile, ADI’s Director, Eric Ogunleye, said the growing financing needs for infrastructure development, poverty reduction, mitigating climate change, and tackling insecurity were driving African countries to increase their borrowings.

    Ogunleye said the listed challenge was also increasing debt vulnerability on the continent.

    He said rising debt vulnerability and weak debt management capacity on the continent had continued to worsen macroeconomic outcomes and hamper effective policy responses to shocks, and exacerbating debt distress in some countries.

    “There is, therefore, a growing need to strengthen debt management capacity in African countries.

    “As of April 30, about 13 countries out of the 38 African countries with debt sustainability assessment data are at high risk of debt distress and six are already in debt distress

    “A larger share of African debt is now owed to external bondholders and creditors outside the Paris Club who deal directly with debtor countries.

    “This high-cost debt imposes a significant burden of debt servicing on African countries averaging 18 per cent of total government revenue, he said.

    According to him, the meeting underscores ways in which the continent can develop cheaper and more stable sources of debt financing for its many development needs.

    He said the discussions focused on sound debt management frameworks, networking, and peer learning to support the development and deepening of domestic debt markets in Africa to promote debt sustainability.

    The statement also said a former Director of Debt Management at South Africa’s National Treasury, Johan Krynauw, encouraged African countries to work more closely together to promote knowledge sharing and support each other on debt management issues.

    “In recent years, there have been many institutional initiatives from outside the continent to help African countries.

    “The question is always why it did not work, and why we still have public finance and debt management problems today?.

    “Africa has reached a stage where it has enough skills, knowledge, and experience to determine what works for its countries.Context matters and we need to find solutions to local problems.

    “That is one of the reasons the initiative was created for public debt managers in Africa to work together,” Krynauw said.

    Also, Jean Naka, the Director of Research and Strategy at the Bourse Régionale des Valeurs Mobilières (BRVM), the regional stock exchange of the West African Monetary Union, underlined the importance of domestic markets.

    “Debt vulnerability remains a major challenge for African countries, especially in achieving development goals such as the United Nations Sustainable Development Goals and the African Union’s Agenda 2063.

    .“However, the development of the African domestic debt market is one way to better address the situation,” he said.

    The session was attended by debt managers and heads of debt management offices in Africa, capital market operators, commercial bankers, and regulators, including securities and exchange commissions and central banks.

    They shared practical ways to develop and deepen domestic debt markets on the continent and offered lessons for countries that had either nascent or no domestic debt markets to consider how to develop or deepen them. (NAN)(www.nannews.ng)

    LCN/KOO/EEE

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    Edited by Kevin Okunzuwa/Ese E. Eniola Williams

  • DMGS centenary building collapse: Institute says project not approved

    DMGS centenary building collapse: Institute says project not approved

    Site of collapsed DMGS centenary building

     

    Collapse

    By Chimezie Anaso

    Awka, June 15, 2024 (NAN) The Nigeria Building and Road Research Institute (NBRRI) says preliminary evidence before it shows that the collapsed Dennis Memorial Grammar School, Onitsha, centenary building, did not get necessary approvals.

     

    Prof. Akaolisa Ezeagu, Chairman of NBRRI Technical Team on Building Collapse in Anambra, said this when the team visited the site for assessment  on Saturday.

     

    Ezeagu, who is the Head of Civil Engineering Department of Nnamdi Azikiwe University, Awka, attributed the collapse to foundation problem that resulted from  disconnect between the building team and the technical engineer.

     

    He said that a building of such magnitude should be subjected to all construction approval processes including those from the central authority.

    “For now, what we have seen shows some areas of concern which point towards a foundation problem.

     

    “We have seen that there was a gap between the technical engineer and the construction team in terms of the foundation the technical engineer prescribed and the one the construction team used.

     

    “Again, the document they gave us had no approval stamps by any known authority, which should not be the case,” he said.

     

    Ezeagu added that drawings sighted by the team had no stamp of any central approval to show that it had been  studied and given a seal of approval to start.

     

    “This type of building should get approval from a central body in the state which will thoroughly go through the documents submitted by the architect and engineers and look for gaps, and where there is none, construction will be approved,” he said.

     

    Ezeagu, who described the building collapse as unfortunate,  said that the visit was mainly for fact-finding which involved establishment of negligence and concerns, and recommendations.

     

    He said that the team had collected samples for a series of tests.

     

    The expert expressed worry over  the rate of building collapse in Onitsha metropolis, and recommended a detailed research on the type of soil and the height of building it could carry.

     

    He commended the school and the building team for cooperating with the NBRRI team by providing  information to aid its investigation.

     

    “We have interacted with the principal of the school and the consultant, and the building team has supplied us with all the information, including building drawings and building calculations.

     

    “There are areas that are originally designed for non-high rise buildings, and if you must build high-rise buildings in such places,  you must go the extra mile.

     

    “Based on the history of this area, the highest floor here is three or four, and if you want to go for six floors, it requires that you must do something different from what other people here have done,” he said.

     

    Ezeagu said that the details of the teams’s findings would be captured in a report which would be gazetted and made accessible to members of the public. (NAN)(www.nannews.ng)

    APC/IGO 

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    Edited by Ijeoma Popoola

     

     

     

  • FG flags off construction of Section 2 of Lagos-Badagry Highway

    FG flags off construction of Section 2 of Lagos-Badagry Highway

     

    Construction

    By Lydia Ngwakwe
    Lagos, June 15, 2024 (NAN) The Federal Government has flagged off construction of Section Two of the Lagos-Badagry Coastal Highway

    The project starts from  the Lekki Deep Seaport, which is Lagos  State border with  Ogun.

    The Minister of Works, Sen. Dave Umahi, flagged off of the construction on Saturday.

    Umuahi was accompanied by some other officials of the Federal Ministry  of Works.

    They also inspected works on  the Lagos-Calabar Coastal Highway and other road projects on the Lekki Free Trade Zone, Dangote Tax Credit Route and Eleko, among other axis.

    Umahi promised that each section of the project would be given desired attention.

    He said that about N10 billion had so far been paid as compensation to owners of structures affected by the rights of way of the Lagos-Calabar Coastal Highway project.

    The minister also said that construction of flyovers would begin by the first week of July.

    He added that the Federal Executive Council had given approval for the construction of the Sokoto-Badagry Road.

    Umahi, who also inspected the Third Mainland Bridge, said that 80 per cent of road projects flagged off since the inception of the President Bola Tinubu’s administration had been completed.

    The Senate Deputy Chief Whip and Member, Senate Committee on Works, Mr Peter Nwebonyi, commended the administration for  infrastructure development. (NAN)(www.nannews.ng)
    LED/IGO
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    Edited by Ijeoma Popoola

  • Anambra: Gunmen attack Ogbaru LG hqs, set patrol vehicles ablaze

    Anambra: Gunmen attack Ogbaru LG hqs, set patrol vehicles ablaze

    Attack
    By Monday Ajogun
    Ogbaru (Anambra), June 15, 2024 (NAN) Unidentified gunmen on Saturday morning reportedly attacked Ogbaru Local Government Secretariat and torched four patrol vehicles belonging to a local vigilance group.

    The News Agency of Nigeria (NAN) learnt that the hoodlums arrived at the council headquarters in large number in motorcycles and one vehicle and began to shoot sporadically.

    It was further learnt that an attempt by the vigilantes to repel the gunmen got a boost, following the quick response by a team of crack police operatives.

    Confirming the incident in a statement to NAN in Onitsha, the Spokesman for the Anambra Police Command, SP Tochukwu Ikenga, stated that the gunmen fled the scene when they were overpowered.

    According to Ikenga, the hoodlums “faced strong resistance from the vigilante operatives until the police response team arrived.

    “Due to the superior firepower of the security operatives, the gunmen fled the scene,” he added.

    He regretted that the assailants succeeded in setting four operational vehicles belonging to the vigilantes ablaze before escaping.

    The statement quoted the Police Commissioner, Mr Nnaghe Itam, to have condemned the attack and destruction of the patrol vehicles.

    Itam reportedly commended the efforts of the operatives in repelling the hoodlums and described the incident as an “act of cowardice”.

    Ikenga further stated that a joint security force, comprising the Army, Navy, and other security agencies, had been deployed in the area to fish out those behind the attack.

    He stated that no lives were lost and gave assurance that the security agencies were poised to strengthen security in the area for the safety of lives and property of the residents. (NAN)(www.nannews.ng)

    AJOM/USO
    Edited by Sam Oditah

     

     

     

  • 2027: Orji Kalu tasks OUK movement to deepen grassroots recruitment

    Movement

    By Kingsley Okoye

    Abuja, June 15, 2024(NAN)Sen. Orji Uzor Kalu has urged the re-constituted executives of OUK Movement, Abia’s largest socio-political ideological group, to intensify efforts at accomplishing the political goals of the group.

    A statement from Kalu’s media office said he made the call on Saturday at his Igbere country home, where he inaugurated the newly reconstituted executives of the group.

    Kalu, who expressed his disappointment over outcome of the 2023 elections in the state, urged the new leadership to redouble  mobilisation efforts at their various wards and local government areas to improve their fortunes in 2027.

    According to Kalu, who represents Abia North Senatorial District under the platform of the All Progressives Congress,  only members who improve on their wards in favour of the party will have extra benefits.

    He urged them to remain united and resist financial inducements.

    Kalu also urged the group’s executive in Abia South and Central senatorial districts to emulate the executive of Abia North by deepening their grassroots mobilisation.

    He urged them to prioritise their needs and give one another the necessary support needed for growth, given some challenges experienced in some local government areas.

    Kalu assured them of total commitment and support to achieve the desired goals of the group for the general good of the APC.

    The State Chairman of the group, Mr Ojisi Ogbaja, appreciated Kalu for his commitment in supporting the group.

    He said the group had continued to witness influx of new members while announcing new strategies implemented by the group to bring better results.

    According to him, the state leadership has decided to expand the leadership at the ward level to 57 to improve its grassroots strength.

    “Put in your best because we need to win at all times; our target is to capture the political power of all the positions in the state.

    “We have visited your wards without your knowledge to see what you are doing; we have 17 chairmen at the local government area and three zonal chairmen and five executives at the state level.

    “At the ward level we have 27 executives and another 30 leaders to make it 57.

    “We decided it is better to decongest the top and populate the grassroots because that is where the politics lies.

    “Spreading is very important; the local government areas leaders must be liberal enough to spread the offices.

    “Put yourself in the shoe of the person financing the group; every local government area also have a file opened at the state party headquarters,” he said(NAN) (www.nannews.ng)

     

    KC/CHOM/CJ/

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    Edited by Chioma Ugboma and  Chijioke Okoronkwo

     

     

     

     

  • Eid el-Kabir: Police enjoin officers, residents to ensure peace

    Police

    By Thompson Yamput

    Lokoja, June 15, 2024 (NAN) Kogi Police Commissioner Bethrand Onuoha has enjoined police officers and residents of the state to ensure a hitch-free Eid el-Kabir in the state.

    He said on Saturday in Lokoja that the police would not tolerate any breach of peace in the state.

    Onuoha directed the area commanders, divisional police officers and tactical commanders to put in place security measures for a crime-free celebration.

    He also directed the deployment of police personnel across the 21 local government areas of the state to ensure a hitch-free celebration.

    “This deployment is to ensure robust synergy and collaboration with sister security agencies in the state, guaranteeing a peaceful and secure celebration.

    “I reiterate the command’s unwavering commitment in sustaining the robust synergy, collaboration and cooperation existing among us and sister security agencies in the state.

    “Therefore , I urge the public to cooperate with the police and other security agencies in the state to ensure a crime free celebration,” he said.

    He, however, appealed to law-abiding citizens to volunteer timely and credible information on criminal activities.(NAN)(www.nannews.ng)
    TYC/ESI/KAY

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    Edited by Ehigimetor Igbaugba/Kayode Olaitan

  • Suspended ex-Lagos PDP chairman dumps party for APC

    Suspended ex-Lagos PDP Chairman says dumping party for APC
    Adewale
    By Adekunle Williams
    Lagos, June 16, 2024 (NAN) A Peoples Democratic Party chieftain and former Chairman of the party   in Lagos  State ,Chief  Segun Adewale ,says he is dumping his party to join the All Progressives Congress(APC).
    Adewale ,popularly known as Aeroland, said this at a news conference on Saturday in Lagos.
    The News Agency of Nigeria (NAN) reports that the PDP in Alimosho Local Government Area of the state had last week  suspended Adewale indefinitely.
    Adewale, whose political base is Alimosho, was suspended for allegedly causing disaffection in PDP and tarnishing the party’s image.
    The ex-PDP chairman, before his suspension, had earlier attributed the failure of the party to win elections in the state since 1999 to corruption and disunity among party members.
    Speaking at the news conference,Adewale said that he was not moving to APC  to contest election in  2027, but  contribute to  President Bola Tinubu’s Renewed Hope Agenda
    “I am not contesting election in 2027, but going to the ruling party to support the president. My next move is to go to Abuja and prostrate to Tinubu”,he said.
    Reacting to his suspension, Adewale said his reported suspension by PDP in Alimosho LGA was orchestrated by those fighting him  for exposing how they  mismanaged campaign funds during the  2023 election.
    Adewale said  his suspension had no effect as his ward had absolute confidence in him and had distanced itself from the reported suspension.
    Adewale said it was laughable that” these same elements being used would act unconstitutionally by suspending me  from the party when they do not have such powers”.
    He said: “Instead of my party LGA to take up Bode George and his gang, they  alleged  that I was the one that stole the money meant for electioneering,money that  was not given to me in the first place.
    “They said because of that, I should be suspended and I told them to come to my ward to suspend me so I can join the APC.
    “What am I even doing in the party?I spent millions during elections, but at the end of the day ,it isn’t worth it.
    “I am not even in PDP anymore because I have seen it all and I would not have stayed in PDP till now, but for Atiku Abubakar that begged me to contest in 2023.”he said.
    Adewale noted that he was going to APC to protect his business and  the political structure he had built over the years.
    He said a particular  bank called him that he was politically exposed ,adding  what that meant was that   he could not  even go to the bank to borrow money just because he was affiliated to PDP.
    Adewale said the people he supported during the last elections in PDP  had moved to the ruling party, becoming  commissioners and lawmakers. (NAN) (www.nannews.ng)
    WAC/BHB
    Edited by Buhari Bolaji

  • Eid-el-Kabir:Akpabio felicitates Muslim faithful 

    Eid-el-Kabir:Akpabio felicitates Muslim faithful

    Felicitation

    By Kingsley Okoye

    Abuja, June 15,2024(NAN)President of the Senate, Godswill Akpabio, has felicitated the Muslim Ummah on the occasion of the Eid- el-Kabir celebration.

    Akpabio, in a congratulatory message on Saturday in Abuja by his Special Adviser on Media and Publicity,Mr Eseme Eyiboh,  said Eid-el-Kabir signified sacrifice and joy.

    He advised Nigerians to make the necessary sacrifices for a better tomorrow, adding that the administration of President Bola Tinubu was not oblivious of the challenges faced by Nigerians.

    Eyiboh quoted Akpabio as saying  that the tough reforms by the government were necessary to secure Nigeria for today and tomorrow.

    “On behalf of my family, the people of Akwa Ibom North- West Senatorial District, the Senate and the entire 10th National Assembly, I congratulate our Muslim faithful on the occasion of the important feast of Eid-el-Kabir.

    “May Allah grant you a joyous and peaceful celebration,”he said.

    Akpabio said that the government was not unaware of the difficulties experienced by Nigerians as a result of its reforms.

    He added, ”But these reforms are never to punish Nigerians but are meant to correct the mistakes of the past and make the country better and greater for the benefit of all.

    “Even as you celebrate this all important feast of Eid-el-Kabir, we feel the pains of those of you who are struggling to meet up with their expected needs, we appeal to you to be patient as the good days are not far away.

    “I want to appeal to you not to despair despite the inconveniences you are experiencing.

    “Hard times, they say never last forever and your sacrifices can never be in vain as the government of President Tinubu is in a hurry to make life enjoyable for every Nigerian.”

    The senate president assured that the 10th National Assembly under his leadership would work assiduously in collaboration with  Tinubu by providing the required legislative interventions for growth of the nation and benefit of all Nigerians.

    Akpabio also congratulated Tinubu for celebrating the second Eid-el-Kabir in office as President of the Federal Republic of Nigeria,

    He prayed that God continue to bless him with wisdom and strength to deliver on his promises to Nigerians.(NAN) (www.nannews.ng)

    KC/JAN/BRM

    =≈=========

    Edited by Joan Nwagwu/Bashir Rabe Mnai

  • Oyebanji urges Muslims to imbibe lessons of Eid-el-Kabir

    Oyebanji urges Muslims to imbibe lessons of Eid-el-Kabir

    Muslims
    By Bolanle Lawal
    Ado-Ekiti, June 15, 2024 (NAN) Governor Biodun Oyebanji of Ekiti State has called on Muslim faithful to imbibe the lessons of love and sacrifice which the Eid-el-Kabir symbolises.

    Oyebanji in a goodwill message signed by his Special Adviser on Media, Yinka Oyebode, congratulated the Muslim Ummah for witnessing this year’s Eid-el-Kabir celebration.

    He advised them on the need to reflect on the significance of the sacrifice epitomised by the festival as well as promote the virtues of Islam.

    The governor urged the Muslim faithful to learn from Prophet Ibrahim who surrendered to the will of the Almighty Allah by sacrificing his son, Ishmael, based on Allah’s injunction.

    While expressing optimism that Nigeria would overcome its current challenges, Oyebanji urged Nigerians not to relent in their prayers for the country at this critical time in its history.

    He commended the Muslim community in the state for the support given to his administration through prayers, advice and solidarity, saying that he would not take them for granted.

    He also thanked them for living in peace and harmony with other adherents of other religions, thereby making the state one of the most peaceful states to live in.
    “As we celebrate this year’s Eid-el-Kabir, it is my sincere wish that we celebrate in moderation, reflect on the lessons of the Eid-el-Kabir festival and show love to one another.

    “Work and pray for the greater level of prosperity for our dear state and country. May God accept our worship as an act of ‘Ibadah. Happy Sallah”, he said. (NAN) (www.nannews.ng)

    FFB/ESI/IKU
    Edited by Ehigimetor Igbaugba/Tayo Ikujuni

  • Tinubu congratulates Ramaphosa on re-election

    Tinubu congratulates Ramaphosa on re-election

    Re-election

    By Salif Atojoko

    Abuja, June 15, 2024 (NAN) President Bola Tinubu has extended his warm congratulations to President Cyril Ramaphosa of South Africa on his re-election

    Chief Ajuri Ngelale, Special Adviser to the President, Media and Publicity, in a statement on Saturday said the president also congratulated the people of South Africa on the peaceful and successful conduct of the general election.

    “While wishing President Ramaphosa a successful term in office, President Tinubu calls for the strengthening of bilateral ties between Nigeria and South Africa as strategic partners in Africa for the overall advancement of the continent,” Ngelale said. (NAN) (www.nannews.ng)

    SA/BRM

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    Edited by Bashir Rabe Mani