Fraud: AfDB suspends Nigerian firm Maxicare for 3 years

Fraud: AfDB suspends Nigerian firm Maxicare for 3 years

Fraud: AfDB suspends Nigerian firm Maxicare for 3 years The African Development Bank Group (AfDB) has slammed a 36-month debarment on Maxicare Company (Nigeria) Limited. In a statement titled ‘African Development Bank debars Maxicare Company (Nigeria) Limited for 36 months for collusive and fraudulent practices’, it said this took effect from 23 February 2021. It stated that Maxicare Company was a limited liability company registered in Nigeria. The statement said, “An investigation conducted by the Bank’s Office of Integrity and Anti-Corruption established that Maxicare Company (Nigeria) Limited engaged in collusive…

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Kogi State gets $100m agric loan from AfDB

AfDB and Kogi

Kogi State gets $100m agric loan from AfDB     By Olamide Onabanjo   The African Development Bank (AfDB) has granted the Kogi State government $100 million loan to finance some Special Agro – Industrial Processing Zones (SAPZ) projects in the state. Asiru Idris, the state Commissioner for Finance and Budget Planning, made the disclosure on Tuesday in Lokoja, the state capital, during a stakeholders meeting on environmental and social impact assessment of the proposed SAPZ and associated developments. According to Idris, the project has the potential to bridge the…

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AfDB commits $530m to renewable power transmission in Angola

AfDB commits $530m to renewable power transmission in Angola

AfDB commits $530m to renewable power transmission in Angola   The African Development Bank (AfDB) has committed $530 million to finance the construction of a 343 km, 400 kV central-south transmission line that will connect the north and south transmission grids in Angola and allow for the distribution of clean energy between the two regions. The north of Angola has a surplus of more than 1,000 MW of mostly renewable power, whereas the south relies on expensive diesel generators, supported by government subsidies. Transmission capacity will increase by 2,250 MW…

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AfDB grants ECOWAS $320,000 for gender mainstreaming

Fraud: AfDB suspends Nigerian firm Maxicare for 3 years

AfDB grants ECOWAS $320,000 for gender mainstreaming   The Board of Directors of the African Development Bank (www.AfDB.org) has awarded a grant of $320,535 to the West African Monetary Agency (WAMA) to mainstream gender in ECOWAS’ core digital financial services (DFS) regulatory frameworks. The funds will support a gender gap analysis of several WAMA strategies including those for financial inclusion; gender disaggregation data analytics; digital payment services and infrastructure; and digital identity. According to a press statement from the development lender, the project, to be executed over a three year period, will potentially affect…

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AfDB advocates digital scale-up to unlock economic benefits

Fraud: AfDB suspends Nigerian firm Maxicare for 3 years

AfDB advocates digital scale-up to unlock economic benefits   Digital platforms in Africa should scale up to take advantage of the continent’s surging demand for creative content, said Africa Investment Forum Senior Director Chinelo Anohu, adding that the African Development Bank flagship entity is providing advisory services and investment support to creative players. Anohu was speaking at a virtual “fireside chat” on Tuesday with Afreximbank President Benedict Oramah and Dean Garfield, Netflix’s Vice President of Public Policy. The Africa Soft Power Project organized the event, titled The New Face of…

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AfDB approves $7m for mini-grid projects in Nigeria, others

AfDB approves $7m

AfDB approves $7m for mini-grid projects in Nigeria, others   The Board of Directors of the African Development Bank (AfDB) has approved a $7 million grant from the Sustainable Energy Fund for Africa (SEFA). The Bank explained in a press release recently that the fund is for technical assistance in setting up a mini-grid acceleration initiative to meet the needs of the continent’s fast-evolving renewable mini-grid industry. The lender said that the Africa Mini-Grid Market Acceleration Programme (AMAP), which aims to boost energy access in remote regions and enhance climate…

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FG secures AfDB’s $350m for power intervention

FG secures AfDB’s $350m for power intervention

The Federal Government has secured a $350 million intervention fund from the Africa Development Bank (AfDB) for power sector just as the sale of three power assets near completion. A document of the Ministry of Power sighted at the weekend, which showed this, added that the stations slated for sale included the Afam Power Station and the Afam Three Fast Power as well as the re-privatisation of the Yola Electricity Distribution Company (YEDC) to boost current efforts aimed at providing reliable power supply in the country. “The AfDB has signaled…

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$3bn COVID-19 bond earns AfDB global recognition

AfDB commits $530m to renewable power transmission in Angola

The African Development Bank (AfDB) has been selected in a poll of bond market players as the best issuer in 2020 of a COVID-19 bond for its $3 billion dollar-denominated Fight COVID-19 social bond issued on March 27, 2020. The winners of the GlobalCapital Bond Awards 2020 were announced on 30 September at a ceremony held virtually for the first time in 12 years. GlobalCapital is a leading source of information on global capital markets with coverage of all market segments. “We are grateful for the market’s recognition of the…

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AfDB partners with FG, Microsoft to create 9m jobs in 10 years

The African Development Bank (AfDB) has launched an eLearning Digital platform to create nine million jobs in Africa’s digital economy in the next 10 years. According to a statement from the bank’s website, the Federal Government and Microsoft launched the Digital Nigeria eLearning Platform to provide marketable digital skills for the country’s youth. The platform will leverage the AfDB’s Coding for Employment initiative and build linkages between the public and private sectors. Mr Isa Pantami, Minister of Communication and Digital Economy, said the platform would support the development of a…

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Fresh W’Bank, AfDB, IDB loans may raise Nigeria’s debt to N31.7tn

Fresh loan disbursements expected from the World Bank, African Development Bank and Islamic Development Bank may raise Nigeria’s total public debt stock to N31.699tn in coming months. Nigeria currently expects about $1.844bn (N699.1bn at N379/$ official exchange rate) from the three financial institutions, Sunday PUNCH gathered from the Debt Management Office in Abuja. On September 10, 2020, Sunday PUNCH reported that Nigeria’s public debt stock, as released by the DMO, rose to a total of N31.01tn at the end of June, indicating that in the last five years under the…

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