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Business News
AFDB launches $3 billion “Fight COVID-19” social bond
ADB has launched a $3 billion “Fight COVID-19” Social Bond, the largest USD social bond transaction ever recorded in the capital market.

Published
10 months agoon

African Development Bank (AFDB) has launched a $3 billion “Fight COVID-19” Social Bond, the largest USD social bond transaction ever recorded in the capital market.
The Fight COVID-19 Social bond, which is expected to mature in three years, has raised funds that will be channelled into alleviating the economic and social impact of the Coronavirus on the African continent.
The record-breaking bond attracted bids exceeding $4.6 billion, with strong interest from the central banks, financial institutions, investors and assets managers.
According to the official statement from the bank, it is “the largest dollar-denominated Social Bond ever launched in international capital markets to date, and the largest US Dollar benchmark ever issued by the Bank. It will pay an interest rate of 0.75%”.
(READ MORE: AfDB partners DFID to unveil $80m infrastructure financing for Africa )
Dr Akinwumi Adesina, President of the AfDB Group said that the bank was moving towards providing flexible responses to help the African economy recover from the pandemic.
“These are critical times for Africa as it addresses the challenges resulting from the Coronavirus. The African Development Bank is taking bold measures to support African countries. This $3 billion Covid-19 bond issuance is the first part of our comprehensive response that will soon be announced.
“This is indeed the largest dollar social bond transaction to date in capital markets. We are here for Africa, and we will provide significant rapid support for countries,” Adesina said.
Tanguy Claquin, Head of Sustainable Banking, Crédit Agricole CIB stated that record-breaking bonds would turn around the economic downturn.
(READ MORE: COVID-19: Tinubu donates 200 million)
Claquin said that the bank was living up to its responsibilities of helping the African economy, by helping Africans access health and other financial goods and services. He noted that even though the virus was slow to get to South Africa, it was already placing pressure on the health systems.
According to him, factories had been closed and some workers laid off, travel restrictions had been placed and supply chains disrupted – a situation that could drive the continent into recession if nothing was done.
Speaking about the bond, Treasurer, African Development Bank, Hassatou Diop N’Sele noted that the bank’s move will greatly lessen the economic impact of the pandemic on Africa.
“We are thankful for the exceptional level of interest the Fight Covid-19 Social Bond has raised across the world, as the African Development Bank moves towards lessening the social and economic impact of the pandemic on a continent already severely constrained.
“Our Social bond program enables us to highlight our strong development mandate to the investor community, allowing them to play a part in improving the lives of the people of Africa,” she said.
(READ MORE: BREAKING: GTBank holds AGM, approves key resolutions amid Coronavirus scare)
George Sager, Executive Director, SSA Syndicate, Goldman Sachs said that the transaction was a remarkable outcome “both in terms of its purpose but also in terms of a USD financing”, and commended the bank for bracing the capital markets at an uncertain time like this.
The Fight COVID-19 funds have been allocated to beneficiary institutions.
Central banks and official institutions get 53%, bank treasuries receive 27% and asset managers get 20%.
Final bond distribution statistics were as follows: Europe (37%), Americas (36%), Asia (17%) Africa (8%,) and Middle-East (1%).
The bank established its Social Bond framework in 2017 and raised the equivalent of $2 billion through issuances denominated in Euro and Norwegian krone. In 2018 the Bank was designated by financial markets, ‘Second most impressive social or sustainability bond issuer” at the Global Capital SRI Awards.
Ruth Okwumbu has a MSc. and BSc. in Mass Communication from the University of Nigeria, Nsukka, and Delta state university respectively. Prior to her role as analyst at Nairametrics, she had a progressive six year writing career.As a Business Analyst with Narametrics, she focuses on profiles of top business executives, founders, startups and the drama surrounding their successes and challenges. You may contact her via [email protected]


Appointments
Buhari reappoints Bala Usman as MD of NPA, reconstitutes the Board
President Buhari has approved the reappointment of Hadiza Bala Usman as the MD of the NPA for another term of 5 years.

Published
8 hours agoon
January 21, 2021
President Muhammadu Buhari has approved the reappointment of Hadiza Bala Usman as the Managing Director of the Nigerian Ports Authority (NPA) for another term of 5 years.
This follows the expected expiration of the tenure of Usman, who was first appointed as the Managing Director on July 12, 2016.
This disclosure is contained in a series of tweet posts which was issued by the Presidency on its official Twitter handle on Thursday. January 21, 2021.
READ: COVID-19: NPA, NCDC disagree over new cases in Lagos
The Presidency in its statement also announced the approval of the reconstitution of the Non-Executive Board of the NPA, with Emmanuel Olajide Adesoye (representing South-West zone) as Chairman.
The statement from the Presidency partly reads, ‘’President Muhammadu Buhari has approved the re-appointment of Hadiza Bala Usman as Managing Director of Nigerian Ports Authority (NPA), for an additional five-year tenure.
‘’Also approved is the reconstitution of the Non-Executive Board of the NPA, with Emmanuel Adesoye (from South-west zone) as Chairman.’’
Other members of the reconstituted Board include Ekenyem Nwafor-Orizu (representing South-east zone), Akinwunmi Ricketts (representing South-south zone), Ghazali Mijinyawa (representing North-East zone), Mustapha Dutse (representing North-West zone), and Abdulwahab Adesina (representing North-Central zone).
READ: Haulage cost increases by more than 50% in a week as Apapa gridlock bites harder
What you should know
- Hadiza Bala Usman was born on January 2, 1976, in Zaria, Kaduna State and has a B.Sc. Business Administration from Ahmadu Bello University (ABU), Zaria and a Post Graduate in Development Studies from University of Leeds, the UK in 2009.
- She worked at the Bureau of Public Enterprises (BPE) from July 2000 to August 2004 as Enterprise Officer and hired by the UNDP for the Federal Capital Territory Administration (FCTA) from October 2004 to January 2008 as Special Assistant to the Minister on Project Implementation.
- Ms Bala Usman worked, between 2011 and 2015) as Director of Strategy of the Good Governance Group, a non-governmental organisation founded by Kaduna State State Governor, Nasir El-Rufai, and his friends.
- Ms Bala Usman, one of the founders and conveners of #BringBackOurGirls, a campaign group pushing for the rescue of the abducted Chibok schoolgirls, was also a member of the Presidential Advisory Council on Anti-Corruption.
- Prior to her appointment as the Managing Director of Nigerian Ports Authority, she was the Chief of Staff to Governor Nasir El-Rufai of Kaduna, apposition she was appointed to in 2015.
President @MBuhari has approved the re-appointment of Hadiza Bala Usman as Managing Director @nigerianports, for an additional 5-year tenure.
Also approved is reconstitution of the Non-Executive Board of the NPA, with Mr Emmanuel Olajide Adesoye (South-west zone) as Chairman.
— Presidency Nigeria (@NGRPresident) January 21, 2021
Coronavirus
Covid-19: Africa records higher death rate than the global rate
Africa’s coronavirus death rate is now higher than the global average according to Africa CDC.

Published
8 hours agoon
January 21, 2021
Africa’s coronavirus death rate has been reported to be higher than the global average as the continent struggle with a shortage of oxygen and other resources during this second wave of the coronavirus pandemic.
The continent’s fatality rate currently stands at 2.5%, which is higher than the global rate of 2.2%, a departure from earlier in the pandemic, when the death rate in Africa was lower than that at the global level.
READ: African Union secures 270 million Covid-19 vaccine doses from drugmakers
According to a report from Reuters, this disclosure was made by the Director of Africa Centres for Disease Control and Prevention (CDC), John Nkengasong, on Thursday, January 21, 2021, during a press conference.
While describing the trend as alarming experts, the continent’s CDC boss pointed out that earlier in the pandemic, Africa’s death rate had been below the global average.
READ: FG alerts that Nigerian hospitals are running out of facilities as Covid-19 spreads fast
He said, “The case fatality rate is beginning to be very worrying and concerning for all of us.’’
Nkengasong also said that 21 African countries are now recording Covid-19 death rate of above 3% as the number of countries in the continent with a higher fatality rate than the global average continues to grow.
Some of the countries include Egypt, the Democratic Republic of Congo, Liberia, Mali, Sudan and a host of others.
READ: Covid-19: WHO warns the world faces catastrophic moral failure due to vaccine nationalism
What you should know
- Africa has so far recorded 3.3 million cases of the coronavirus infections with 82,000 fatalities as at Thursday.
- These figures represent a small fraction of the global total, but cases have been reported to have increased by 14% each week in the last 1 month.
- According to data from Africa CDC, over the past week, cases decreased by nearly 7% compared to the previous week while deaths increased by 10%.
- The continent reported 207,000 new cases in the past week, with South Africa alone reporting 100,000 of those new cases.
Cryptocurrency
Ex-Real Madrid Striker, David Barral becomes first-ever footballer to be bought with Bitcoin
Former Real Madrid Striker, David Barral has become the first-ever footballer to be bought with Bitcoin.
Published
11 hours agoon
January 21, 2021
Former Real Madrid striker, David Barral, makes transfer history as he became the first-ever professional player to be bought solely with virtual currency, Bitcoin.
Spanish third division side, DUX Internacional de Madrid, simply known as Inter Madrid, has officially signed the 37-year-old after teaming up with their new sponsors, Criptan that deals in cryptocurrency, The SUN reports.
Inter Madrid who are part of DUX gaming, eSports club owned by footballers Borja Iglesias and Real Madrid star, Thibaut Courtois, is yet to disclose the total value of the deal.
READ: Football: AC Milan announces loss of €195million
The Segunda Division B club went to Twitter to welcome their new signing and thank their sponsor.
“David Barral new player of DUX Internacional de Madrid, welcome to the infinite club! He becomes the first signing in history in cryptocurrencies. Thanks to Criptan, our new sponsor, for making it possible,” the club tweeted.
The 37-year-old, who made over 50 appearances playing in the Real Madrid reserve side, expressed his delight at his latest move. Barral has also played for Spanish La Liga clubs Sporting Gijon, Levante, and Racing Santander.
“Glad to join the project of @interdemadrid with eager ambition and responsibility to continue competing and achieve important challenges in my sports career,” he wrote on his official Twitter handle.
READ: Real Madrid leapfrogs others to emerge the world’s most valuable football club
What you should know
- A similar deal was when a Harunustaspor, Turkish amateur side, paid 0.0524 Bitcoin (£385) plus 2,500 Turkish Lira in cash (£841) for Omer Faruk Kıroğlu in 2018.
- Back in December, Carolina Panthers offensive tackle Russell Okung became the first high-profile athlete in the United States to be paid in bitcoin.
- Similarly, the Mark Cuban-owned Dallas Mavericks became the second NBA franchise to accept Bitcoin as a means of payment for both game tickets and merchandise.
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