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Business News

AfDB wins industry gong for pioneering 2019 social bond issue

A panel of independent Social and Sustainability Bond Investors has awarded the African Development Bank (AfDB) the 2020 Environmental Finance award.

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Akinwunmi Adesina, Afdb, Africa’s GDP could fall by 3.4% in 2020 if COVID-19 continues – AFDB

A panel of independent Social and Sustainability Bond Investors has awarded the African Development Bank (AfDB) the 2020 Environmental Finance award.

The 30-man panel, comprising of the world’s largest green social and sustainability bond investors, gave the AfDB the award for its successful one billion Norwegian krone (NOK) social bond issued in 2019. The AfDB is rated AAA by all four major credit rating agencies, with a stable outlook.

Christopher Flensborg, Head of Climate & Sustainable Finance in Large Corporates & Financial Institutions at Skandinaviska Enskilda Banken, a Swedish financial group, said:

“It is inspiring to observe how the African Development Bank sources global capital to finance, lead and develop a strong platform for inclusive and environmental growth across Africa.

“We know from many of our investors that the ability to participate in Africa through AfDB’s triple-A rating is highly appreciated and we look forward to many more transactions like this.”

[READ MORE: AFDB launches $3 billion “Fight COVID-19” social bond)

The AfDB bond issue was the first social bond ever launched in the Norwegian market, and the bank’s first transaction in NOK.

It was launched in April 2019, as part of a dual-tranche social bond and green bond, placed on the Norwegian and Swedish markets. The dual transaction drew strong interest from dedicated socially responsible investor portfolios as well as those who strongly weight environmental, social and governance considerations in their investment strategies.

AfDB, Lutoyilex Construct Ltd, fraud

The proceeds from this social bond issuance are being directed toward poverty reduction, job creation, and inclusive growth. Since 2017, the bank has launched nearly $5 billion worth of such instruments denominated in US dollars, euros and Norwegian krone.

In 2018, the bank was recognized as “Second most impressive social or sustainability bond issuer” at the Global Capital Socially Responsible Investments Awards.

Meanwhile, the Environmental Finance 2020 bond award followed the 27 March announcement that the bank had raised a record $3 billion from its Fight COVID-19 social bond, the proceeds of which will fund public and private efforts to tackle the viral pandemic in Africa. Fight COVID-19 is the largest social bond ever issued in capital markets.

Bajabulile Tshabalala, acting Senior Vice President of the African Development Bank said, “We are honoured to receive this recognition for this first-ever issued social bond in the Norwegian market.

“This NOK issue reinforces the Bank’s High 5 operational focus which is aligned with the Sustainable Development Goals. Our Social bond framework allows us to attract investors whose interests are aligned with those of our development mandate.” 

Hassatou Diop N’Sele, treasurer of the African Development Bank Group also said, “We are delighted to be honoured by market leaders as we devote our efforts towards the economic and social development of the African continent.

Jaiz bank

The mission of the African Development Bank is to combat poverty and improve lives and social bonds allow us to showcase the impact of our social projects in Africa.”

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Corporate Press Releases

Applications across Nigeria, South Africa and Kenya now open for the 2021 Facebook Community Accelerator Program

The selected leaders will spend five months learning from experts, coaches and a customised curriculum so they can strengthen their community.

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Facebook

Today, Facebook is inviting community leaders from Nigeria, South Africa and Kenya to apply for the 2021 Facebook Community Accelerator Program—a program that offers participants training, mentorship and up to $50,000 USD in funds to invest in an initiative that extends their community’s positive impact.

The aim of the Community Accelerator is to help leaders of Facebook communities to harness the power of their community to turn ideas into action. The selected leaders will spend five months learning from experts, coaches and a customised curriculum so they can strengthen their community.

Lessons include community identity foundations, leading action-oriented programmes and sustainability. Participants will also receive early access to new Facebook products aimed at helping communities better manage and activate their members.

Plan an initiative

Participants will identify an important initiative that will create a positive impact on the broader world and develop a plan to mobilise their community around their goal. Initiatives will be shared with potential partners, mentors and a panel of judges for the chance to be awarded funding and receive public recognition.

Participants will then spend three months executing their initiatives. They will collaborate with advocates and leaders in the community space and work with the Facebook team to bring their ideas to life.

Says Kiran Yoliswa, Partner Management Lead, Middle East and Africa Community Partnerships at Facebook: “Facebook communities and their leaders are helping to resolve social challenges, sharing knowledge and information, while connecting with others that share their interests or passion for a cause. We’ve seen so many incredible communities from across South Africa, Kenya and Nigeria using our platform to drive change and provide support and encouragement for thousands of people, we’re excited to offer their Facebook Community leaders this program to help amplify their impact even more.”

How to apply

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This program is open to communities that have a presence in Facebook Groups with leaders who are 18 years or older. Communities must have existed for over one year and must have a minimum size of 1,000 members. Applications open today, May 4 – 31, 2021.

The Community Accelerator is part of our Facebook Community Leadership Program, a global initiative that invests in people building communities. Learn more and apply here.

You can find out more about the 2020 Community Accelerator cohort and those who received additional funding here.

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Business News

NIN registration: 54 million Nigerians have now enrolled – Buhari

12 million Nigerians were enrolled into the National Identity Database in the past 6 months.

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Buhari approves free business name registration for 250,000 SMEs, IMF, tax, rate, Buhari’s Budget of Sustaining Growth & Job Creation (Full text), Nigeria generates N1.36 trillion from corporate tax, others as oil revenue drops , Nigeria-Algeria highway gets Buhari's approval , Earnings from rich petroleum resources not enough to cater for Nigeria – Buhari , Tax: Buhari appoints Muhammad Nami as FIRS boss, Subsidy economics

President Muhammadu Buhari disclosed that the FG has enrolled 54 million Nigerians into the National Identity Database, citing that 12 million were enrolled in the past 6 months alone and that the final aim of the scheme is to secure Nigeria’s security infrastructure.

President Buhari disclosed this in a statement on Thursday evening.

What the President said about NIN enrollment

“I am pleased with the success we are recording in the enrollment of persons into the National Identification Number (NIN) database. 54 million Nigerians have now enrolled; I am told over 12 million of these within the last six months. Our goal is total coverage.

The National Identification Number (NIN) is the foundational digital ID for the country. It will cover one of the weaknesses in our security structure. We will be able to easily identify all Nigerians, including the crooks in our midst.”

The President added that both legal residents and Nigerians are expected to obtain the NIN as it would be beneficial to government agencies to utilise resources efficiently.

In case you missed it

The Federal Government announced a further extension of the ongoing National Identification Number (NIN) registration and linkage with Subscriber Identity Module (SIM) exercises to a new deadline of June 30, 2021.

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