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Business News

COVID-19: AfDB unveils $10 billion facility for Nigeria, others

The AfDB has announced the provision of a $10 billion COVID-19 Response Facility for Nigeria and other regional member countries to help fight the coronavirus pandemic.

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

The African Development Bank Group (AfDB) has announced the provision of a $10 billion COVID-19 Response Facility for Nigeria and other regional member countries to help fight the coronavirus pandemic.

In a statement released, the President of the African Development Bank Group, Akinwumi Adesina stated that the facility took into account the fiscal challenges that many African countries are facing.

“Africa is facing enormous fiscal challenges to respond to the coronavirus pandemic effectively. The African Development Bank Group is deploying its full weight of emergency response support to assist Africa at this critical time. 

“We must protect lives. This Facility will help African countries to fast-track their efforts to contain the rapid spread of COVID-19,” Adesina said as he commended the Board of Directors for its undiluted support.

[READ MORE: COVID-19: AfDB lists largest social bond on London Stock Exchange)

Breakdown: According to the bank, the facility would be provided for both the governments and the private sector. While $5.5 billion would go to sovereign operations in AfDB countries, $3.1 billion goes to sovereign and regional activities for African Development Fund member countries and the additional $1.35 billion will be devoted to private sector operations. COVID-19: How the tables turned on Europe, FG travel restrictions on 13 countries: A little too late?

READ MORE: AfDB, Asian Bank, others worsen poor nations’ debt problem – World Bank

This development announced by AfDB happens to be the latest measure the bank has put in place to respond to the pandemic and address the crisis.

Recall that Nairametrics had reported when the bank launched a $3 billion Fight COVID-19 Social Bond, the largest social bond on the London Stock Exchange. The bond, which raised an exceptional $3 billion, was launched to reduce the impact of COVID-19 on Africa’s economies and livelihoods.

READ ALSO: Nigeria considers request for debt relief as debt stock climbs

The transaction, which is also the first bond of the financial institution on the London Stock Exchange, was oversubscribed and attracted $4.6 billion of interest in the book.

Also, last week, the Board of Directors approved a $2 million grant for the World Health Organization for its efforts on the continent amidst the pandemic.

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Chidinma holds a degree in Mass communication from Caleb University Lagos and a Masters in view in Public Relations. She strongly believes in self development which has made her volunteer with an NGO on girl child development. She loves writing, reading and travelling. You may contact her via - [email protected]

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Companies

Peter Obaseki resigns as Director from the Board of FCMB Plc

Mr Peter Obaseki has resigned as a Director on the Board of FCMB Group Plc.

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First City Monument Bank Ltd issues N20 billion commercial paper

The Board of FCMB Group Plc has announced the resignation of Mr Peter Obaseki as an Independent Non-Executive Director of the company.

The notification is part of the decisions reached at the company’s Board meeting held today, 26th of February, 2021.

According to the disclosure signed by the company’s secretary, Mrs. Olufunmilayo Adedibu, the resignation of Mr Obaseki from the Board of the company will become effective from 1st of March, 2021.

In lieu of this, the Board wished the outgoing Director well in his future endeavours and accepted his resignation in good faith. Other decisions reached at the Board of Directors’ meeting include;

  • The Board considered and approved the appointment of an Independent Non-Executive Director, subject to CBN approval.
  • It also considered and approved the Group’s audited financial statements for the year ended December 31, 2020 as well as payment of Dividend, subject to the approval of the CBN.

What you should know about Obaseki:

  • Mr. Peter Obaseki has over 27 years working experience across financial consulting and banking. Prior to joining FCMB Plc in 1997, Mr Obaseki gained valuable experience in firms like KPMG, Ani, Ogunde & Co and some banks.
  • He is a fellow of the Chartered Institute of Bankers and was appointed an executive director of FCMB in September 2008.
  • Apart from being an Independent Non-Executive Director, Mr. Peter Obaseki also doubled as the Chief Operating Officer of FCMB.

FCMB closed trading with a share price of N3.03 as at the 26th of February 2021.

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Corporate Press Releases

AXA Mansard emerges Best Health Insurance Product Winner 2021

The winning product was the AXA Platinum Plus Cover which has been specially designed to provide a world-class health cover for the insurer’s customers.

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Health Management Organization, AXA Mansard Health Limited, recently announced that it has emerged as the winner of the best health insurance product of the year in the Insurance Product & Process section of the just concluded 11th Annual Global Banking and Finance Awards 2021.

The winning product was the AXA Platinum Plus Cover which has been specially designed to provide a world-class health cover for the insurer’s customers. With access to roam over 1,700 hospitals locally, care in India, UAE and South African hospitals and limited in-patient cover in the UK, France, and Germany for up to $1000 in healthcare benefits.

The product provides enrolees with benefits such as twenty-four-hour dedicated Telemedicine service, home vaccination service, free home delivery of special medications, partnership with healthy eating restaurants, and smarter budget-friendly discounts on healthy meals.

Speaking on the award, Chief Executive Officer, AXA Mansard Health Limited, Tope Adeniyi, said “We thank our highly esteemed customers for this prestigious award, as they are the reason, we passionately drive to improve our product offerings and execute innovative initiatives. This award is recognition of our unflinching commitment to our customers and an affirmation of our current position as the leading health insurance company in the country.”

AXA Mansard Health has a twenty-four-hour call centre, a team of highly trained and dedicated professionals, service portals at all AXA Mansard Welcome Centres nationwide and has deployed state-of-the-art technology to attain operational excellence while contributing to prompt service delivery and overcoming of challenges being encountered in the Nigerian health insurance industry.

Whilst thanking the organizers, Adeniyi noted that “the company is counting on the continued support of our stakeholders to continuously provide superior customer experience and to develop more innovative and value-adding products. We will continue to innovate, create new products, improve our product offering and refine our service delivery to ensure we continuously meet the changing needs of our customers”.

AXA Mansard Health Limited is the Health Maintenance Organization (HMO) arm of the AXA Mansard group of companies. The HMO is geared to promote her members’ wellbeing.

The HMO serves all clients across the country virtually and has established functional offices in Lagos (the head office), Abuja, Port-Harcourt, Enugu, with ongoing plans to open offices in other locations.

Global Banking & Finance Review is a leading Online and Print Magazine, which has evolved from the growing need to have a more balanced view, for informative and independent news within the financial community.

Since its inception in 2011, The Awards reflect the innovation, achievement, strategy, progressive and inspirational changes taking place within the Global Financial community. According to the magazine’s publishers the awards were created to recognize companies prominent in their areas of expertise and excellent in financial service delivery.

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