General
AfDB to Give Nigeria, Others $10bn for COVID-19
By Adedapo Adesanya
The African Development Bank (AfDB) has announced the creation of a COVID-19 Response Facility of up to $10 billion to assist Nigeria and other regional member countries in fighting the pandemic.
The bank disclosed in a press release issued by the bank, which explained that the facility is the latest measure taken to respond to the pandemic, adding that it will be the institution’s primary channel for its efforts to address the crisis.
It added that the $10 billion facility will be extended to both governments and the private sector across the continent.
According to Mr Akinwumi Adesina, President of the AfDB Group, the package 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,” Mr Adesina said, commending the Board of Directors for its unwavering support.
The Facility entails $5.5 billion for sovereign operations in African Development Bank countries, $3.1 billion for sovereign and regional operations for countries under the African Development Fund, the Bank Group’s concessional arm that caters to fragile countries.
The Bank also noted that an additional $1.35 billion will be devoted to private sector operations.
Two weeks ago, the bank launched a first of its kind $3 billion Fight COVID-19 Social Bond, the world’s largest US dollar-denominated social bond ever on the international capital market and last week, the Board of Directors also approved a $2 million grant for the World Health Organization (WHO) for its efforts on the continent.
Commenting on this, Mr Adesina said, “These are extraordinary times, and we must take bold and decisive actions to save and protect millions of lives in Africa. We are in a race to save lives. No country will be left behind.”
Speaking on the Facility, the Acting Senior Vice-President, Ms Swazi Tshabalala said, “The setting up of the Facility required a collective effort and courage by all our staff, Board of Directors and our shareholders.”
By Modupe Gbadeyanka
The chairman of United Bank for Africa (UBA), Mr Tony Elumelu, expressed his displeasure over the way he was addressed by one of the company’s graduate trainees at an interactive session in a viral video.
The financial institution organised a Graduate Management Accelerated Programme graduation ceremony on Thursday, and the former banker was in attendance.
During a question-and-answer session, one of the graduating trainees stood and called Mr Elumelu by his first name, Tony.
“Good morning, Tony,” she said.
Mr Elumelu initially thought the lady meant to say Toyin, but she repeated “Good morning, Tony,” a development the UBA chairman was not happy about.
He quickly responded by saying, “No, you won’t call me Tony. You’ll call me Mr Elumelu or TOE. You won’t call me Tony, or Chairman. I don’t subscribe to that kind of… Oyinbo life, okay?”
Though without offering any apology for the error, the female graduate trainee subsequently corrected herself, saying, “Good morning, Mr Elumelu,” before proceeding with her question.
The video clip from the event has already generated mixed reactions, with many happy that the business mogul quickly rebuffed the lady.
They described her as rude, fearing she could lose her job for being disrespectful to the chairman of the organisation.
However, some others said calling colleagues by their first names in a corporate ecosystem is not new, as such happens in the banking sector.
By Modupe Gbadeyanka
Former Vice President Atiku Abubakar has promised to return the payment of subsidies for premium motor spirit (PMS), otherwise known as petrol, if he is elected President in 2027.
Mr Atiku is seeking to become Nigeria’s President next year. He is contesting for the position under the African Democratic Congress (ADC). The presidential election is slated for January 16, 2027.
Answering questions in a trending interview on social media, the former second citizen of the country said the removal of the fuel subsidy by President Bola Tinubu in 2023 has not done Nigerians any good.
According to him, the economy has been in shambles, noting that the subsidy removal is responsible for high living costs in Nigeria.
On Wednesday, the Minister of Finance, Mr Taiwo Oyedele, disclosed that the nation saved about N15.8 trillion between June 2023 and December 2025 from the policy, noting that over N10 trillion was made available to the 36 state governments and the 774 local government areas from the savings.
But the ADC presidential candidate was not impressed with this explanation, stressing that there is nothing to show for the purported gains of the policy.
“I initially did not oppose the removal of the fuel subsidy. But now that it has been removed, where is the money? Where has the subsidy money gone? Has it been used to improve healthcare, education or security?” he queried.
“If I win the presidential election, I will restore the subsidy. And anyone who stole Nigeria’s subsidy funds must return the money,” he declared.
By Adedapo Adesanya
The Nigerian Army has arrested 18 suspected illegal miners at a mining site in Izom, Gurara Local Government Area of Niger State, recovering equipment and N2.47 million in cash from the operation.
The suspects were arrested by troops of the 102 Guard Battalion during a routine operation in the area, where the soldiers reportedly discovered unauthorised mining activities.
Following the arrests, the army handed over the suspects and recovered items to the headquarters of the Nigerian Security and Civil Defence Corps Mining Marshals in Sauka, Abuja, in line with established inter-agency procedures.
The operation is part of intensified efforts by security and regulatory agencies to curb illegal mining, which has been linked to revenue losses, environmental degradation and the unlawful exploitation of Nigeria’s mineral resources.
Reacting to the development, the Commander of the NSCDC Mining Marshals, Assistant Commandant of Corps John Onoja Attah, commended the Nigerian Army for what he described as a strong demonstration of professionalism and commitment to protecting the country’s mineral wealth.
“The Nigerian Army has once again distinguished itself through professionalism, discipline and patriotism. The swift arrest of the suspects and their prompt handover to the Mining Marshals reflect a commendable commitment to the rule of law and the protection of Nigeria’s solid mineral resources,” he said.
Preliminary investigations by the Mining Marshals indicated that the suspects allegedly operated without licences, permits or any affiliation with a registered mining company. Investigators also said they could not produce evidence of valid mineral titles or authorisation from the relevant regulatory authorities.
Items recovered from the mining site included motorcycles, pumping machines, crusher engines, communication devices and cash totalling N2,468,750.
Mr Attah said the Mining Marshals would continue to pursue individuals involved in illegal mining and strengthen intelligence-led operations against activities that undermine the formal mining industry and deprive government of legitimate revenue.
He added that the Corps, under its Commandant-General, Mr Ahmed Audi, remained committed to enforcing the provisions of the Nigerian Minerals and Mining Act and protecting Nigeria’s mineral resources from unlawful exploitation.
The Mining Marshals said the investigation had been concluded and that the 18 suspects were being processed for prosecution under the relevant provisions of the Nigerian Minerals and Mining Act, 2007.
