General
Edun Expresses Worry Over Africa’s $74bn Debt Servicing Burden
By Adedapo Adesanya
The Minister of Finance and Co-ordinating Minister of the Economy, Mr Wale Edun, has called for necessary steps to manage ballooning debt and its servicing on the continent.
This is as he expressed gratitude for the continuous support from the African Development Bank (AfDB) at the launch of the Debt Management Forum for Africa (DeMFA) and its inaugural policy dialogue on Monday in Abuja.
According to the African Economic Outlook Report (AEO) 2024, in 2024, African countries are expected to spend around $74 billion on debt service, up from $17 billion in 2010, of which $40 billion is owed to private creditors, representing 54 per cent of total debt service.
The Nigerian finance minister emphasised that the partnership had transformed into a mutually beneficial collaboration over the years, leading to critical grants, loans, and capacity-building initiatives targeted at improving the economic landscape of African nations.
Mr Edun highlighted the significance of the DeMFA, which aims to address public debt challenges on the continent specifically.
He commended the AfDB for establishing the initiative, noting that while the World Bank had provided support in debt management for decades, the launch of a forum dedicated solely to Africa was a welcome development for the 54 countries in the continent.
The minister identified two issues facing African nations: the escalating levels of debt and debt service, which had constrained fiscal space for governments and the limited access to affordable funding in both domestic and international markets.
He said there was an urgency to mobilise large capital pools to tackle social and economic challenges, including unemployment, infrastructure deficits, climate change and meeting the social development goals.
Mr Edun stressed that DeMFA must be structured to build on the foundations laid by previous initiatives, offering a comprehensive approach tailored specifically to the needs and realities of Africa.
The finance minister urged DeMFA to focus on ensuring the long-term sustainability of public debt across Africa.
“As a forum, it must actively contribute to the continuous and sustainable management of public debt, helping nations avoid recurring debt crises and fostering development.
“By working together, we can overcome these challenges and accelerate Africa’s growth trajectory,” he added.
Mr Edun commended the AfDB for its leadership in the initiative and expressed optimism about its potential to transform debt management practices across the continent.
“On behalf of all stakeholders, I wish the AfDB success in this endeavour and look forward to seeing its impact on Africa’s development,” he said.
By Modupe Gbadeyanka
One Mr Daniel Ameh living in Abuja has convicted and sentenced to two years imprisonment for duping one Mr Inalegu Egwa of the sum of N35 million.
While delivering judgement on Monday, May 5, 2025, Justice S. M. Mayana of the Federal Capital Territory (FCT) High Court in Apo, Abuja, however, gave the convict an option of N1 million fine.
Mr Ameh found himself before the judge after the Economic and Financial Crimes Commission (EFCC) arraigned him on a one-count charge bordering on criminal misappropriation.
The commission said the offence was contrary to Section 309 of the Penal Code and punishable under the same section and to which he pleaded “not guilty.”
During the trial, the prosecution counsel, Mr Ibrahim Buba, presented three witnesses and tendered relevant documents, which convinced the judge, who passed the judgement.
Mr Ameh was directed by Justice Mayana to pay the sum of N22 million, in restitution to his victim.
Investigation revealed that in 2021, Mr Ameh advised Mr Egwa to register a Bureaux de Change (BDC) company, which the victim agreed and engaged the convict to do the registration for him in the Corporate Affairs Commission (CAC) and to apply for the relevant licence from the Central Bank of Nigeria (CBN).
Mr Egwa paid the sum of N36 million through the convict’s bank account for remittance to the CBN, but in 2022, the apex bank announced the cancellation of BDC registrations and directed all affected applicants to forward their account details for refund of payments they made.
Rather than inform Mr Egwa of the new development for the channelling of the refund accordingly, Mr Ameh kept his victim in the dark, received the money in his personal account and converted it to his use.
As part of its continued commitment to sustainability, Access Holdings PLC will be amongst the leading participants in the United Nations Environment Programme Finance Initiative (UNEP FI) Regional Roundtable on Sustainable Finance for Africa and the Middle East.
Taking place from May 6-7, 2025, in Marrakech, Morocco, the event will bring together regulators, policymakers, and key stakeholders from the financial sector to discuss and shape critical sustainability issues, including climate mitigation and adaptation, nature-positive finance, just transition and financial inclusion, carbon finance, among others.
The Chief Brand and Communications Officer of Access Holdings; Amaechi Okobi; the Group Head of Credit Administration, Governance andProject Monitoring, Edmund Otaigbe; and Group Head of Products and Segments, Njideka Esomeju, will be contributing insights from their extensive experience in driving sustainability within the financial sector.
Among the discussions will be sessions dedicated to accelerating the transition of real economy sectors towards sustainability, addressing climate risks, and ensuring financial inclusion.
One of the focal points will be how financial institutions can support climate adaptation and resilience, particularly in vulnerable sectors across Africa and the Middle East. The event will further tackle the challenge of unlocking private finance for the Sustainable Development Goals (SDGs), exploring innovative ways to align capital flows with regional sustainability needs.
Other high-level dialogues will explore regional collaboration to support sustainability goals, advancing action on climate adaptation, and the regulatory developments promoting sustainable finance across the region.
Panels will focus on topics such as financing and insuring MSMEs for climate resilience and fostering an inclusive transition by ensuring that vulnerable communities and underserved populations are not left behind in the push for green growth.
Prominent speakers at the event include Mahmoud Mohieldin, UN Special Envoy on Financing the 2030 Agenda; Louise Gardiner, Senior Operations Officer at the International Finance Corporation (IFC); Lily Burge, Policy Manager, Climate Bonds Initiative; Samuel Tiriongo, Director of Research and Policy, Kenya Bankers Association; Walid Ali, General Manager, Sustainability Department, Central Bank of Egypt; Yasser Mounsif, Director of Issuers, Moroccan Capital Market Authority, alongside other leaders in sustainable finance.
The UNEP FI Regional Roundtable promises to be a critical platform for deepening collaboration among stakeholders across Africa and the Middle East, with the shared goal of creating a resilient, sustainable future for the region.
By Modupe Gbadeyanka
The Economic and Financial Crimes Commission (EFCC) says it has granted popular social media activist, Mr Martins Innocent Otse, otherwise known as VeryDarkMan (VDM) an administrative bail.
VDM was apprehended in the premises of GTBank in Abuja last weekend after he was at the bank to question why the account of his mother was debited for a loan she did not apply for.
It was reported that VeryDarkMan was blindfolded and beaten by security operatives who came for him.
Since his arrest, there have been claims that some powerful persons instigated the EFCC to pick him up because of his criticisms online.
In a statement on Tuesday, the anti-money laundering agency said it apprehended VDM over “grave allegations of financial malfeasance.”
The agency said it received petitions against the suspect, adding that it obtained an order to keep him beyond the 24 hours stipulated by the Constitution.
However, the EFCC said it have granted him an administrative bail, with VDM still making efforts to meet for his eventual release.
“The EFCC has a lawful right to hold Otse in custody like any other suspect being investigated by the Commission. The appropriate Remand Order was obtained in this regard. He has been offered an administrative bail and would be released after fulfilling all the bail conditions.
“The commission appreciates the interest of Nigerians in its operations. The passion, enthusiasm and torrential reactions to all of its activities are welcome.
“However, insinuations about its motive in carrying out its assignment should no longer continue. The EFCC should be allowed to do its job without fear or favour. As soon as investigations are concluded, charges will be filed,” the statement said.
The commission said it acted the way it did because the suspect “refused to show up in spite of several invitations sent to him through his known addresses and medium of communication.”
It was stated that the petitions pertain to grave allegations of financial malfeasance which cannot be ignored by the commission” because it has the mandate of “tackling economic and financial crimes.”
Since his arrest a few days ago, there have been calls, including from outside the country, for his release
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