AU Endorses Adesina for AfDB Second Term Presidency

Image

By Adedapo Adesanya

The latest support for the second term candidacy for Mr Akinwumi Adesina as President of the African Development Bank (AfDB) has come from the Executive Council of the African Union (AU).

The decision was taken at the 36th Ordinary Session of the AU Executive Council held during the AU Summit in Addis Ababa, Ethiopia from February 6 to 7, 2020.

The endorsement will see Mr Adesina, who was elected for the first term as the 8th President by the bank’s Board of Governors in its headquarters in Abidjan, Cote D’Ivoire on May 28, 2015, run for another term at the helm of affairs.

During his first term, the bank’s shareholders approved a landmark $115 billion capital increase in October 2019. The increase in the capital base, from $93 billion to $208 billion, signalled strong support from the Board of Governors in the continent’s foremost financial institution.

Mr Adesina is a renowned development economist who has held a number of high-profile international positions, including with the Rockefeller Foundation, and as Nigeria’s Minister of Agriculture and Rural Development from 2011 to 2015.

He was the first Nigerian to hold the position since the bank has been in existence in 1964 with the post previously held by nationals from Sudan, Morocco, Rwanda, Ghana, Malawi, Tunisia, and Zambia.

The African Union Executive Council comprises 55 ministers of foreign affairs representing the member states of the AU.

The AU is not the first organisation to endorse Mr Adesina as the Economic Community of West African States (ECOWAS), as reported by Business Post in December 2019, nominated him following a decision that was announced at the end of the fifty-sixth ordinary session of the Authority of Heads of State and Government of ECOWAS.

In his home country, Nigeria, President Muhammadu Buhari gave a presidential approval in October 2019.

The election will again take place at the Bank’s Annual Meetings in May in Abidjan.

Share
Related Stories
Image
01-February-2024

Otedola Takes Over as FBN Holdings Chairman

By Dipo Olowookere Prominent Nigerian businessman, Mr Femi Otedola, has been appointed as the chairman of FBN Holdings Plc, the parent company of First Bank Nigeria Limited, a foremost lender in the country. He was picked for the position at the meeting of the board of the organisation held on Wednesday, January 31, 2024. He is taking over the post from Mr Ahmad Abdullahi, after he joined the board in August 2023 as a non-executive director. Mr Otedola, who has been described as a visionary entrepreneur, is also the chairman of Geregu Power Plc, a company also listed on the

Image
28-February-2024

Firms in Nigeria to Pay Annual Levy for Hiring Foreigners

By Aduragbemi Omiyale A new tax known as Expatriate Employment Levy (EEL) has been introduced by the federal government and it is to be paid by companies, which hire foreigners to work in Nigeria. The scheme was launched on Tuesday in Abuja by President Bola Tinubu and it is to close wage gaps between expatriates and Nigerian workers. The government explained that the policy aims to find a balance between leveraging foreign expertise and fostering local talent in Nigeria’s job market through the EEL, emphasising that it is not to discourage foreign investments. It was stressed that the level would

Image
10-January-2024

Chevron Appoints Ayten Yavuz to Lead Growth in Global Marine Business

By Adedapo Adesanya  Chevron has appointed Ms Ayten Yavuz as the new General Manager of its Global Marine Products business, charged with boosting the oil major’s growth in its marine business interests. According to a statement, with an extensive background spanning numerous years in the industry and the company, she will be bringing a wealth of experience and expertise that will significantly contribute to the advancement and expansion of the company’s initiatives. In her new role, Ms Yavuz will be responsible for charting the course towards profitable growth, innovation, and development within the marine business sector. Leveraging her vast industry

Image
29-January-2024

Stanislaus Martins to Lead Aleph Operations in West Africa

By Modupe Gbadeyanka Mr Stanislaus Martins has been appointed as the Managing Director of Aleph Group for West Africa, a statement from the firm has confirmed. Mr Martins is expected to lead the entire operations of Aleph across the West Africa region, with a focus on solidifying the company’s position as the region’s premier sales partner for digital platforms, cultivating strategic partnerships, and driving the growth of the West African digital economy. The new MD boasts nearly two decades of experience spearheading successful initiatives across industries. He has a comprehensive understanding of the African digital landscape, having previously served as

More Stories
Image
08-March-2022

ESIF Raises Awareness on Endometriosis

By Adedapo Adesanya A Lagos-based non-governmental organisation (NGO), EndoSurvivors International Foundation (ESIF), has announced a series of events to mark Endometriosis awareness month which is held worldwide in March every year – popularly tagged March4Endo by advocates all over the world. Endometriosis is a chronic inflammatory condition where tissue similar to the lining of the uterus is found in places such as the ovaries, rectum and fallopian tubes causing pain and/or infertility. It can also be found at extrapelvic sites such as the lungs, diaphragm, intestines and even the brain. Endometriosis is a debilitating disease that affects between 2-10 per

Image
08-February-2022

US-Iran Nuclear Talks Trigger Profit-taking in Oil Market

By Adedapo Adesanya The oil market settled lower on Monday following signs of progress in nuclear talks between the United States and Iran, which could lead to the removal of US sanctions on Iranian oil sales. At the session, the price of the Brent crude went down by 16 cents or 0.17 per cent to $91.53 per barrel, while the US West Texas Intermediate (WTI) crude fell by 4 cents or 0.4 per cent to $91.28 per barrel. Crude prices last week rallied for the seventh week on ongoing worries about supply disruptions fueled by extreme cold US weather and

Image
08-October-2020

Apple Set to Launch 5G iPhone 12 October 13

By Adedapo Adesanya The much-anticipated iPhone 12 smartphone is expected to be launched on Tuesday, October 13, 2020, Apple has announced. This will be the second fall special event. The anticipated device is expected to include superfast 5G wireless connectivity and a new iPad-inspired design and it will be unveiled in a live event next week Tuesday (7 pm Nigerian time). Four new devices are expected within the iPhone 12 range, as well as Apple AirTags and over-the-ear headphones. Business Post had reported that the company unveiled a range of new products including Apple Watches and iPads last month, but

Image
08-July-2019

Lagos Confiscates Truckload of Imported Toxic ‘Ponmo’

A truckload of toxic cow skin commonly called ponmo by locals in Lagos has been confiscated by the Lagos State government at Ijegun, a suburb of the state in Alimosho Local Government Area. It was said that the cowhide was imported into the country by some unscrupulous individuals, but was seized on Monday and those involved apprehended by police in Ikotun. Permanent Secretary in the Lagos State Ministry of Agriculture, Dr. Olayiwole Onasanya the cowhide, preserved with certain chemicals for the purpose of being used as leather material, are being sold for human consumption by some criminals prior to their

Image
01-February-2017

Fly Dubai Records 14.4% Passenger Growth

By Modupe Gbadeyanka The management of Fly Dubai has announced its Full-Year Results for 2016 reporting a profit of $8.6 million. It has also reported total revenue of $1.37 billion, an increase of 2.4 percent compared to the same period last year. The stronger second half, driven by increased passenger numbers, was impacted by downward pressure on yield leading to lower overall revenue growth reflecting a continuation of the same adverse factors reported in the first half. His Highness Sheikh Ahmed bin Saeed Al Maktoum, Chairman of flydubai, said: “these results see flydubai report its fifth consecutive full-year of profitability.

Image
05-January-2021

Nigerians to Pay More for Electricity as FG Hikes Tariff Again

By Adedapo Adesanya Less than two months after the last increase in electricity tariffs, Nigerians are expected to start paying more for energy consumption as the Nigerian Electricity Regulatory Commission (NERC) has approved another 50 per cent hike in tariff payable by customers. This was contained in a revised Multi-Year Tariff Order (MYTO) signed by the new Chairman of NERC, Mr Sanusi Garba, dated December 30, 2020. In the document sighted on Tuesday by Business Post, the new tariff increase took effect from January 1, 2021, and supersedes the previous Order NERC/2028/2020. In the new Order NERC/225/2020, the commission said

Image
31-October-2022

Thomas Wyatt Nigeria Gets Clearance to Resume Stock Trading

By Dipo Olowookere The suspension placed on the trading of Thomas Wyatt Nigeria Plc shares by the Nigerian Exchange (NGX) Regulation Limited has finally been removed. The exchange lifted the embargo last Tuesday after the company complied with the rules it violated earlier, which forced the action on it over a year ago. Recall that on January 6, 2021, in a circular with Reference Number: NSE/RD/LRD/MB02/21/01/06, the stock exchange informed the investing community of the “suspension in the trading on the securities of Thomas Wyatt Nigeria Plc for non-compliance with the provisions of Rule 3.1: Rules for Filing of Accounts

Image
26-December-2016

CBN Awards Skye Bank for Fight Against Electronic Fraud

By Dipo Olowookere Skye Bank Plc has emerged ‘The Most Committed Watch Listing Bank in Nigeria’ out of four corporate awards that were up for grabs at the Nigeria Electronic Fraud Forum (NeFF) Annual Dinner and Awards which held in Lagos recently. This was confirmed in an industry-wide survey administered by Central Bank of Nigeria (CBN) in conjunction with NIBBS. The prestigious award, which is in recognition of efforts of the banking industry in the fight against electronic fraud, is presented to the institution “with the most efficient and robust system for tracking all forms of electronic fraud and arresting

Ad
Ad
Recent Stories
Image
03-March-2024

Dangote Cement’s African Subsidiaries Contribute 41.2% to FY 2023 Sales

By Dipo Olowookere Dangote Cement Plc has revealed that sales from its factories outside Nigeria, its base, improved in the 2023 fiscal year by 12.7 per cent, contributing about 41.2 per cent to its total volume for the period under review, with its Nigerian operations accounting for the rest. In its audited financial statements for the year ended December 31, 2023, filed to the Nigerian Exchange (NGX) Limited, the cement maker said revenue generated from its pan-African operations increased by a record 123.2 percent to N925.9 billion, while EBITDA surged by over four-fold to N263.7 billion. Business Post reports that

Image
03-March-2024

Nigeria Pays N1trn Monthly Subsidy to Keep Petrol at N650/Litre

By Aduragbemi Omiyale Despite the federal government claiming it has stopped the payment of subsidies on premium motor spirit (PMS), well-known as petrol, more people are countering this. Recall that a few weeks ago, the International Monetary Fund (IMF) said the government had returned fuel subsidies through the backdoor and kept Nigerians in the dark about this. It then advised the government of President Bola Tinubu, which announced an end to it on May 29, 2023, to completely stop the payment as it was increasing his administration’s fiscal deficit. The global lender, in a report released last month, said the

Image
02-March-2024

JUST IN: Nollywood Star Mr Ibu Dies

By Modupe Gbadeyanka Information just reaching Business Post indicates that popular Nigerian actor, Mr John Okafor, otherwise known as Mr Ibu, is dead. It was gathered that the Nollywood star breathed his last on Saturday in a hospital in Lagos. His demise comes a day after the Nigeria film industry lost an actor, Mr Tolani Quadri Oyebamiji, well-known as Sisi Quadri. Mr Ibu underwent a surgery, which led to the amputation of one of his legs. He was later discharged from the hospital, but was reportedly taken back. Until his death, he acted in several movies. He was well known

Image
02-March-2024

African Bishops Seek Overhaul of Financial System as Debt Burden Worsens

African Catholic Bishops called for an overhaul of the financial system to address health, climate, food and other challenges the region faces. Ahead of a gathering of African Finance Ministers in Victoria Falls, Zimbabwe, the Justice, Peace and Development Commission of the Catholic Symposium of Episcopal Conferences of Africa and Madagascar (SECAM) outlined reforms for debt relief, development resources and governance. “In Sub-Saharan Africa the number of people facing food insecurity stress or crisis has more than doubled since 2019, reaching 420 million people last year,” noted the bishops in a statement. A delegation representing the African Bishops and religious

Image
02-March-2024

MTF Class of 2023 to Premiere Her Dark Past, Grown

By Modupe Gbadeyanka Two feature films will be premiered this weekend exclusively on the Africa Magic Showcase channel 151 and Africa Magic Urban channel 153 by the students of the MultiChoice Talent Factory (MTF). The two pieces of art titled Grown and Her Dark Past are the final projects of the MTF Class of 2023 students, a statement from the organisation said. The MTF is a leading film school in West Africa for young, talented and passionate filmmakers. It was established by the media platform to grow the region’s creative industry. Grown premieres on Africa Magic Showcase at 8.30 pm

Image
02-March-2024

Mandela’s Heirs Lose Power in South Africa

By Alexander Braterskiy South African authorities warn that if the opposition wins the parliamentary elections, the country may change course and leave the informal BRICS economic bloc, which includes Russia. The position of the African National Congress party, which has been in power since the collapse of apartheid, is indeed not the best, as shown by the municipal elections held earlier in the country. The opposition accuses the president of corruption and abuse of power, as well as an inability to cope with the country’s energy crisis. The ANC crisis occurred on the 30th anniversary of the first free elections

Image
02-March-2024

CAA Reaffirms Commitment to Climate Innovation for Sustainable Future

By Modupe Gbadeyanka A leading social enterprise focused on environmental sustainability, Climate Action Africa (CAA), has reaffirmed its commitment to being at the forefront of driving climate innovation for a sustainable future. The organization, which is a key participant at the four-day Omniverse Summit 2024 in Lagos, emphasised the need to integrate environmental sustainability models, technology, and community-driven innovation to address climate change challenges. It promised to foster an inclusive climate action ecosystem through innovation, which it said can be used to identify and scale solutions to address the imminent climate crisis in Nigeria and Africa as a whole, The

Image
02-March-2024

Endosurvivors Foundation Set For Another Endometriosis Awareness

By Adedapo Adesanya EndoSurvivors International Foundation (ESIF), an NGO championing endometriosis awareness in Nigeria, has announced its upcoming events in commemoration of the Global Endometriosis Advocacy Month in March, fondly tagged March4Endo by advocates all over the world.  Endometriosis is a chronic and inflammatory condition that affects approximately 1 in 10 girls and women in Nigeria and on a global scale. This sums up to about 190 million affected girls/women around the world, about the population of Nigeria in 2018.  The World Health Organisation (WHO) recognizes that endometriosis has significant social, public health, and economic implications leading to a decrease

Image
02-March-2024

CSCS, FrieslandCampina Lift NASD OTC Bourse by 0.31%

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange returned to the positive territory after it gained 0.31 per cent on Friday, March 1, thanks to the duo of Central Securities Clearing System (CSCS) Plc and FrieslandCampina Wamco Nigeria Plc. CSCS Plc added 81 Kobo to its value to sell for N19.46 per unit compared with the preceding day’s N18.65 per unit, and FrieslandCampina improved by N1.15 to settle at N71.4o per share, in contrast to Thursday’s closing price of N70.25 per share. However, Aradel Holdings Plc continued its price depreciation yesterday as it shed N6.75 to sell at N2,395.00

Image
02-March-2024

Naira Now N1,548.25 at Official Market, N1,560/$1 at Black Market

By Adedapo Adesanya The Naira sustained its gradual recovery against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Friday, March 1, appreciating by 2.94 per cent or N46.86 to sell at N1,548.25/$1, in contrast to the N1,595.11/$1 it was traded on Thursday. Also, in the spot market, the Nigerian currency improved its value against the Pound Sterling during the trading day by N90.13 to close at N1,956.06/£1 versus the previous day’s N2,046.19/£1 and against the Euro, it gained N76.39 to trade at N1,675.25/€1, in contrast to the N1,751.64/€1 it closed a day earlier. The supply of