Latest news with #Abuja
BBC News
a day ago
- Politics
- BBC News
Who be Nentawe Yilwatda, APC new National chairman
Di ruling All Progressives Congress (APC) don announce Professor Nentawe Goshwe Yilwatda as dia new National Chairman. Di Proferssor go replace Abdullahi Ganduje wey resign from di position for June. Dem choose di new chairman for dia 14th meeting of di National Executive Committee (NEC) wey dem hold for Abuja on Thursday. Appointment of Yilwatda dey come afta Ganduje resign for June 27, 2025, and Ali Bukar Dalori, di Deputy National Chairman of di party bin act till in dat capacity Yilwatda na 56-year-old man from Plateau State and di current Nigeria Minister of Humanitarian Affairs, Disaster Management, and Social Development. Di party leaders bin support Yilwatda for di position including President Bola Ahmed Tinubu, afta dem nominate am. Profile of Nentawe Yilwatda Dem born Prof Yilwatda on August 8, 1968, for Dungung, Kanke Local Govment Area of Plateau State. E get degree for Electrical/Electronic Engineering from di Federal University of Agriculture, Makurdi for 1992, a Master degree from Abubakar Tafawa Balewa University, Bauchi, and PhD for Digital Systems Engineering from di University of Nigeria, Nsukka. E be registered engineer wit di Council for di Regulation of Engineering for Nigeria (COREN). Also member of di Nigerian Society of Engineers, di Institute of Electrical and Electronics Engineers, and di Solar Society of Nigeria. Yilwatda journey include both im experience for public and private sectors. E bin serve as di Resident Electoral Commissioner for Benue State under di Independent National Electoral Commission (INEC) from 2017 to 2021. For 2022, Yilwatda bin resign from INEC to contest for di APC govnorship primary for Plateau State,and e become di party candidate. Meanwhile, lose di 2023 election to Caleb Mutfwang of di Peoples Democratic Party (PDP). For October 2024, President Tinubu appoint am as di Minister of Humanitarian Affairs, Disaster Management, and Social Development. E go kontinue to dey hold im Minister role join di APC chairmanship position.
The Independent
2 days ago
- Automotive
- The Independent
The country hoping to host F1's first African race for decades
Nigeria has become the latest African nation to express interest in hosting a Formula 1 Grand Prix, with former Premier League footballer Marvin Sordell leading the bid. The proposed project includes a new circuit in the capital, Abuja, alongside a karting track, hotels, and a motorsport museum. F1 has not held a race in Africa since 1993, but South Africa, Rwanda, and Morocco have also declared their intention to bid. F1 chief executive Stefano Domenicali has been invited to visit Abuja, having previously expressed a desire to return to the continent. The current F1 calendar is at 24 races, but the Dutch Grand Prix will be removed after next year, and the Belgian Grand Prix will become biennial from 2028, potentially creating space for new venues.
Zawya
2 days ago
- Business
- Zawya
Afreximbank Shareholders Approve Key Resolutions and Reaffirm Support for Preferred Creditor Status
At the 32nd Annual General Meeting of Shareholders of the African Export-Import Bank (Afreximbank) ( held as part of the Bank's 2025 Annual Meetings in Abuja, Nigeria, from 25 to 28 June 2025, shareholders approved a series of key resolutions aimed at strengthening the Bank's strategic direction, financial resilience, and governance. Among the most significant outcomes was the appointment of Dr. George Elombi as the fourth President and Chairman of the Board of Directors, succeeding Professor Benedict Oramah, who will step down later this year after nearly a decade of transformative leadership. Shareholders also approved the expansion of the Bank's Concessional Finance Window, increasing its capital allocation from USD 1 billion to USD 5 billion, and raising the direct shareholder contribution from USD 200 million to USD 700 million. This substantial expansion reflects the growing demand for accessible development finance across Africa and the Caribbean, and strengthens Afreximbank's capacity to support inclusive and sustainable economic growth. In addition, shareholders reaffirmed the commitment of the Bank's Member States to Afreximbank's Preferred Creditor Status (PCS), as codified in the Bank's Establishment Agreement, to which all Member States are signatories. This reaffirmation underscores continued support for the Afreximbank's role as a trusted African Multilateral Financial Institution. In what marked his final Shareholders' Meeting, Professor Oramah welcomed the outcomes and expressed appreciation for the vision and leadership shown: 'It has been a great honour to serve as President and Chairman of the Board of Directors of Afreximbank for the past decade. I commend our shareholders for the bold and strategic decisions taken, particularly the unwavering reaffirmation of their commitment to respect their obligations under the Afreximbank Establishment Agreement, through which the Bank enjoys Preferred Creditor Status across its member states. We also welcome their decision to increase the size of the Africa Trade Transformation Fund (ATTF), the Concessional Finance initiative launched at the 30th Annual Meetings of the Bank, from USD 1 billion to USD 5 billion. These decisions would collectively shape the future of this great institution and advance Africa's prosperity. 'I am confident that the Bank is well placed to continue making a profound impact under the capable leadership of my able successor, Dr. George Elombi, and I extend my very best wishes to him.' The shareholders also elected Mr. Wale Edun, Nigeria's Minister of Finance and Coordinating Minister of the Economy as Chairman of the General Meeting for the period 2025/2026 and passed other statutory resolutions including adoption of the Bank's audited financial statements for the year ended 31 December 2024 and appointment of auditors. The shareholders in addition confirmed the re-election of Dr. Denny Hamachila Kalyalya (Zambia), Dr. John Panonesta Mangudya (Zimbabwe) and Mr. Victor Jérôme Nembelessini-Silué (Côte d'Ivoire) to the Bank's Board of Directors. Independent Directors Mr. Anil Dua (United Kingdom) and Mr. Ronald Sibongiseni Ntuli (South Africa) were also re-elected. Newly elected Directors include Mrs. Leila Mokaddem (Tunisia), as a nominee of the African Development Bank. The shareholders noted the challenges and negative reports disputing African Multilateral Financial Institutions and undermining the commitments that African states have made in the treaties establishing these institutions, including Afreximbank. In a statement unanimously endorsed and adopted by the General Meeting, Mr. Wale Edun, Nigeria's Minister of Finance and Chairman of the General Meeting, affirmed the shareholders' unwavering confidence in the Bank's financial resilience and mandate to drive Africa's trade-led growth. Mr. Edun stated: 'The shareholders affirm their respect for the 1993 treaty establishing Afreximbank, signed and ratified by African states, noting that it enshrined binding sovereign commitments and underpinned the preferred creditor status (PCS) of the Bank, shielding its loans from sovereign debt restructurings. 'Additionally, shareholders reaffirm the commitment of the Bank's Member States to the Preferred Creditor Status (PCS) enshrined in the Bank's Establishment Agreement to which all Member States are signatories and call for collective responsibility in safeguarding the integrity of African Multilateral Financial Institutions (AMFIs). 'This meeting confirms shareholders' full commitment to supporting the Bank's mission, and call upon all stakeholders to engage constructively, reflecting the Bank's robust legal protections and credit fundamentals.' This collective statement by Afreximbank's shareholders sends a strong signal to partners, rating agencies, and the broader financial community: the Bank remains a trusted and protected institution anchored by solid legal foundations and an unwavering mandate to drive Africa's economic transformation through trade. Nearly 6,000 delegates attended the 32nd Afreximbank Annual Meetings, making it the Bank's most highly attended Annual Meeting in its 32-year history. Attendees included 22 current and former African and Caribbean Heads of State or their representatives, as well as policymakers, academics, business leaders and high-profile dignitaries. Media Contact: Vincent Musumba Communications and Events Manager (Media Relations) Email: press@ Follow us on: X: Facebook: LinkedIn: Instagram: About Afreximbank: African Export-Import Bank (Afreximbank) is a Pan-African multilateral financial institution mandated to finance and promote intra- and extra-African trade. For over 30 years, the Bank has been deploying innovative structures to deliver financing solutions that support the transformation of the structure of Africa's trade, accelerating industrialisation and intra-regional trade, thereby boosting economic expansion in Africa. A stalwart supporter of the African Continental Free Trade Agreement (AfCFTA), Afreximbank has launched a Pan-African Payment and Settlement System (PAPSS) that was adopted by the African Union (AU) as the payment and settlement platform to underpin the implementation of the AfCFTA. Working with the AfCFTA Secretariat and the AU, the Bank has set up a US$10 billion Adjustment Fund to support countries effectively participating in the AfCFTA. At the end of December 2024, Afreximbank's total assets and contingencies stood at over US$40.1 billion, and its shareholder funds amounted to US$7.2 billion. Afreximbank has investment grade ratings assigned by GCR (international scale) (A), Moody's (Baa2), China Chengxin International Credit Rating Co., Ltd (CCXI) (AAA), Japan Credit Rating Agency (JCR) (A-) and Fitch (BBB-). Afreximbank has evolved into a group entity comprising the Bank, its equity impact fund subsidiary called the Fund for Export Development Africa (FEDA), and its insurance management subsidiary, AfrexInsure (together, "the Group"). The Bank is headquartered in Cairo, Egypt. For more information, visit:
Zawya
2 days ago
- Business
- Zawya
Nigeria: Commodities exchanges, warehouses can unlock $500bln — SEC
The Director General, Securities and Exchange Commission (SEC), Dr. Emomotimi Agama has disclosed that by formalising Commodities and Warehouse receipts the capital market can unlock $500 billion indormant agricultural and mineral assets. Dr Agama who stated this at a national workshop of the Chartered Institute of Stockbrokers in Abuja Tuesday, said the move would transform them into tradable securities. He noted that it would help the economy diversify from the oil and gas industry, and create wealth for the country. Agama explained that the Investments and Securities Act 2025 has empowered the SEC to take decisive actions to promote the sector. 'The Act sharpens the SEC's regulatory focus, ensuring it operates with the precision and authority required to steward a rapidly expanding market', he stated. He added: 'Today, I speak not just about the Investments and Securities Act (ISA) 2025 as a legislative milestone, but as a strategic blueprint to propel Nigeria into the league of top global economie. It dismantles legacyconstraints, embeds global best practices, and positions our market as the engine room for national prosperity. The question before us is no longer if Nigeria can achieve a $1 trillion economy, but how soon—and the capital market, under this new Act, will be the accelerant'. The SEC DG stressed that the Commission 'now has explicit powersto shut down Ponzi schemes and prosecute offenders—ending the eraof 'get-rich-quick' scams that erode market confidence. 'Investors are now covered for losses from revoked dealer licenses—a long-awaited safeguard that will boost participation. Trust is the currency of our capital markets. Without it, liquidity dries up' Copyright © 2022 Nigerian Tribune Provided by SyndiGate Media Inc. (
Zawya
2 days ago
- Business
- Zawya
Nigeria: FG launches national palm oil traceability framework to slash $600mln import bill
In a move to revive Nigeria's dwindling palm oil industry and curb an annual import bill exceeding $600 million, the Federal Government, in collaboration with Solidaridad Nigeria, has inaugurated the National Palm Oil Traceability Framework and an Inter-Agency Committee to drive its implementation. Speaking at the inauguration ceremony in Abuja, the Minister of Agriculture and Food Security, Senator Abubakar Kyari, represented by the Ministry's Permanent Secretary, Dr Marcus Ogunbiyi, described the national palm oil traceability framework as a strategic milestone toward reclaiming Nigeria's lost glory as a global palm oil powerhouse. 'In the 1960s, Nigeria accounted for over 40% of global palm oil production. Today, our share has fallen to less than 2%, producing only 1.4 million metric tons against a national demand of over 2 million metric tons annually. This gap costs us more than $600 million every year in imports,' Ogunbiyi noted. According to him, the new traceability framework is designed to modernise the sector by ensuring every liter of palm oil produced locally is traceable, high-quality, and ethically sourced. 'Traceability is the language of the now and the future. Consumers and markets today demand to know a product's origin and whether it meets ethical, health, and environmental standards. In the agriculture of tomorrow, traceability will not be optional, it will be a passport. A product without a story of origin will be a product without a market', he stressed. He added that the initiative aligns fully with the National Agricultural Technology and Innovation Policy (2022–2027) and the Renewed Hope Agenda of President Bola Tinubu, which places agriculture at the heart of economic diversification, food security, and rural prosperity. Solidaridad Nigeria, one of the key implementing partners of the framework, highlighted the far-reaching impacts the initiative is expected to have on the entire value chain, from smallholder farms to processing mills and export markets. Kene Onukwube, Program Manager at Solidaridad Nigeria, said the framework would close gaps in Nigeria's domestic arrangements and drive greater efficiency across the sector. 'Our inability to trace palm oil production to specific farms or processors has limited our productivity. With a robust traceability system, we will see more efficiency in production, processing, and marketing. This will position Nigeria to compete globally and cut down on imports significantly', Onukwube said. He noted that Solidaridad, supported by the Kingdom of the Netherlands and the UK Foreign, Commonwealth, and Development Office, has already piloted traceability systems in four states, Akwa Ibom, Cross River, Enugu, and Kogi, demonstrating proof of concept for wider national adoption. 'These states cannot operate in isolation, so this national framework brings everyone together under a unified policy. Today's inauguration is not just a ceremony but a call for all stakeholders and agencies to understand their roles and work together toward a future-ready palm oil subsector', Onukwube said. The newly inaugurated Inter-Agency Committee will steer the implementation process, address technical challenges, and ensure that all relevant institutions align with national goals. Stakeholders at the event agreed that the framework would not only improve transparency and food safety but also enhance Nigeria's competitiveness in regional and global markets, while boosting income for local farmers. With the new traceability system, Nigerian government hopes to unlock investments in climate-smart oil palm production, ensure ethical sourcing, and build a resilient industry capable of reclaiming Nigeria's place as one of the world's leading palm oil producers. Copyright © 2022 Nigerian Tribune Provided by SyndiGate Media Inc. (
