Economy
AfDB Legal Support Facility Saves African Countries $4bn
Interventions by the African Legal Support Facility (ALSF) have saved African countries an estimated four billion dollars in the last three years.
This is according to a statement from the African Development Bank (AfDB) on Friday.
A virtual high-level conference was held on Wednesday to commemorate the extension of the term of the ALSF and review the facility’s achievements over the last decade.
The two-day conference, titled: “Smart Legal Capacity: A New Phase for the African Legal Support Facility”, explored innovative ways to bolster African legal and technical capacity.
This was particularly in the debt, extractives, energy, and infrastructure sectors.
The ALSF is an international organisation hosted by AfDB Group and established in 2008.
The facility is dedicated to providing legal advice and technical assistance to African countries in the structuring and negotiation of complex commercial transactions, creditor litigation and other related sovereign transactions.
According to the statement, the facility has helped conclude commercial investment deals worth over 75 billion dollars.
It also develops and proposes innovative tools for capacity building and knowledge management.
In a keynote message, AfDB President Akinwumi Adesina, noted that the launch of the facility had been timely.
“The bleeding of Africa’s natural resources, weak regulations and limited capacity for review and negotiations have shortchanged many African countries, especially low-income countries, including transition and fragile states,” Adesina said.
In his opening remarks, Stephen Karangizi, Director and Chief Executive Officer, facility, expressed his appreciation to Adesina for his “excellent leadership of the bank and his vital support for the African Legal Support Facility”.
Karangizi also thanked the facility’s other financing partners for their continuous support which is a strong vote of confidence in the ALSF’s mandate.
Former South African President Thabo Mbeki said that the facility had already established its place “as what might be called a front-line fighter to secure for Africa its resources”.
Mbeki, who is also the current chair of the African Union’s high-level panel on illicit financial flows from Africa said: “The Facility must assist African countries to negotiate fair and balanced contracts to eliminate opportunities for illicit receipt, use, or transfer of funds.”
African leaders also lauded the facility for helping governments avert billions of dollars in losses from business deals, and urged it to extend support to tackling illicit financial flows.
The participants, including experts and business leaders, expressed confidence that the facility was well-placed to advance Africa’s asset recovery and repatriation.
The event also included panel discussions showcasing ALSF’s achievements over the last 13 years and the renewal of its mandate for another 14 years.
Panelists included government specialists in law, finance, energy, mining and debt management from Zimbabwe, Sudan, Equatorial Guinea, Niger and the Gambia. (NAN
The Nigerian Exchange Ltd. (NGX) continued its bullish trend on Wednesday, gaining N183 billion.
Accordingly, the market capitalisation, which opened at N59.532 trillion, gained N184 billion or 0.31 per cent to close at N59.715 trillion.
The All-Share Index also added 0.31 per cent or 303 points, to settle at 98,509.
68, against 98,206. 97 recorded on Tuesday.Consequently, the Year-To-Date (YTD) return increased to 31.
74 per cent.Gains in Aradel Holdings, Zenith Bank, United Bank For Africa(UBA), Oando Plc, Nigerian Breweries among other advanced equities drove the market performance up.
Market breadth closed positive with 34 gainers and 17 losers.
On the gainers’ chart, Africa Prudential, Conoil and RT Briscoe led by 10 per cent each to close at N14.30, N352 and N2.42 per share, respectively.
Golden Guinea Breweries followed by 9.95 per cent to close at N7.18, while NEM Insurance rose by 9.74 per cent to close at N10.70 per share.
On the other hand, Julius Berger led the losers’ chart by 10 per cent to close at N155.25, Secure Electronic Technology Plc trailed by 9.52 per cent to close at 57k per share.
Multiverse lost 7.63 per cent to close at N5.45, Haldane McCall dropped 6.07 per cent to close at N4.95 and Honeywell Flour shed 5.62 per cent to close at N4.70 per share.
Analysis of the market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 49.44 per cent.
A total of 320.10 million shares valued at N6.48 billion were exchanged in 7,943 deals, compared with 939.41 million shares valued at N12.81billion traded in 9,098 deals posted in the previous session.
Meanwhile, ETranzact led the activity chart in volume with 70.27 million shares, while Aradel led in value of deals worth N1.22 billion.(NAN)
The central parity rate of the Chinese currency renminbi, or the Yuan, weakened 22 pips to 7.1870 against the dollar on Monday.This is according to the China Foreign Exchange Trade System.In China’s spot foreign exchange market, the Yuan is allowed to rise or fall by two per cent from the central parity rate each trading day.
The central parity rate of the Yuan against the dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day. (Xinhua/NAN)
Arewa Youths Initiative for Energy Reforms (AYIFER), has urged Nigeria National Petroleum Corporation Limited (NNPCL) to do everything possible to bring Kaduna Refinery back into operation.
National Coordinator of the group, Mr Bashir Al’Amin, stated this in a statement issued on Friday in Abuja.
Al’Amin specifically called on the Chief Executive Officer of NNPCL, Mallam Mele Kyari, to do all within his powers to rejuvenate the refinery and bring it up to global standard.
He said that having delivered the Port Harcourt refinery, coupled with the establishment of Dangote Refinery in Lagos, attention should be shifted to Kaduna refinery for easy spread of petroleum products.
“We are calling on Malam Mele Kyari to expedite action on Kaduna refinery so we can be at par with other regions in the country.
“We equally beg the NNPCL to do professional work in rehabilitating the old refinery and deliver a standard and functional petrochemical refinery and not a blending plant.
“Kyari should resist any temptation that could make him do something that can jeopardise his good image,” he said.
Al’Amin said that since the extinction of groundnut pyramid and textiles in Kano State as well as PAN in Kaduna State and with the Kaduna refinery getting moribund, a lot of youths had lost their jobs.
According to him, all their hopes in the north are tied to the legacy refinery, expressing the hope that God would use Kyari to deliver it well and on time.
He said that the group was solidly behind NNPCL in prayer and would be ready to celebrate the company if its expectations were met. (NAN)
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