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Afreximbank, CDC announce $2bn investment for Africa’s health sector

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The African Export-Import Bank and Africa CDC have unveiled a US$2 billion facility for Africa’s health and pharmaceutical products manufacturing.

According to a statement issued by Afreximbank on Thursday, the development finance institution and Africa Centers for Disease and Prevention Control renewed their partnership with a new cooperation agreement on the sidelines of the Global Forum for Vaccine Sovereignty and Innovation in Paris, France.

The statement read, “Through this collaboration, Afreximbank has committed a US$ 2 billion facility to the “Africa Health Security Investment Plan” to support the health product manufacturing ambition of the continent. This initiative will focus on the African Pooled Procurement Mechanism and the Platform for Harmonised African Health Products Manufacturing .

“This initiative is pivotal in addressing Africa’s health investment challenges, promoting economic development, and strengthening health security across the continent,” the statement read.

The statement further said, “African pharmaceutical companies face severe impacts of the global health, security and economic challenges, yet they are the drivers of investments and technology advancements that the health sector needs.

“Low investor confidence, lack of appropriate infrastructure, trade related barriers, and regulatory challenges are some of the constraints to investment in Africa’s health sector.

“While funds might be available, many potential investments do not materialize due to financial and non-financial obstacles. Coordinated efforts at the continental level are essential to reverse this trend and align with the New Public Health Order,” the statement added.

“Closing the investment gap will be crucial to achieving the African Union’s ambition of manufacturing 60 per cent of vaccines needed locally by the year 2040 as well as implementing all other countermeasures necessary to ensure self-reliance, especially during crises such as pandemics and outbreaks.

“While commenting on the signing, Prof. Benedict Orama, President and Chairman of the Board of Directors of Afreximbank, Prof. Benedict Oramah, said: “We are pleased to be part of yet another momentous event that will change the course of health security in Africa. This facility will help strengthen the manufacturing of health and pharmaceutical products in Africa through our comprehensive and existing interventions such as Project Preparation funding, Project and Trade Finance as well as Guarantees.

“Furthermore, we intend to put our full weight behind this facility with equity investments through our subsidiary FEDA – the Fund for Export Development into Africa.

“Today is a big day for African vaccine manufacturing as well as health products manufacturing in general, as we welcome these major investment announcements that will change the face of health products manufacturing in Africa for years to come.

On his part the Director General, Africa CDC, Jean Kaseya, said,”Protecting our future means investing in our ability to achieve self-reliance on all health countermeasures; vital to accomplish our mission of safeguarding Africa’s health.”

Davido in court papers lists what he provided baby mama, Sophie Momodu, seeks joint custody of daugther

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Nigerian pop singer David Adeleke popularly known in music circles as Davido has dragged his babymama Sophia Momodu to court over the custody of their daughter Imade.
Davido has asked the Lagos State High Court to grant him joint custody of Miss Imade Adeleke in an originating application dated April 17, 2024, which was submitted by his attorneys, Dr. Olaniyi Arije, Okey Barrah, and others.
The multiple award-winning musician instead begged the court for “an order granting to the applicant unfettered and unrestricted access to Miss Imade.”
Ms. Sophia Momodu was named as the lone respondent in the lawsuit, which is designated LD/1587PMC/2024, and Mr. David Adedeji Adeleke as the applicant.
Davido stated in the initial motion that although he and Momodu had a relationship that resulted in the birth of their child on May 14, 2015, the relationship had ended a few years prior “while we resolved to take care of our child as biological father and mother.”
The musician said, “That it is on record that I have been responsible for the payment of all the school fees of my daughter to provide her with the best education possible and to meet all her educational needs without a hitch.
“That I have also been providing money for the rent of the apartment where the respondent resides with our daughter.”
Davido claimed that because of his love for Imade, he bought and presented the mother with a N200 million flat in Oniru, Victoria Island, Lagos, which is part of a gated community with a swimming pool and round-the-clock power and water supplies. He said the offer was rejected.
READ ALSO:‘Davido ripped me off, used me to shine without giving me money’, —Portable
He said, “The respondent rejected the offer to stay and live at the above-described secured Oniru apartment, which had been purchased already, but demanded that I continue to pay N5,000,000 annually for a rented facility as my own contribution towards my daughter’s accommodation.”
To guarantee that Imade was properly taken care of, Davido stated, “I purchased a Range Rover Sport Utility Vehicle for the respondent and the child to meet the transportation needs, including the child’s transportation to and from school, etc.”
He stated that at some point in the past year, he got a call from his daughter’s school informing him that Imade had not been in for two weeks. When he asked Momodu about it, “she started to make excuses and complained that the Range Rover SUV was not in a good condition, but she refused to inform me about that.”
He added, “That sequel to the information about the said condition of the vehicle, I provided another vehicle, Highlander SUV, and in addition, the sum of N5.8m as requested by her for the repair of the Range Rover SUV, making it two vehicles in the custody and use of the respondent and our daughter.”
Davido said: “I also made commitments to pay for living expenses, the fees of the nanny to our child, provide medical and health care, insurance, periodic international travel expenses and tickets.”
He added: “That notwithstanding my efforts in the overall interest of my daughter, the respondent has continued to make outlandish and Utopian demands to frustrate me.”
The musician stated, “The respondent, among others, is demanding that I should pay a babysitter she hired the sum of $800 per month and that the total sum of $19,600 per annum be paid as a lump sum.” He went on to list the other requests purportedly made by Momodu.
Davido asserted that “the respondent has continued to show me unwarranted cruelty, inflicting so much pain on me,” despite his efforts to ensure a better life for their daughter.
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Tinubu, Ramaphosa pledge to boost economic cooperation

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President Bola Tinubu met with South African President Cyril Ramaphosa on Thursday for diplomatic, economic, and bilateral talks, following a successful Presidential Inauguration Ceremony.

In a statement on X.com, President Tinubu revealed that their discussions focused on enhancing cooperation and strengthening economic ties between Nigeria and South Africa.

He added that they resolved to address their countries’ challenges through robust trade and economic strategies.

President Bola Tinubu, President Cyril Ramaphosa
President Bola Tinubu, President Cyril Ramaphosa

“I had the honor of attending President Cyril Ramaphosa’s inauguration in Pretoria yesterday, and today I met with him for a bilateral meeting.

President Bola Tinubu, President Cyril Ramaphosa
President Bola Tinubu, President Cyril Ramaphosa

“Our discussions focused on strengthening cooperation and enhancing the economic ties between Nigeria and South Africa.

“President Ramaphosa’s warm welcome and dedication to mutual respect and cooperation reflect the depth of our relationship.

President Bola Tinubu, President Cyril Ramaphosa
President Bola Tinubu, President Cyril Ramaphosa

“We intend to work together to address our countries’ challenges through robust trade and economic strategies, and I am hopeful that we can lead our nations towards increased prosperity and unity.

“Looking forward to collaborating at this crucial juncture for the progress of our continent.

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After sack of council chairmen, Rivers prepares for LG elections amid tension

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The Rivers State Independent Electoral Commission (RSIEC) has announced the commencement of the local government election process, following the expiration of the tenure of elected chairmen and councillors in the state’s 23 local government areas.
This development comes after a crisis erupted in the state, triggered by the swearing-in of caretaker committee chairmen by Governor Siminalayi Fubara.
RSIEC Chairman Justice Adolphus Enebeli (retd.) has invited all political parties, stakeholders, traditional rulers, security agencies, religious organizations, and the media to a meeting on July 1st to unveil the timetable and guidelines for the 2024 Local Government Elections.
The meeting is scheduled for July 1st at the RSIEC Headquarters in Port Harcourt. The invitation was extended to all registered political parties, civil society groups, non-governmental organizations, community-based groups, and the electorate.
READ ALSO:PDP mocks APC over alleged plot to instigate crisis, forcefully take over Rivers
The notice reads, “The Chairman of the Rivers State Independent Electoral Commission, Justice Adolphus Enebell, hereby invites: Leaders of all registered Political Parties, Traditional Rulers, Security Agencies, Religious Organizations, The Media, Professional Organizations, Civil Society Groups, Non-Governmental Organizations Community Based Groups and the Electorate to a general stakeholders meeting on Monday, 1s July 2024 at the RSIEC Headquarters, 239-243 Aba Road, Port Harcourt.
“The highlight of the meeting will be the unveiling of the timetable and guidelines for the 2024 Local Government Elections in the State. All concerned should be seated at the RSIEC Auditorium by 09:45 am, please.”
This development marks a significant step towards resolving the political tensions in Rivers State, as the election process is expected to bring a new leadership to the local government councils.
The meeting on July 1st will set the stage for the elections, and all eyes are on RSIEC to ensure a free, fair, and credible process.
The post After sack of council chairmen, Rivers prepares for LG elections amid tension appeared first on Latest Nigeria News | Top Stories from TVN.

Court postpones ruling on Kano Emirate tussle

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A Federal High Court in Kano has postponed its ruling on the validity of the Kano Emirates Council Repeal Law 2024, to 2 pm today.

According Online reports that the judgment was initially set for 12 pm but was shifted before midday, which was communicated by the court clerk to all parties in the suit.

The court will also address a motion for a stay of proceedings filed by A.G. Wakil, representing the State’s Attorney General and Kano State Government, who are respondents in Danagundi’s suit.

The law, recently passed by the Kano State House of Assembly on May 23, was immediately signed into law by Governor Abba Yusuf and was used to dethrone Emir Aminu Ado Bayero and reappoint Muhammadu Sanusi II as the 16th Emir of Kano.

Also, it was used to reverse the creation of four emirates—Bichi, Rano, Karaye, and Gaya, established by the former governor, Abdullahi Ganduje, in 2020.

However, the Sarkin Dawaki Babba, Aminu Danagundi, who was represented by Chikaosolu Ojukwu (SAN), Danagundi, challenged the legality of the new law and asked the court to declare the law null and void.

After hearing the motion last Friday, Justice Abdullahi  Liman of the Federal High Court sitting in Kano adjourned the ruling till this Thursday.

Counsel to the State House of Assembly and its speaker, Eyitayo Fatogun (SAN), informed the court of a notice of appeal filed at the Court of Appeal, seeking a stay proceedings.

However, Justice Liman noted that there was no evidence that the appeal had been entered nor any formal application for a stay filed.

IBEDC improves electricity supply to Band A customers

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The Ibadan Electricity Distribution Company has announced that it has successfully provided a cumulative minimum of 620 hours of electricity supply to Band A customers within its coverage over the past two months.

In a statement on Thursday, the company’s Acting Managing Director, Francis Agoha, said the achievement was confirmed during a performance evaluation period monitored by the Nigerian Electricity Regulatory Commission.

The statement read, “The Ibadan Electricity Distribution Company (IBEDC) is pleased to announce that we have successfully provided a cumulative minimum of 620 hours of electricity supply to our Band A customers over the past two months.

“This achievement was confirmed during a performance evaluation period monitored by the Regulator.

“Starting with an initial 30 Band A feeders in April, IBEDC received approval from the Regulator to upgrade an additional 30 feeders later in April, another 30 in May, and 15 more feeders subsequently, bringing the total to 83 feeders.
These feeders are categorized as follows: 34 11kV and 49 33kV.”

Agoha stated that the company remains committed to meeting the service delivery expectations of all its customers across various tariff bands, and would continue to upgrade its network within its coverage areas to ensure a consistent and reliable electricity supply.

It added, “IBEDC remains committed to meeting the service delivery expectations of all our customers across various tariff bands. We continue to enhance our network upgrades within our coverage areas to ensure consistent and reliable electricity supply, in addition, we are working assiduously to ensure power supply to other bands improves significantly”.

“IBEDC’s dedication to service excellence and continuous improvement underscores our mission to provide reliable and efficient electricity to our valued customers. We appreciate the support of our customers and the Regulator in achieving this significant milestone.”

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Lagos, Niger, Kwara sell cheapest petrol after 223% price hike to ₦770 per litre, says NBS

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Lagos, Niger and Kwara states have topped the lists of states with the cheapest average retail prices for Premium Motor Spirit (PMS) popularly called petrol as the product sold at ₦636.80, ₦642.16 and N645.15 respectively, the National Bureau of Statistics (NBS) has disclosed.
This is even as the average price of the product shot up by 223.21 per cent to approximately ₦770 per litre in May 2024 from ₦238.11 per litre recorded in the corresponding period of 2023, the bureau disclosed.
The bureau in its Premium Motor Spirit (Petrol) Price Watch for May 2024, noted that on a month-on-month basis, the product recorded an increase of 9.75 per cent from ₦701.24 per litre in April 2024.
According to the report, Jigawa State topped the price chart at ₦937.50 per litre, followed by Ondo and Benue States with N882.67 per litre and ₦882.22 per litre, respectively.
However, Lagos, Niger and Kwara states emerged with the lowest average retail prices for the product at ₦636.80, ₦642.16 and N645.15 respectively, according to the NBS report.
On the zonal profile, the North-West Zone had the highest average retail price of ₦845.26, while the North Central Zone had the lowest price of ₦695.04.
READ ALSO:Nigeria’s earnings from income tax declined by N276bn in Q1 2024 – NBS
Meanwhile, the average retail price of Automotive Gas Oil (Diesel) paid by consumers increased by 66.29 per cent to ₦1403.96 per litre in May 2024 from ₦844.28 per litre recorded in May 2023.
On a month-on-month, MoM basis, a decrease of 0.78 per cent was recorded from ₦1415.06 per litre in April 2024.
The report stated “ Looking at the variations in the state prices, the top three states with the highest average price of the product in May 2024 include Adamawa State (₦1709.00), Sokoto State (₦1675.00) and Bauchi (₦1657.92). Furthermore, the top three lowest prices were recorded in the following State namely, Niger State (₦1140.20), Kano State (₦1153.33), and Oyo State (₦1236.92).
The zonal representation of average price of diesel showed that North-East Zone has the highest price of ₦1605.91 while South West Zone has the lowest price ₦1303.60 when compared with other zones.
This comes as the average retail price per litre of Household Kerosene (HHK) paid by consumers in May 2024 was ₦1,450.35, indicating an increase of 0.74 per cent when compared to ₦1,439.64 recorded in April 2024.
By: Babajide Okeowo
The post Lagos, Niger, Kwara sell cheapest petrol after 223% price hike to ₦770 per litre, says NBS appeared first on Latest Nigeria News | Top Stories from TVN.

Zamfara, Bayelsa, Abia residents pay more as price of cooking gas jumps 63% in one year —NBS

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Residents of Zamfara, Bayelsa and Abia States topped the list of states that paid more as the price of 12.5 kilograms (kg) of liquefied petroleum gas (LPG), better known as cooking gas increased by 63.85 percent in one-year, fresh data from the National Bureau of Statistics (NBS) has shown.
Zamfara recorded the highest average retail price for refilling a 12.5kg cooking gas with N18,369.33, followed by Bayelsa with N17,772.21 and Abia with N17,538.02.
On the flip side the lowest average price was recorded in Bauchi with N13,076.43, followed by Ebonyi and Taraba with N13,788.09 and N13,860.31 respectively,” the bureau added.
These developments were contained in the agency’s report on LPG (cooking gas) price watch for May 2024 released on Thursday, June 20, 2024.
NBS said the average price for refilling a 12.5kg cylinder of cooking gas in May increased to N15,627.40, compared to N9,537.89 in May 2023.
On a month-on-month basis, the bureau said the average retail price for refilling a 12.5kg cylinder of LPG dropped by 0.07 percent in a month — from N15,637.74 in April 2024 to N15,627.40 in May 2024.
“The average retail price for refilling a 12.5kg Cylinder of Liquefied Petroleum Gas (Cooking Gas) declined by 0.07% on a month-on-month basis from N15,637.74 in April 2024 to N15,627.40 in May 2024,” NBS said.
READ ALSO:NBS report says Nigerians paid more for cooking gas in February 2024
“On a year-on-year basis, this rose by 63.85% from N9,537.89 in May 2023.”
“Analysis by zone showed that the South-South recorded the highest average retail price for refilling a 12.5kg Cylinder of Liquefied Petroleum Gas (Cooking Gas) with N16,310.02, followed by the North-West with N15,991.13 while the North-East recorded the lowest price with N15,010.62.”
NBS said the average retail price for refilling a 5kg cylinder of LPG rose by 13.75 percent on a month-on-month basis — from N6,521.58 recorded in April 2024 to N7,418.45 in May 2024.
“On a year-on-year basis, this increased by 70.12% from N4,360.69 in May 2023,” NBS said.
“On state profile analysis, Benue recorded the highest average price for refilling a 5kg Cylinder of Liquefied Petroleum Gas (Cooking Gas) with N8,012.03, followed by Enugu with N7,926.21, and Ondo with N7,857.53.
“On the other hand, Yobe recorded the lowest price with N5,842.31, followed by Jigawa and Katsina with N6,521.81 and N6,567.95 respectively.
“In addition, analysis by zone showed that the South-East recorded the highest average retail price for refilling a 5kg Cylinder of Liquefied Petroleum Gas (Cooking Gas) with N7,680.87, followed by the South-West with N6,593.93.”
NBS also said the north-east recorded the lowest price for May with N7,071.84.
By: Babajide Okeowo
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India fines Binance $2.25m for money laundering

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India’s Financial Intelligence Unit has imposed a fine of $2.25m (188.2 million rupees) on Binance, the world’s largest cryptocurrency exchange, for operating in the country without registering with the agency, as required by law.

The FIU made this disclosure in a statement obtained by The According from its website on Thursday.

The Indian Authority said Binance, as a registered entity in the country, violated three sections of the country’s Prevention of Money Laundering Act, 2002.

This is the latest trouble for the exchange, which is already facing a trial in Nigeria for money laundering and tax evasion charges.

In Nigeria, the Economic and Financial Crimes Commission accused Binance of laundering over $35m through its platform.

The exchange is also facing a separate case of tax evasion filed by the Federal Inland Revenue Service.

Binance had registered with the FIU in May, seeking to resume operations in India after being issued a show-cause notice by the financial watchdog in December 2023.

However, the exchange failed to comply with the regulations, leading to a hefty fine.

Part of the document read: “1. Binance, by virtue of operating as a Virtual Digital Asset Service Provider (VDA SP) carrying on designated business or profession as other activities under Section 2(sa)(vi) of the Prevention of Money Laundering Act (PMLA), 2002 (hereinafter referred to as ‘the Act’), is a reporting entity in terms of Section 2(1) (wa) of the Act.

“2. Consequently, due to Binance’s ongoing provision of services to Indian clients and operations within India without adhering to its statutory obligations under the PMLA, a notice dated December 28, 2023, was issued to Binance pursuant to Section 13 of the Act, compelling Binance to demonstrate why appropriate action should not be undertaken against it for its dereliction of duties under the Act, despite its status as a reporting entity owing to its operations as a Virtual Digital Asset Service Provider.

“3. After considering the written and oral submissions of Binance, the Director, FIU-IND, based on the material available on record, found that the charges against Binance were substantiated.
“Consequently, the Director FIU-IND, vide order dated June 19, 2024, in the exercise of powers under Section 13 PMLA, imposed a total penalty of Rs. 18,82,00,000,” the FIU stated.

The crypto exchange platform shut down naira-dollar services after the Federal Government accused it of manipulating foreign exchange rates.

This led to a serious crackdown and stricter oversight of crypto trading platforms operating in the country.

On February 28, Nigerian authorities detained two senior executives from Binance, a cryptocurrency exchange platform.

The executives, Nadeem Anjarwalla and Tigran Gambaryan, were taken into custody following a meeting in Nigeria, despite the government’s recent ban on cryptocurrency channels.

The ban is part of a broader effort to address currency speculation.

Although the Federal High Court recently dismissed tax evasion charges against the executives, the Federal Inland Revenue Service has filed amended charges, naming Binance as the sole defendant.

Nigerian pilgrim returns lost $800, other currencies in Makkah

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A Nigerian pilgrim from Dutse Local Government Area of Jigawa State, Abba Limawa, 52, has returned 10,500 Russian rubles, 800 dollars and 690 Saudi Riyals, he found, to the authority in Makkah.

The News Agency of Nigeria reports that Limawa, handed over the different currencies to the Executive Chairman, National Hajj Commission of Nigeria, Jalal Arabi during the post-Afarat conference, held on Wednesday in Makkah, Saudi Arabia.

The pilgrim explained that he found the money inside a waist bag, while on his way to pray at the Masjid Haram (Mosque).

” Initially, I wanted to ignore the waist bag and move to the Mosque, but on second thought, I said it might belong to a Nigerian, especially some of our old women.

“So, I decided to pick it, and I proceeded to the mosque. When I returned to my accommodation, I opened the bag and discovered that there was no Nigerian currency and no sign that it belonged to a Nigerian.

” Immediately, I approached one of the officials of the Jigawa State Pilgrims Welfare Boards, narrated the story and presented the money to him.

” From there, he commended me for showing an exemplary character and honesty and told me that he will hand over the money to the NAHCON, to ensure that the owner gets his or her money,” he said.

Responding, Arabi commended Limawa for being honest and projecting the image of Nigeria positively in the international arena.

Earlier, in his presentation on the outcome of the just concluded Hajj ritual, the NAHCON boss explained that the aim of the post-Afarat conference was to review what had transpired.

“This will enable us to have a sincere post-mortem of what we did at the battlefield and improve on the success recorded.”

Arabi disclosed that the Saudi government had released the timetable and timeline for the 2025 Hajj operation on Tuesday.

“Perhaps by Thursday, we will know what they allocate (Hajj slots allocation) to each nation of the world, and how the visas will commence.

”But interestingly for the first time, they (Saudi authority) have opened the e-portal as from Tuesday.”

He, therefore, called on the state pilgrims’ Welfare Boards, Tour Operators and all other stakeholders to take note of the development.

Also, the Head of Aviation of NAHCON, Malam Goni Sanda, said that three flights carrying pilgrims from Kebbi, Nasarawa and the Federal Capital Territory will take off to Nigeria on June 22.

(NAN)