The Islamic Development Bank (IsDB) will continue to engage Nigeria on economic and social infrastructure, says IsDB president

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Islamic bank, corporation invest $1.8 billion in Nigeria’s economy, infrastructure

“The IsDB active portfolio in Nigeria now stands at $1.2 billion, and we look forward to strengthening our bilateral relations.”

By HArun babaizhi • OCTOBER 26, 2022

IsDB president Muhammad Aljasseer, [Photo Credit: 

The Islamic Development Bank (IsDB) will continue to engage Nigeria on economic and social infrastructure, says IsDB president Muhammad Aljasseer, disclosing that the IsDB and the Islamic Corporation for Development (ICD) are investing $1.8 billion in the country

Mr Aljaseer disclosed this to journalists while visiting project sites in Kano on Tuesday and commended the Kano State Agro-Pastoral Development Project (KSADP) for meeting the bank’s expectations, which is the sponsor of the project, whose objective is to reduce poverty by strengthening food security in Kano.

He added that the project, funded by the bank and the Lives and Livelihood Funds (LLF), contributed to poverty reduction and strengthened food and nutrition security in Kano.

“The bank has been monitoring Kano’s performance. I am impressed that you are working very hard to meet the bank’s expectations. The IsDB has approved a total financing of $1.8 billion for Nigeria,” the bank’s president said. 

He added, “The $1.8 billion facility for Nigeria is made up of $971 million for project financing by the bank, and about $$288 million provided by the Islamic Corporation for Development (ICD)–IsDB’s private sector affiliate.”

He further stated that $477 million was in the form of trade operations by its trade arm, the International Islamic Trade Finance Corporation (ITFC) and $90 million from other funds and operations.

“Our investment guarantee arm has provided $1.1 billion as business insured and $1 billion as a new insurance commitment to help attract businesses and insure them,” Mr Aljasser explained. “The IsDB active portfolio in Nigeria now stands at $1.2 billion, and we look forward to strengthening our bilateral relations.”

According to him, the bank is keen to continue engaging Nigeria on its strategic priorities, “such as economic and social infrastructure and advisory support for strengthening Islamic financial services.”

Mr Aljasser inaugurated the veterinary reference laboratory renovated and equipped by KSADP at Gwale Veterinary Clinic in Kano and visited Watari dam infrastructure, renovated by KSADP, with funding from the IsDB and the LLF. 

Ukraine needs €4 billion to go through winter season: Minister

Ukrainian President Volodymyr Zelensky said Russia’s attacks had destroyed about 30 per cent of Ukraine’s power stations, causing massive blackouts across the country.

By harun babaizhi • OCTOBER 26, 2022

RAVAGED UKRAINE [Photo credit: DW]

 Ukraine needs €4 billion ($3.97 billion) to go through the winter cold season, Minister for the Development of Communities and Territories of Ukraine Oleksiy Chernyshov said.

“We need €4 billion to get through this winter to renovate houses, to support health care and energy supplies,” Mr Chernyshov said at the International Expert Conference on the Recovery, Reconstruction and Modernisation of Ukraine in Berlin, Germany.

“Besides, Ukraine lacks backup equipment for water and power supply such as mobile water purification stations, mobile heating stations, diesel generators and electric heaters,” the minister said.

Ukraine is facing an energy crisis ahead of the winter cold due to the conflict with Russia that started on February 24.

On October 18, Ukrainian President Volodymyr Zelensky said Russia’s attacks had destroyed about 30 per cent of Ukraine’s power stations, causing massive blackouts across the country. 

 

U.S. government authorises evacuation of citizens, embassy staff from Abuja over terrorist threat

The United States has authorised the relocation of U.S. government employees and their families from Abuja over potential terrorist attacks.

By harun babaizhi • OCTOBER 26, 2022

The United States has authorised the relocation of U.S. government employees and their families from Abuja over potential terrorist attacks.

“On October 25, 2022, the U.S. Department of State granted authorised departure status to Embassy Abuja, which permits the voluntary departure of family members and certain employees due to the heightened risk of terrorist attacks,” the terror alert said. 

It added, “The U.S. Embassy in Abuja continues to have limited ability to provide emergency assistance to U.S. citizens in Nigeria. The U.S. Consulate in Lagos continues to provide routine and emergency services to U.S. citizens in Nigeria.”

The latest terror alert followed similar security warnings from the U.S. and the United Kingdom on Sunday of a possible terrorist attack in the Federal Capital Territory, targeting government buildings, places of worship and schools, among others.

The capital has come under attack in recent months following the Boko Haram raid on Kuje Prison and an attack on the Presidential Guards Brigade at Bwari in which three elite officers were killed. 

In July, schools in the capital and neighbouring states were shut down over security concerns.

The terror alert, however, was dismissed by information minister Lai Mohammed. 

Mr Mohammed claimed that the U.S. and UK’s “clickbait” security warnings forced schools to shut down and disrupted commercial activities in Abuja.

The FCT Administration, in a statement, called on Abuja residents to remain calm as security agencies are working to maintain law and order in the nation’s capital.

On Monday, police spokesman, Muyiwa Adejobi, said there was no cause for alarm, noting that all hands were on deck to nip the threats in the bud.

 

Chelsea appoint Laurence Stewart technical director

Laurence Stewart arrives from Monaco to become Chelsea’s technical director to focus on global football.

By Harun babaizhi • OCTOBER 26, 2022

Chelsea has announced the arrival of Laurence Stewart from Monaco as technical director with a focus on global football, in what was seen as the first move towards a multi-club model.

Stewart, a former performance analyst for England during the 2014 World Cup, would arrive at Stamford Bridge upon the completion of his tenure with the Ligue 1 outfit.

Chelsea owner Todd Boehly has made little secret of his desire to move the Premier League outfit towards a multi-club model, akin to Manchester City and the City Football Group, who own teams in 11 countries.

Stewart, who has experience with such a model through Monaco, appears to be arriving to help facilitate that vision, given the emphasis his role will have on global matters.

Boehly, in a statement with co-controlling owner Behdad Eghbali said: “Laurence is an important appointment as we plan to build a deep sporting team that will collaborate closely.

“He’s a world-class football leader who understands talent management, data and scouting, player development and performance.”