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ADB, ASEA Ink $600,000 Network Expansion Agreement
The African Securities Exchanges Association (ASEA) has received the backing of the African Development Bank Group (ADB) in the form of a $600,000 grant to expand the number of linked African exchanges from seven to 15.
Biztellers reports that the grant would be for the second phase of the African Exchanges Linkage Project (AELP), while the agreement was singned by the parties on 28 June, 2023, in Gaborone, Botswana.
It was gathered that the funds would flow from the Korea African Economic Cooperation Fund (KOAFEC) Trust Fund, which is being managed by the ADB.
Recall that the AELP is a flagship project of the ASEA and the ADB to link African capital markets, with the objective of promoting cross-border securities trading, increasing liquidity and diversifying investment opportunities for investors.
Biztellers reports that AELP’s second phase will provide investors access to over 2,000 securities listed on up to 15 capital markets through a cross-border securities trading platform tailored to the needs of regulators, central depositories, policymakers, and stockbrokers.
Participating stock exchanges include the Botswana Stock Exchange, where the grant signing took place; the Ghana Stock Exchange and six other stock exchanges. The grant will also support capacity building of institutional investors and capital market operators.
President, ASEA and CEO, Botswana Stock Exchange, Thapelo Tsheole, signed on behalf of the association.
He said, “We express our gratitude to the African Development Bank for their invaluable support and dedication to the development of African Capital Markets.
“With the generous grant funding, we are poised to expand technical connectivity and linkage among African stock exchanges, creating a broader Pan-African network.
“Together, we are working towards a fully integrated Africa for the benefit of investors, businesses and governments across the continent.”
In the same vein, Vice President for Private Sector, Infrastructure and Industrialization, ADB, Solomon Quaynor, signed on its behalf.
“The Bank is pleased to extend its partnership with ASEA through the follow-on support for Phase 2 of the African Exchanges Linkage Project.
“The AELP is facilitating regional integration through African stock exchanges linkage amounting to up to $1.3 trillion in combined market capitalization.
“The collaboration between the Bank and ASEA through the AELP aligns with our objective of leveraging institutional investor groups and capital markets financing into infrastructure and the real sector in regional member countries,” he said.
The objectives of the AELP align with the African Union’s Agenda 2063 and the African Continental Free Trade Agreement’s goal of establishing a liberalized market to ease the movement of capital and investments and deepen the continent’s economic integration. The project also advances the Bank Group’s High 5 strategic priority to integrate Africa.
Recall that the ADB supported the first phase of the AELP, which was also funded with a KOAFEC grant.
Phase one supported the setup of an infrastructure interconnectivity platform involving seven stock exchanges and 31 stockbrokers. It also offered training for over 1,000 capital market operators.
President Bola Ahmed Tinubu will depart Abuja on Sunday, January 26, 2025, to participate in the Africa Heads of State Energy Summit in Dar es Salaam, Tanzania.
The two-day summit, scheduled for January 27-28, 2025, is aimed at advancing “Mission 300,” a pan-African initiative to provide electricity to 300 million people across the continent by 2030.
Hosted by the Tanzanian government in collaboration with the African Development Bank Group and the World Bank, the summit will bring together African leaders, private sector stakeholders, development partners, and civil society organizations.
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The goal is to develop strategies for accelerating energy access in underserved regions, increasing renewable energy adoption, and mobilizing private sector investment.
According to a statement released on Saturday by Bayo Onanuga, Special Adviser to the President, the summit will serve as a platform for sharing expertise, knowledge, and resources to address Africa’s energy challenges.
The first day of the summit will feature ministerial-level discussions, during which participating nations, including Nigeria, will present their national energy strategies, or “compacts,” detailing their plans to achieve universal energy access within five years.
On the second day, African Heads of State will sign the Dar es Salaam Energy Declaration, a unified roadmap for achieving the goals of Mission 300.
President Tinubu is expected to deliver a national statement reaffirming Nigeria’s commitment to universal energy access and its leadership role in the continent’s energy sector.
He will also highlight Nigeria’s ongoing clean energy initiatives and integrated energy delivery strategies aimed at fostering sustainable development across Africa.
Accompanying the president will be key government officials, including Minister of State for Foreign Affairs Ambassador Bianca Odumegwu-Ojukwu, Minister of Power Adebayo Adelabu, and Special Adviser to the President on Energy Olu Verheijen.
President Tinubu is set to return to Abuja immediately after the summit concludes.
The menace of illegal migration is getting diplomatic attention from the Italian authorities and the Edo State Government.
The Chief Press Secretary to Edo State Governor, Fred Itua divulged this in a government house statement issued in Benin City on Saturday.
He explained that the Coordinator, Office of the First Lady, Edesili Anani had expressed the readiness of the Governor, Monday Okpebholo-led administration to tackle the menace of irregular migration among youths in the state.
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It was gathered that Anani made the stance public on Friday in Government House, Benin City, when Dr. Alberto Cilala, a consultant to the European Union and President of Mattei Africa for Humanitarian Aids Initiative in Italy, led a delegation to her office.
Welcoming the delegation, she highlighted the importance of collaboration to address the challenges posed by irregular migration.
The Coordinator expressed her gratitude to the delegation, and emphasized the transformative impact the partnership will bring to Edo State.
In her words, “This initiative will reduce unemployment, create job opportunities, and address human trafficking and irregular migration. It will also enhance education, skills acquisition, agricultural investment, and infrastructural development for our people.”
On his part, Dr. Cilala emphasized that the Mattei Plan would provide valuable skills to Edo State residents, including tailoring, furniture-making, shoemaking, and more.
“The Mattei Plan was launched by the Italian Government with a focus on six key sectors: education and training, health, security, agriculture, and renewable energy. The goal is to promote integrated development and improve living conditions, particularly in rural areas.
“These projects will be fully funded by the Italian Government through the Ministry of Foreign Affairs and Labour,” he stated.
Former Senior Special Assistant to the Edo State Government on Anti-Human Trafficking and Irregular Migration, Solomon Okoduwa, in his remarks, said the Mattei Plan prioritizes practical measures to reduce irregular migration and human trafficking.
“Although nine African countries are involved in this initiative, Edo State is a crucial partner for Italy. This partnership will strengthen bilateral relations under the leadership of His Excellency, Senator Monday Okpebholo,” he said.
Brand Ambassador of the Mattei Plan, Olorogun John Paul, popularly known as Daddy Showkey was at the event and lauded the initiative.
He noted, “This program provides an opportunity for Edo State beneficiaries to gain training in various skills, equipping them for sustainable livelihoods.”
Supporters of the impeached Speaker of the Lagos State House of Assembly, Mudashiru Obasa, on Saturday morning stormed the Speaker’s Lodge located at 47 Joel Ogunnaike Street, GRA Ikeja, Lagos.
The supporters, dressed in pro-Obasa vests and caps, arrived in large numbers at the premises.
According to multiple sources, the group was planning a “heroic welcome” for the former Speaker, who was recently removed from office by a majority of lawmakers in the House.
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Obasa, who was out of the country at the time of his impeachment, was replaced by the former deputy speaker, Mojisola Meranda.
Since her emergence as Speaker, Meranda has presided over two sittings, with Obasa absent from both.
The choice of the Speaker’s Lodge as the location for Obasa’s supposed welcome sparked controversy, as he is no longer officially entitled to the property following his removal.
A resident in the area expressed surprise over the situation, saying, “I didn’t expect that the lodge would be opened for them.”
Armed security personnel, including police officers, were deployed to the area to maintain order and prevent any potential disruption.
As of the time of filing this report, Obasa had yet to arrive at the lodge.
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