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AfDB approves US$15M loan for Infrastructure Credit Guarantee Company Limited to support infrastructure financing in Nigeria

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The Board of Directors of the African Development Bank has approved a $15 million subordinated loan to Infrastructure Credit Guarantee Company Limited (InfraCredit) to strengthen its capital base and help close Nigeria’s infrastructure financing gap.

The financing will enable InfraCredit to leverage domestic capital markets to bolster access to long-term local currency infrastructure financing in Nigeria. It complements a 2019 investment into InfraCredit made by the African Development Bank and other partners to help unlock domestic institutional capital for infrastructure. InfraCredit is a specialized Nigerian credit guarantee company that mobilizes long-term capital from institutional investors, including pension fund and insurance companies, to support infrastructure projects.

The loan comes at a time when InfraCredit is seeking to raise capital to finance an additional $375 million in infrastructure over the next few years, primarily by leveraging private sector financing.

Lamin Barrow, Director General of the Bank’s Nigeria Country Department, said, “The African Development Bank is pleased to continue to support an innovative financial institution – InfraCredit –which has objectives that align closely with our priorities to mobilize institutional financing for the delivery of infrastructure for Nigeria in key sectors including transport, energy, water, agriculture and infrastructure.”

The company’s green finance track record and commitments under its Clean Energy Transition Strategy and Roadmap and Green Finance Framework fits with the African Development Bank’s commitments to promote low-carbon development and mitigation, leveraging climate finance from private sector sources, Barrow said.

The loan comes at a time when InfraCredit is seeking to raise capital to finance an additional $375 million in infrastructure over the next few years

Chinua Azubike, InfraCredit CEO said, “We are delighted and very pleased with the confidence that AfDB has demonstrated in the opportunity ahead for InfraCredit to scale its development impact of unlocking domestic institutional investments for long-term local currency infrastructure finance in Nigeria that will create jobs and support local economic growth. This second round investment will strengthen our guarantee issuing capacity and bring AfDB’s total investments in InfraCredit to $25 million, which is a strong signal of commitment to the long-term growth of InfraCredit and the Nigerian economy.”

Ahmed Attout, African Development Bank Acting Director for Financial Sector Development, said: “The support demonstrates our continuing confidence in InfraCredit and recognition of the role it plays in Nigeria’s infrastructure development. The African Development Bank is committed to capacitating the various players within Africa’s capital markets and stimulating the mobilization of long-term funding into Africa’s infrastructure.”

The partnership advances a number of strategic objectives under the Bank’s current Country Strategy Paper for Nigeria, which includes helping to stimulate local currency bond market financing across diverse infrastructure sectors, as well as enhancing economic diversification and competitiveness in the country. The strategy also prioritizes delivery of infrastructure for transport, energy, water and sanitation, agriculture, industry and social development.

The intervention is also aligned with the Nigeria’s National Development Plan which envisages strong private sector resource mobilization and participation in the delivery of the priorities of the plan including for investment in infrastructure, promotion of financial sector and capital market development in the country.

By de-risking local currency debt instruments (primarily bonds), InfraCredit channels financing to infrastructure projects, including green and climate-aligned projects in Nigeria. Infrastructure Credit Guarantee Company Limited was founded in 2016 by the Nigerian Sovereign Investment Authority in collaboration with GuarantCo (part of the Private Infrastructure Development Group).

ICPC re-arraigns ex-JAMB registrar Ojerinde, children, 6 others

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The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has again re-arraigned the former registrar of the Joint Admission and Matriculation Board (JAMB), Prof. Dibu Ojerinde over allegations bordering on official corruption, abuse of office and forgery.

Mr Ojerinde was docked on 17 count charges alongside his four children, and six other companies allegedly linked to him, a statement issued by the ICPC spokesperson Azuka Ogugua on Thursday says.

The children are: Mary Ojerinde, Olumide Ojerinde, Adebayo Ojerinde, Oluwaseun Ojerinde and six companies linked to him, namely: Doyin Ogbohi Petroleum Limited, Cheng Marbles Limited, Sapati International Schools Limited, Trillium Learning Centre Limited, Standout Institutes Limited and Esli Perfect Security Printers Limited.

According to the statement, the ICPC in charge no: FHC//ABJ/CR/119/2023, brought before Justice Inyang Ekwo of the Federal High in Abuja, informed the court of the multiple layers of fraudulent identities and conspiracies designed by the defendants to conceal crimes.

In one count out of a 17-count charge, the Commission through its counsel, Ebenezer Shogunle, told the Court of how the former JAMB boss conspired with three of his children (Oluwaseun Adeniyi Ojerinde, Olumide Abiodun Ojerinde and Adebayo Ojerinde) to sell off property worth One Hundred and Fifty Thousand Dollars ($150,000:00) situated at House No. 4 Ahomko Drive, Achimota Phase 2, Accra, Ghana even after the property had been forfeited to the Federal Republic of Nigeria.

Mr Ojerinde was also accused of incorporating the aforementioned companies and taking up simultaneous appointments as Chairman and Director, while being a public officer on full-time appointment as Registrar/Chief Executive of National Examinations Council (NECO), Minna and the Joint Admission and Matriculation Board (JAMB), Bwari, knowing very well that the Code of Conduct for Public Officers forbids public officers from engaging in private business other than farming or participating in shareholding of joint stock companies.

The Court was also informed of how the 1st defendant (Ojerinde) in order to avoid various anti-corruption and anti-money laundering policies of government, notably Know Your Customer (KYC) and Bank Verification Number (BVN) policies, took measures to conceal his ownership and active participation in the management of some of these companies by using forged documents, stolen identities and synthetic names.

As a result of some of these acts, the former JAMB registrar is also standing trial at the Niger State High Court as well as Federal High Court, Abuja for alleged corruption and other ancillary offences.

These actions are contrary to, and punishable under sections 17, 19, 22 and 24 of the Corrupt Practices and Other Related Offences Act, 2000, and contrary to, and punishable under Section 1 of the Advanced Fee Fraud Act, 2006 as well as contrary to, and punishable under Section 1 of the Miscellaneous Offences Act, CAP M17 of the Revised Laws of the Federation, 2007.

The accused persons pleaded not guilty to all the charges when they were read to them.

Bail was granted to Mr Ojerinde on terms earlier granted to him by the Federal High Court, Abuja, where he is standing trial while the four children were admitted bail in the sum of Twenty Million Naira (N20,000,000) each and a surety in like sums who must have landed properties not below the value of the bail sum and within the jurisdiction of the Court.

The trial judge, in handing down the bail conditions, also ordered the other defendants to surrender their international passports to the Court and must not travel outside the country without recourse to the Court, and that the Nigeria Immigration Service be notified.

The matter was then adjourned to the 13th, 14th, 15th, and 16th of November 2023 for hearing.

ICPC re-arraigns ex-JAMB registrar Ojerinde, children, 6 others

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The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has again re-arraigned the former registrar of the Joint Admission and Matriculation Board (JAMB), Prof. Dibu Ojerinde over allegations bordering on official corruption, abuse of office and forgery.

Mr Ojerinde was docked on 17 count charges alongside his four children, and six other companies allegedly linked to him, a statement issued by the ICPC spokesperson Azuka Ogugua on Thursday says.

The children are: Mary Ojerinde, Olumide Ojerinde, Adebayo Ojerinde, Oluwaseun Ojerinde and six companies linked to him, namely: Doyin Ogbohi Petroleum Limited, Cheng Marbles Limited, Sapati International Schools Limited, Trillium Learning Centre Limited, Standout Institutes Limited and Esli Perfect Security Printers Limited.

According to the statement, the ICPC in charge no: FHC//ABJ/CR/119/2023, brought before Justice Inyang Ekwo of the Federal High in Abuja, informed the court of the multiple layers of fraudulent identities and conspiracies designed by the defendants to conceal crimes.

In one count out of a 17-count charge, the Commission through its counsel, Ebenezer Shogunle, told the Court of how the former JAMB boss conspired with three of his children (Oluwaseun Adeniyi Ojerinde, Olumide Abiodun Ojerinde and Adebayo Ojerinde) to sell off property worth One Hundred and Fifty Thousand Dollars ($150,000:00) situated at House No. 4 Ahomko Drive, Achimota Phase 2, Accra, Ghana even after the property had been forfeited to the Federal Republic of Nigeria.

Mr Ojerinde was also accused of incorporating the aforementioned companies and taking up simultaneous appointments as Chairman and Director, while being a public officer on full-time appointment as Registrar/Chief Executive of National Examinations Council (NECO), Minna and the Joint Admission and Matriculation Board (JAMB), Bwari, knowing very well that the Code of Conduct for Public Officers forbids public officers from engaging in private business other than farming or participating in shareholding of joint stock companies.

The Court was also informed of how the 1st defendant (Ojerinde) in order to avoid various anti-corruption and anti-money laundering policies of government, notably Know Your Customer (KYC) and Bank Verification Number (BVN) policies, took measures to conceal his ownership and active participation in the management of some of these companies by using forged documents, stolen identities and synthetic names.

As a result of some of these acts, the former JAMB registrar is also standing trial at the Niger State High Court as well as Federal High Court, Abuja for alleged corruption and other ancillary offences.

These actions are contrary to, and punishable under sections 17, 19, 22 and 24 of the Corrupt Practices and Other Related Offences Act, 2000, and contrary to, and punishable under Section 1 of the Advanced Fee Fraud Act, 2006 as well as contrary to, and punishable under Section 1 of the Miscellaneous Offences Act, CAP M17 of the Revised Laws of the Federation, 2007.

The accused persons pleaded not guilty to all the charges when they were read to them.

Bail was granted to Mr Ojerinde on terms earlier granted to him by the Federal High Court, Abuja, where he is standing trial while the four children were admitted bail in the sum of Twenty Million Naira (N20,000,000) each and a surety in like sums who must have landed properties not below the value of the bail sum and within the jurisdiction of the Court.

The trial judge, in handing down the bail conditions, also ordered the other defendants to surrender their international passports to the Court and must not travel outside the country without recourse to the Court, and that the Nigeria Immigration Service be notified.

The matter was then adjourned to the 13th, 14th, 15th, and 16th of November 2023 for hearing.

Court grants Seun Kuti bail

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A Magistrate Court in Yaba on Tuesday granted bail to Afrobeat musician, Seun Kuti. Mr Kuti is expected to produce two sureties who own landed properties in Lagos State. Magistrate Adeola Olatunbosun also ordered police to complete its investigation within 48 hours.

Mr Kuti was charged with assault on a police officer, an offence contrary to Section 356 of the Criminal Code Act. The police prosecutor, S. A. Adebese had prayed that the court remand the defendant for 21 days. Mr Adebese said the three weeks would allow the Directorate of Public Prosecutions (DPP) to prepare its legal advice.

But the defence counsel, Adeyinka Olumide-Fusika, a Senior Advocate of Nigeria (SAN), opposed the plea in his argument. Olumide-Fusika begged the court not to remand his client, adding that he was not aware of an application to that effect.

Mr Kuti was arrested for slapping an officer after his vehicle was stopped on Third Mainland Bridge.

At the State Criminal Investigation Department (SCID) in Panti, Yaba, Kuti refused to volunteer any statement during questioning.

His lawyer said police spokesperson, Benjamin Hundeyin made himself the Investigating Police Officer (IPO) by “issuing a report of his investigative work” in the media.

Police File Charges Against EFCC Officers Over Alleged Culpable Homicide

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The Economic and Financial Crimes Commission (EFCC) has suspended two of its officers over alleged homicide.

The suspended officers were arraigned before a Chief Magistrate Court in Sokoto on a two-count bordering on criminal conspiracy and culpable homicide.

Addressing a news conference in Abuja, the Head of Media of the anti-graft agency, Wilson Uwujaren, said the officers – Apata Odunayo and OgbujibTochukwu – were suspended for their role in the death of Inspector Abel Dickson due to injuries allegedly sustained from a scuffle the late Inspector had with the suspended officers.

“The two officers with whom he had a disagreement have been suspended by the Commission and handed over to the Nigeria Police for further investigation and possible prosecution,” he stated.

“The latest information is that a two-count holding charge bordering on criminal conspiracy and culpable homicide has been filed against them at a Chief Magistrate Court, Gwiwa in Sokoto. Both offences are punishable under Sections 60 and 191 of the Sokoto State Penal Code Law, 2019.

“Without prejudice to the Police investigation, they will, in addition, face further disciplinary measures in line with the Commission’s staff regulation.”

Uwujaren stated that without prejudice to the police investigation, the suspended officers will, in addition, face further disciplinary measures in line with the Commission’s staff regulation.