Business
Africa Finance Corporation (AFC) Receives Top Accolades at Europe, Middle East, and Africa (EMEA) Finance Achievement Awards
Joel Ajayi
The award affirms AFC’s leadership in structuring and executing complex financial transactions that foster sustainable development across regions
Africa Finance Corporation (www.AfricaFC.org), the continent’s leading infrastructure solutions provider, received top accolades at the EMEA Finance Achievement Awards in London yesterday. AFC won “Most Innovative Bond” and the “Best Supranational Syndicated Loan,” a testament to the Corporation’s strong credit profile and solid track record in capital markets.
“The Most Innovative Bond” accolade in the Debt Capital Markets category recognised AFC’s pioneering JPY 75 billion Samurai Bond Guarantee to the Arab Republic of Egypt, showcasing commitment to innovative financial solutions that support member states’ access to international capital markets and contribute to infrastructure development. Egypt, which became a member state of AFC in 2021 and a shareholder last year, benefited from the landmark bond issuance backed by Sumitomo Mitsui Banking Corporation, with AFC providing a full re-guarantee and SMBC Nikko acting as the Sole Lead Arranger.
The “Best Supranational Syndicated Loan” award celebrates AFC’s success in securing a S$625 million syndicated loan last year, welcoming new lenders from the Middle East and Asia. Initially planned at US$500 million, the transaction was upsized due to a remarkable oversubscription of 62%, reflecting strong investor demand for AFC’s credit. The award affirms AFC’s leadership in structuring and executing complex financial transactions that foster sustainable development across regions.
“These awards are a very welcome validation of AFC’s strong market access, the strength of our credit profile, and our well-established investor engagement program,” said Banji Fehintola, Senior Director of Treasury & Financial Institutions of AFC. “AFC will continue to play a central role in mobilising the capital urgently needed for critical infrastructure to drive industrialisation, transform economies and improve livelihoods in Africa.”
Now in its 16th edition, the EMEA Achievement Awards celebrate exceptional achievements by the banking and finance sectors across Europe, the Middle East, and Africa (EMEA). Award winners chosen by the EMEA Finance editorial team exemplify diligent and innovative work taking place across the EMEA region and driving capital market transactions.
The EMEA Finance Achievement Awards adds to a series of accolades for AFC’s Treasury & Funding teams this year, including “Sovereign, Supra & Agency Treasury & Funding Team of the Year” at the 2024 Bonds, Loans & ESG Capital Markets Africa Awards. The JPY 75 billion Samurai Bond Guarantee to Egypt also earned AFC the “Innovation of the Year (MENA)” award recently at the IJGlobal Awards Gala.
Business
Court Orders Arrest Of Wike-led FCTA Director, 10 Others
By Aliyu Galadima
An Abuja High Court has issued a bench warrant against the director of investigation and prosecution of the FCTA, Joseph Eriki, and 10 others.Justice Suleiman Belgore has issued an order to compel the director and others to appear before the court for a suit filed against them.
The Judge’s decision followed the application of the prosecuting counsel, David Kaswe, who lamented the failure of the efforts to ensure that the suspects appear in court.
Justice Suleiman Belgore of the High Court in Abuja has issued a warrant of arrest against Joseph Eriki, the director of investigation and prosecution of the Nyesom Wike-led Federal Capital Territory Administration ,FCTA, and 10 others.
The judge had issued the order to compel the appearance of Joseph Eriki and 10 others before the court, as they had been arraigned in a suit filed against them by the federal government.
The warrant was issued following an application by the prosecution counsel, David Kaswe, who stated that all efforts to ensure the suspects’ presence in court had failed. Kaswe informed the court that the prosecution had made several attempts to notify the suspects’ lawyers and sureties, but to no avail.
He cited Section 124 of the Administration of Criminal Justice Act ,ACJA, which allows for the issuance of a bench warrant to compel attendance in court.
The court agreed to the application, issuing the warrant to ensure the suspects’ appearance for arraignment on a six-count charge. The charges against the suspects include criminal conspiracy, criminal trespass, forgery, and using a forged document as genuine.
They are also accused of using criminal force to deter a public servant from performing their duty. The suspects allegedly entered a plot of land belonging to Etha Ventures and constructed structures without authorisation, to defraud the company.
According to the prosecution, the suspects fraudulently obtained a consent judgment for the land, which was given to Super Structures Limited. The case has been adjourned until June 4 for arraignment.
The court’s decision to issue a bench warrant highlights the seriousness of the allegations and the need for the suspects to face trial. The suspects are facing a six-count charge, which was filed in February.
The court’s ruling emphasises the importance of a speedy trial and the need for the suspects to be held accountable for their actions.
With the bench warrant in place, the court is taking steps to ensure that the suspects appear in court and face the charges against them
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