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AFDB To Lend Nigeria $4.1bn

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The African Development Bank is working on giving Nigeria loan facilities of $4.1bn between now and next year for critical sectors of the economy.

The loans include $1bn at a concessionary interest rate of 1.2 per cent for Nigeria to address the 2016 budget deficit and aid her economic recovery.

The President, AfDB, Dr. Akinwunmi Adesina, disclosed this to State House correspondents on Monday after a meeting with Vice President Yemi Osinbajo and other members of the Economic Management Team at the Presidential Villa, Abuja.

According to the AfDB president, the package includes; $1bn in budget support, $300m to create jobs for 185,000 youths, $250m towards infrastructure development in the North-East, $1m grant to deal with challenges of Internally Displaced Persons, $300m for infrastructure development around Abuja, and $200m for the Transmission Company of Nigeria to improve its facilities, among others.

Stressing that Nigeria was the largest shareholder in the bank, Adesina said that the bank was in the country to offer its support in the face of the current tough times.

He said, “I think the times are difficult but I want to commend the government for being bold in taking the right decisions. I think that the fact that the price of crude oil has gone down is a big challenge, because you have 98 per cent external forex revenue coming from the sector.

“So, it has created calibrations; I’m not going to go into the details of all the problems, but what is important is what we are going to do about it.

“I’m not here to lecture the Nigerian government. I’m here to support very strongly. We have said that we are going to support the Nigerian government with the budget support to be able to deal with some of the fiscal imbalances that they have. We are looking to consider for an award of $1bn to help to deal with that particular deficit.”

Adesina added that the bank would help to revive Nigeria’s economy, especially by deepening the level of diversification in critical sectors such as agriculture, solid minerals and manufacturing.

According to him, the bank is going to provide in total $4.1bn to Nigeria between 2016 and 2017 for power, infrastructure, agriculture and for the private sector, including financing and lending to the Small and Medium-scale Enterprises.

He also said that he expected the AfDB portfolio in the country to grow to $10bn by 2019.

Adesina, a former Nigerian Minister of Agriculture, added, “We also recognise that power is perhaps the most important challenge that is driving inflation in the country. So, we expect in our portfolio this year to invest in a total of 1,400 megawatts of power to focus on the energy sector; and by 2017, we plan to add 1,387 megawatts to the sector.”

He said that the bank also discussed with Osinbajo and the Minister of Finance, Kemi Adeosun, on how to invest in areas of women and youth employment in the country as well as to look for opportunities to support access to finance by supporting the Development Bank of Nigeria with $500m, which will help to provide cheap financing for the real sector that the country wants to grow.

According to him, the bank is also providing $100m to the Bank of Industry to enable it to lend to small and medium-sized enterprises.

Adesina said, “Let me just say that Nigeria is experiencing tough times, but Nigeria is not falling apart; and when people talk about debt crisis, Nigeria is not in a debt crisis. If you look at the fiscal deficit of this country with regard to the GDP, it is about three or 3.5 per cent. It is still way below the five per cent recommended by the Fiscal Responsibility Act.

“If you look in terms of the debt to the GDP ratio for Nigeria, it is 15 per cent. So, there is no debt crisis in Nigeria; what you have is liquidity problem and we are trying for the country to be able to drive down inflation and to be able to make sure we are working with the government to be able to provide incentives for the private sector.

“Because to come out of recession you need more than the government, you need the private sector. So, incentives are very important. The Finance minister talked about a whole lot of incentives that they are going to give and I think that is the right way to go.

“Nigeria will come out of this as a better and more diversified economy than before it went into the recession.”

Also speaking, Adeosun said there was no need to fear over the new loan as it would be put into good use, adding that the government was not over-borrowing.

She added, “And as Dr. Adesina said, we are looking unto them with $1bn budget support; but beyond that, there are lots of loans and initiatives around agriculture, job creation for the youths, solid minerals, women empowerment and women’s access to finance, and access to finance by the SMEs.

 

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Fuji Star, King Saheed Osupa Celebrates Nollywood Legends with Awards and ₦500,000 Each at Exclusive White Agbada Party

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Fuji Star, King Saheed Osupa Celebrates Nollywood Legends with Awards and ₦500,000 Each at Exclusive White Agbada Party

 

Yesterday, Christmas Day, December 25, 2024, Fuji music maestro Saheed Osupa brought the festive spirit alive with the much-anticipated Friends of Osupa Exclusive White Agbada Party. The grand event, which took place in Lagos, celebrated some of the most revered legends in the Yoruba Nollywood industry, blending entertainment, recognition, and cultural significance.

The occasion was not just a party but a heartwarming tribute to the dedication and contributions of veteran thespians who have left an indelible mark on the Yoruba film industry. Speaking passionately about the event, Saheed Osupa stated, “It is a privilege to celebrate these iconic individuals who have worked tirelessly to promote and grow the Yoruba Nollywood space. This event is not only a celebration of their achievements but also a way to spread love and joy this yuletide season.”

*A Star-Studded Event*
The all-white-themed Agbada party was attended by an array of Yoruba Nollywood legends, including Oga Bello, Baba Wande, Iya Rainbow, Iya Awero, Ogogo, Yinka Quadri, Peju Ogunmola, Lola Idije, Madam Saje, and Dele Odule. In a special moment, the legendary Queen Salawa Abeni, a trailblazer in Nigerian music, was also honored, adding another layer of prestige to the gathering.

Also in attendance were Ibrahim Chatta, Oladapo Lala, Lukmon Raji, Azeez Owo, Adeniyi Johnson, Foluke Damola, Kemi Korede, Monsuru Omo Alfa, Aminatu Papapa, Sodik Adebayo, Adebayo Tijani, and Hip-hop act, Skales.

Each of these icons received an award recognizing their lifelong commitment to the growth of Yoruba Nollywood. Beyond the awards, they were also gifted the sum of ₦500,000 each, a gesture that underscored the high regard Saheed Osupa holds for their contributions.

*Entertainment and Prayers*
The event was not only a celebration but also a deeply spiritual occasion. A session of prayers was held, led by Sheikh Albarizy Salaty alongside three other Alfas (Muslim clerics), in honor of the late Barrister, the founder of Fuji music. This solemn moment reflected the strong cultural and religious values underpinning the event.

Guests were also treated to an array of thrilling performances from artists such as Mudasax Aljiyally, Arole Zambo, Idris Aloma (Obalola), Ishola Saridon 2 Kamoru, Kehinde Oriyomi, Muri Thunder, and Queen Tosin Eniba. Their performances set the stage for Saheed Osupa himself, who delivered a soulful and captivating performance to the delight of fans and honorees alike.

*A New Tradition*
The Friends of Osupa Exclusive White Agbada Party marked its debut this year and promises to become an annual tradition, taking place every Christmas Day. This first-of-its-kind celebration was organized seamlessly, with ushers ensuring smooth coordination and adequate security measures in place.

*The Organizers*
The event was expertly coordinated by Lahmad Concept, with its CEO, Ahmed Lawal, spearheading the efforts as the chief organizer. His meticulous planning ensured that every aspect of the event, from the awards to the performances, ran flawlessly.

*A Celebration of Legacy*
The Friends of Osupa Exclusive White Agbada Party was more than just a social gathering; it was a celebration of legacy, culture, and unity. The honorees expressed their gratitude for the recognition and generous gifts, commending Saheed Osupa for his thoughtfulness and vision.

As the event drew to a close, it was clear that this celebration was not only a highlight of the yuletide season but also the start of a cherished tradition. Saheed Osupa has undoubtedly set a new standard for honoring icons in the Yoruba Nollywood and Fuji music spheres, leaving many excited for next year’s edition.

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ALAAFIN) SIYANBOLA OLADIGBOLU, THE LAST MAN STANDING

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ALAAFIN) SIYANBOLA OLADIGBOLU, THE LAST MAN STANDING*

*(ALAAFIN) SIYANBOLA OLADIGBOLU, THE LAST MAN STANDING*

Late alaafin’s grandson, prince siyanbola oladigbolu vying for the prestigious title. His lineage and connection to the revered Alaafin dynasty have positioned him as a formidable candidate in the race for the throne.

ALAAFIN) SIYANBOLA OLADIGBOLU, THE LAST MAN STANDING*

Prince SIYANBOLA’S background as a mariner and real estate developer has not only equipped him with a diverse skill set but has also allowed him to build a network of influence and resources that could be advantageous in his quest for the crown. His experience in the maritime industry reflects a sense of adventure and resilience, qualities that are often admired in traditional leadership.

As the youngest contender, he brings a fresh perspective to the age-old traditions of the Oyo Empire. His modern approach to leadership, combined with a deep respect for cultural heritage, resonates with many who seek a balance between tradition and progress. This duality has made him a popular figure among the youth and those who envision a revitalized Oyo under a forward-thinking Alaafin.

However, his candidacy can never be sidelined. The competition is fierce, with other contenders who have their own claims to the throne and support from various factions within the community. The political landscape surrounding Alaafin’s succession is complex, with historical rivalries and alliances playing a significant role in the selection process.

As the race intensifies, Prince siyanbola Junior’s ability to navigate these dynamics will be crucial. His strategy involves engaging with the community, understanding their needs, and presenting a vision that honors the past while embracing the future. He aims to unite the people of Oyo, fostering a sense of pride and collective identity that transcends individual ambitions.

In a few months, the battle for the Alaafin’s throne will unfold, and all eyes will be on Prince abdul Afeez Siyanbola oladigbolu as he strives to become the last man standing in this historic contest. His journey is not just about personal ambition; it represents a pivotal moment for the Oyo Empire, as it seeks to define its identity in a rapidly changing world.

Oyo people can’t wait to experience the metaphors of his name from Prince siyanbola oladigbolu to
*the Imperial Majesty. Oba Abdul Afeez Orikolade Adedokun Siyanbola oladigbolu. Oladigbolu The 3rd*

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Adeniyi Johnson Urges Leniency for Naomi Silekunola After Tragic Stampede Incident

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Adeniyi Johnson Urges Leniency for Naomi Silekunola After Tragic Stampede Incident

Adeniyi Johnson Urges Leniency for Naomi Silekunola After Tragic Stampede Incident

 

Nollywood actor Adeniyi Johnson has called on authorities to show compassion and leniency in the case involving Naomi Silekunola, the former wife of the Ooni of Ife, following a tragic incident that claimed the lives of over 30 children. Naomi, who had organized an event aimed at giving back to the community, found herself at the center of a devastating stampede, which led to her detention by the police along with several others involved in the event’s planning.

Adeniyi Johnson Urges Leniency for Naomi Silekunola After Tragic Stampede Incident

 

In a heartfelt Instagram post, Adeniyi expressed his condolences to the families affected by the tragedy, offering prayers for strength and comfort in their time of loss. He also spoke out in defense of Naomi, acknowledging her noble intentions and her well-known charitable nature.

“My heart goes out to the families of the lost ones; no family deserves such pain at any time,” he wrote. “I pray the good Lord grants you the strength to bear this unimaginable loss. Amen.”

Adeniyi went on to emphasize that Naomi’s actions were driven by kindness, noting her good intentions in organizing the event. “My heart and prayers go to @queen_silekunolanaomi_ogunwusi, whose intentions were never to harm but to give and provide for others,” he continued. “This time shall pass, and the God of your good deeds will speak for you, restore you, and bring you back stronger.”

 

The actor also highlighted the generous spirit of the people of Ondo State, from where Naomi hails, stating that the tragic incident was a reflection of her community’s compassionate values. “We, the people of Ondo State, are known for our kindness and generosity, which clearly motivated Naomi to put the program together,” Adeniyi added. “I pray God sees you through this challenging time and restores you to even greater strength.”

Concluding his post, Adeniyi called for the authorities to consider the tragic circumstances surrounding the event while upholding justice. “I know that the law must be upheld, but we beseech the authorities to temper justice with mercy and look beyond the incident to the goodwill behind it,” he wrote. “GOD BLESS NIGERIA.”

Naomi’s supporters have rallied around her, hoping for a fair and compassionate resolution to the matter as investigations continue into the tragic stampede.

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