Fraud: Nigerian firm, Lutoyilex, Barred From Bidding For AfDB, W/Bank Contracts Lutoyilex Construct Limited, a construction company registered in Nigeria, has joined the list of firms debarred for fraudulent practices by the African Development Bank Group and other international bodies. The AfDB, on Tuesday, announced the...

AfDB Okays New Financing Programme For Energy Providers For Off-grid Power   The Board of Directors of the African Development Bank Group has approved an innovative multinational financing program for Distributed Energy Service Companies (DESCOs), which would see 900,000 households in sub-Saharan Africa – about 4.5...

AfDB Bans Oceanic Construction and Engineering Nigeria For 2years The African Development Bank Group has blacklisted Abuja-based construction firm, Oceanic Construction and Engineering Nigeria for a minimum period of 48 months, for alleged fraudulent contract bidding. According to a statement by AfDB, recently, “An investigation conducted...

Debt Servicing Consumes Over 50% Of Nigeria’s Revenue, Says AfDB Debt servicing gulps more than 50 per cent of Nigeria’s revenue, the African Development Bank has said. The bank, which said this in its West Africa Economic Outlook 2019, said the servicing of the country’s external...

UN Supports AfDB’s $10bn Power Initiative The United Nations (UN) has thrown its weight behind the quest of the African Development Bank (AfDB) to provide electricity to 250 million people in Africa through its ‘ Desert to Power’ electricity initiative. A statement made available to our...

AfDB, Sophia University, sign MOU to build capacity The African Development Bank (AfDB) and Sophia University in Japan, have signed a Memorandum of Understanding (MOU) to promote capacity development within the two institutions for their mutual benefit and the entire African continent. The agreement was signed...