By Mike Omuodo

Shelter Afrique Development Bank (ShafDB) has announced the signing of a strategic agreement with the Arab Bank for Economic Development in Africa (BADEA) to support its transformative capital increase initiative. 

Effectively, BADEA has approved a landmark USD 120 million to support the capitalization program of Shelter Afrique Development Bank, the leading Pan-African institution focused on affordable housing and urban development. The concessional financing facility will help eligible member states settle and increase their capital subscriptions to ShafDB. 

This initiative, developed in partnership with the Arab Bank for Economic Development in Africa (BADEA), introduces an innovative financing mechanism through which eligible member states can access on-lending at competitive terms. The BADEA-supported facility, totaling USD 120 million, will be used to settle and boost member states’ capital subscriptions to Shelter Afrique Development Bank (ShafDB). 

“This agreement with BADEA marks a critical step in strengthening our capital base and advancing our mission of financing affordable housing and sustainable urban infrastructure across Africa,” said Thierno Habib-Hann, Managing Director of Shelter Afrique Development Bank. “We are grateful to BADEA for its strong partnership and unwavering support in this pivotal phase of our institutional evolution.” 

The new capital increase program includes an initial equal allocation to all member states, followed by a phased reallocation, first on a pro-rata basis, and then on a first-come, first-served basis. This approach aims to encourage active participation by member states and to strengthen ShafDB’s capital adequacy in a balanced and transparent manner. 

Commenting on the program, the president of BADEA H.E. Abdullah KH ALMUSAIBEEH, “We see this capital program as a strategic milestone in Shelter Afrique Development Bank’s evolution. BADEA is proud to back this initiative and we remain committed to our shared mission of enabling access to decent housing and inclusive urban development across Africa.” 

The need to enhance equity capital has become critical following the institution’s transformation into a Development Bank, a milestone formally approved by Shelter Afrique’s shareholders during the Extraordinary General Meeting (EGM) held in Algiers, Algeria, in October 2023. 

Building on this transformation, a significant achievement was realized during the Annual General Meeting in June 2024 in Kigali, Rwanda, where shareholders demonstrated strong leadership by endorsing a transformative capital increase program, and the board approved in December 2024 a capital increase of over a USD 200 million. 

“Expanding capital base will enable the Bank to scale up financing along the housing value chain, access more competitive funding from international and African capital markets, and reinforce its role in addressing the housing deficit and driving inclusive urban development across its 44 member states,” Mr. Hann said. 

Increased leverage

The capital increase program has been designed to significantly strengthen ShafDB's balance sheet over the medium-term, expand its shareholder capital base, and to significantly mobilize debts.  The capital raised will also support the Bank’s plans to attain investment-grade credit ratings, attract new institutional investors, and expand its lending and technical assistance programs in member countries.

Lycopodium, an engineering and project management firm, has been awarded an EPCM (engineering, procurement and construction management) contract worth approximately AUD48mn ($30.9mn) for the Nyanzaga gold project in Tanzania.

The project, owned by fellow ASX-listed peer Perseus Mining, is situated about 60km from Mwanza, Tanzania’s second-largest city. Lycopodium’s scope includes designing and managing the construction of a carbon-in-leach processing plant with a 5mn tonnes per annum capacity, along with associated infrastructure such as power distribution, water supply from Lake Victoria, tailings pipelines, and support facilities.

Work on the contract is set to begin immediately, with first gold production targeted for the first quarter of 2027. The initial mining phase will use open-pit methods, with provisions for underground expansion as the project advances.

Tanzania is Africa’s fourth-largest gold producer, and mining remains a major contributor to the country’s GDP. The Nyanzaga project is one of the most advanced undeveloped gold assets in East Africa. According to the project's definitive feasibility study, it holds a mineral resource of 3.07mn ounces of gold and is expected to produce over 200,000 ounces annually over its first 10 years.

The project aligns with Tanzania’s push to attract more foreign investment in the sector following reforms aimed at increasing transparency and investor confidence, as noted in the United Republic of Tanzania Investor’s Guide-Mining Sector 2024, published by the Ministry of Minerals.

Lycopodium previously completed the pre-feasibility study, definitive feasibility study, and front-end engineering and design for Nyanzaga.

“Our long-standing relationship with Perseus, having worked alongside them in the development and engineering support of their current operating gold mines in Africa, including Edikan in Ghana, and Sissingué and Yaouré in Côte d’Ivoire, ensures we are well placed to provide confidence of outcome for the successful development of Nyanzaga,” said Lycopodium managing director and CEO Peter De Leo. bne IntelliNews

The Leader of INRI Evangelical Spiritual Church, Primate Elijah Ayodele, has released prophecies regarding the elections in some countries, including Cameroon, Uganda, Côte d’Ivoire, Malawi, and Tanzania.

In a statement signed by his media aide, Osho Oluwatosin, he revealed some events that will unfold before, during, and after the election.

In Cote D’ivoire, the prophet stated that the president will do everything within his power to return as the president. 

He stated that the opposition will eventually shy away from contesting.

Primate Ayodele said: “The President of Côte d’Ivoire, Ouattara, will do everything legally and constitutionally possible to be elected. Those who can defeat him will be delisted, and in the end, some will get angry and fail to contest.

“This is where the opposition will fail and not get it right. This is where the opposition will be misinformed and give the man another chance. The opposition will only protest; the president is ready for anything. He is a stooge for France, and they will back him up. A lot of things will go wrong in the election; there will be violence, and people will be praying for a coup.”

In Uganda, Primate Ayodele stated that it is only God who can remove Museveni and his family from power because he has positioned himself to be in power for life.

“Uganda: Museveni will hold Bobi Wine to ransom. He will contest again but won’t win. Museveni will still win no matter what; he will do all that is needed to win the election. Uganda wants to run a one-party system, and only God can remove the family of Museveni from power because he has positioned himself to be a life president,” he said.

In Cameroon, Primate Ayodele stated that the opposition will shun the election and give Paul Biya a landslide victory. However, he made it known that the president would not complete his tenure.

“Cameroon: What is happening in Côte d’Ivoire will happen in Cameroon. The opposition will want to shun the election and give Paul Biya power to win a landslide victory. Biya will go all out to win, but he will not finish his tenure.

“He will be another president to die on the throne. Notwithstanding, these old presidents—if they continue to rule—some of them will start dying. Biya has mortgaged Cameroon, and the Anglophone areas will continue to suffer until they pull out.”

In Malawi, Primate Ayodele foresees massive protest against the government, while stating that the current vice president will pull out at some point to contest for the position of a president. He also foresees a new vice president coming up.

“Malawi: There is going to be a protest against the Malawian government. There will be a lot of crises and problems in the country. The country will be unstable and fluctuating. They will rise against the president; he needs a lot of prayers for good health.

“There is a need for the country to be stable economically and politically. They need a lot of prayers to succeed and actualize their vision. The current vice president will pull out from the government to contest for the position of president, as I see another vice president coming up. However, the incoming vice president will have issues with the president.”

Likewise, in Tanzania, Primate Ayodele foresees clashes between the opposition and the current president. He also warned against the Ebola crisis in the country.

“Tanzania: The opposition will do a lot to fight the Tanzanian president. The woman will go all out to fight the opposition, and I see her frustrating the opposition. She is desperate to win the election and believes she’s being cheated because of her gender.

“She will deal with the opposition regardless of who they may be or what they want to achieve. I see disaster and Ebola recurring in the country. There will be mass protests against the president.”  By Seun Opejobi, Daily Post