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How PEPPA Puts a Smile on The Face of Her Clients

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How PEPPA Puts a Smile On The Face Of Her Clients

Hey there! I’m Mark. Your tech enthusiast and yes, I’m yet to find a lover as perfect as my Diary: “How PEPPA Puts a Smile on The Face of Her Clients.”

I like to believe I’m a hardworking person. I mean it’s boldly written on my resume. But then who among us doesn’t cherish those rare evenings when the world can’t intrude? You know, the kind of nights where all you crave is a bit of time for tranquility and a little laziness.

Now, don’t get me wrong, I’m not one to easily succumb to idleness, but it seems Saturday evenings occasionally conspire to challenge that claim. I can’t pinpoint the exact reason. On this particular Saturday, I’d just returned from a quick meetup with the founder of a budding fintech startup seeking my insights. The day’s tasks had left me yearning for a peaceful night of preparing for church on Sunday and some well-deserved rest. But you see, I have a soft spot for cooking a delicious pot of spaghetti. So I donned my apron.

As I stood in the warmth of my kitchen, I could almost savor the simmering tomato sauce on my gas. The gentle sizzle of garlic and onions in the pan filled the air with such irresistible aroma. I know there are amazing chefs in the world but boy, do I know my way around a kitchen?! I dey cook!

Twenty minutes later, with my culinary magic in hand, I headed to the living room, all set for a very lazy evening with Netflix. Just as I was about to press play and savor that first, glorious bite, there it was – a persistent, unwelcome knock on my door. Not now! Not when I’m in the middle of something this sacred!

 

I placed my beloved bowl of spaghetti on the table and went to see who had dared to interrupt my peaceful evening. As I opened the door, my cousin, Chima, stood there with a ridiculous grin on his face. He was with a lady I didn’t recognize. She was the only reason that kept me from slamming the door in his face.

They were tasked with an assignment to write an essay on Escrow services and they had to use a real-life escrow service provider as a case study. This was the second reason I didn’t turn them all away. I love Tech and I love PEPPA.

Being me, I forgot I had a meal to attend to and I dived headlong into all I knew about PEPPA.

I introduced PEPPA as an escrow service, likening it to a trustworthy mediator in a transaction. To help them understand, I asked them to picture a scenario with two parties – a buyer and a seller – exchanging something valuable, like money or assets. In this setup, Peppa acts as a neutral referee to ensure a smooth process. The buyer and seller each deposit what they’re offering into the escrow account, creating a financial “no man’s land” where neither party has control over the funds or assets. PEPPA’s role then comes into play. They diligently inspect the terms and conditions both parties agreed upon. This can involve checking the condition of the item being sold or verifying the authenticity of the money. If everything checks out, PEPPA releases the funds or assets to the rightful recipient. This setup significantly reduces the risk for both the buyer and the seller. It ensures that everyone follows the agreed-upon rules, guaranteeing a fair and secure transaction where no one ends up on the losing side.

I clarified that there are key players in the PEPPA process. To start, we have the Agents – these are the experienced professionals who work with PEPPA. Their role is very important. They oversee the entire transaction, ensuring its legitimacy. They verify and authenticate the parties involved and manage the funds or assets held in the escrow account. Moving on, we have the buyer. This is the individual or company looking to purchase something, be it goods or services. They’re the ones who kick off the PEPPA process by placing their money or assets into the unique PEPPA account. Then, there’s the Seller. This is the party responsible for providing the goods or services and agreeing to fulfill the terms and conditions laid out in the deal. It’s worth mentioning that sellers can also engage PEPPA initially, often on their online stores, to build trust with potential customers. I also explained that both buyers and sellers can easily open an account with PEPPA and download the app to utilize the service. Once an account is established and a buyer wishes to initiate the service, several actions occur behind the scenes.

To break it down, PEPPA kicks off the process by creating a special escrow account specifically for the transaction at hand. This account is kept separate from their regular operational accounts, a vital point I stressed by saying, “One unique account per transaction.” After that, PEPPA gets into the nitty-gritty of verification and authentication. They put on their detective hats and meticulously check and confirm the identities of the people involved. There are no shortcuts here, and they also ensure that the money or assets are genuinely available. I added something crucial: PEPPA doesn’t just handle money or assets. They also pay close attention to relevant documents. These documents are safely stored and managed, ready to be handed over once the transaction successfully concludes. I emphasized PEPPA’s role as a communicator. I made it clear that PEPPA serves as the go-between, ensuring that communication flows smoothly between the buyer and the seller, essentially acting as a central hub of information. And if any issues or disputes arise, they step in as peacemakers, helping both parties reach an agreement that works for everyone.

I pointed out the important detail: funds or assets don’t get handed out casually. PEPPA has a system of specific conditions and checkpoints. They only transfer the money to the seller when these conditions are fulfilled, which might include confirming the delivery or making sure the buyer is content with the transaction.

In a nutshell, I made it clear that PEPPA isn’t merely an observer; it’s like the conductor of a carefully orchestrated financial performance. Its role is to ensure that everything harmonizes smoothly, leaving both parties content with the transaction’s outcome.

My audience was spellbound and I reveled in the twenty minutes of uninterrupted speech. Although my Spaghetti was nearly cold, I loved the look on their faces. They definitely had gotten more than what they came for. I helped them set up PEPPA accounts and advised them to use PEPPA whenever they made a purchase online to secure their transactions.

Conclusion

I later discovered the lady’s name was Mandy, and she appeared enthusiastic about leaving to document and write a report about our discussion. However, my cousin seemed a bit hesitant. His gaze bounced between my plate and the kitchen, making it clear that he had very mischevious “longer throat” intentions. I got the hint and all but drove him away from my house. My lazy evening had been successfully interrupted but my mouthwatering spaghetti was definitely not up for sharing.

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BUSINESS

Adamawa Mortgage Bank Faces ₦10 Billion Lawsuit for Alleged Contract Breach with Wisdom Kwati Smart City

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Wisdom Kwati Smart City Ltd, a prominent property development firm based in Abuja, has launched a lawsuit against Adamawa Mortgage Bank Ltd, seeking ₦10 billion in damages. The legal action follows a breach in a joint venture agreement between the two parties for a 20.5-hectare property development in Sangere Village, Yola South, Adamawa State.

Adamawa Mortgage Bank Faces ₦10 Billion Lawsuit for Alleged Contract Breach with Wisdom Kwati Smart City

Adamawa Mortgage Bank Faces ₦10 Billion Lawsuit for Alleged Contract Breach with Wisdom Kwati Smart City

The joint venture was established to transform the Sangere property into a large-scale residential development, with work already underway and over 3.5 billion invested in the construction of over 200 housing units and on the estate’s infrastructures. However, tensions arose when Adamawa Mortgage Bank publicly withdrew from the agreement, and without appropriate notice or engagement with the firm, released a statement on The Cable newspaper on November 9, 2024. In its announcement, the bank warned prospective buyers, stating:

“This is to inform the general public that Adamawa Mortgage Bank Ltd is not selling its land at Sangere-Wisdom Kwati Smart City. Anyone buying land at the property does so at his own risk. Take further notice that the bank has withdrawn from the joint venture agreement with Wisdom Kwati Smart City. Thank you. Signed Management.”

Following this statement, Wisdom Kwati Smart City Ltd, led by Chairman Mr. Wisdom Kwati, filed for both an interlocutory and interim injunction. The lawsuit names both Adamawa Mortgage Bank Ltd and its Managing Director, Dr. Noris Giscard Stanley, as defendants, alleging breach of contract and reputational harm caused by the bank’s public renouncement.

On November 14, 2024, the High Court of Justice of Adamawa State issued an interim injunction, temporarily restraining the mortgage bank from further actions related to the property until a resolution is reached. The court has ordered the defendants to respond to the claims and appear before the court within 30 days of receiving the summons.

The implications of the contract dispute are significant, given the current stage of the project. According to representatives of Wisdom Kwati Smart City Ltd, the company has invested over ₦3.5 billion in construction and developmental costs on over 200 buildings currently under construction at the site, of which over 50 units are at the finishing level of construction, and infrastructural development that are well into the third phase of the company’s five-phase development plan.

Industry observers suggest that a swift resolution of the dispute would be in the best interests of both parties and their investors, who rely on the stability of the joint venture to secure their investments. The project, originally designed to develop 317 mixed housing units, is already well past its midpoint, making it highly unreasonable for a partner to withdraw at this stage.

Wisdom Kwati Smart City Ltd has expressed a commitment to seeing the project through to completion and ensuring that stakeholders are kept informed of any significant developments in the case. Despite the legal steps taken, the real estate company has reportedly made several attempts to resolve the matter through dialogue, but the bank has reportedly not been forthcoming.

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Afreximbank Acts as Joint Lead Manager on Ecobank Transnational Incorporated’s USD 400mn Senior Unsecured Note Issuance

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The proceeds of the note will fund general corporate purposes of the issuer, including refinancing of a USD350 million senior bridge-to-bond loan facility that was jointly coordinated by Afreximbank in March 2024.

African Export-Import Bank (“Afreximbank”) (www.Afreximbank.com) is pleased to announce that it has successfully acted as Joint Lead Manager and Bookrunner on a USD 400 million 10.125% Rule 144a/RegS senior unsecured note issuance by Ecobank Transnational Incorporated (“ETI”) due in October 2029.

The proceeds of the note will fund general corporate purposes of the issuer, including refinancing of a USD350 million senior bridge-to-bond loan facility that was jointly coordinated by Afreximbank in March 2024.

The note issuance achieved peak orderbook oversubscription of 2.1x, backed by more than 70 high-quality and diverse investors comprising development finance institutions, asset managers, commercial banks and insurance companies from Africa, the UK, USA, Europe and the Middle East.

Professor Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank, commenting on the transaction, said: “We are pleased to have supported Ecobank Transnational Incorporated (“ETI”) in placing the first public Eurobond issuance by any Sub-Saharan African financial institution since 2021, following our bridge financing support earlier in the year. This transaction underscores Afreximbank’s capacity and readiness to structure innovative market access solutions for our pan-African banking partners.”

Afreximbank’s Advisory and Capital Markets (ACMA) department acted as Joint Lead Manager and Bookrunner on the issuance, working alongside international and African partners.

Distributed by APO Group on behalf of Afreximbank.

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Japan: African Development Bank Celebrates Three Decades of Japan-Backed Trust Fund

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Meeting with JIBC

Japan: African Development Bank Celebrates Three Decades of Japan-Backed Trust Fund

Over the past three decades, Japan has contributed JPY 5.3 billion ($ 37.4 million) to the PHRDG, supporting 107 projects, with 96 completed and 11 ongoing as of September 2024

The African Development Bank Group (www.AfDB.org) has celebrated the 30th anniversary of the Policy and Human Resource Development Grant (PHRDG), a bilateral trust fund created by Japan in 1994.The initiative has contributed significantly to the development of Africa’s human capital, supporting over 100 transformational projects across various sectors.

PRST at Keizai group

PRST at Keizai group

Presenting a commemorative publication on the trust fund at the Ministry of Finance in Tokyo on Wednesday, 16 October, Dr Akinwumi Adesina Adesina, African Development Bank Group President said the publication highlights three decades of successful collaboration and the impactful projects funded by the Policy and Human Resource Development Grant, as well as the critical role the grant has played in Africa’s socioeconomic development.

Over the past three decades, Japan has contributed JPY 5.3 billion ($ 37.4 million) to the PHRDG, supporting 107 projects, with 96 completed and 11 ongoing as of September 2024. In recent years, the trust fund has seen a notable increase in contributions, underscoring Japan’s renewed commitment to fostering a climate-smart, resilient, inclusive, and integrated Africa.

Japan’s Vice Minister of Finance for International Affairs, Atsushi Mimura, said he was pleased the country’s partnership with the African Development Bank Group was going well. He pledged continued support, particularly for the African Development Fund, the private sector, and Japanese and African start-ups

“We look forward to deepening Japan’s relationship with the African Development Bank,” he said.

Mimura described the African Development Bank Group’s partnership with the World Bank’s plan to bring electricity to 300 million Africans (Mission 300) as a powerful narrative that draws attention to the continent’s energy needs.

Adesina commended Japan for its strong support of the African Dev?

elopment Fund, noting that the Fund has delivered impressive results. He sought the country’s support on a wide range of issues, including the 17th general replenishment of the African Development Fund, Mission 300 (http://apo-opa.co/3YcTfy2), Special Drawing Rights, the private sector, and start-ups, among others.

“We thank the people of Japan for standing in solidarity with the people of Africa,” Adesina said.

Since its establishment, the PHRDG has been a vehicle for Japan to share its expertise and experience in human resource development, empowering Africans to lead the transformation of their societies and economies. The grant has supported a wide range of projects aligned with Japan and the African Development Bank Group’s shared objective of human capital development. Officials said the projects have laid the groundwork for accelerated economic growth in Africa.

In a foreword to the Policy and Human Resource Development Grant at 30 publication, Deputy Vice Minister of Finance for International Affairs Daiho Fujii, expressed Japan’s pride in celebrating the 30th anniversary of the PHRDG.

“Japan is leading the international community’s efforts to overcome global challenges, particularly those affecting vulnerable populations. Through the PHRDG, we provide technical cooperation to develop the human resources that will drive Africa’s socioeconomic transformation. Our partnership with the African Development Bank Group is key to realizing a more resilient and prosperous Africa.”

As the Policy and Human Resource Development Grant enters its fourth decade, the African Development Bank Group and Japan have expressed eagerness to expand their partnership. With six new projects in the 2024–2025 pipeline, including initiatives in higher education, debt management, and climate-smart agriculture, the trust fund remains a critical tool for delivering impact across Africa, officials said.

Both parties pledged to continue to work hand in hand to unlock the potential of Africa’s human capital, fostering innovation and economic development for generations to come.

Japan–Africa Dream Scholarship Program: Investing in the Future

Among the most impactful PHRDG-funded initiatives is the Japan-Africa Dream Scholarship Program (JADS), launched in 2017. This program aims to develop Africa’s human capital by offering scholarships to high-achieving African students for master’s studies in fields such as agriculture, development economics, energy, and public health. To date, the program has awarded scholarships to 23 students from 10 African countries, two-thirds of whom are women.

Graduates of the JADS program have gone on to make significant contributions to their home countries. Alumni include Mary Yeboah Asantewaa from Ghana, who now works at SORA Technology in Accra, leveraging drone technology to control infectious diseases, and Glory Sibale from Malawi, who joined Tokyo’s Taiyo-Yuka recycling company, focusing on sustainable agricultural project management.

As part of his mission to Japan, Adesina also met with Nobumitsu Hayashi, the Governor of the Japan Bank for International Cooperation, to expand collaboration in key areas, including agriculture, healthcare, energy access, support for youth entrepreneurs, critical minerals, and regional corridors.

Later Wednesday, Adesina met with the leadership of the Association of African Economic and Development Japan, where both parties discussed potential collaborations for impactful projects. He continued with meetings with Kanetsugu Mike, Chairman of Mitsubishi UFJ Financial Group, and Ken Shibuya, Co-Chairman of the Global South Africa Committee of Keizai Doyukai (Japan Association of Corporate Executives).

The African Development Bank president invited business leaders to the 2024 Africa Investment Forum to be held in Rabat in December. Adesina also hosted representatives of the African diplomatic corps, development partners, and the private and public sectors, where they discussed leveraging co-creative relationships with Japanese companies and institutions.

Distributed by APO Group on behalf of African Development Bank Group (AfDB).

 

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