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Africa Finance Corporation (AFC), Solid Minerals Development Fund of Nigeria (SMDF), and Xcalibur Partner to Boost Nigeria’s Geological Data Capabilities

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Geological Data

The collaboration will pursue initiatives that enhance the availability of Nigeria’s geological data to interested investors across the globe and design an exploration program for mapping the country’s subterranean mineral wealth

ABUJA, Nigeria, October 18, 2023/APO Group/ — 

In a groundbreaking move for Nigeria’s mining sector, Africa Finance Corporation (AFC) (https://www.AfricaFC.org/), the leading infrastructure provider on the continent, the Solid Minerals Development Fund of Nigeria (SMDF), a Nigerian mining-focused development fund, and Xcalibur Multiphysics (Xcalibur), a global leader in airborne geophysics, have joined forces to enhance the landscape of geo-scientific data and geological mapping for early-stage mining projects in Nigeria. The three institutions signed a Cooperation Agreement yesterday on the sidelines of the ongoing Nigerian Mining Week in Abuja.

The collaboration will pursue initiatives that enhance the availability of Nigeria’s geological data to interested investors across the globe and design an exploration program for mapping the country’s subterranean mineral wealth. Additionally, AFC, SMDF and Xcalibur will aim to establish a comprehensive database that effectively showcases Nigeria’s resource potential, thus encouraging long-term investment from banks, mining firms, financial institutions, and individuals.

Our collaboration will bolster the availability of high-quality geophysical data that will attract mining investments and contribute to the development of critical mineral resource

Earlier this year, AFC and Xcalibur signed a joint venture agreement to partner on mapping, developing and co-financing natural resource projects in Africa, and this initiative in Nigeria is an offshoot of the program. With this tripartite agreement, AFC and SMDF will jointly explore suitable financing solutions, engage with regulators, support relevant government agencies, and facilitate government discussions while Xcalibur contributes technical support, oversees data quality, and conducts economic evaluation studies, including potential biodiversity and environmental mapping.

Commenting on this landmark agreement, Samaila Zubairu, President & CEO of AFC, said, “Nigeria’s abundant natural resources provide a promising foundation for growth and development. However, there is currently a limited understanding of the vast underground mineral wealth within the country. In order to address this, our collaboration with SMDF and Xcalibur seeks to significantly improve the availability of high-quality geomapping data. This ambitious initiative will not only attract valuable mining investments but also pave the way for the development of critical mineral resources in Nigeria with intentional focus on value capture and retention in line with the minerals value chain policy in the country. Ultimately, our goal is to establish Nigeria as a pivotal player in the global energy transition.”

Fatima Umaru Shinkafi, Executive Secretary and CEO of Solid Minerals Development Fund, said, “Over 90% of Nigeria remains underexplored, with significant potential to discover and increase existing deposits. Increased exploration activity is crucial to realising the benefits of the country’s geological endowment and supporting a pipeline of new projects to market. Given that Nigeria accounts for less than 0.5% of the global exploration budget, our partnership with AFC and Xcalibur will act as a stimulus for resource exploration activity, derisk resource exploration in Nigeria, and increase the global appeal of Nigeria as a resource exploration destination.”

“We are thrilled to join forces with the AFC and the SMDF in this groundbreaking project to enhance geophysical data  in Nigeria,” said Dario Castellanos, VP Financing and Middle East Director of  Xcalibur Multiphysics. ”Our collaboration will bolster the availability of high-quality geophysical data that will attract mining investments and contribute to the development of critical mineral resources in the country. We believe that this initiative will be instrumental in establishing Nigeria as a pivotal player in the global energy transition, and we are fully committed to the success of this exciting project.”

Despite being home to 30% of the world’s mineral reserves, Africa receives only 5% of global mining financing. AFC is a significant investor in Africa’s mining sector, deploying over $900 million in critical projects over the last seven years. The Corporation’s interventions have sought to close the mining sector’s financing gap by deploying its in-house project development expertise and structuring capabilities to support sponsors in derisking projects for bankability. Recent examples of transformational mining projects in which AFC has invested include the Dynamic Mining Bauxite Mine in Guinea, expected to increase the country’s bauxite production and exports, and the FG Gold Baomahun Gold Project in Sierra Leone, which is expected to contribute significantly to local job creation and sustainable economic development.

Distributed by APO Group on behalf of Africa Finance Corporation (AFC).

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As global power structures shift, Invest Africa convenes The Africa Debate 2026 to redefine partnership in a changing world

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The Africa Debate 2026 will provide a platform for this essential, era-defining discussion, convening leaders to explore how Africa and its partners can build more balanced, resilient and sustainable models of cooperation

LONDON, United Kingdom, February 5, 2026/APO Group/ –As African economies assert greater agency in a rapidly evolving global order, Invest Africa (www.InvestAfrica.com) is delighted to announce The Africa Debate 2026, its flagship investment forum, taking place at the historic Guildhall in London on 3 June 2026.

Now in its 12th year, The Africa Debate has established itself as London’s premier platform for African investment dialogue since launching in 2014, convening over 800 global decision-makers annually to shape the future of trade, finance, investment, and development across the continent.

Under the theme “Redefining Partnership: Navigating a World in Transition”, this year’s forum will focus on Africa’s response to global economic realignment with greater agency, ambition and economic sovereignty.

The Africa Debate puts Africa’s priorities at the centre of the conversation, moving beyond traditional narratives to focus on ownership, resilience and long-term value creation.

“Volatility is not new to Africa. What is changing is the opportunity to respond with greater agency and ambition,” says Invest Africa CEO Chantelé Carrington.

“This year’s edition of The Africa Debate asks how we strengthen economic sovereignty — from access to capital and investment to financial and industrial policy — so African economies can take greater ownership of their growth. Success will be defined by how effectively we turn disruption into leverage and partnership into shared value.”

The Africa Debate 2026 will provide a platform for this essential, era-defining discussion, convening leaders to explore how Africa and its partners can build more balanced, resilient and sustainable models of cooperation.

Key challenges driving the debate

Core focus areas for this year’s edition of The Africa Debate include:

This year’s edition of The Africa Debate asks how we strengthen economic sovereignty — from access to capital and investment to financial and industrial policy

Global Realignment & New Partnerships

How shifting geopolitical and economic power structures are reshaping Africa’s global partnerships, trade dynamics and investment landscape.

Financing Africa’s Future

The growing need to reform the global financial architecture, new approaches to development finance, as well as the strengthening of market access and financial resilience of African economies in a changing global system.

Strategic Value Chains

Moving beyond primary exports to build local value chains in critical minerals for the green economy. Also addressing Africa’s energy access gap and mobilising investment in renewable and transitional energy systems.

Digital Transformation & Technology

Unlocking growth in fintech, AI and digital infrastructure to drive productivity, inclusion, and the next phase of Africa’s economic transformation.

The Africa Debate 2026 offers a unique platform for high-level dialogue, deal-making, and strategic engagement. Attendees will gain actionable insights from leading policymakers, investors and business leaders shaping Africa’s economic future, while building strategic partnerships that define the continent’s next growth phase.

Registration is now open (http://apo-opa.co/46b19gj).

Distributed by APO Group on behalf of Invest Africa.

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Zion Adeoye terminated as Chief Executive Officer (CEO) of CLG due to serious personal and professional conduct violations

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After a thorough internal and external investigation, along with a disciplinary hearing chaired by Sbongiseni Dube, CLG (https://CLGglobal.com) has made the decision to terminate Zion Adeoye due to serious personal and professional conduct violations. This process adhered to the Code of Good Practice of the Labour Relations Act, ensuring fairness, transparency, and compliance with South African law.

Mr. Adeoye has been held accountable for several serious offenses, including:

  • Making malicious and defamatory statements against colleagues
  • Extortion
  • Intimidation
  • Fraud
  • Misuse of company funds
  • Theft and misappropriation of funds
  • Breach of fiduciary duty
  • Mismanagement

His actions are in direct contradiction to our firm’s core values. We do not approve of attorneys spending time in a Gentleman’s Club. CLG deeply regrets the impact this situation has had on our colleagues and continues to provide full support to those affected.

We want to express our gratitude to those who spoke up and to reassure everyone at the firm of our unwavering commitment to maintaining a respectful workplace. Misconduct of any kind is unacceptable and will be addressed decisively.

We recognize the seriousness of this matter and have referred it to the appropriate law enforcement, regulatory, and legal authorities in Nigeria, Mauritius, and South Africa. We kindly ask that the privacy of the third party involved be respected.

Distributed by APO Group on behalf of CLG.

 

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The International Islamic Trade Finance Corporation (ITFC) Strengthens Partnership with the Republic of Djibouti through US$35 Million Financing Facility

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This facility forms part of the US$600 million, three-year Framework Agreement signed in May 2023 between ITFC and the Republic of Djibouti, reflecting the strong and growing partnership between both parties

JEDDAH, Saudi Arabia, February 5, 2026/APO Group/ –The International Islamic Trade Finance Corporation (ITFC) (https://www.ITFC-IDB.org), a member of the Islamic Development Bank (IsDB) Group, has signed a US$35 million sovereign financing facility with the Republic of Djibouti to support the development of the country’s bunkering services sector and strengthen its position as a strategic regional maritime and trade hub.

The facility was signed at the ITFC Headquarters in Jeddah by Eng. Adeeb Yousuf Al-Aama, Chief Executive Officer of ITFC, and H.E. Ilyas Moussa Dawaleh, Minister of Economy and Finance in charge of Industry of the Republic of Djibouti.

The financing facility is expected to contribute to Djibouti’s economic growth and revenue diversification by reinforcing the competitiveness and attractiveness of the Djibouti Port as a “one-stop port” offering comprehensive vessel-related services. With Red Sea Bunkering (RSB) as the Executing Agency, the facility will support the procurement of refined petroleum products, thus boosting RSB’s bunkering operations, enhancing revenue diversification, and consolidating Djibouti’s role as a key logistics and trading hub in the Horn of Africa and the wider region.

We look forward to deepening this partnership, creating new opportunities, and leveraging collaborative programs to advance key sectors and drive sustainable economic growth

Commenting on the signing, Eng. Adeeb Yousuf Al-Aama, CEO of ITFC, stated:

“This financing reflects ITFC’s continued commitment to supporting Djibouti’s strategic development priorities, particularly in strengthening energy security, port competitiveness, and trade facilitation. We are proud to deepen our partnership with the Republic of Djibouti and contribute to sustainable economic growth and regional integration.”

H.E. Ilyas Moussa Dawaleh, Minister of Economy and Finance in charge of Industry of the Republic of Djibouti, commented: “Today’s signing marks an important milestone in the development of Djibouti’s bunkering services and reflects our strong and valued partnership with ITFC, particularly in the oil and gas sector. This collaboration supports our ambition to position Djibouti as a regional hub for integrated maritime and logistics services. We look forward to deepening this partnership, creating new opportunities, and leveraging collaborative programs to advance key sectors and drive sustainable economic growth.”

This facility forms part of the US$600 million, three-year Framework Agreement signed in May 2023 between ITFC and the Republic of Djibouti, reflecting the strong and growing partnership between both parties.

Since its inception in 2008, ITFC and the Republic of Djibouti have maintained a strong partnership, with a total of US$1.8 billion approved primarily supporting the country’s energy sector and trade development objectives.

Distributed by APO Group on behalf of International Islamic Trade Finance Corporation (ITFC).

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