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Africa largest beneficiary of GEF funding – Official

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The Global Environment Facility (GEF), a family of funds supporting environmental action globally, says African countries are the largest beneficiaries of its funding for sustainable environmental projects.

Ulrich Apel, GEF Senior Environmental Specialist, disclosed this on Monday while responding to questions on mechanisms for accessing environmental finance.

Apel said Africa had received about 30 per cent of GEF funding, ahead of Asia, which received 18 per cent, and Latin America and the Caribbean, which received 15 per cent.

“First of all, we have programmes that cover all the available funding. We programme all of our available funding, and in fact, the African region is the largest beneficiary of our funding, having received about 30 per cent of the funds, followed by Asia with 18 per cent, and Latin America and the Caribbean with 15 per cent,” he said.

He was responding to PREMIUM TIMES’ questions about how African countries, including Nigeria, could more easily access GEF funding.

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According to him, African countries are a particular focus of the GEF’s funding because of the region’s vulnerability to land degradation, desertification and drought, which are central issues at the ongoing United Nations Convention to Combat Desertification (UNCCD) COP17.

“So, I don’t think the problem is necessarily the accessibility of funds, because we programme all the funding that we have available,” Apel said.

The disclosure came as governments, financial institutions and businesses at UNCCD COP17 in Mongolia intensified efforts to mobilise finance for land restoration and drought resilience.

Finance takes centre stage at COP17

24 August was designated as Finance Day at UNCCD COP17 in Ulaanbaatar, Mongolia, with discussions across meeting rooms and the plenary hall focused on mobilising public and private investment for land restoration and drought resilience.

The 17th Conference of the Parties to the UNCCD is placing particular emphasis on rangelands — including drylands, grasslands, shrublands, wetlands and deserts — which cover more than half of the Earth’s land surface.

Despite their importance to pastoralists, biodiversity, food systems and carbon storage, about half of the world’s rangelands are estimated to be degraded.

Against this backdrop, governments, development banks, investment funds and businesses participating in COP17 on Monday announced $1.3 billion in new and pipeline financing for land restoration and drought resilience across 23 countries on five continents.

GEF unveils drought programme

The GEF also announced the development of a new Drylands and Drought Management Integrated Program aimed at helping countries proactively manage drought, strengthen resilience in drylands and respond to growing risks to ecosystems, food security, water availability, livelihoods and health.

The programme will be implemented during the GEF-9 investment cycle, covering 2026 to 2030.

The facility said the programme responds to requests from parties to the UNCCD for the GEF to prioritise drought resilience in its programming.

It will support countries and communities in better preparing for, monitoring, assessing, mitigating, and responding to the cascading impacts of drought.

“Investing in healthy land and healthy people means investing in food security, climate resilience, biodiversity, water, jobs, and peace,” said Claude Gascon, GEF Interim CEO and Chairperson.

“Through this new Integrated Program, we will support countries in moving from crisis response toward proactive drought resilience.”

The Drylands and Drought Management Integrated Program has a tentative GEF grant envelope of $140 million.

It will work closely with the Riyadh Global Drought Resilience Partnership, the Drought Resilience Investment Facility, and other initiatives that support resilience across drylands and rangelands.

GEF backs rangelands initiative

As part of the broader push, the GEF is also supporting the Rangelands Flagship Initiative, a multi-partner global initiative led by Mongolia and the UNCCD to significantly increase investments in conserving, sustainably managing and restoring rangelands.

The GEF supports the development and coordination of the initiative through the UNCCD COP17 Legacy Project, a $3.3 million GEF investment implemented by the International Union for Conservation of Nature (IUCN).

The project is leveraging an additional $8 million in co-financing from Mongolia and IUCN.

During the GEF-8 cycle, which runs from 2022 to 2026, the GEF approved 50 projects across its family of funds supporting sustainable rangeland management and restoration, as well as pastoralist livelihoods.

The projects represent a total investment of more than $300 million.

The GEF said the projects, which are at various stages of development, could complement the Rangelands Flagship Initiative and help scale up successful approaches to rangeland management and restoration.

What GEF-9 means for Africa

With an initial programming level of $3.9 billion, GEF-9 will support expanded investments in nature-positive development, drought resilience and sustainable land management.

Four GEF-9 Integrated Programs are strongly aligned with UNCCD objectives and are expected to attract more than $800 million in GEF grant funding.

READ ALSO: COP17 advances $1.3bn for land restoration, puts rangelands at centre

They include programmes focused on Food Systems, Critical Forest Biomes, Blue and Green Islands, and the new Drylands and Drought Management Integrated Program.

Under GEF-9, drought resilience is expected to become more central, targeted and measurable.

The cycle includes a dedicated objective for implementing national drought plans, a drought vulnerability index incorporated into the resource allocation formula for countries, and new indicators to track improvements in drought resilience.

The GEF said GEF-9 would enable investments that help countries address urgent environmental priorities through a whole-of-government and whole-of-society approach.

Across the GEF family of funds, 20 per cent of resources are expected to benefit Indigenous Peoples and local communities directly.

The replenishment also places greater emphasis on mobilising private capital for environmental action. Ten per cent of total GEF-9 funding is allocated to the blended finance window, with an overall target of using 25 per cent of GEF resources to help mobilise private-sector investment


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Fidelity Bank Plc redeems $400m eurobond at maturity

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Fidelity Bank Plc has redeemed its 5-year $400 million Senior Unsecured Notes at maturity, reaffirming its commitment to meeting investor obligations and reinforcing its track record in the international debt capital markets.

Issued on 28 October 2021, the 5-year Eurobond matured on 28 October 2026 and carried an annual coupon of 7.625 per cent, payable semi-annually. Fidelity Bank met all scheduled coupon payments throughout the life of the instrument and has now fulfilled its final repayment obligation in full, covering both principal and accrued interest.

The redemption was funded from internally generated liquidity as part of the bank’s forward-looking liquidity management strategy. Through a dedicated sinking fund, Fidelity Bank progressively provided for the maturing obligation, enabling the bank to meet its commitment while maintaining business-as-usual operations and compliance with applicable regulatory liquidity requirements.

Commenting on the development, Fidelity Bank Plc’s Managing Director and Chief Executive Officer, Nneka Onyeali-Ikpe, said the successful redemption reflected the bank’s disciplined approach to financial management and its commitment to delivering on its obligations.

“This successful redemption demonstrates the strength of our franchise, the discipline of our balance sheet management and our commitment to honouring our obligations to investors and other stakeholders. We anticipated this maturity from the outset and planned accordingly, which reflects our commitment to responsible financial management,” Mrs Onyeali-Ikpe said.

The redemption further strengthens Fidelity Bank’s record in the international debt capital markets. The 2021 issuance marked the bank’s third Eurobond transaction, following earlier issuances in 2013 and 2017, in which the bank raised $300 million and $400 million, respectively. The 2021 offer attracted investor orders exceeding US$700 million, reflecting strong demand for the bank’s international debt offering.

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READ ALSO: World Bank projects 23% rise in global commodity prices in 2026

The successful Eurobond redemption follows the completion of Fidelity Bank’s recapitalisation programme ahead of the regulatory deadline. The bank’s capital-raising efforts increased its eligible regulatory capital to approximately N533 billion, exceeding the N500 billion minimum capital requirement for banks with international authorisation.

The completion of these milestones underscores Fidelity Bank’s strong capital position, prudent liquidity management and disciplined approach to financial execution. It also reinforces the Bank’s capacity to meet its financial obligations while pursuing its strategic growth objectives across domestic and international markets.


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Coronation Insurance Seeks SEC Approval for Proposed Share Acquisition Scheme

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BY NKECHI NAECHE-ESEZOBOR—Coronation Insurance Plc has resubmitted its application to the Securities and Exchange Commission (SEC) for formal approval of a proposed scheme of arrangement that would allow its core shareholders to acquire the shares held by other shareholders in the company.

According to the notice to Nigeria Exchange  Limited, shareholders and the investing public, the company said it submitted the application on October 16, 2026, following the resolution of outstanding matters that had previously prevented the SEC from reviewing the proposal.

The proposed scheme follows a court-ordered meeting held on December 22, 2023, where shareholders considered and approved the arrangement between the company and holders of its fully paid ordinary shares.

The proposal was initiated by Coronation Capital (Mauritius) Limited and its related parties, collectively referred to as the core shareholders, to acquire the shares of other shareholders in Coronation Insurance.

The company applied to the SEC for formal approval on December 27, 2023. However, the commission was unable to proceed with its review because of certain pending matters.

According to the notification, those matters have now been resolved. Coronation Insurance subsequently wrote to the SEC on September 22, 2026, informing the commission of the development and requesting formal approval of the scheme.

The SEC acknowledged the conclusion of the outstanding matters in an email dated October 7, 2026, and requested that the company submit a formal application accompanied by all required documents. Coronation Insurance said it complied with the request on October 16, 2026.

The company also disclosed that it had informed the core shareholders of the developments, adding that they had confirmed their continued interest in proceeding with the scheme, provided its implementation complies with applicable laws, regulations, market rules and precedents.

Under the proposed arrangement, the consideration payable for the shares will be based on the highest trading price recorded for the company shares on NGX during the six months preceding the date of the notification.

The company stated that the consideration price remains subject to the receipt of all required regulatory approvals.

The notice added that the company said several steps remain before the scheme can be completed.

These include obtaining the SEC’s formal approval, securing an order from the Federal High Court sanctioning the scheme, and filing a certified true copy of the court order with the Corporate Affairs Commission.

The company will also be required to pay the scheme consideration to minority shareholders, apply to the NGX for the delisting of its shares and complete the delisting process.

Completion of the scheme remains subject to SEC approval, the sanction of the Federal High Court and the filing of the certified true copy of the court order with the Corporate Affairs Commission.

The company said it would continue to update shareholders and the investing public on further developments.

It also advised shareholders and investors to exercise caution when dealing in its shares until further announcements are made.

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