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Shelter Afrique fully repays commercial debts, eyes regional bonds

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Shelter Afrique fully repays commercial debts

Shelter Afrique fully repays commercial debts, eyes regional bonds

Nairobi, Kenya- 21 September 2021 – Pan-African housing development financier Shelter Afrique has fully paid commercial debts owed to eight lenders, giving the company the leverage to underwrite new debt.

In 2018, Shelter Afrique signed a Debt Restructuring Agreement with the eight lenders – six DFIs and two commercial banks – to restructure its debt with a new 5 – Year tenor to run from June 2019 to June 2024.

The USD186 million (including accrued interest) owed to African Development Bank, Agence Française de Developpement, Commercial Bank of Africa, European Investment Bank, German KFW, Ghana International Bank, CFA-Banque Ouest Africaine de Development, and Islamic Corporation for Development was fully repaid three years ahead of schedule.

“Despite Debt Restructuring Agreement giving us a window to make full loan repayment by June 2024, we successfully repaid all the loans by June 2021. This was possible due to the new structures we put in place to deal with bad debts and loan recoveries as part of our turnaround plan. This now affords us the ability to underwrite new business and debt without constraints and legacy matters. For instance, based on our current Equity Capital base of USD 155M and a debt-equity ratio of 0%, we can instantly raise new debt of up to USD 465 million,” Shelter Afrique Group Managing Director and CEO Andrew Chimphondah said.

The company has also repaid a bond floated on the Nairobi Stock Exchange between 2013 and 2018.

 Return to market

Mr Chimphondah noted that following the development, Shelter Afrique now plans to return to the capital market to raise KES125 billion (USD1.25 billion) in local-currency bonds by the end of the year.

“With the debts fully retired, we now intend to mobilise a local-currency equivalent of USD500 million each from Nigeria and East Africa, as well as USD250 million from French-speaking African nations.  These will be crucial in funding our demand-side pipeline of as much as USD1 billion which we are currently developing,” Chimphondah said

Mr Chimphondah added that besides the bonds, Shelter Afrique was exploring further shareholder financing, noting that the Company was already in talks with some keen organisations and countries who share a similar commitment to affordable housing in Africa.

“In the past few months, we have raised a significant amount from our current shareholders, admitted a new shareholder (Fonds de Solidarité Africain -FSA), and resolved to open a new class C group of shareholding for non-African entities to widen our shareholding and capital resource bases,” Mr Chimphondah said.

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ECOWAS Chairman Nana Akufo-Addo meets Mamady Doumbouya in Guinea

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Akufo-Addo meets Mamady Doumbouya

ECOWAS Chairman Nana Akufo-Addo meets Mamady Doumbouya in Guinea

His Excellency President Nana Addo Dankwah Akufo-Addo who doubles as the President of the Republic of Ghana and the Chairperson of Economic Community of West African States (ECOWAS) is in the capital of Guinea, Conakry to have talks with the military junta that has overthrown President Alpha Condé’s government. President Akufo-Addo and his entourage were welcomed by the Guinean Military leadership led by Mamady Doumbouya.

The meeting is centered on how the military junta can help restore the democratic sanity in the Republic of Guinea and also negotiate on releasing the captured President Alpha Condé.

Before this meeting, the leadership of the West African Regional bloc on 16th September 2021 had an emergency meeting in Accra, Ghana, and deliberated on the two coups that have taken place in Mali and Guinea.

The Regional block resorted to sanctioning Guinea. All the heads of state in the bloc decided to freeze the financial assets and impose travel bans on Guinea’s junta members and their relatives, insisting on the release of President Alpha Condé and a short transition.

In a previous virtual meeting led by the head of ECOWAS, President Akufo-Addo reaffirmed ECOWAS’ objection to any unconstitutional political change.

“ECOWAS demands respect for the physical safety of the President of the Republic, Professor Alpha Condé”. We ask the Guinean defense and security forces to remain in a constitutional posture and express our solidarity with the Guinean people and their government,” it added.

Photos of the ECOWAS head's visit to Guinea, Conakry.

President Akufo-Addo introducing his entourage to Mamady Doumbouya

 

Photos of the ECOWAS head's visit to Guinea, Conakry.

President Akufo-Addo [L] and Mamady Doumbouya [R]

Photos of the ECOWAS head's visit to Guinea, Conakry.

Mamady Doumbouya [R] leading President Akufo-Addo [L] to the meeting venue

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Shelter Afrique receives USD2.7million capital boost from Tanzania

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Shelter Afrique Group MD and CEO And

The Government of Tanzania has increased its stake in Shelter Afrique after paying USD2.7 million in additional capital, the pan-African housing development financier has disclosed.

The Additional stake now takes Tanzania’s shareholding to 1.54% up from 0.3% held previously.

Effectively, the contribution now reduces ownership of the top three shareholders with Kenya’s, Nigeria’s and African Development Bank’s shareholdings now standing at 17.78%, 13.27% and 12.83%, respectively.

Thanking the Government of the United Republic of Tanzania, Shelter Afrique Group Managing Director and Chief Executive Officer Andrew Chimphondah said it was gratifying to see the unwavering support and renewed confidence by shareholders.

“We thank the government of Tanzania for choosing to increase her stake in Shelter Afrique despite the prevailing condition, and in particular the Ministers for Housing and finance Honourable William Lukuvi and Honourable Mwigulu Nchemba for making the disbursements – It’s a vote of confidence in the Company. We are also grateful to other shareholders who have increased their stakes recently,” Mr. Chimphondah said.

In addition to Tanzania’s contribution the Company has also received additional capital contributions from Kenya (USD 9.92m), Cameroon (USD 3,529,801.29) Mali (USD 2,062,994), Rwanda (USD 1.1m), Uganda (USD 0.08m), Togo (USD 0.58m), Swaziland (USD 0.32m), Ivory Coast (USD 0.57m), and Democratic Republic of Congo (USD 0.5m), bringing the total additional capital receipts to $20.69m within the last six months of 2021.

“We also wish to thank several other shareholders such as Namibia, Zimbabwe Morocco, and Swaziland, Cameroon, Kenya, DRC, Mali, Ivory Coast, Uganda, Rwanda and Togo for their positive response to the call for recapitalization, this continues to show confidence in the strategy of The Company” Mr. Chimphondah said.

Shelter Afrique has approved financing of more than USD 52,246,000 in Tanzania. The Company invested equity into the Tanzania Mortgage Refinance Company (TMRC) in 2014 and has remained an active member. The Company is actively pursuing large-scale low-cost housing projects in both Dodoma and Zanzibar through public private partnerships and the provision of lines of credit.

In August of 2021, Shelter Afrique through its Centre of Excellence, at the invitation of the Revolutionary Government of Zanzibar held a masterclass session for government officials to deepen capacity within the industry. Similar conversations are being held to hold another one in Dodoma as well before the end of the year.

In the same period, Shelter Afrique, as part of its ongoing engagement with Tanzania, led a high-level delegation to meet with the Minister of Lands, Housing and Human Settlements, Honourable William Lukuvi, and Ministry officials where discussions were held on the provision of land for projects featuring innovation and alternative building materials. The Minister committed to the provision of 50 acres of land in Dar-es-Salam where an annual event showcasing the improvements and breakthroughs in the building sciences can be exhibited. Shelter Afrique on its part has committed to developing the concept and will explore the possibility of hosting the first event in 2022.

 


BY: Shelter Afrique

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Anglican Priest filmed kissing students has been sacked.

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Anglican Priest filmed kissing students has been sacked.


Anglican Priest filmed kissing students has been sacked; The Anglican Church of Ghana has sacked the priest who was filmed kissing female students of the St Monica’s College of Education in Asante Mampong.

From sources his name is Balthazar Obeng Larbi. He is a priest and a lawyer for the Ghana Education Service in the Ashanti region.

The development comes after an emergency meeting between school authorities and the Anglican Church was held in Asante Mampong after the viral video.

Rev. Larbi was sacked indefinitely as the church assured members of the public that the three girls involved would undergo counselling sessions.

Rev. Father Balthazar Obeng Larbi “is relieved of his duties as Chaplain of the College and all other official duties pending investigations and recommendations from the committee”, the church said, in a letter to the priest.

The Anglican Church of Ghana had earlier condemned the act and promised an internal investigation on the priest.

A statement which was signed by the church on August 17 indicated that “the said Priest will be dealt with in accordance with the norms and values of the Anglican Communion where morality is extremely revered in the Church.”

“The church is saddened by the news and wish to state expressly that, a thorough investigation has immediately been instituted into the matter and the action of the said priest will be dealt with in accordance with the norms and values of the Anglican Communion where morality is extremely revered in the church,” the statement undersigned by Venerable Dr. George Dawson-Amoah, Executive Director to the Metropolitan Archbishop of Ghana added.


source:  saharareporters

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It is an act of reward, Students explain Anglican Priest’s action.


It is an act of reward, Students explain Anglican Priest’s action; Pastors are spiritual leaders and as such, they are expected to lead a good and moral life because most people who find themselves in their churches look up to them.

A Priest of the St Monica’s College of Education has been filmed kissing three female students and this has caused a stir on social media as a lot of people have come out to condemn his actions as it has been described as unbiblical.

It has been revealed that the Anglican Priest did so as an act of reward.

A reporter in the area, Kwasi Oppong, who visited the school after the video went viral, said on Adom FM’s morning show Dwaso Nsem Tuesday that the incident was not the first to have happened.

According to Kwasi Oppong, with the previous incident, some of the students revealed to him that the Anglican Priest rewarded the students and presented them with certificates and cash to show appreciation for their years of service in the school and that this “so called holy kiss” was the latest reward he was giving.

He said some of the students have declined to speak to the issue and others have willingly given their side of the story.

“Some of the students I managed to speak to told me that the Priest always rewards students in the school and so this time he decided to kiss the students. So far we only know of three students who were kissed by the priest,” he reported…

 

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