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AU to Launch African Credit Rating Agency October 7, 2026

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The African Union (AU) has announced that the long-awaited African Credit Rating Agency (AfCRA) will officially commence operations on October 7, 2026, in Port Louis, Mauritius, where the agency is headquartered.

The launch is being described as a major development in Africa’s efforts to strengthen financial independence and provide a continent-focused perspective on the creditworthiness of African governments and businesses.

The AU announced the development on Wednesday through a post on its official X account, describing AfCRA as a landmark achievement in the continent’s pursuit of financial sovereignty.

According to the Union, African countries have for decades faced high borrowing costs partly because international financial markets have attached significant risk premiums to African economies.

The AU said the new agency was created to provide credit assessments that take into account the specific economic conditions, resilience and growth prospects of African countries.

“For decades, skewed risk perceptions have forced African nations to pay an unfair ‘risk premium’ on global capital,” the AU said.

The Union added that AfCRA was established to change the narrative by providing “context-driven credit opinions for sovereign and corporate entities.”

In a video accompanying the announcement, the AU said African economies had historically been assessed within a global financial system that did not always adequately capture the continent’s economic realities.

“AfCRA is our response. A bold assertion of African agency, financial sovereignty and institutional confidence,” the Union said.

The agency is expected to provide an alternative African perspective to major international rating firms, including Fitch Ratings, Moody’s Ratings and S&P Global Ratings.

Concerns over the methodology and impact of international credit ratings have persisted among African governments and policymakers, particularly over the effect of sovereign downgrades on borrowing costs.

Countries such as Ghana and Zambia have previously raised concerns that repeated credit-rating downgrades could increase the cost of accessing international capital and deepen existing debt pressures.

The African Peer Review Mechanism (APRM) has also criticised Fitch Ratings over its assessment of the African Export-Import Bank, arguing that the rating reflected what it considered an inadequate understanding of African financial institutions.

Fitch, however, has maintained that its ratings are based on globally consistent and transparent criteria.

AfCRA was originally expected to be launched in September 2025, but the rollout was postponed.

In an effort to protect its credibility and independence, the agency will not be owned by African governments.

It is also expected to concentrate largely on assessing local-currency debt instruments.

The AU said the establishment of AfCRA would demonstrate Africa’s ability to create institutions capable of shaping the continent’s economic narrative and strengthening its influence in global financial markets.

The October 7 launch in Mauritius is therefore expected to attract significant attention as African countries seek to improve perceptions of their creditworthiness, reduce borrowing pressures and gain greater control over how their economies are assessed.

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Marwa Declares War on Drug Abuse, Trafficking in Edo State

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The Chairman and Chief Executive Officer of the National Drug Law Enforcement Agency (NDLEA), Brig. Gen. Mohamed Buba Marwa (retd.), has declared a renewed war against drug abuse and trafficking in Edo State, calling for stronger collaboration among security agencies, religious organisations, parents and community leaders.

Marwa made the declaration on Thursday during an interactive stakeholder engagement in Benin, where he urged residents and relevant institutions to join forces with the agency to tackle the growing challenge of illicit drug use and trafficking.

The engagement, themed ‘Addressing the Drug Problem in Edo State’, attracted representatives of the Nigerian Army, Nigeria Police Force, Nigerian Air Force, National Youth Service Corps, civil society organisations, non-governmental organisations and community leaders, among others.

Speaking at the event, the NDLEA boss stressed that the fight against illicit drugs required a collective effort, noting that the agency could not effectively address the problem without the support of other stakeholders.

“I am here personally to declare war against drug abuse and trafficking in Edo State. Even though the NDLEA is the lead agency in the country for the enforcement of drug laws, we cannot do it alone,” he said.

He urged stakeholders to collaborate in tackling the menace, insisting that religious institutions, families, schools and community organisations all had important roles to play.

Marwa particularly called on parents and guardians to lead by example, monitor their children and intervene early whenever they notice signs of drug-related problems.

He also encouraged families to seek professional assistance for children already involved in drug abuse, stressing that there should be no stigma attached to seeking help.

“We must, as parents, engage early and seek help for our children. There is no shame in it. This is very important for our children and for the future of our country. Each of us must play our part,” he added.

The NDLEA chairman further linked illicit drug use to several criminal activities, warning that addressing substance abuse was essential to improving public safety and protecting communities.

As part of efforts to strengthen public awareness, Marwa disclosed that he would meet with the Christian Association of Nigeria (CAN) and the Islamic Council in Benin to secure their support in educating worshippers and communities about the dangers of drug abuse.

He said religious leaders could use their platforms to discourage illicit drug consumption and encourage community participation in prevention efforts.

The NDLEA boss also called on schools across the state to establish drug-free and counselling clubs to educate students and provide support for those facing drug-related challenges.

He urged students to report to their teachers and school authorities whenever anyone offered them illicit substances.

In addition, Marwa disclosed that he had directed members of the National Union of Road Transport Workers (NURTW) to stop the sale of drugs and alcohol in motor parks across Edo State.

According to him, the union members had agreed to comply with the directive as part of efforts to prevent motor parks from becoming centres for illicit drug activities.

Earlier, the Edo State NDLEA Commander, Mitchell Ofoyeju, emphasised the importance of cooperation among security agencies in tackling drug abuse and trafficking.

Ofoyeju said the agency could not win the fight in isolation, noting that sustained collaboration was necessary to strengthen enforcement operations across the state.

He appreciated the Nigerian Army, Nigeria Police Force and other security agencies for their continued support, adding that the arrests and seizures recorded by the NDLEA over the years would not have been possible without their cooperation.

The engagement forms part of efforts to strengthen stakeholder participation in preventing drug abuse, disrupting trafficking networks and building safer communities in Edo State.

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Olamide Defends Yoruba Heritage, Says African Traditions Are Not Diabolical

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Nigerian rapper and YBNL record label boss, Olamide Adedeji, popularly known as Badoo, has urged Nigerians to embrace their cultural heritage, insisting that African traditions should not be demonised or treated as something to be ashamed of.

The music star made the remarks while expressing pride in his Yoruba roots and calling for greater appreciation of Nigerian culture, traditions and indigenous practices.

Speaking at an event on Tuesday, November 3, at The Pod by Nile Luxury Cinemas, Olamide said African cultural practices should not automatically be associated with evil or superstition.

“Our culture and tradition are not diabolical, and they are not to be demonised. We’re proud of who we are, where we’re coming from and everything about our heritage, tradition and culture,” he said.

Switching to Yoruba, the rapper used black soap, locally known as ose dudu, to illustrate his point about cultural identity and acceptance.

“I’m a Yoruba boy,” he said. “If you give me black soap, I’ll gladly collect it and use it.”

Dressed in a colourful adire outfit, Olamide spoke about the need for Africans to appreciate their cultural backgrounds rather than allow negative perceptions to shape how they view their traditions.

A video of his remarks was shared on Sotayo’s Instagram page on Wednesday, drawing attention to his comments on the relationship between African identity, traditional practices and spirituality.

Olamide has consistently incorporated Yoruba language, expressions and indigenous sounds into his music, blending traditional storytelling with contemporary hip-hop and Afrobeats.

Through his music and influence in the Nigerian entertainment industry, the rapper has contributed to the visibility of indigenous-language music among younger audiences.

Other Nigerian entertainers associated with his YBNL music label, including Adekunle Gold, Lil Kesh and Asake, have also incorporated indigenous languages, traditional sounds and cultural expressions into their musical styles.

His remarks have further highlighted broader conversations about how African traditions are perceived, particularly where indigenous cultural practices are sometimes viewed through the lens of superstition or spirituality.

Black soap, known among the Yoruba as ose dudu, is a traditional skincare product commonly made from ingredients such as plantain skins, cocoa pods and palm kernel oil.

Although widely used for skincare, the product is also associated with certain traditional beliefs and practices in some communities.

Olamide’s comments underscore the importance of cultural identity and the need to appreciate indigenous heritage without automatically attaching negative meanings to traditional African practices.

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LASEPA Celebrates 30 Years, Intensifies Fight Against Pollution in Lagos

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The Lagos State Environmental Protection Agency (LASEPA) has reaffirmed its commitment to environmental protection, pollution control and sustainable environmental management as it marks 30 years of promoting a cleaner, safer and healthier environment across the state.

The agency said the anniversary provides an opportunity to reflect on its achievements over the past three decades and strengthen efforts to address emerging environmental challenges associated with Lagos State’s rapid urbanisation and growing population.

In a post shared on its X handle on Thursday, the Permanent Secretary, Office of Environmental Services, Dr Omobolaji Tajudeen-Gaji, stated this during a press conference organised to commemorate the agency’s 30th anniversary.

Tajudeen-Gaji commended LASEPA for its contributions to combating environmental pollution, particularly noise and air pollution, noting that the agency had played a significant role in improving environmental standards across Lagos State.

The agency’s anniversary comes as Lagos continues to face environmental challenges associated with rapid urbanisation, industrial activities, waste generation, air pollution and noise pollution, making effective environmental regulation and public participation increasingly important.

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