The African Union has announced that the African Credit Rating Agency will be officially launched on October 7, 2026, in Port Louis, Mauritius, where the agency is headquartered.

The launch marks a major step in Africa’s efforts to strengthen its financial independence and address concerns over how the continent’s economies are assessed by global credit rating agencies.

The AU announced the launch on Wednesday in a post on its official X account, describing AfCRA as a landmark achievement for Africa’s financial sovereignty.

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

“The African Credit Rating Agency (AfCRA), headquartered in Mauritius, is created to rewrite that narrative with context-driven credit opinions for sovereign and corporate entities.”

In a video accompanying the announcement, the Union said African economies have historically been assessed within a global financial system that does not always fully reflect the continent’s economic realities, resilience and growth potential.

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

“It is a powerful answer to the pessimism that too often defines perceptions of Africa.”

The agency is intended to provide an alternative African perspective to the dominant global rating agencies, including Fitch Ratings, Moody’s Ratings and S&P Global Ratings.

The initiative comes amid long-standing concerns among African governments and policymakers about the way sovereign credit risks are assessed and priced by international agencies.

Countries including Ghana and Zambia have argued that repeated credit downgrades have contributed to higher borrowing costs and worsened their debt challenges.

The African Peer Review Mechanism (APRM) has also criticised Fitch Ratings over its downgrade of the African Export-Import Bank, alleging that the assessment reflected a misunderstanding of African financial institutions.

Fitch has defended its approach, maintaining that its ratings are based on globally consistent and transparent criteria.

AfCRA was initially scheduled to launch in September 2025 but was delayed. To protect its credibility and independence, the agency will not be owned by African governments.

It is also expected to focus primarily on ratings for local-currency debt instruments.

The AU said the agency would demonstrate Africa’s capacity to build its own institutions, shape its own economic narrative and exercise greater control over its financial future.

The October 7 launch in Mauritius is expected to draw attention as African countries seek to reshape perceptions of the continent’s creditworthiness and reduce the impact of what they view as unfair risk assessments in global capital markets.

Source: punchng.com

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The Nigerian Defence Academy has released the list of successful and reserve candidates for admission into the 78 Regular Combatant Course (78RC).

The Armed Forces Selection Board exercise for the 78 Regular Course was conducted from July 4 to August 19, 2026, with successful candidates offered admission into the Academy.

According to the NDA in a statement signed by the Academy Registrar, Brigadier General OA Ogunleye on its X handle on Wednesday, successful candidates are expected to report to the NDA Ribadu Campus (Old Site), Kaduna, on Saturday, September 12, 2026.

The Academy warned that any candidate who fails to report by Monday, September 14, 2026, “will forfeit his or her place.”

It added that only selected candidates are expected to report to the Academy, where they will be received at the Drill Shed, NDA Old Site, Ribadu Cantonment.

The NDA said candidates on the reserve list “may be called as the need arises through their registered e-mails and phone numbers.”

Successful candidates have also been directed to present the original copies of their credentials, including their First School Leaving Certificate, Primary School Testimonial, WAEC/NECO results, Senior Secondary School Testimonial, Birth Certificate or Declaration of Age, and Letter of State of Origin.

The Academy stressed that candidates must also present the “original copy of duly endorsed Parent/Guardian Consent Form,” warning that photocopies would not be accepted.

“Any candidate who fails to present originals of the stated documents will not be accepted into the Academy,” the notice stated.

In addition to their credentials, successful candidates are required to come with specified clothing, footwear, sportswear, bedding and personal items, including black and white trousers, a dark-coloured lounge suit, national dress, black cover shoes, white and brown canvas shoes, football boots, a hockey stick, white shirts, socks, bed sheets and a pressing iron.

Female candidates are also required to bring black low-heel cover shoes, dark-coloured lounge skirts, black or blue short tights and trouser suits.

The NDA further directed all selected candidates to upload their O’Level results on the JAMB portal before reporting to the Academy.

Candidates who were not offered their preferred academic department are required to log into the JAMB portal to effect the necessary change.

The Academy also instructed all selected candidates to accept their admission through the JAMB Central Admissions Processing System (CAPS) before reporting.

The NDA warned that selected candidates would not be allowed to receive visitors or leave the Academy during the first three months of training.

“Selected candidates and their parents are to please note the above for strict compliance,” the notice stated.

Source: punchng.com

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