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AFREXIM to Disburse N7.647tn to Intra-African Businesses

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Afreximbank
  • AFREXIM to Disburse N7.647tn to Intra-African Businesses

The African Export Import (AFREXIM) Bank has said it will in the next five years disburse a total of N7.647 trillion ( $25 billion )to support Intra -African trade within the African continent.

This is just as the bank also said in line with this initiative, it would today (Thursday) sign a N305.900 billion ($1 billion) loan with Dangote Cement in Nigeria as part of effort to support businesses in Africa.

AFREXIM President, Dr. Benedict Oramah, who stated this at the 24th annual general meeting of the bank held in Kigali, Rwanda, recently, said out of the above amount it plans to disburse in the region, N3.059 trillion ($10 billion) would be sourced from within Africa, while the rest would come from shareholders and other external sources.

According to him, already the bank had mobilised N1.376 trillion ($4.5 billion) and was confident that it would make up the balance.

He said management of the bank was optimistic that the initiative was achievable considering the enormous opportunities and funds sitting idle in the continent’s reserves in the past years before the commodity price shock.

He said AFREXIM had set for itself target of strengthening businesses in various sectors of the economy within the region, in order to bring a major change in the prevailing situation whereby once there is slide in commodity prices, it will affect economic activities of most countries in the continent.

He said the regional bank, which is currently focusing its core strategy on promoting intra African trade, industrialisation and export of manufactured goods as well as maintaining trade financing leadership in Africa, was already making its business supportive and promotion impact in many countries within the continent.

According to him, in Nigeria’s services sector, its total exposure to banks in the country, including the Bank of Industry, stands at N428 billion ($1.4 billion) while its outstanding from Nigerian banks was put at N1.040 trillion ($3.4 billion).

“We have exposure to Nigerian banks in total of $1.4 billion, our outstanding in Nigeria is about $3.4 billion, that is the loan that Nigerian banks are owing us.”

Speaking on the performance of the loans to Nigerian banks, the AFREXIM Bank boss said they are all doing well as the banks are responding positively, adding that the banks are planning to make Nigeria benefit more from the initiative.

“We are signing a loan contract of $1 billion (Thursday) with Dangote group for its cement factory,” he stated.

He also said the bank had concluded plans to build world class medical centre in Abuja, Nigeria, to reduce rate of medical trips abroad by Nigerians and other African countries.

According to him, the regional bank has also concluded plans to set up three state of the art industrial parks in Nigeria to enhance local manufacturing and export of manufactured goods from the region.

Oramah, said in all these, AFREXIM was happy that African governments and its shareholders are fully in support of the activities of the bank in this direction.

He said apart from Nigeria, the bank had invested about $ 4.2 billion (N1.285 trillion) in Egypt, especially in helping banks in the country to overcome their recent crisis as well as in promoting the Egypt- African trade promotion programme.

He said the bank had also supported airlines, adding that it loaned $2 billion to Kenya Airways to purchase 20 aircrafts and had been a prominent financer of Arik Airline.

Oramah also said the AFREXIM Bank has set for itself the target of dismantling through government support anything that causes traffic in trading activates across the region.

He said the bank’s activities in promoting businesses within the region would extend to Africans in diaspora, noting that this became necessary because a critical look at their business activities has shown that their GDP has grown as high as $700 million..

He said the bank through its intra-African trade development strategy wants to bring them into African economy.

AFREXIM was established in Abuja, Nigeria in October, 1993 by African governments, African private and institutional investors, as well as non-African financial institutions and private investors for the purpose of financing, promoting and expanding intra-African and extra-African trade.

The bank was established under the twin constitutive instruments of an agreement signed by member states and multilateral organisations, and which confers on it the status of an international multilateral organisation; as well as a charter governing its corporate structure and operations, signed by all shareholders.

The bank is headquartered in Cairo, Egypt, and commenced operations on September 30, 1994,

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

Finance

CBN Freezes Another 194 Accounts of firms, BDCs, Others

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Godwin Emefile

The Central Bank of Nigeria on Thursday said it got orders from the Federal High Court, Abuja division, to freeze 194 bank accounts belonging to firms and Bureaux de Change to enable it to conduct investigations into suspicious activities.

It disclosed this on Thursday in three separate documents on its website.

In one of the documents, the CBN said it got an order to freeze 60 bank accounts of Bluebeam Capital Limited.

The accounts were domiciled in 13 different banks, the CBN as the plaintiff stated.

Bluebeam, as the respondent had eight accounts each in Access Bank and Keystone Bank; seven each in First Bank and Ecobank; five each in UBA and GTBank; four each in Fidelity Bank, FCMB and Sterling Bank; three accounts in Polaris Bank; two each in Wema Bank and Heritage Bank; and one in Providus Bank.

In another document, the CBN said it got an order to freeze 84 accounts in 17 banks.

The third document revealed that the banking regulator had the court order to freeze 50 accounts domiciled in different banks.

The motions exparte which were signed on different dates sought the orders of the court to direct the banks to freeze all other bank accounts of the defendants for a period of 180 days, pending the outcome of investigation and inquiry being conducted by the CBN.

In the document signed by the Presiding Judge, A.R. Mohammed, the court empowered the CBN to direct the banks to freeze all the bank accounts for a period of 45 days only, pending the outcome of the investigation.

It added that the order may be extended upon good reasons shown.

Any person aggrieved by this order could apply to the court to have the order set aside, discharged or have the order reviewed upon good reasons without waiting for the 45 days to lapse, the document stated.

The CBN on Wednesday disclosed it got an order to freeze 11 bank accounts to enable it conduct investigations into suspicious activities.

It had listed the names of the defendants/respondents as Albert Austin Ugochukwu with two bank accounts; Belfour Energy & Allied Services; Belfour Oil and Gas Limited with three bank accounts; Circle Flow Integrated Services; Kacynaus Reality Nigeria Limited with three bank accounts; and Tasmara Integrated Services.

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Banking Sector

Insider Dealing: Henry Oroh, An Executive Director of Zenith Bank, Acquires N46.982 Million Worth of Zenith Bank Shares

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Henry Oroh -Investorsking.com

Henry Oro, an executive director of Zenith Bank Plc, has dumped N46.982 million on shares of Zenith Bank, according to the latest filing with the Nigerian Stock Exchange.

The executive director purchased Zenith Bank’s shares of 724,527 on April 1st, 2021 at N22.05 each or N15.976 million.

On April 6th, Oroh added 612,573 shares at N22 a unit and another 400,000 units at N21.90 per share.

On the same day, he purchased another 400,000 units at N21.90 a share. Bringing aggregate purchase on April 6th to 1,412,573 at an average price of N21.95 a unit or N31.006 million.

Henry Oroh has spent a total of N46.982 million on Zenith shares in April.

Henry Oroh was appointed as Zenith Bank’s executive director on September 1st, 2019 and holds a Bachelor’s Degree in Accounting from the University of Benin, Edo State and an MBA from the Lagos State University as well as an LLB Degree from the University of London.

He is a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN) and an honorary member of the Chartered Institute of Bankers (CIBN), Nigeria.

He has over two decades of banking experience. He began his banking career in 1992 at Citibank where he served for seven (7) years in Operations, Treasury and Marketing.

He joined Zenith Bank in February 1999 and has worked in various Groups and Departments within the Zenith Group Office. His expertise spans Operations, Information Technology, Treasury, Marketing, including the Manufacturing, Food and Beverages, Pharmaceuticals, Oil and Gas, Public Sector, Consumer, as well as Corporate Banking and Business Development.

In April 2012, he was seconded to Zenith Bank Ghana Limited as an Executive Director and became the Managing Director/ Chief Executive in February 2016, where he successfully spearheaded the phenomenal growth of the Zenith Brand both within the Ghana market and the West African sub-region.

Henry has attended several Leadership Programmes and Executive Management Courses at the Harvard Business School, Columbia Business School, New York, University of Chicago, University of Pennsylvania, HEC Paris, JP Morgan Chase, UK and the Lagos Business School.

He comes to the Board of Zenith Bank Plc with strong competencies in Credit & Marketing, Operations, Information Technology, Treasury and impressive Leadership skills.

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Banking Sector

Access Bank Lagos City Marathon Adopts Virtual Audience For 10km Runners

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In a bid to ensure the health and safety of all runners and essential service workers amid the global COVID-19 pandemic, the title sponsors of the Access Bank Lagos City Marathon, Access Bank PLC, has announced that the Lagos City Marathon will be held virtually for interested 10km runners this year.

The marathon, scheduled for April 10, 2021 can only accommodate 300 runners in line with the guidelines provided by the World Health Organisation (WHO), World Athletics and the Lagos State Ministry of Health.

Speaking on the development, Access Bank’s Executive Director of Retail Banking, Victor Etuokwu said, “Our primary consideration is the health and safety of participants, attendees and staff that will be a part of the Lagos City Marathon. This is why we decided to have an exclusive virtual event – that allows participants from all over the world to run the race wherever they are.

‘’While we regret that we can’t host the live 10km race and fanfare that have become synonymous with the Access Bank Lagos City Marathon, we continue to stand with the other sponsors to preserve public health as we look forward to hosting a successful marathon. We implore all well-meaning Lagosians to please adhere to the movement guidelines put in place by the Lagos State Government to ensure that the marathon fulfills its purpose of positively placing Lagos and indeed the whole of Africa on the global map,” he concluded.

Though audience participation may have changed, the organisers have also announced that the race route will largely remain the same. Runners will begin the race from the National Stadium, Surulere, opposite Teslim Balogun Stadium and finish at the Eko Atlantic City, Victoria Island.

Now in its sixth edition, the Silver – Labelled Access Bank Lagos City Marathon has featured over 200,000 registered athletes from over 12 participating countries collectively covering a distance of 42,000 kilometers.

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