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Tag: Afreximbank

Business

Afreximbank, denies payment of $3bn loan from NNPCL with $12bn

The President and Chairman of the Board of Directors of the African Export-Import Bank has denied that the Nigerian National Petroleum Corporation Limited’s $3.3 billion loan from the bank will be repaid at a 12% interest rate. According to him, the loan with its 6% margin is among the greatest values available. According to Arise News, Oramah disclosed […]

News

AFC signs $40m deal with Afreximbank, King’s College Hospital

In order to build the African Medical Centre of Excellence in Abuja, King’s College Hospital and the Africa Finance Corporation inked a $40 million equity investment agreement on Wednesday. According to the Punch, A statement from the infrastructure solutions provider, the AMCE program aims to create the first of many world-class medical centers of excellence […]

Business

NNPC to use Afrexim bank’s $3.3bn loan for operational costs

The Nigerian National Petroleum Company Limited stated its plan to use the $3.3 billion loan received from the African Export-Import Bank to cover operating demands and pay upfront tax and royalties owed to Nigeria on Sunday. The Times reported that this was revealed in a paper titled ‘Frequently Asked Questions – Project Gazelle,’ provided by […]

NNPCL secures $2bn oil-for-cash loan from Afreximbank, UBA
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NNPCL secures $2bn oil-for-cash loan from Afreximbank, UBA

The African Export-Import Bank as well as the United Bank for Africa have disbursed $2.25 billion from a $3.3 billion oil-for-cash loan facility created by the Nigerian National Petroleum Company Limited. The first payment of $2.25 billion has been disbursed, with a second tranche of $1.05 billion scheduled to follow. The $3.3 billion emergency loan […]

Afreximbank president named Forbes Africa's Person of the Year
Business

Afreximbank president named Forbes Africa’s Person of the Year

The President of the African Export-Import Bank, Prof. Benedict Oramah, has been named a FORBES AFRICA magazine 2023 Person. The Times reported that this happened during an award ceremony in Cairo, Egypt, according to a statement. At the award ceremony, Prof. Oramah was revealed as the cover personality for FORBES AFRICA’s December 2023/January 2024 edition. The Managing […]

Business

Afreximbank adds 11 African central banks to continental payment system

The Pan-African Payment and Settlement System of the Africa Export-Import Bank now includes 11 African central banks, with the rest expected to join by next year. According to CNBC Africa, the deputy CEO of PAPSS, John Bosco Sebabi, disclosed the details. Afreximbank estimated that over 80% of payments made inside Africa are presently made through Europe or the US. Up […]

Cocoa hits largest weekly gain in 24 years at $6,470 as Nigeria's supply drops
Business

AFREXIM, Fidelity Bank, JohnVents sign $40m cocoa export deal

Fidelity Bank, African Export-Import Bank, and JohnVents Industries struck a $40 million cocoa export transaction at the Fidelity Bank International Trade and Creative Connect in Houston, Texas. The Punch reported that according to a bank statement issued on Sunday, the $40 million pre-export finance facility was signed at the trade show. AFREXIM Bank would provide […]

Transportation

Nigeria gets Afreximbank’s $350k to develop inland waterways

The African Export-Import Bank has donated $350,000 to maximize the use of transportation on Nigeria’s interior waterways. According to The Sun, the African Export-Import Bank, the Nigerian Export-Import Bank, the Federal Ministry of Transportation, and the Nigerian Navy have joined forces to chart the Lower River Niger to improve water transit in Nigeria. The Lower […]

Banking

Afreximbank purchases 5% of Geregu Power shares

Afreximbank has completed the acquisition of five per cent of the shares of Geregu Power Plc. According to The BusinessDay, the purchase was made through its subsidiary – Fund for Export Development in Africa. FEDA is the impact development arm of the Africa Export and Import Bank. “Today, February 21, 2023, the company secretary for […]

Banking

Afreximbank launches TRADAR Club to boost African trade

African Export-Import Bank has launched TRADAR Club, a member-driven network aimed at empowering international businesses and executives to transform trade and investments within Africa.   Vanguard reported that Afreximbank’s Media representative, Amadou Sall, made this known in a statement on Monday in Abuja, during the operational launch of the TRADAR Club that featured a high-level […]

Afreximbank creates payment solution to save traders $5bn
Banking

Afreximbank creates payment solution to save traders $5bn

In order to facilitate instant cross-border payments in local African currencies, the African Export-Import Bank has created a payment solution platform, Pan-African Payment and Settlement System. This was announced by the CEO, PAPPS, Mike Oghalu, while speaking at the post-annual general meeting of the International Chamber for Commerce of Nigeria in Lagos. The PUNCH reported […]

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