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Tag: Afreximbank

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Nigeria to get $1bn Afreximbank loan May

Nigeria is set to receive the balance of $1.05 billion from a $3.3 billion Afrexim bank loan backed by oil revenues by the end of May The loan is one part of a larger $3.3 billion prepayment facility, which Afreximbank has set up with the repayment terms relating to crude oil consignments from Nigeria’s National […]

News

Afreximbank predicts decline in Nigerian banks’ earnings

Analysts forecast that major banks in Nigeria would likely see a decline in earnings this year, which is attributed to challenges posed by the regulatory and market changes, according to a new report by Afreximbank. In the report, Nigerian banks especially, those dependent on foreign exchange, may suffer from a decline in their earnings as […]

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 […]

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 […]

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