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Afreximbank Net Interest Income Grows 4.53% to $ 411.2m in Q1

By Tony Obiechina, Abuja
African Export-Import Bank (Afreximbank) has released the consolidated financial statements of the Bank and its subsidiaries for the three months ended 31 March 2025.Financial HighlightsAfreximbank Group delivered satisfactory financial performance for the first quarter of 2025, meeting expectations with solid profitability, strengthened liquidity and a resilient capital base.
This performance provides a springboard for the Bank to continue playing its pivotal role of advancing the aspirations of Africa and the Caribbean for economic transformation and sustainable development in the months and years ahead. Net interest income grew by 4.53% to $411.2 million compared to prior year, driven by growth in interest earning assets, complemented by effective management of borrowing costs, helping the Bank to cushion the marginal decline in total interest income due to softening benchmark rates.Fee income from Guarantees and Letters of Credit saw robust growth of 47% and 36% respectively, partially offsetting lower advisory fees to contribute to total unfunded income of $26.9 million for Q1-2025. While this represented a 7.41% decrease from $29.0 million in Q1 2024, the strong performance in Off-balance sheet assets is in line with the Bank’s strategy to grow unfunded business.The Group posted strong Net Income of $215 million, a 21% increase year-on-year from $178 million in the prior period.The Group’s total assets and contingent liabilities increased by 6.4%, reaching $42.7 billion as of 31 March 2025, up from $40.1 billion at FY’2024. On-balance sheet assets grew by 4.85% to $37.0 billion; driven primarily by a 58% surge in cash balances to $7.4 billion, while Off-balance sheet assets i.e. letters of credit and guarantee volumes increased by a 19% to reach $5.7 billion at the end of Q1-2025.Net loans and advances closed Q1-2025 at $27.8 billion; down from the FY2024 closing position reflecting early repayments from certain customers on account of improved foreign currency balances position of some sovereign borrowers. Importantly, the Loan Asset Quality remained strong, with the Non-Performing Loans (NPL) ratio at 2.44%, a modest increase from 2.33% at FY’2024 – well below the Bank’s strategic NPL ceiling of 4%.Driven by inflationary pressures and growing personnel costs, operating expenses rose by 23% to reach $75.4 million by 31 March 2025. Despite this, Afreximbank Group maintained a healthy Cost-to-Income Ratio of 16%, below its strategic range of 17-30%.Afreximbank’s liquidity profile strengthened considerably, with liquid assets now comprising 20% of total assets, up from 13% at the close of FY’2024. This higher liquidity position was as a result of successful fund-raising, coupled with loan repayments received during the quarter.Shareholders’ funds increased by 3.4%, reaching $7.5 billion, driven by strong internally generated capital of $215.4 million in addition to new equity investments under the second General Capital Increase (GCI II) programme.Operating HighlightsIn line with the Afreximbank strategic objective of driving Industrialisation and export development, the Bank and the Government of Kenya ratified a number of initiatives designed to support the development Industrial Parks (IPs) and Special Economic Zones (SEZs) in Kenya under the US$3 billion Kenya country programme.The projects which include Dongo Kundu Industrial Park in Mombasa and Naivasha SEZ II in Mai Mahiu, are key components of Kenya’s Vision 2030 plan to boost export manufacturing and industrialisation. Afreximbank’s support for these initiatives will specifically enhance infrastructure development, attract investment, and strategically position Kenya as a key hub for African and global commerce.The rollout of the Pan-African Payments and Settlement System (PAPSS) continues to gain momentum with KCB Group in Kenya and Bank of Kigali in Rwanda launching the platform, becoming the first banks in their respective countries to offer seamless, instant, and affordable cross-border payments in local currencies across Africa.Aligned with its mandate to promote Global Africa following the recognition of the African Diaspora as the 6th region of Africa, the Bank further cemented its expansion and presence in the Caribbean with the historic groundbreaking ceremony to kick off the construction of the first ever Afreximbank African Trade Centre (AATC) outside of Africa in Bridgetown, Barbados. AATC Barbados will also host its regional office. The Barbados AATC is an authentic icon of trade embodying the ambition, resilience, and influence of leading commercial cities in Africa and the Caribbean that serve as dynamic focal points for commerce, fostering regional and global trade connections, and is expected to enhance intra-and extra-African trade, with a focus on countries of the Global South.Denys Denya, Afreximbank’s Senior Executive Vice President, commented:“Our QI 2025 results, which were in line with expectations, reflected a strong and resilient financial performance, notwithstanding continued macroeconomic challenges. With solid profitability growth, a strengthened liquidity position, and a well-capitalised balance sheet, the Group is firmly positioned to continue playing a pivotal role in advancing the aspirations of Africa and the Caribbean for economic transformation and sustainable development.”COVER
Heirs Insurance Posts N61bn Gross Written Premium

Heirs Insurance Group has announced its audited financial results for the year ended December 31, 2024, showing strong year-on-year growth across business lines and metrics.The insurance group reported a combined Gross Written Premium of N61bn in 2024 for its life and general insurance companies, indicating a 70 per cent increase from the N35.
8bn recorded in the previous year. Heirs Insurance Group is the insurance subsidiary of Heirs Holdings, the pan-African investment company, with investments across 24 countries and four continents. The insurance group also recorded a combined insurance revenue of N31.4bn, which is about 53 per cent higher than N20.5bn in 2023. Profit Before Tax rose from N4.8bn in 2023 to N11.2bn, more than double the previous year’s figure, and representing a 133 per cent year-on-year growth, and the group paid about N10.4bn in claims during the year under review compared to N4.18bn. Its total assets grew by 66 per cent, rising from N55.8bn in 2023 to N92.9bn in 2024.Analysing the financial performance of the entities that make up the group indicated that Heirs Life Assurance reported an 85 percent increase in Gross Written Premium from N23.87bn in 2023 to N44.22bn in 2024. Insurance revenue rose by 109 per cent to N15.1bn from N7.3bn in 2023 as its profit before tax grew to N5.5bn, up from N1.88bn, indicating a 193 per cent increase. Claims paid by Heirs Life also rose to N5.67bn, a 120 percent increase from N2.5bn paid to customers in 2023.Heirs General Insurance also maintained a strong growth trajectory as its Gross Written Premium rose by 42 per cent to N16.9bn from N11.9bn in 2023. Insurance revenue hit N14.3bn, a 19 per cent increase from the N12bn recorded in 2023, and profit before tax grew by 104 per cent, rising from N2.4bn in 2023 to N4.9bn in 2024. HGI also demonstrated strong claims responsiveness, with claims paid amounting to N4.7bn, up 25 per cent from N3.7bn in the previous year.The insurance broking and risk management consulting firm in the group, Heirs Insurance Brokers, posted growth as well. Its revenue grew by 54 per cent from N1.28bn in FY2023 to N1.97bn in 2024, driven by increased client acquisition and retention. Profit Before Tax rose by 53 per cent fromN528.59m in the prior year to N805.91m in 2024, highlighting strong cost discipline and operational efficiency.In a statement accompanying the financial results, the group said it had achieved year-on-year growth due to its strong leadership and corporate governance and a focus on driving digital innovation to make insurance simple and accessible.It added, “Beyond technology, the group drives advocacy across all customer clusters, aligning with its purpose to improve lives and transform Nigeria. Its Essay Championship drives insurance literacy among young students and the school ecosystem, and its travel festival advocates for more inclusive policies to enable cross-border travel, among many other initiatives.”Heirs Insurance Group serves both corporate and individual customers across Nigeria.COVER
Confusion Trails Mohammed Babangida’s BOA Chairmanship Appointment

By Mike Odiakose, Abuja
The Presidency has denied reports claiming that Mohammed Babangida, son of former military president Ibrahim Babangida, turned down his recent appointment as Chairman of the Bank of Agriculture (BOA) by President Bola Tinubu.The clarification came after a letter, purportedly signed by Mohammed Babangida and circulated by Chief Dele Momodu, publisher of Ovation magazine and chieftain of the African Democratic Congress (ADC), suggested that Babangida had declined the offer due to personal and professional reasons.
However, presidential media aide Olusegun Dada swiftly dismissed the claims in a post on X (formerly Twitter), stating that Babangida had not only accepted the appointment but also expressed deep gratitude to President Tinubu for the opportunity.“Muhammed Babangida has officially accepted his appointment as Chairman of the Bank of Agriculture,” Dada wrote. “He thanks President Bola Ahmed Tinubu for the trust reposed in him and categorically denies any report suggesting otherwise.”In a statement attributed to Babangida and shared by Dada, the former military president’s son condemned the letter as false, malicious, and intended to mislead the public and discredit the Tinubu administration.Further debunking the claim, Alhaji Mahmud Abdullahi, a media aide to Babangida, described the circulating letter as “fake” and the handiwork of mischief-makers. He insisted that the document was fabricated, bearing a forged signature and incorrect contact details.“Mohammed Babangida did not reject the appointment. The letter in circulation is fake,” Abdullahi said. “He remains grateful for the honour and is committed to serving the nation in this capacity.”The Presidency emphasized that those responsible for spreading the false information would be investigated and prosecuted, reaffirming its commitment to transparency and national cohesion.Tinubu had recently approved a series of high-profile appointments aimed at strengthening key government institutions, with Mohammed Babangida’s BOA chairmanship among the most notable.COVER
Retired Police Officers Defy Rain, Protest Against Pension Scheme

By David Torough, Abuja
In a powerful show of frustration and resilience, scores of retired police officers braved heavy rain yesterday to protest at the gates of the National Assembly in Abuja. Their demand was clear: an immediate exit from the Contributory Pension Scheme (CPS), which they described as exploitative and dehumanising.
The elderly demonstrators, many in their 60s and 70s, carried placards and sang solidarity songs, accusing the government of neglecting their welfare after decades of service to the nation. Among them was retired Chief Superintendent of Police, Manir Lawal, who said: “We deserve to retire in dignity. This scheme has impoverished us.”Undeterred by the weather, the retirees vowed to remain at the protest site until the leadership of the National Assembly addressed their concerns. Security personnel were on hand to ensure order, but the mood remained calm and determined.Meanwhile, a similar demonstration took place in Ilorin, Kwara and Plateau States, where members of the Association of Retired Police Officers of Nigeria (ARPON) staged a peaceful protest. The group, led by retired CSP Yakubu Jimoh, echoed demands for an exit from the CPS and called for the creation of a dedicated Police Pension Board—similar to pension structures enjoyed by the military and other security agencies.Jimoh cited glaring disparities in pension benefits, stating that while senior police officers such as AIGs and DIGs had successfully exited the scheme, rank-and-file officers were left behind with meagre monthly stipends and inadequate gratuities. “Imagine being paid just N2.4 million after 35 years of service, and receiving N30,000 monthly. It’s insulting,” he said.Legal Adviser of ARPON, retired SP Adekunle Iwalaiye, emphasised that the protest was not about incitement or lawlessness, but a cry for justice. “We are Nigerians too. We have bullet wounds and sacrifices. Our pensions must reflect that.”However, the Nigeria Police Force has warned of attempts by “external elements” to hijack the peaceful movement. According to a statement posted on X, such individuals were allegedly encouraging confrontation and disorder. The police urged retirees to remain calm and assured them of ongoing efforts to resolve their demands.Inspector-General of Police, Kayode Egbetokun, met with the protesters in Abuja and denied allegations that he was opposed to exiting the CPS.He acknowledged the hardship endured by pensioners and confirmed ongoing high-level engagements, including a recent meeting with National Security Adviser Nuhu Ribadu, to improve retirement benefits.“I empathise with you. I am not opposed to leaving the CPS, but it’s beyond the power of any IGP to unilaterally remove the force from the scheme,” he explained. Egbetokun encouraged the retirees to remain hopeful, noting that alternative solutions to enhance the current system were being explored.In a related development, civil servants in Abuja have urged the Federal Government to fulfill its promise to pay four months’ arrears of the N35,000 wage award.Many expressed disappointment over the delay, accusing the government of insincerity and urging it to disburse the payments in full.As protests and demands for improved pensions grow louder across Nigeria, both retired and active personnel are calling on the government to honor its commitments and restore dignity to public service.