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Afreximbank Records Solid Financial Performance, Netting $168.9m Income

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By Tony Obiechina, Abuja 

Despite the continuing negative impact of Covid-19 pandemic, Afreximbank has recorded solid financial progress and made a significant progress in the first half of 2021, according to a statement released by the Bank on Thursday.

 
The statement disclosed that the results, which reflected a net income of $168.9 million for the period, a 12% increase over $150.
75 million recorded in 2020, were achieved largely due to the growth in interest income and a 13% decrease in interest expense arising from a cost-effective funding mix.
 According to the statement in its audited financial statements just released for the six months ended 30 June 2021, the Bank showed a solid performance, in line with expectations.
Afreximbank’s total assets grew by 5.5% to $20.37 billion as at 30 June 2021 from $19.31 billion as at 31 December 2020.
This was driven predominantly by increases in loans and advances and cash and cash equivalents.
The Bank’s shareholders’ funds increased by 5.1% to $3.54 billion from the position at 31 December 2020 of US$3.37 billion, reflecting support from existing shareholders and strong internal capital generation capacity.
Mr. Denys Denya, Afreximbank’s Executive Vice President in charge of Finance, Administration and Banking Services, commented:
“The first six months of the year witnessed some positive momentum as the African economy has rebounded from the challenges faced in the previous year. Notwithstanding the continued Covid 19 challenges, we are delighted to have posted year-on-year growth of 12% in profitability and closed the period in a strong financial position.
“Afreximbank continues to play an important role in leading the fight against COVID-19 in Africa. Having disbursed over $6.5 billion through the Pandemic Trade Impact Mitigation Facility (PATIMFA), the Bank is also supporting the procurement and deployment of 400 million vaccine doses to the African Union (AU) Member States through the African Vaccine Acquisition Trust (AVAT), of which we are one of the principal partners. 
“The acquisition of the vaccines by AVAT was made possible through a $2 billion Guarantee facility provided by the Bank. The Bank also acted as the Financial and Transaction Adviser, Guarantor, Instalment Payment Facility Provider and Payment Agent on this facility.
“To enable and strengthen Afreximbank’s growth ambitions, shareholders’ approval was received to enable the Bank to launch a $2.6 billion paid-in equity capital raise, expected to be fully implemented by 31 December 2023. In addition, Afreximbank successfully closed a $1.3 billion dual maturity bond issuance, in the second quarter, which is the Bank’s longest maturity and largest ever transaction in the debt capital markets.
“We are confident that Afreximbank’s solid financial position and growth trajectory, provide a strong foundation for us to support the Continent sustain its economic rebound in the second half of 2021.”

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Business News

Opara, Fidelity Bank Director, Takes Over as CIBN President

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From Dooyum Naadzenga, Lagos

Executive Director of Fidelity Bank Plc,  Dr Ken Opara was at the weekend  sworn in as the 22nd President and Chairman of Council, Chartered Institute of Bankers of Nigeria (CIBN).

In a colourful ceremony at Landmark Event Centre, Victoria Island, Lagos, Dr Ken Opara was given the mandate to steer the ship of the highly revered Institute in the next coming years.

He takes over from Dr Bayo Olugbemi, who in a speech at the ceremony, described Opara as a big asset to the institute.

The ceremony was attended by who-is-who in the banking industry, top business executives as well as political leaders. The swearing in ceremony was performed by Justice (Dr) Adeseyi Olateru- Olagbeji.

A career banker, Opara has over 20 years industry experience and has worked in several banks before coming to Fidelity Bank.

Opara, who was the erstwhile 1st Vice-President of the institute, was elected unopposed at the institute’s 2022 Annual General Meeting held at the Bankers’ House, Adeola Hopewell, Victoria Island, Lagos on Saturday, April 9th, 2022.

In his acceptance speech, Dr Opara thanked the outgoing President/Chairman of the Council, Dr. Bayo Olugbemi, FCIB, for his commitment to lifting the banner of the institute as well as the banking and finance industry to enviable heights. He also expressed his gratitude to other stakeholders for their support for the 59yr old institute.

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“I thank all our esteemed members, for the confidence reposed in me and my colleagues whom you have elected to superintend the affairs of our Institute for the next two years. The outpouring of your support is indeed overwhelming and humbling for which we are very grateful.

It is therefore with immense respect and a deep sense of responsibility and accountability that I wholeheartedly accept your mandate to serve as the 22nd President/Chairman of Council of our Highly revered Institute.

I am mindful of the fact that you have high expectations from me and my colleagues who have just been elected. Let me reassure you that we shall collectively do our best to deliver on your mandate as an aggregator, innovator and implementer to enhance the Institute’s value propositions. My detailed agenda in this regard will be unfolded in my Inaugural Speech on May 21, 2022, at the Presidential Investiture ceremony”, said Dr Opara.

Also elected at the AGM are Prof. Pius Oladeji Olanrewaju, FCIB as the 1st Vice President; Mr. Oladele Alabi, FCIB as the 2nd Vice President and Mrs. Mojisola Bakare-Asieru, FCIB as the National Treasurer. Those elected in the Governing Council are Dr. Victor Ndubuisi Aguwah, FCIB; Mr. Olayinka Alade Odutola, FCIB; Ms. Mary Oluwakemi Aina, ACIB and Mr. Segun Oshadare, FCIB to serve the tenure (2022-2024).

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Dr. Kenneth Opara holds a Bachelor of Science (B.Sc.) degree in Finance and Master of Business Administration (MBA) from the University of Nigeria, Nsukka as well as a Ph.D. in Credit Management from the International University of Panama.

He has over 29 years’ core-banking experience spanning diverse areas including Credit, Treasury, Retail, Consumer and Commercial Banking, International Operations and Corporate Banking.  Prior to his appointment as Executive Director in charge of the Lagos & Southwest Directorate of Fidelity Bank, he served as General Manager/Regional Bank Head, Ikeja; Divisional Head, Managed SMEs, Multilateral Agencies & Trade Missions; Divisional Head, SMEs, Electronic & Consumer Banking amongst a number of roles.

With a vision to be a global reference point for skills and conduct in the banking and finance industry, the CIBN is the umbrella professional body for bankers in Nigeria. The Institute has members including the Central Bank of Nigeria, Nigeria Deposit Insurance Corporation, all deposit money banks, development banks, mortgage banks, microfinance banks, discount houses amongst others.

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Business News

BPE Ready to Assist Correctional Service on PPP Projects – Okoh

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By Ibraheem Hamza Muhammad, Abuja

The Director General of the Bureau of Public Enterprises (BPE), Mr. Alex A. Okoh, has said the Bureau is willing to deploy it expertise to assist the Nigerian Correctional Service (NCoS) in its efforts to develop some projects through Public Private Partnership (PPP).

He stated this during a courtesy visit to the Comptroller General (CG) of the Nigerian Correctional Service (NCoS), Haliru Nababa at the NCoS Headquarters, Abuja.

” These are: Cattle ranching and dairy processing factories in three States – Sokoto, Kano and Imo; agricultural farms in many States of the Federation; industrial entities and the correctional centre’s land swapping projects.

This was contained in a statement by Uzoma Chidi Ibeh, spokesperson of the bureau that, ” With more than 30 years’ experience in the reform and optimization of Federal Government’s assets through different strategies including concession, coupled with the  additional responsibility  that has been assigned to us  in the PPP space through the Federal Government’s  policy Circular on the Administration of Concession in Nigeria, is ready to collaborate with the service actively by   offering  its technical expertise and experience  to ensure the successful execution and completion of the concession process for   the projects”.

Mr. Okoh commended the commitment and efforts of the CG and his team towards repositioning the NCoS into a strong, reliable and transformative institution through some of the laudable initiatives and projects being implemented by his leadership.

See also  Afreximbank Announces $3bn Fund to Mitigate COVID-19 Effect on Africa

According to him, the feedback from the Bureau team’s interfacing with the NCoS on the level of professionalism, commitment and desire of the NCoS’ PPP Unit towards ensuring that some of the potential projects of the service across the different sectors of the economy, are developed and optimised by attracting private sector investment through a robust and transparent PPP process, have been encouraging.

He noted that the recent opening of responses to the Request for Qualifications (RfQ) issued by the Service for some of its projects, is a testimony to NCoS readiness and commitment to unlock values and optimise the potentials of those assets.

In his response, the Comptroller General, Haliru Nababa, represented by the Deputy Comptroller General (DCG), Operations (Non-Custodial Duties), Mohammed A. Tukur, Commended the Bureau for its support and guide for the success of its PPP projects which include relocation/infrastructural development, agricultural development and industrial projects.

He recalled that the projects were dear to the NCoS as they would transform and strengthen the institutions of the NCoS because of their potentials to unlock value of the Service and the Federal Government at large.

The CG solicited the cooperation of the Bureau in other areas that would add value to Service as the “mandate of BPE cuts across all agencies in the country”.

See also  CBN Names Nwanisobi, Seven Other Departmental Directors
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BUSINESS

Nigeria’s Inflation Rate Hits 8-month High at 16.82% Amid Soaring Fuel, Food Prices

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The consumer price index, which measures the rate of increase in the price of goods and services, climbed to 16.82 per cent in April 2022, on the back of surging food and gas prices.

The rate is 1.

3 per cent points lower compared to the rate recorded in April 2021 (18.12) per cent but the highest since September 2021 (16.63 per cent).

With the development, it means that the headline inflation rate slowed down in April 2022 compared to the same month in the previous year.

The National Bureau of Statistics (NBS) said this in its Consumer Price Index (CPI) report for April 2022, released yesterday.

According to the report, increases were recorded in all classifications of individual consumption according to purpose (COICOP) divisions that yielded the headline index.

“On a month-on-month basis, the headline index increased to 1.76 per cent in April 2022, this is a 0.

02 per cent rate higher than the rate recorded in March 2022 (1.74) per cent,” the report reads.

“The percentage change in the average composite CPI for the twelve months period ending April 2022 over the average of the CPI for the previous twelve months period is 16.45 per cent, showing a 0.1 per cent decrease compare to the 16.54 per cent recorded in March 2022.

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“The urban inflation rate increased to 17.35 per cent (year-on-year) in April 2022 from 18.68 per cent recorded in April 2021, while the rural inflation rate increased to 16.32 per cent in April 2022 from 17.57 per cent in April 2021.”

Since February, the Russia-Ukraine war has caused a hike in global oil and food prices.

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