33 C
Lagos
Sunday, January 24, 2021
- Advertisement -

Afrexim Hands Oramah New Five-Year Term

Opinion

2020: A Year Like no Other By Dakuku Peterside

The year 2020 was supposed to be a great year. It was another Leap Year – the famed Olympic Games year when...

The Time to Restructure is Now – Bola Tinubu

Being with you at this special event today, I am visited by two competing emotions. I continue to feel a profound sense...

Africa and the COVID-19 Vaccine – By Dakuku Peterside

The year 2020 will forever be synonymous with Covid-19, a pandemic that brought the world to her knees. For the first time...

Buhari is Repressing Human Rights and Getting Away With It – By Kolawole Olaniyan

President Muhammadu Buhari is failing to live up to his promises to ensure respect for human rights, obey the rule of law,...

The African Export-Import Bank (Afreximbank) has re-appointed Mr Benedict Oramah as President and Chief Executive Officer for a second five-year term.

The organisation announced the appointment on Sunday, June 14, at the bank’s headquarters in Cairo, Egypt, following his re-election at the 27th Annual General Meeting (AGM).

The AGM was held by circulation of resolutions due to the COVID-19 pandemic.

“We want an Africa where the foundations of the African Continental Free Trade Agreement (AfCFTA) are laid expeditiously so that the 84,000 kilometres of borders that have divided us for ages can begin to come down,” said Mr Oramah in his acceptance speech.

He added that Afrexim’s ultimate goal during his second term would be the realisation of Africa’s strategic ambition to create an integrated market.

He said that AfCFTA would drive the industrialisation of Africa, support the emergence of regional value chains, turn Africa’s creative and cultural assets into engines of growth and grow jobs for the continent’s youth.

Mr Oramah said that Afrexim disbursed more than $30 billion in support of African trade with over $15 billion channeled towards the financing and promotion of intra-African trade during his first tenure.

“We will aim to double intra-African trade financing so that by the end of my term, it will constitute no less than 40 percent of the bank’s total assets, with aggregate disbursements, on a revolving basis, over the 5 years exceeding $30 billion.”

“I make a commitment that with your support, the Bank will remain well capitalised throughout my term of office and beyond. We will continue our efforts to diversify sources of equity to include the markets while ensuring that the Bank’s development focus remains unchanged,” Mr Oramah said.

Afrexim announced that in addition to the approval of its 2019 audited accounts, a resolution proposing the re-election of Mr Stefan-Luis Francois Nalletamby as a director representing Class “A” Shareholders and Mr Kee Chong Li Kwong Wing as a director representing Class “B” Sharefolders was also approved by the meeting.

Afrexim said that it proposes to raise an additional $500 million in equity within Afreximbank’s current Strategic Plan dubbed “IMPACT 2021-Africa transformed”. It said this was in recognition that an amount of $1 billion earlier authorized to be mobilized had almost been fully raised.

- Advertisement -
- Advertisement -

Business Profiles

Ngozi Edozien

Ngozi Edozien is the founder and Managing Director of Invivo Partners Limited. She has over 20 years’ experience in finance/private equity, general...

Sanyade Okoli

Sanyade Okoli is Chief Executive Officer at Alpha African Advisory. She has over 21 years of financial advisory, private equity, corporate, commercial...

Samuel Nwanze

Samuel Nwanze is a director of Transcorp Power. He holds an MSc. degree in Finance and Management from Cranfield University in the...

Olukemi Adeniji

Ms Adeniji has a law degree and a Masters in International Law and Diplomacy (M.I.L.D) from the University of Lagos. She has...

Chikezie Nwosu

Chikezie Nwosu is an experienced senior executive with over 29 years local and international experience in the oil & gas industry vis-a-viz...