Afreximbank

African Export-Import Bank (Afreximbank) on Wednesday said Nigeria has been one of the largest beneficiaries accounting for almost 60 per cent of its $30 billion funding of the energy sector in Africa. President of the African Export-Import Bank, Benedict Oramah, disclosed this at the ongoing 7th edition of the Nigeria International Energy Summit (NIES 2024) in Abuja on Wednesday. “The support provided to the sector by the bank is in excess of $30 billion. Nigeria has been one of the largest beneficiaries…

African Export-Import Bank (Afreximbank) said it has successfully arranged a syndicated $3.3 billion crude oil prepayment facility sponsored by the Nigerian National Petroleum Company Limited (NNPC Ltd). The bank in a statement posted on its website said an initial disbursement of $2.25 billion has been made. NNPC Ltd and Afreximbank had in August last year signed a commitment letter and term sheet for an emergency crude oil repayment loan. The facility will provide some immediate disbursement that will enable…

On Thursday, 20 July, in Washington D.C., the African Export-Import Bank (Afreximbank) President and Chairman of the Board of Directors, Benedict Oramah, engaged the African press to spotlight the bank’s 30th anniversary, highlighting that “its history dates back to 1987.” He said that Afreximbank’s 1993 creation was aimed at an “African solution” to a debt crisis and lines of credit problem that existed. The Cairo-based Afreximbank is for “all Africans wherever they may be,” Mr Oramah said in his remarks in the…

The Fund for Export Development in Africa (FEDA), the impact development unit of Africa Export and Import Bank (Afreximbank), has obtained a 5 per cent stake in electricity generating firm, Geregu Power. “The purchase of the shares was concluded today the 21st of February 2023 with the purchase agreed in on the 21st of December 2022,” Geregu said in a note to the Nigerian Exchange published on Wednesday. Shares in the company accelerated by 10 per cent, the maximum allowed daily limit, as of 13:03 WAT to N246.4…

The Fund for Export Development in Africa (FEDA), a unit of African Export-Import Bank (Afreximbank), says it has received approval from its internal approving authority to acquire a minority stake in Geregu Power Plc. Geregu Power, controlled by the business tycoon Femi Otedola, is a 435 megawatt thermal power plant located in Ajaokuta, Kogi State, and is listed on the Nigerian Exchange. FEDA, based in Kigali, is the development impact investment platform of Afreximbank with the mandate of providing capital…

Geregu Power Plc, Nigeria’s newest listed company, said Friday it has commenced stake purchase talks with Fund for Export Development in Africa, a unit of Africa Export and Import Bank (Afreximbank), a move that could earn the latter a strategic investor status in the power firm. Negotiations are still on “and where these talks progress to a more advanced stage, the Company will notify the Exchange and the investing public,” the power generation said in a statement seen by PREMIUM TIMES. Geregu Power’s share…

Titan Trust Bank got $300 million financing to complete the buyout of a controlling stake in Union Bank, according to the investment bank that midwifed the deal. PAC Capital Limited facilitated the raise of the much-needed cash from Cairo-based African Export-Import Bank (Afreximbank), Humphrey Oriakhi, the CEO of the investment bank, said in an emailed statement sent to PREMIUM TIMES. “Specifically, the arranged funding completed the funds required for the proposed acquisition,” Mr.…