Afreximbank’s total asset hits $37.3b in 2023

5 months ago 32

By Helen Oji

15 June 2024 | 12:41 am

*.... Disburses $18b to finance projects across Africa President, board of Afreximbank, Prof. Benedict Oramah, has announced that the bank's total asset was $37.3 billion at the end of 2023 financial year, against $31.3 billion recorded in the corresponding period in 2022, amid harsh operating environment. The bank also disbursed a total of $18 billion…

*…. Disburses $18b to finance projects across Africa

President, board of Afreximbank, Prof. Benedict Oramah, has announced that the bank’s total asset was $37.3 billion at the end of 2023 financial year, against $31.3 billion recorded in the corresponding period in 2022, amid harsh operating environment.

The bank also disbursed a total of $18 billion to finance investment project across Africa and Carribean. The figure represents an increase of 7.7 per cent over $16.6 billion achieved in the corresponding period in 2022.
At the 31st yearly general meeting of the bank held in Nassau, Bahamas, Oramah said 11 of 15 members of the Caricom had joined Afreximbank and signed the partnership treaty that conveyed the same rights and privileges as Afreximbank.
Oramah said aside the increase in asset, Afreximbank Group’s total revenues also rose by 74.2 percent to $2.6 billion, from $1.54 billion in the previous year while its net profits stood at $756 million, representing 66 per cent rise when compared to $455 million in the previous year.

He said: “The global Africa bank has emerged with a purpose, time to take a centre stage in facilitating Intra African trade is now. It is a new beginning because we are rediscovering our new heritage.We are proud to be associated with these transformational projects, demonstrating the critical role of the capital we control in financing our development.
According to him, the bank has played a crucial role in the establishment of Dangote Refinery and Petrochemical Company, adding that these additional facility has brought its total direct and indirect support for the complex over the years to $2.6 billion.
The support for the Dangote project came as part of a broader strategy, including $1.3 billion in combined support to build a new refinery in Cabinda, Angola, and refurbish the Port Harcourt refinery in Nigeria.

“Our aim is to create refining capacity that ensures at least 50 percent of the approximately 5 million barrels per day of crude oil produced in the Gulf of Guinea is refined in Africa.”
The refinery is currently the largest single-train oil refinery in the world with a processing capacity of over 650,000 barrels per day of crude oil while the fertiliser company is one of the largest nitrogen fertilizer plants, producing 3 million tons of urea fertilizer per year, set to rise to 6 million tons, and a petrochemical plant producing about a million tons of polypropylene annually.
He said Afreximbank aimed at collaborating with the CARICOM Secretariat to establish the Caribbean EximBank to support similar transformational projects in the region.

NOW

1 day ago

The Minister of Solid Minerals Development, Dr. Dele Alake, has declared that the deployment of 350 additional operatives to the mining marshals underscores the Federal Government's commitment to reforming the mining sector. Speaking at the Passing Out Parade for the new operatives at the NSCDC headquarters, the minister represented by the Permanent Secretary, Dr. Mary…

1 day ago

The Federal Government is looking towards public-private partnership to improve Nigeria's economy. Vice President Kashim Shettima, in a statement signed by his spokesman, Stanley Nkwocha, on Friday, called for a more robust collaboration between the government and business leaders to propel Nigeria's economic aspirations. "The Vice President said that open dialogue, shared insights, and collaborative…

1 day ago

African leaders that gathered at the 31st African Export-Import Bank (Afreximbank) Annual Meetings (AAM) held in Nassau, the Bahamas, have called for a more collaborative and coordinated efforts towards building alliances for economic prosperity in Africa. According to them, this commitment would help promote integration and a strong voice needed to defend Africa’s interest in…

1 day ago

President Bola Tinubu will observe the Muslim celebration, Eid-el-Kabir, in Lagos State. Tinubu's spokesman, Ajuri Ngelale, disclosed this in a statement on Friday. "President Bola Tinubu will depart Abuja, the nation's capital, for Lagos State on Friday ahead of Eid-el-Kabir," Ngelale said. "The President will observe Eid-el-Kabir in Lagos, where he will also spend the…

1 day ago

The Federal Competition and Consumer Protection Commission (FCCPC) has alerted food suppliers and sellers of various consumables to the health implications forced ripening of fruits, adulterated palm oil and food items has on humans. FCCPC's acting executive vice chairman, Adamu Abdullahi, made the warning during a sensitisation campaign on Thursday in Abuja. Abdullahi expressed concerns…

1 day ago

Organised labour has said it will not accept any unfavourable figure the Federal Government offers as the new minimum wage. The president of the Trade Union Congress (TUC), Festus Osifo, said this on Channels Television’s breakfast programme, The Morning Brief on Friday. President Bola Tinubu is expected to send an executive bill to the National…

1 day ago

The Kano State Police Command has banned all durbar activities throughout the state ahead of the Eid-el-Kabir celebrations. The ban order was disclosed in a statement by the state police spokesperson, Haruna Abdullahi, on behalf of the Commissioner of Police, Usaini Gumel. “The Kano Police Command has placed a ban on all durbar activities throughout…

1 day ago

A Nigerian man, Tochukwu Nwosisi, 52, who lives in Indiana, was sentenced on Thursday to three years in prison for his involvement in a global advance-fee scheme that defrauded victims of over $5.6 million. According to court documents and evidence presented at trial, from at least February 2015 to January 2018, Nwosisi participated in an…

1 day ago

The Coalition of Indigenous Ethnic Nationalities (CIEN) said it has written President Bola Tinubu to propose the division of Nigeria into eight geo-political regions with approximate interim boundaries. A chieftain of the Yoruba socio-cultural association, Afenifere, Dr. Akin Fapohunda, who also represents CIEN said the proposed regions include the southern region to be made up…

Visit Source