Afreximbank Increases Authorised Capital to $25bn, Makes Board Changes

Date:

July 4. 2024.

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Azonuchechi Chukwu.

Shareholders of the African Export-Import Bank (Afreximbank) have approved an increase in the authorised share capital from five billion dollars to 25 billion dollars.

A statement issued by Vincent’s Musumba, Afreximbank’s Manager, Communications and Events on Wednesday, said the increase recognised the rapid growth of the bank in response to the challenges facing the African continent.

Musumba said it also created capacity for the bank to support the growth and development envisaged for Africa in line with its mandate to promote the continent’s trade and affirm its relevance on the global stage.

He said the bank also made some changes to its board during its 31st Annual General Meeting held recently in Nassau, The Bahamas.

Musumba said the new board members include Mrs Lydia Jafiya, Permanent Secretary, Federal Ministry of Finance in Nigeria, and Mr Amadou Hott, Special Envoy of the President, African Development Bank (AfDB) Group on the Alliance for Green Infrastructure in Africa.

He said others are Mr Noël Akame, Director-General, National Social Insurance Fund (CNPS) of Cameroon, and Ms Yu Wen, General Manager, International Department, Export-Import Bank of China (CEXIM).

Musumba quoted Prof. Benedict Oramah, President and Chairman, Board of Directors, Afreximbank as saying: the overwhelming endorsement by shareholders of the historic increase of the bank from five billion dollars to 25 billion dollars reflected their firm belief.

“It also reflected their firm trust in the board and management of the bank and the bank’s mission.

“This move gives us the necessary headroom to mobilise the capital we need to create a bank that serves all Africans.”

Oramah said Afreximbank was most grateful to the departing board members for their services to the bank and Africa.

“They were for many years, part of a formidable team that made significant contributions to the bank’s vision for Africa, created alliances, and assisted Africa in navigating major headwinds.

“We welcome our new board members. We look forward to their support and insight as we strive to build a prosperous Global Africa.

“Together, we will restore dignity and pride to Africans around the world.”(www.naija247news.com).

Chukwu Azochukwu, The Naija247news
Chukwu Azochukwu, The Naija247newshttps://gravatar.com/azonuchechivchukwu
Azonuchechi Chukwu - Business Journalist at Naija247news.com Azonuchechi Chukwu is a seasoned business journalist contributing to the insightful coverage of economic and financial news at Naija247news.com. With a passion for unraveling the complexities of the business world, Azonuchechi brings a wealth of expertise and dedication to his role. As a Business Journalist, Azonuchechi specializes in providing comprehensive analyses of market trends, corporate developments, and economic indicators. His in-depth reports offer Naija247news.com readers a nuanced understanding of the forces shaping the Nigerian and global business landscapes. Azonuchechi Chukwu's commitment to journalistic excellence is evident in his ability to translate complex financial information into accessible and engaging narratives. Whether exploring stock market fluctuations, corporate strategies, or economic policies, he strives to deliver content that empowers readers with valuable insights. With an educational background in business and a keen interest in the intersection of finance and technology, Azonuchechi stays at the forefront of industry dynamics. His coverage extends beyond traditional financial reporting, encompassing the dynamic realms of fintech, entrepreneurship, and sustainable business practices. Azonuchechi Chukwu's work goes beyond the surface, aiming to foster financial literacy and awareness among Naija247news.com's audience. By demystifying economic complexities and shedding light on emerging opportunities, he plays a pivotal role in keeping readers well-informed in the fast-paced world of business. As Naija247news.com's Business Journalist, Azonuchechi Chukwu continues to make meaningful contributions to the platform's mission of delivering timely, accurate, and relevant business news to its diverse audience. His dedication to journalistic integrity and his ability to navigate the intricacies of the business realm make him an invaluable asset to the Naija247news.com team.

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