Lagos (Nigeria), 25 September 2016: – The third quarterly meetings of the Board of Directors of the African Export-Import Bank (Afreximbank) ended in Lagos, Nigeria, today with Godwin Emefiele, Governor of the Central Bank of Nigeria (CBN), telling the members that the country’s banks remained strong.
In a special presentation to the Board Members, Mr. Emefiele outlined the measures the CBN and Nigeria had put in place to address the problem of foreign exchange scarcity in the country, saying that although some unpopular policies had been implemented, they were already yielding results.
He gave assurance that the CBN would work with Afreximbank to ensure that there were no challenges in the Bank’s operations in Nigeria, saying that Nigeria remained a profitable investment destination.
Also today in a separate session, Nnamdi Okonkwo, Managing Director of Fidelity Bank PLC, and Olakunle Alake, Chief Operating Officer of Dangote Industries Limited, addressed the Board of Directors on their operations and the impacts of the current economic situation in Nigeria.
Welcoming the guests, Afreximbank President Dr. Benedict Oramah has expressed the Bank’s appreciation for the opportunity to hear directly from some of the most important actors in the Nigerian economy. According to him, a strong Nigeria also means a strong Africa.
The third quarterly meetings, which ended with the 110th Meeting of the Board of Directors, had opened on 23 September with a session of the Executive Committee, followed by those of the Branch Management Committee, the Audit/Risk Committee and the Remunerations Committee.
On 22 September, President Oramah led the Board Members on a tour of the petroleum refinery and fertilizer plant under construction by Dangote Industries Limited in the Lekki Free Trade Zone of Lagos. The delegation also visited the headquarters of Arik Air, where Company Chairman Joseph Aruremi-Ikhide said that the airline had become the largest in the West and Central Africa region through a strong focus on service quality and safety.
Afreximbank President Dr. Benedict Oramah (3rd right), flanked by Nnamdi Okonkwo, Managing Director of Fidelity Bank PLC, on his right, and Olakunle Alake, Chief Operating Officer of Dangote Industries Limited, with some members of the Afreximbank Board of Directors (L-R: Dr. Louis Kasekende, Deputy Governor, Bank of Uganda; Anil Dua, former CEO, West Africa, at Standard Chartered Bank; Dr. George Elombi, Executive Secretary; and Dr. John Mangudya, Governor, Reserve Bank of Zimbabwe) after their presentations.
Media Contact: Obi Emekekwue (oemekekwue@afreximbank.com; Tel. +202-2456-4238)
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About Afreximbank:
The African Export-Import Bank (Afreximbank) is the foremost Pan-African multilateral financial institution devoted to financing and promoting intra- and extra-African trade. The Bank was established in October 1993 by African governments, African private and institutional investors, and non-African investors. Its two basic constitutive documents are the Establishment Agreement, which gives it the status of an international organization, and the Charter, which governs its corporate structure and operations. Since 1994, it has approved more than $41 billion in credit facilities for African businesses, including about $6.2 billion in 2015. Afreximbank had total assets of $9.4 billion as at 30 April 2016 and is rated BBB- (Fitch) and Baa2 (Moody’s). The Bank is headquartered in Cairo. For more information, visit: www.afreximbank.com