Business
Afreximbank Interfaces With Investors Over $300m Equity Offering
The African Export-Import Bank (Afreximbank) has in Lagos met with leading Nigerian investors to push for strong participation in the bank’s $300 million equity offering.
President of Afreximbank, Dr. Benedict Oramah told the investors in Lagos that the equity offering would be issued through depository receipts backed by its Class “D” shares for new and old investors in the bank.
Oramah said that the aim was to generate between $100 million and $300 million as part of the bank’s target to mobilise up to $1 billion to boost African trade over the next five years.
He told investors that the issuance of the receipts was to enhance the bank’s capitalisation so as to significantly narrow the trade financing gap in Africa, currently estimated at $120 billion annually.
He said that the receipts would be listed on the Stock Exchange of Mauritius and managed by SBM Asset Managers as lead arranger.
According to him, the issuance also represents an opportunity for Afreximbank to diversify its shareholder base by enabling investors in Africa and beyond who have not yet invested in the bank to do so.
He said that Afreximbank had consistently delivered development impact in its member countries including Nigeria where virtually every banking institution had benefited from its support.
The Chairman of SBM Group, Kee Chong Li Kwong Wing, said that the decision to use Mauritius was due to the country’s highly developed financial services system and its experience in similar investment drives.
Li said that as part of its support for the Afreximbank depository receipts issue, the government of Mauritius planned to grant permanent residency to investors putting in up to $500,000 into the offer.
According to him, the minimum investment amount is $30,000.
Those present at the event include Aliko Dangote, President of the Dangote Group, Gov. Godwin Obaseki of Edo State, former Governor Donald Duke of Cross River State; a representative of Oba of Lagos and many others.
Afreximbank’s shareholders are a four-tier mix of public and private entities with Class “A”, consisting of African states, African central banks and African public institutions.
Class “B” is made up of African financial institutions and African private investors, Class “C” shareholders are non-African investors’ mostly international banks and export credit agencies.
Afreximbank is a 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 as well as non-African investors.
Its two basic constitutive documents are the Establishment Agreement which gives it the status of an international organisation, and the Charter which governs its corporate structure. and operations.
Since 1994, it has approved more than $51 billion in credit facilities for African businesses including about $10.3 billion in 2016.
Afreximbank had total assets of $11.7 billion as at Dec. 31, 2016 and is rated BBB+ (GCR), Baa1 (Moody’s) and BBB- (Fitch).
The Bank has its headquarters in Cairo.
Stakeholders are expected to converge in Lagos today to take a look at the Nigeria’s preparedness to maximize the gains of the African Continental Free Trade Area (AfCFTA).
The Tide learnt that stakeholders will be converging at the instance of a popular online newspaper, Primetime Reporters, to assess the progress made so far by the Federal Government through the National Action Committee on AfCFTA agreement.
The event which is the Third Annual Lecture and Awards of the online medium has as its theme: “Assessing Nigeria’s Preparedness to Maximize the Gains of AfCFTA.”
The event will also witness conferment of awards on eight eminent Nigerians who have distinguished themselves in various fields of human endeavours.
The Managing Director/Editor-In-Chief of Primetime Reporters, Mr. Saint Augustine Nwadinamuo, made this known in a statement made available to The Tide in Lagos on Monday.
According to him, the event will hold at the National Institute of International Affairs (NIIA), Kofo Abayomi Street, Victoria Island, Lagos beginning from 10.00am.
Nwadinamuo said that the event would be chaired by a renowned legal practitioner, Barr. Osuala Emmanuel Nwagbara of the Maritime and Commercial Law Partners, Lagos, while the Director General, Lagos Chambers of Commerce and Industry (LCCI), Dr. Muda Yusuf, would be the lead paper presenter.
By: Nkpemenyie Mcdominic, Lagos
The Economic and Financial Crimes Commission (EFCC), has arrested a leader of a deadly 419 syndicate, Abayomi Kamaldeen Alaka (a.k.a Awise) over an alleged attempt to swindle an innocent Nigerian of N250 million.
The Tide learnt that the syndicate operates from a shrine at Ashipa Town, near Abeokuta, Ogun State.
According to a statement made available to The Tide in Lagos on Sunday, by the EFCC, Awise’s arrest followed a petition by his victim, Juliet Bright who lost N250m to the fraudster after she was tricked to provide money for sacrifices and invocations to heal her of an ailment.
The statement said Bright was introduced to Alaka by one Akinola Bukola Augustina (a.ka. Iya Osun) whom she met on Facebook in the course of her search for solutions to her health challenge.
What drew her to Augustina was the latter’s post under the name, Osunbukola Olamitutu Spriritual Healing Centre.
Once Bright contacted Augustina, the latter promised to heal her if she could pay N16 million.
The victim paid the money through an Access Bank account belonging to one Mohammed Sani, who later turned out to be a Bureau De Change Operator.
After paying the money without receiving healing, Augustina transferred the victim to other members of the syndicate, notably Awise.
Bright revealed that she met Awise at his shrine in Ashipa Town and was hypnotized and subsequently transferred various sum through bank accounts and in cash to the suspect and his syndicate members, until she lost N250 million to them.
Despite all the monies collected from her, her health conditions has never improved.
By: Nkpemenyie Mcdominic, Lagos
An expert in Quarantine Agriculture, Dr Vincent Ozuru, has advised Nigerian farmers to give more attention to growing plants produce that could be exported.
He said that plant like the hibiscus, popularly known as Zobo is on high demand in some countries around the world, today.
Ozuru who gave the advice while speaking to aviation correspondents at Port Harcourt International Airport, Omagwa, noted that some plants produce, particularly hibiscus, had yielded huge revenue to the Federal Government through export.
According to him, Nigeria exported about 1,983 containers of hibiscus to Mexico alone in 2017 and earned $35 million within nine months of that year.
The agricultural quarantine expert explained that the export of the plant had a setback as a result of storage pest discovered by the Nigeria Agricultural Quarantine Service in some consignments.
“The issue has now been taken care of and the export is resuming again, and all matters have been resolved with the stakeholders across the value chain.
“Mexico is the largest importer of Nigerian hibiscus, and our farmers should brace up to the challenge.
“The good news is that Nigeria has a vast growing belt in hibiscus, and the harvest is available all year round.
“We need to take advantage of this opportunity to earn foreign exchange for ourselves and for the country at large, even with the commitment of the present administration to diversify the economy”, he said.
Ozuru called on Nigerian farmers to show more commitment to the growing of export produce and also endeavor to get ready information on it in order to increase their income.
By: Corlins Walter
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