Chike-Obi Succeeds Ebi As Fidelity Bank Chairman.

Mr. Mustafa Chike-Obi has succeeded Mr. Ernest Ebi, as Chairman of Fidelity Bank Plc. Mr. Ebi, who became Chairman in 2016, has completed his tenure in line with the Bank’s internal governance policy. Mr. Chike-Obi, currently Executive Vice-Chairman at Alpha African Advisory, was the inaugural Chief Executive Officer of Asset Management Corporation of Nigeria (AMCON). He has over 40 years’ experience in investment banking and the financial services sector, having worked with reputable global investment banking and asset management firms. He provides overall leadership at Alpha African Advisory and has direct oversight over the capital raising division. He joined Alpha African Advisory after his tenure as CEO of AMCON, a Federal Government-backed institution, established to resolve the problem of non-performing loan assets of Nigerian banks after the 2008 global financial crisis. Mr. Chike-Obi was Founding President at Madison Advisors, a financial services advisory and consulting firm in New Jersey, USA, specializing in hedge funds and private equity investment advisory services. He holds a First Class Honours Bachelor’s degree in Mathematics from the University of Lagos and an MBA from Stanford University Graduate School of Business. Fidelity Bank also announced the departure of Otunba Seni Adetu, who has been serving as an Independent Non-Executive Director, as part of the changes on its Board. He has also successfully completed his tenure in accordance with the Bank’s internal governance policy. Mr. Charles Aigbe, Divisional Head, Brand and Communications of Fidelity Bank, says that under the chairmanship of Mr. Ebi, the Bank recorded significant growth across key financial metrics with both he and Otunba Adetu playing significant roles by complementing management’s effort in the delivery of these milestones, aimed at achieving the long term vision of the Bank. The Bank’s market share position has also been materially strengthened over this period. Mr. Ebi will continue in his role until the in-coming Chairman assumes office, as part of the process of ensuring a smooth and successful transition. The changes, according to Mr. Aigbe, attest to Fidelity Bank’s high governance standards and best practices in compliance with internal succession policies. He adds that the outgoing Chairman expressed pride in the results the Bank achieved during his tenure. Says Aigbe: “I feel that the management team has consolidated on our plans to become one of the fastest-growing Banks in the country, strongly rooted in technology only comparable with the best in the world. I am confident that my successor will continue on that path to take the Bank to its next stage of growth and advancement. I wish my successor, the management team, and the entire staff of Fidelity Bank the very best for continued success.” Adetu, the outgoing Non-Executive Director, says: “It has been an honour to be part of the Board over the last few years. Throughout this time, I have been humbled by the commitment and hard work of the Board and Management, and their passion for creating a truly global bank. I am very grateful to them, as I am to Fidelity Bank’s many other stakeholders, with whom we have worked to build a long-term, sustainable business.” The Managing Director/CEO of Fidelity Bank, Mr. Nnamdi John Okonkwo, commends the contributions of the outgoing Board members, saying that the Board and indeed the bank had benefited immensely from their experience and they look forward to continuing the Bank’s upward growth trajectory with the incoming Chairman Designate.

Certificate of Incorporation Now Bears Tax Identification Number

The Corporate Affairs Commission (CAC) has simplified the registration of companies under Part A of the Companies and Allied Matters Act (CAMA) by adding Tax Identification Number (TIN) to the Certificate of Incorporation of Companies. Before now, TIN was issued by the Federal Inland Revenue Services (FIRS) on application by the company. A public notice by the CAC says: “This is to inform our esteemed customers that as part of the Ease of Doing Business Initiative, Certificates of Incorporation of Companies registered under Part A of CAMA will henceforth carry TIN issued by the Federal Inland Revenue Services (FIRS). This has dispensed with the need for companies apply (sic) for the issuance of TIN from the FIRS after incorporation.” The Head of Tax and Corporate Advisory Services of PwC Nigeria, Mr. Taiwo Oyedele, says the new directive removes the previous time-wasting process that required companies to apply to the FIRS for their TIN after incorporation by the CAC. The new order harmonises the process of obtaining TIN and eliminates the time for processing TIN with the FIRS. It also makes it easier for bank customers to open accounts by simply presenting their certificate of incorporation containing their TIN, which they had to procure separately before now.

Nine Tools To Re-Work Your Business Model

The devastating impact of Covid-19 on commercial activities is a jolting reminder that the best intentions in the world amount to nothing in the face of a business that fails to adapt to changes in its operating environment. A business that aspires to survive and thrive amidst the challenges of these times must re-think and re-energise its business model.

What is a business model? Your business model drives how it delivers value to its customers, and how it makes money. If your business is not making the kind of money it is capable of making, it is time to tune up your money machine, so that it can start making money again. Here are nine elements that can move the needle and determine the financial success of your business:

  1. Customer Segments: The customer segmentation process divides customers into groups according to characteristics that are common to each group. This enables the business to appropriately and effectively market and sell its products or services to each group.
    Segmentation allows a business to create and communicate targeted marketing messages to specific groups of customers, and select the best communication channel for each segment. This requires the business to gather, analyse and act on specific customer information through face-to-face or telephone interviews, surveys, focus groups, published sources, etc.
  2. Value Propositions: The essence of a value proposition is to offer a product or service that solves a problem and satisfies a need for customers of the business. It cites the unique value of the product or service, and makes the case for why a customer should pick it instead of its competitors.
    The elements of a value proposition could be newness (a hitherto unknown technology), price (cheaper than existing options), safety (peace of mind), performance (lasting longer than similar offerings), customised (built to fit end-user), design (superior make) or branding (confers status). The range is wide as each offering seeks to make a product or a service more appealing to its customers.
  3. Channels: A business must adopt marketing, distribution and sales channels for reaching and offering its value proposition to its target customer segment. For example, a distribution channel can be direct, by selling directly to customers, or indirect, through intermediaries that represent it.
    A business may combine both channels. In so doing, the business must consider its customer segments or market size, level of investment required, whether product or service is standardised or customised, control needed to make it work and relationship with channel partners.
  4. Customer Relationships: A business must create demand by establishing and maintaining relationships with its customer segments. The growth of the customer base of a business, and its ability to retain the loyalty of its customers, are boosts to its ultimate profitability.
  5. Revenue Streams: A business only makes money when there is a surplus after it subtracts its costs of operation from the revenue it generates from its customers. The revenue streams of a business must be clearly defined. Beyond listing the various revenue streams of the business, it is equally important to evaluate if it is profitable for the business to opt for a revenue stream.
  6. Key Activities: These are tasks that are critical to implementing the business model. These activities directly relate to delivering its value proposition, reaching its customers, maintaining customer relations and creating sustainable revenue streams.
  7. Key Resources: These are inputs that the business needs to provide value, satisfy customers and deliver its product or service. These could be physical and tangible assets like buildings, equipment, inventory, buildings and distribution networks that enable the business to function. They could be intangible and non-physical resources like patents or copyrights. They could be such human resources as engineers or sales representatives. They could also be financial resources like cash and loans.
  8. Key Partnerships: A business partnership comes to life when two or more commercial entities form an alliance that empowers the parties to make their key activities possible. Partnerships can be beneficial to a business.
    In the search for efficiency, a business may seek key partners to help it achieve its goal, especially when the business does not have the resources to conduct all key activities in-house. Partnerships leave room for the sharing of resources and outsourcing of selected activities to more cost-effective options. The resulting strategic alliance frees the business to focus on areas where it can create the highest value.
    Whether a partnership is with a business or an individual, the relationship must be based on the right agreement. Each party must understand its rights and duties under the partnership. This must be put in writing and executed by the parties under the guidance of a legal counsel.
  9. Cost Structure: Each business model implies a cost structure for creating and delivering the proposed value, generating revenue and acquiring customers.
    Business incur costs that remain fixed regardless of volumes of products or services. Some costs vary with production volumes. There are also operational costs associated with the daily activities of the business. Economies of scale equally dictate that higher volume lead to lower overall cost per unit, which reduce variable costs arising from synergies and increased efficiency.

In essence, to improve the performance of a business, there must be a re-think of the assumptions underlying how the business makes money. This re-thinking process involves re-engineering each of the nine keys of your business model. The leadership team must vigorously debate how to tweak any one or a combination of these keys, and create a new model of how the business makes or intends to make money, failing which the business may become another statistic of failed enterprises.

· Do you need help in developing or rethinking your business model? Explore your options at https://smefinance.org/thesmelab.

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Muhammad Nami: The New Helmsman At FIRS

The Executive Chairman of Federal Inland Revenue Service (FIRS), Mr. Muhammad Nami, assumed office on Thursday, December 19, 2019. In a little over six months in service, Oluwole Ajala, Financial Researcher-Reporter, assesses the opening moves of the new helmsman. Read on:
In history, very often, the coming of a man of uncommon drive and vision to a human setup usually leaves an indelible footprint that people refer to long after they have gone. That is why people still talk about NAFDAC under the late Dr. Dora Akunyili, Petroleum Trust Fund (PTF) under General Muhmmadu Buhari (Rtd) and FCT administration under Mallam Nasir el-Rufai. Of course, there had been many CEOs before and after the aforementioned, but these names also crop up whenever it comes to gauging high standards of public service. Federal Inland Revenue Service (FIRS) under the leadership of its Executive Chairman, Mr. Muhammad Nami, just about six months old, is already showing signs of great promise, probity and courage like the examples above. I wish to underscore from the onset the obvious fact that the present management of the FIRS under Nami, especially at this critical period of national economic crisis orchestrated by COVID-19, conspicuously bears the landmark of professional competence, commitment and patriotic service to the nation. It is on record that in less than six months of assumption of office, Nami has introduced plausible transformational policies that have seen a new face of FIRS in terms of technology-enhanced tax collection, expansion of tax net in the formal and informal sectors that have continued to receive commendations from critical stakeholders. This has been no small feat towards enhancing the present administration’s policy measures for ease of doing business. As soon as Nami took over, it became crystal clear to all that, at last, the nation’s revenue house has a new vibrant leadership and management that is driving creative and result- oriented reforms with desirable outcomes much to the ovation of industry players, as well as staff members of the FIRS. One of the success stories of Nami at the FIRS is that under his leadership, revenue collection and taxation processes have become easier and hassle-free. The modernisation of revenue collection through introduction and reinforcements of cutting edge ICT has eliminated the hitherto outmoded system that made revenue collection cumbersome and made some revenue officers susceptible to sharp practices and corruption. Branded shops, super stores, general supermarkets, standard restaurants and eateries are among the organisations affected. Under Nami, processing and collection of tax clearance certificate (TCC) has become easy and fast. Same thing with collection of value added tax (VAT) and Stamp Duty largely due to digitisation, a situation that helped to free the system of time-wasting and suffocating bottlenecks. This system allows deduction of stamp duty, withholding tax and Company Income Tax (CIT) from their contractors at the point of payment after which they are to send immediately same to the FIRS. As the executive chairman noted, the significance of this process cannot be over emphasised. According to him, “This is better for everybody as we would all have to do less reconciliation and enforcement activities, and we can, therefore, use the saved time to expand the tax net,” he said. Besides, the FIRS boss has taken one of the most anticipated moves in Nigeria’s tax administration which goes to show that his vision at the revenue house reflects a comprehensive aggregation of public and private players in line with national interest. This step has not only been missing but it has increased the revenue drive of the President Muhammadu Buhari government, a loophole which Nami is determined to close in order to shore up revenue collection drive. This move is the strategy to capture thousands of persons and corporate entities in the tax net, especially with special focus on multinational companies that have been defaulting and evading paying Company Income Tax (CIT) close to 10 years now. The FIRS boss has taken the bull by the horns to see that all tax defaulters and evaders are brought into the tax net. According to him, “A number of multinational companies operating in Lagos State have not paid CIT since 2011 as they appeared to have perfected the illicit act of profit shifting to escape paying tax.” The disclosure by the executive chairman of FIRS in this regard is eye-popping. It shows how many corporate organisations had been denying the country the needed revenue through deliberate act of economic sabotage by evading or defaulting in the payment of CIT. It is sad that several multinational companies failed consistently to remit their tax to the FIRS by covering up their pioneer status in order to get tax exemption for a period of five years instead of three years as required by law, and they were allowed to have their way. It is instructive that only Nami-led management has demonstrated requisite courage and patriotism to go after such criminal defaulters. This is a huge plus to the Buhari administration’s efforts to enforce financial transparency and ease of doing business in the country.
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First Bank Empowers Female Entrepreneurs With FirstGem

First Bank of Nigeria Limited has created FirstGem, an all-female online community, for the mentoring and support a new generation of financially literate women. FirstGem is a virtual community where like-minded women, in Nigeria and worldwide, gather to connect, grow and share knowledge on everything about lifestyle, parenting, career development, entrepreneurship, health, work and family. It aims to share financial empowerment and wealth creation ideas and encourage women to play their part in providing financial support for their families. The portal has over 61,634 members. Its contents, which include blogs, vlogs, newsletters and chatrooms, are built on six pillars: Health, Wealth and Finance, Food and Recipes, Events, Entrepreneurship, Lifestyle and Beauty. FirstGem is targeted at women, aged 18 years and above, and represents working professionals, entrepreneurs and Micro, Small and Medium Enterprises in search of growth. It offers an array of benefits, from free business advisory services, regular information or insights on business opportunities in various sectors and industries, and mouth-watering discounts at partner stores and outlets. Chuma Ezirim, Group Executive, e-Business & Retail Products, First Bank of Nigeria Limited, says: “FirstGem is suited for the Nigerian woman. We are using this online community as the ideal opportunity to position the Bank’s gender initiatives to meet the required needs on a wide range of issues affecting women.” To join the FirstGem community, sign up via this link: https://firstgem.com.ng/community.

Access Bank Launches Portal For ‘Cash Flow’ Loans

Access Bank Plc has launched ”Cash Flow Loans by Access”, a digital lending portal to enable business owners obtain loans from the comfort of their homes and offices. This service, which is available to Small Business Owners who have established sufficient cash flow records with Access Bank, seeks to advance credit to small and medium enterprises to grow and expand their operations. Victor Etuokwu, the bank’s Executive Director, Retail Banking, reiterates the bank’s commitment to positively impact SMEs, saying: “To deliver on our promise to continually give our customers ‘more’, we have developed this efficient digital lending platform which will make loan applications more convenient with flexible collateral, favourable interest rates, application tracking, robust customer service and much more.” Says Etuokwu: “We have been focused on providing solutions targeted at boosting the economy because we believe it is our responsibility to contribute to the stimulation of economic growth. With the launch of “Cash Flow Loans by Access”, we are renewing our commitment to providing the much needed financial support to SMEs.” Etuokwu adds: “In a period like this, when we need to be more present and relevant in the lives of our customers than ever, we have risen to the challenge to ensure business owners have easy access to funds to sustain and expand their businesses while keeping safe.”

CBN Disburses N49bn From N50bn Covid-19 Fund

The Central Bank of Nigeria (CBN) says it has disbursed over N49 billion out of N50 billion targeted facility for households and small businesses.  The Director of Corporate Communications at the apex bank, Isaac Okoroafor, says: “At the CBN, we have looked at it and we felt that everyone must work hard to ensure that the economy does not slip back into recession. We have done that with a couple of interventions. We have the targeted credit facility for households and small businesses which, as we speak, out of the N50 billion earmarked for this, more than N49 billion has been disbursed to over 80,000 families and households.” He adds: ”We also have the N100 billion healthcare facility which quite a number of operators in that area have benefitted and we are inviting others to come in. We believe that Nigerians have the power, have the energy, have the creativity to ensure that this economy doesn’t go into recession. We are working as a monetary authority, as a public institution to ensure that those Nigerians, families and small businesses whose businesses were negatively impacted by this pandemic, that we give them the opportunity to work themselves out of that kind of recession and be able to maintain their businesses and their livelihoods.” Continuing, Okoroafor says the CBN would ensure that small businesses that employ two or three people and account for most of the jobs in the country continue to do their business without allowing the coronavirus pandemic to affect them. The CBN has a N1 trillion fund for the manufacturing sector and is aimed at ensuring that productivity is enhanced, thereby working a way out of the impact of this pandemic.” The CBN introduced the N50 billion Targeted Credit Facility as a stimulus package to support households and micro, small and medium enterprises that are affected by the coronavirus pandemic.

NIRSAL Ready To Finance Your Agribusiness

Are you a smallholder farmer, farmer leader or aggregator? NIRSAL Plc invites you to key into its Agro Geo-Cooperative model which enables sustainable access to governance, finance, quality inputs and structured markets for farming projects. The programme aims to create 16,000 Agro Geo-Cooperatives, ranging from 10 hectares to 20,001 hectares and more, on four million hectares of farmland. It will enrol about eight million farmers across Nigeria who are expected to produce about 12 million metric tonnes of Grain Product Equivalent (GPE) annually over the medium to long term. Community leaders, individuals, enterprises, corporate bodies, graduates, N-Power beneficiaries, active or retired leaders and farmers can access this programme. Participants in the ADP programme, World Bank FADAMA Programme, USAID Markets Programme, IFAD Value Chain Development Programme, World Bank Climate Adaptation and Business Support Programme, AfDB Agriculture Programme, DFID Propcom Maikarfi Programme, and Sassakawa Global 2000 Programme can also participate in the programme. Entrepreneurs involved or interested in the agribusiness sector are encouraged to take advantage of this opportunity to create employment and generate income, by supporting the productive activities of their self-organised Agro Geo-Cooperatives. Applicants for the programme must meet NIRSAL Plc’s eligibility requirements and be domiciled in or have access to their communities and farmers. Below is a listing of contact persons for the programme:
StateLocationFull NameEmailCUG Number
ABIAUMUAHIAANOSIKE Isaac Chijiokei.anosike@nirsal.com9070001663
ADAMAWAYOLAMAHMOUD Murtala Alhajim.mahmoud@nirsal.com9070001693
AKWA IBOMUYOAKULA Helen Hembadoonh.akula@nirsal.com9070001680
ANAMBRAAWKAALIGWEKWE Theodore Uzomat.ligwekwe@nirsal.com9070001359
DELTAASABAAZEBEOKHAI Imhokhaii.chukwudi@nirsal.com9070001369
BAUCHIBAUCHIGAMBO Hassan Abdulqadirh.gambo@nirsal.com9070001380
BEYELSAYENAGOAFABUNMI Samson Adeyemis.fabunmi@nirsal.com9070001683
BENUEBENUECHIKARA Igomu Sylvia Aweles.igomu@nirsal.com9070001608
BORNOMAIDUGURIBABAMALLAM Mohammed Habibm.babamallam@nirsal.com9070001591
CROSS RIVERCALABARUDUZELI Progress Ogbonofau.progress@nirsal.com9070001411
DELTAASABAAZEBEOKHAI Imhokhaii.chukwudi@nirsal.com9070001369
EBONYIABAKALIKIANOLIEFOH Clement Oramuluc.anoliefor@nirsal.com9070001250
EDOBENINOKWORI Patrick Akorp.akor@nirsal .com9070001391
EKITIADO-EKITIASHADE Ayorinde Michaela.michael@nirsal.com9070001337
ENUGUENUGUNEBO Darlington Nkemjikad.nebo@nirsal.com9070001446
GOMBEGOMBEAGEDE Jibrin Agabij.agede@nirsal.com9070001457
IMOOWERRIOSUJI Nkechi Letician.osuji@nirsal.com9070001633
JIGAWADUTSEAKANDE David Shayod.akande@nirsal.com9070001427
KADUNAKADUNABALA Nasiru Daudawan.daudawa@nirsal.com9070001514
KANOKANONGILERUMA Abubakara.ngileruma@nirsal.com9070001531
KATSINAKATSINAABUBAKAR Mohammed Matazua.matazu@nirsal.com9070001550
KEBBIBIRNIN KEBBIABDULLAHI Mikailum.abdullahi@nirsal.com9070001401
KOGILOKOJAYAHYA Ahmedy.ahmed@nirsal.com9070001581
KWARAILORINOBAFEMI Hassan Adeh.obafemi@nirsal.com9070001473
LAGOSIKEJAOLAIYA Adedeji Oladelea.olaiya@nirsal.com9070001571
NASARAWALAFIADILLI Noel Nathand.noel@nirsal.com9070001564
NIGERMINNATUNDE-GEGELE Abdulkareemt.gegele@nirsal.com9070001612
OGUNABEOKUTAILO Jumoke Georgianj.ilo@nirsal.com9070001261
ONDOAKUREALUKO Akinyelea.aluko@nirsal.com9070001347
OSUNOSOGBOAKANDE Omoyemi Adeniyio.akande@nirsal.com9070001623
OYOIBADANOSANEBI Kenneth Otuniyak.osanebi@nirsal.com9070001492
PLATEAUJOSLOT Florence Nimcitf.lot@nirsal.com9070001502
RIVERSPORT HARCOURTDOUGLAS Mabel Ayebatarim.douglas@nirsal.com9070001645
SOKOTOSOKOTOHARUNA Ibrahim Aliyuh.ibrahim@nirsal.com9070001655
TARABAJALINGOKARAMI Kelvin Rengshikk.karami@nirsal.com9070001493
YOBEDAMATURUABUBAKAR Aliyua.aliyu@nirsal.com9070001420
ZAMFARAGUSAUBARMU Sada Umars.barmu@nirsal.com9070001471
ABUJAFCTOLALEYE Ayodelea.olaleye@nirsal.com9070001547

Zenith Bank, IFC Support SMEs With $100m

Zenith Bank Plc and the International Finance Corporation (IFC), a member of the World Bank Group, have announced an investment of $100 million to help increase support to clients and Companies, whose cash flows have been disrupted by the COVID-19 pandemic. The IFC’s loan to Zenith Bank is its first investment in Africa through its COVID-19 fast-track financing support package.

IFC says the funding would help Zenith Bank overcome challenges resulting from ongoing limited access to foreign currency, working capital, and trade funding. The bank will use the funds to support dozens of businesses in Nigeria’s health, pharmaceuticals, food, and trading sectors, allowing them to strengthen operations, maintain employment, and access critical imports of goods, commodities, and raw materials during these challenging economic times.

Ebenezer Onyeagwu, Group Managing Director, Zenith Bank, says: “IFC’s support is essential and will help us respond to challenges resulting from the COVID-19 pandemic. It will allow us to support compelling export initiatives and trade financing for critical goods and materials, especially for the medical and pharmaceuticals sectors. Our partnership with IFC is strong and we are committed to its environmental, social, and governance (ESG) requirements.

“IFC’s loan to Zenith is part of its $8 billion global fast-track financing package, announced in March to support business activity and preserve jobs in the face of COVID-19. Close to 300 clients have requested support globally. The closure of borders, shutting of businesses, and reduced global trade-related to COVID-19 are affecting Nigeria’s economy and others across Africa, with the World Bank predicting Africa’s first recession in 25 years.”

Eme Essien Lore, IFC Country Manager in Nigeria, adds: “IFC’s support for Nigeria’s banking sector will help keep the wheels of Nigeria’s economy turning at a time when it is facing a major challenge from COVID-19. Our experience from past shocks, including the global financial crisis in 2008, has taught us that keeping companies solvent is key to saving jobs and limiting economic damage.”

Afreximbank Re-Appoints Prof. Benedict Oramah As President

Shareholders of African Export-Import Bank (Afreximbank) have voted to re-appoint Prof. Benedict Oramah as President of the Pan-African multilateral financial institution for a second five-year term. He was first appointed in 2015.

The decision was announced June 14, 2020 in Cairo following Afreximbank’s 27th Annual General Meeting of Shareholders held by circulation of resolutions due to the COVID-19 pandemic situation.

In an acceptance statement released shortly thereafter, President Oramah told Shareholders that the Bank’s ultimate goal under his second term of office is the realisation of Africa’s strategic ambition to create an integrated market.

Says Pof. Oramah: “We want an Africa where the foundations of the African Continental Free Trade Agreement (AfCFTA) are laid expeditiously so that the 84,000 kilometres of borders that have divided us for ages can begin to come down.”

Prof. Oramah adds that AfCFTA would “drive the industrialisation of Africa, support the emergence of regional value chains, turn Africa’s creative and cultural assets into engines of growth, grow jobs for the continent’s youth, convey respect to Africans wherever they may be and better prepare the continent to compete more effectively in the global markets.”

Prof. Oramah recalls that between 2015 and 2019, Afreximbank disbursed more than US$30 billion in support of African trade with over US$15 billion channeled towards the financing and promotion of intra-African trade, adding: “We will aim to double intra-African trade financing so that by the end of my term, it will constitute no less than 40% of the Bank’s total assets, with aggregate disbursements, on a revolving basis, over the 5 years exceeding US$30 billion.”

A resolution proposing the re-election of Mr. Stefan-Luis Francois Nalletamby as a Director representing Class “A” Shareholders and Mr. Kee Chong Li Kwong Wing as a Director representing Class “B” Shareholders was equally approved by the meeting.

The 2019 audited accounts and the proposal to raise an additional US$500 million in equity within Afreximbank’s current Strategic Plan dubbed “IMPACT 2021-Africa transformed” were also approved. The approval to raise additional equity is in recognition that an amount of US$1 billion earlier authorised to be mobilised had almost been fully raised.

President Oramah assures the Bank’s Shareholders, saying: “I make a commitment that with your support, the Bank will remain well capitalised throughout my term of office and beyond. We will continue our efforts to diversify sources of equity to include the markets while ensuring that the Bank’s development focus remains unchanged.”