Banking
Bank of Industry Gets €2bn AFC-Backed Syndicated Loan
By Adedapo Adesanya
The Bank of Industry (BOI) has received a €2 billion loan to boost trade in Nigeria, facilitated by Africa Finance Corporation (AFC), a continental infrastructure solutions provider, acting as global coordinator, lead co-arranger, underwriter, bookrunner, and guarantor.
The transaction is a record global loan syndication for BOI, and marks the largest capital raise in its history, setting a new standard for developmental finance across Africa.
Proceeds of the facility will be used for general corporate purposes including to finance trade and trade-related projects of eligible corporates in Nigeria.
The facility was syndicated at two levels with AFC, Standard Chartered Bank, African Export-Import Bank, First Abu Dhabi Bank PJSC, FirstRand Bank Limited, acting through its Rand Merchant Bank division (London Branch), Mashreqbank PSC, SMBC Bank International PLC, Absa Bank (Mauritius) Limited, Absa Bank Limited (acting through its Corporate and Investment Banking division) and Export-Import Bank of India London Branch acting as part of a senior syndicate, together raising an initial €1.43 billion.
Following this, AFC led a general syndication, through which an additional €447 million was raised, bringing the total transaction to €1.9 billion, representing an oversubscription of 87 per cent.
The facility is expected to further grow to €2 billion.
This global loan syndication is significant for Nigeria and BoI, as the institution was able to successfully tap the international capital market at a time when credit is scarce and prohibitively expensive.
According to an announcement, it highlights the market confidence in BoI and AFC as leading financial institutions, demonstrating the power of collaboration and innovation between African financial institutions.
“This successful syndication is a significant milestone achievement, not only for BOI but for Africa’s financial landscape as a whole. We are proud to have played a central role in this historic global loan syndication, solidifying AFC’s position as a trusted bridge between global investors and infrastructure projects in Africa,” said Mr Banji Fehintola, Executive Board member & Head of Financial Services at AFC.
“Our sincere appreciation also goes to our Joint Coordinator and partner Standard Chartered Bank and all other banks that participated in making this transaction a huge success,” he added.
“This financing, the sixth international capital raising for BOI, is the largest fundraising in our history and the largest syndication in the history of African development finance institutions. A key constant in achieving this success is the continued support of our international funding partners, including AFC.
“We are grateful for the unique role that AFC played to make this transaction a success,“ said Mr Olasupo Olusi, the Managing Director of BOI.
As part of the syndication, AFC leveraged its A3 (stable outlook) investment-grade rating, recently affirmed by Moody’s, to bring together an international consortium of financial institutions.
The transaction aligns with the corporation’s mission to provide pragmatic solutions that close the continent’s infrastructure gap, accelerate industrialisation, and enhance Africa’s economic resilience against global economic challenges.
Banking
Access Bank, King’s Trust International Partner on Africa’s Sustainable Growth
By Modupe Gbadeyanka
A partnership to expand opportunity, entrepreneurship, and sustainable livelihoods for young people across Africa has been signed by Access Bank and King’s Trust International (KTI).
The cooperation marks a significant milestone in advancing cross‑sector collaboration to address youth unemployment, foster entrepreneurship, and drive inclusive growth across Africa.
Under the agreement, Access Bank will support the delivery of KTI’s programmes that empower young people across several African countries, supporting them to gain skills and find pathways into meaningful employment and self-employment across Africa.
It was learned that the collaboration brings together KTI’s expertise in youth development with Access Bank’s pan‑African reach and long‑standing commitment to inclusive and sustainable growth.
Through this alliance, the two organisations will work to equip young people with the skills, confidence and support needed to build successful futures through employment and entrepreneurship.
“At Access Bank, we believe that empowering young people is fundamental to Africa’s sustainable growth. Our partnership with King’s Trust International reinforces our commitment to entrepreneurship, job creation and inclusive development, while enabling us to play a purposeful role in shaping the continent’s future,” the chief executive of Access Bank, Mr Roosevelt Ogbonna, stated.
The chief executive of KTI, Mr Will Straw, while also commenting, said, “This partnership with Access Bank reflects a shared commitment to unlocking the potential of young people across Africa. By combining our experience in youth development with Access Bank’s scale and leadership across the continent, we can create meaningful pathways to opportunity and long‑term impact.”
The signing ceremony was witnessed by senior leaders and representatives from both organisations, alongside distinguished guests, including Mr Aigboje Aig‑Imoukhuede, who is the co-Chair of KTI Africa Advisory Board and Chairman of Access Holdings Plc.
Banking
Zenith Bank Appoints Kennedy Onuwa Okwudili to Board
By Aduragbemi Omiyale
Mr Kennedy Onuwa Okwudili has been appointed to the board of Zenith Bank Plc as an executive director with effect from May 1, 2026.
A statement signed by the company secretary, Mr Michael Otu, disclosed that the appointment aligns with the financial institution’s “tradition and succession strategy of grooming leaders from within” to strengthen its executive management further.
He is joining the board with over 25 years of cognate banking experience spanning credit and marketing, treasury, compliance, as well as operations and has at different times worked in various zones and departments of the lender.
Mr Okwudili graduated with a Bachelor of Science (Honours) in Accounting from the University of Maiduguri, Nigeria, in 1998, with a Second Class Upper Division. He obtained a Master’s of Business Administration (MBA) from Ahmadu Bello University, Zaria, Nigeria, in 2008 and a Master’s of Science in Accounting from Veritas University, Abuja, Nigeria, in 2021.
He is a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN), 2013, and also a Fellow of the Chartered Institute of Bankers of Nigeria, 2024. He is an Associate of the Chartered Institute of Taxation of Nigeria (CITN), 2016.
The banker has attended several executive education programmes both within and outside the country, including Senior Leadership Development Programme at the Lagos Business School, Corporate Directorship Programme at the Harvard Business School and Oxford Advanced Management and Leadership Programme at the University of Oxford, SAID Business School.
He is currently the President of Catholic Bankers Association of Nigeria (CBAN) and a member of the Noble Order of the Knights of St. John International (KSJI).
Banking
Fidelity Bank Plans Webinar on Fiscal Solutions for Public Sector
By Aduragbemi Omiyale
A high-level virtual webinar focused on helping public institutions to strengthen revenue systems, improve fiscal transparency, and build smarter digital structures for collections, oversight, and accountability is being planned by Fidelity Bank Plc.
This event is slated for Tuesday, March 24, 2026, under the theme Digital Fiscal Transparency: Unlocking Sub-national Opportunities for International Partners.
The programme will bring together a cross-section of public sector leaders, development institutions, heads of parastatals and agencies, as well as financial experts, to explore practical solutions for stronger public finance management.
It is expected to offer timely insights into how modern revenue infrastructure can help institutions improve efficiency, drive accountability, and support better fiscal outcomes.
The webinar will address key issues facing many public institutions today, including revenue leakages, fragmented collection channels, weak visibility into revenue performance, poor reconciliation processes, and the growing need for more transparent and technology-driven systems.
“As public institutions seek ways to improve internally generated revenue and strengthen public trust, there has been a renewed focus on fiscal transparency.
“This is particularly important in the face of recent macro and micro economic developments with many public sector agencies under pressure to do more with limited resources,” the Divisional Head of Public Sector at Fidelity Bank, Mr Richard Madiebo, said.
“It is against this background that we have conceptualised this session with a particular focus on how digital platforms can support structured invoicing, seamless collections, payment automation, contractor disbursement transparency, real-time revenue oversight, amongst other pertinent areas of revenue mobilisation and administration in Nigeria,” he added.
“The webinar forms part of our commitment to provide practical solutions that support public sector transformation and stronger sub-national development. This is in line with Fidelity Bank’s mandate to help individuals to grow, businesses to thrive, and economies to prosper,” Mr Madiebo further disclosed.
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