Banking
Afreximbank Grows Net Income to $87.3m in Q1 2021
By Adedapo Adesanya
The African Export-Import Bank (Afreximbank) has reported a net income of $87.3 million in the first quarter of the year, a statement issued on Thursday from its headquarters in Cairo, Egypt, disclosed.
In its unaudited financial statements for the period ended on March 31, the bank said the increase was achieved largely due to a 23 per cent growth in net interest income, showing strong and resilient growth ahead of 2020 results and in line with expectations.
It added that the increase in net interest income arose from a 41 per cent growth in net loans and advances and an 11 per cent decline in interest expense.
“Total assets grew year-on-year by 30 per cent to $19.25 billion as at March 31, primarily due to the implementation of the Pandemic Trade Impact Mitigation Facility (PATIMFA), with most of the facilities having been disbursed in the second half of 2020.
“Total assets decreased marginally from the balance of $19.31 billion as at December 31 primarily driven by slight decreases in Loans and Advances and Cash and cash equivalents,” the statement said.
The lender added that its shareholders’ funds increased by 2.64 per cent to $3.46 billion from $3.37 billion recorded in December 2020, reflecting the support from existing investors and strong internal capital generation capacity.
Speaking on the result, the president of the bank, Mr Benedict Oramah, said that the company was pleased to have reported year-on-year growth in Q1 2021 and closed the period in a healthy financial position with strong capital levels.
“Afreximbank has made significant progress in the implementation of its strategic initiatives and remains committed to promoting intra-African trade under the African Continental Free Trade Agreement (AfCFTA) on the basis of which trading commenced on January 1.
“Regarding the bank’s interventions in tackling the pandemic, we are proactively and aggressively supporting the fight against COVID-19 in Africa to accelerate the return to normalcy.
“We are supporting vaccine procurement by African economies with a two billion dollars guarantee and financing facility.
“Through PATIMFA, Afreximbank disbursed over $6.5 billion in support of African sovereigns, central and commercial banks, as well as corporations and Small and Medium Enterprises (SMEs),” he said.
Mr Oramah added that overall, the bank was confident of its solid financial position, alongside the robust strategic measures put in place to proactively manage the effects of the pandemic.
He said it was also committed to providing a strong foundation for a resilient and growing business going forward and was confident that Africa would see a strong economic rebound in 2021.
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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