Banking
Afreximbank Grows Net Interest Income 24.5% to $826.2m in H1’24
By Adedapo Adesanya
The African Export-Import Bank (Afreximbank) recorded a 24.5 per cent growth in its net interest income for the first half of 2024 to $826.2 million from $663.6 million in the same period of last year, according to its consolidated financial statements for the six months ended June 30, 2024.
The Group delivered solid year-on-year growth across key performance metrics and an increase in shareholder value indicating resilience amid challenging macro-economic conditions.
According to a statement, the increase was driven by a 31.42 per cent increase in interest income to $1.5 billion, on the back of growth in the Bank’s portfolio of Loans and advances.
The group said its performance for the period reflects that of the bank as subsidiary entities are still in their early stages of development, with the notable exception of the Funds for Export Development in Africa (FEDA) which contributed $11 million to the Net Interest Income of the Group, compared to $9.1 million at H1’2023.
The group’s total fees and commission income for the period under review increased by 20.1 per cent to $71.2 million, compared to $59.2 in the same period last year.
Operating expenses increased by 30.4 per cent, to $152.8 million, compared to $117.2 million at the first six months of 2023 reflecting higher personnel and administrative costs to support the initiatives of the bank and subsidiaries amid a high inflationary external environment. The Cost to Income Ratio remained low at 16.98 per cent, well within the strategic upper limit of 30 per cent.
During the period, the group said it continued to make strategic progress in its mission to develop African trade, including deepening ties with Caribbean countries and the broader diaspora.
The winding down of the Ukraine Crisis Adjustment Trade Financing Programme for Africa (UKAFPA) facilities as African economies demonstrated resilience, and adapted to the crisis, resulted in a marginal decline in Loans and advances from $26.7 billion to $26 billion.
Cash and cash equivalents closed the period at $3.9 billion, a drop of 30.4 per cent versus H1 2023’s $5.6 billion, while the Liquid Assets to Total Assets ratio remained high, at 12.5 per cent.
The group’s Shareholders’ Funds rose by 1.6 per cent to $6.2 billion compared to $6.1 billion in FY 2023, reflecting growth in internally generated Net Income of $407.7 million. The Bank’s Capital Adequacy Ratio remained strong at 25 per cent.
In June 2024 at the Afreximbank Annual General Meeting held in Nassau, The Bahamas, shareholders approved a dividend of $264.6 million and other appropriation amounting to US$50 million to support concessionary funding.
Speaking on the result, Mr Denys Denya, Afreximbank’s Senior Executive Vice President, said, “Afreximbank Group reported a strong performance in the first half of 2024, delivering robust financial results and making significant strides in its implementation of the 6th Strategic Plan – Extending the Frontiers.
“The bank continued to demonstrate its commitment to enhancing Africa’s economic resilience, by helping countries mitigate the negative effects emanating from the external challenges, advocating for the Continent’s interests on the global stage, and contributing to “Global Africa” by connecting the continent with its global diaspora through strategic interventions.”
“The strong results achieved during this period were delivered against a backdrop of a continuously challenging and evolving macro environment, reflecting the effectiveness of the Group’s strategy and its commitment to operational excellence. Leveraging its healthy financial position, the Group will continue to play a central role in the implementation of the African Continental Free Trade Area (AfCFTA) by fostering accelerating economic integration, industrialisation and trade across the continent,” he added.
He indicated that Group Management remained focused on maintaining a healthy and strong liquidity position, and sound asset quality while strengthening Afreximbank’s institutional capacity to support Africa’s growth and development aspirations.
By Modupe Gbadeyanka
A Federal High Court sitting in Ikoyi, Lagos, has ordered the final forfeiture of N81.1 million to the Federal Government of Nigeria in favour of Sterling Bank.
The money was part of the N2.5 billion stolen by some customers of Sterling Bank and transferred to their own use as well as to the use of some third-party beneficiaries, owing to a system glitch experienced by the bank.
On October 2, 2025, the court granted an interim forfeiture order of the fund and also directed the publication of the same in a national newspaper for any interested party to show cause why the money should not be finally forfeited to the federal government.
When no one came forward to claim the money, Justice Yelim Bogoro on Monday, March 9, 2026, ordered the final forfeiture of the funds.
The matter was brought before the court by the Economic and Financial Crimes Commission (EFCC) after a petition from the financial institution on July 18, 2022.
The anti-graft agency, in its investigations, traced the stolen funds to various accounts, including that of a customer, Sulaiman Kehinde Ojora, who was one of the major beneficiaries of the monumental fraud.
Investigation further revealed that Sulaiman Kehinde Ojora fraudulently concealed the sum of N43.0 million in the account of his friend, Taiwo Oluwaseyi Alawode (Account No. 1233126860), domiciled in Access Bank, and the sum of N122.2 million in the account of his wife, Aminat Olatanwa Ojora (Account No. 0072889319), domiciled in Sterling Bank.
By Adedapo Adesanya
Parallex Bank Limited said it has completed the recapitalisation requirement of the Central Bank of Nigeria, surpassing the N50 billion minimum capital threshold for regional commercial banks ahead of the March 31, 2026, deadline.
The feat reinforces the bank’s position as a financially resilient and strategically forward-looking institution within Nigeria’s evolving banking landscape while positioning it for accelerated growth.
The development now places Parallex Bank among financial institutions that have complied with the apex bank’s directive aimed at strengthening the capital base of deposit money banks, improving financial system stability, and enhancing the sector’s capacity to support economic growth.
Speaking on the development, Mr Olufemi Bakre, the managing director of the lender, said the milestone underscores the belief that excellence, when consistently pursued, delivers sustainable results.
He added that the strengthened capital position will enable Parallex Bank to expand its lending capacity, deepen financial inclusion, and continue delivering innovative, customer-focused financial solutions across various segments of the economy.
“With this strengthened capital position, Parallex Bank is better equipped to expand lending, deepen financial inclusion and continue delivering innovative, customer-focused banking solutions across the retail, SME and corporate segments of the economy,” he said.
The recapitalisation exercise, announced in March 2024 by the CBN, is expected to strengthen the resilience of Nigeria’s banking sector and enhance its capacity to support economic growth.
Mr Bakre commended the bank’s stakeholders, particularly the Board of Directors, for their strategic guidance, oversight, and timely support, which he said were instrumental in ensuring that the recapitalisation requirement was met within the stipulated timeframe.
According to him, the Board’s commitment to strong governance and long-term value creation provided the foundation for disciplined capital planning and effective execution across the institution.
By Modupe Gbadeyanka
A leading provider of consumer and business financing solutions in Nigeria, Zedvance Finance Limited, intends to increase its lending to commercial entities in the country by 160 per cent in 2026.
Last year, it provided N96 billion loans to support enterprises across key sectors of the economy, including oil and gas, automotive, logistics, renewable energy, fintech, e-commerce, trade distribution value chains, agri-businesses and others.
This year, Zedvance, a subsidiary of Zedcrest Group, plans to push this amount higher to N250 billion across key economic sectors, including off-grid power, smart devices and home equipment, vehicle dealerships and mobility platforms, agribusiness and manufacturing, consumer and industrial goods distribution and hospitality.
This expansion reinforces its mission to accelerate enterprise growth by providing faster and broader access to credit across Africa.
“We are proud of our accomplishments so far, especially the impact we’ve made in sectors that are critical to economic development,” said the Managing Director of Zedcrest Group, Mr Adedayo Amzat.
“Through solar and asset on-lending, we have helped to expand energy access and improve income opportunities for gig workers by financing mobility asset platforms across Nigeria.
“Because our customers are at the heart of our business, we were intentional about designing our flagship product, Liquidity Solutions, to allow businesses to unlock faster credit delivery across all high-growth sectors. This has proven impactful as we continue to witness our clients record great successes,” Mr Amzat further said.
Leveraging its 11-year legacy, Zedvance’s Commercial Solutions business, launched in 2025, has in just one year become a major driver of credit expansion, achieving one of the highest loan disbursement rates among financial institutions, empowering thousands of local enterprises and boosting economic growth.
Through offerings such as working capital, invoice/PO financing, equipment and trade finance, and ecosystem-based solutions, Zedvance enables access to liquidity for buy-now-pay-later providers, asset acquisition, and cross-border credit lines for imports & exports, aiding business expansion and strengthening operational resilience in a dynamic economic environment.
On his part, the acting executive director for Commercial Solutions, Mr Ayooluwa Oladimeji, said Zedvance leverages technology, product innovation, deep sector expertise and risk-moderated structures to deploy diverse funding solutions, including multi-currency credit lines, BNPL facilities, and equipment financing across automotive, renewable energy, manufacturing, fintech, and trade distribution sectors.
“In 2025 alone, Zedvance Commercial Solutions business recorded tremendous growth, driven by strong partnerships and a rapidly expanding portfolio. We are proud to have supported a range of businesses, including Shekel Mobility, Tradegrid, Sapphire, CredPal and other ecosystem partners.
“Beyond these successes, our focus remains on strengthening credit access across Africa’s commercial ecosystems to enable businesses to scale with confidence and resilience,” he said.
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