General
Afreximbank Gives Ogun $200m for Infrastructure
By Adedapo Adesanya
The African Export-Import Bank (Afreximbank) has given the Ogun State Government the sum of $200 million to support infrastructural development.
The fund, according to the bank, will be dedicated towards projects and other developmental initiatives embarked upon by the Dapo Abiodun-led administration in the state.
The President and Chairman of the Board of Directors of the Afrexim Bank, Mr Benedict Oramah, made this known when he led the management of the bank on a courtesy visit to the Governor’s Oke-Mosan Office, Abeokuta, on Monday.
He said the bank would partner with the state on ensuring that the 250-bed Specialist Hospital, Abeokuta is completed and begin operations soon.
Mr Oramah, while noting that the bank has been investing heavily in the health sector in Africa to develop vaccines and other drugs, declared that Afrexim Bank was ready to collaborate with the state-owned Gateway Pharmaceuticals in a similar direction.
“We are willing to dedicate an envelope of $200m for projects and initiatives here in Ogun State; we will also be happy to see the hospital project. We will be very pleased to look at this asset and see how we can partner with your government.
“I assure you that we will consider the Gateway Pharmaceuticals in our plans to invest in the health sector,” he said.
The President added that the bank would be working with the state government in its quest to make its road infrastructure more accessible for investors, adding that the bank would be interested in the Cargo Airport being built by the state.
“On the highways, we are also developing, there is connectivity we are looking for in terms of how we connect Nigeria to the Benin Republic and others, connecting Ogun to Lagos and of course to the border.
“It is something that is of interest to us, if there is any road that goes from here to the border, connecting where you stopped, that will be interesting, we can work with you.
“The airport is also part of the metropolis, it is something of importance because we even have a project there called The Quality Assurance Testing Inspection Center. This will be critical for implementing this airport, we can assure you that it is something we would be interested in developing with you.
“We are willing under the $200m envelope that I mentioned, to provide technical assistance which can be granted. We will look at how we can support you to help you develop some ideas, some wonderful ideas you have shared with me, we will also provide advisory services.
“We can also use our Project Preparation Facility to help prepare projects. For example, this hospital we are talking about, we can use this facility to develop it,” Mr Oramah stated.
On his part, Governor Abiodun noted that the Quality Assurance Testing Center would complement the International Cargo Airport, adding his administration would continue to do all it can to make Ogun the destination of choice for investors.
He said that the administration had in the last few months embarked on the construction of roads across the state, especially the Ijebu-Ode-Epe, Agbara-Lusada-Atan Roads, which according to him, are capital intensive great, expressing his administration’s readiness to receive support from the bank.
“We have built one and we are building another at great expense to the state. These roads are federal roads and they are also commercial roads. We invite Afrexim Bank to partner with us, we intend to concession these roads and toll them so that we can recover our investment.
“Agbara-Lusada-Atan Road is the road that used to be called the Lagos-Sokoto Expressway. That road in its present state is very shameful and we have since intervened. We have awarded the contract of that road and it will be delivered in 15 months time at a great expense to the state.
“We will concession and toll these roads on completion. We invite Afrexim Bank to come and look at how to partner with us,” Mr Abiodun said.
The governor called on the bank to support his administration’s quest to build an international Cargo Airport, said the airport when completed would be a cargo hub for the country and the continent of Africa as a whole.
“Our International Cargo Airport that we are building in our Special Agro-Processing Zone, construction has started. It is our hope that the construction will be completed before the end of next year. We also invite Afrexim Bank to look at how to partner with us because it promises to be a cargo hub, not just for Nigeria, but for the entire continent.
“We look forward to seeing the Afrexim Bank create an MSMEs fund that would be targeted at MSMEs and also create clusters that would allow them to access the lands at reduced pricing with a phased payment plan. Such funds would allow the MSMEs to have access to the funding they would need to meet their demands.
“The success of MSMEs is very fundamental to any Industrial revolution. We are an industrial state, so, we have been deliberate with our support for MSMEs to the extent that we are creating clusters for them.
“We are creating these clusters that will allow them to access the lands at a reduced pricing with phased out payment plans so that they can have a land, title documents that they can use in leveraging and starting their enterprises,” the Governor said.
Mr Abiodun commended the bank’s support towards the production of vaccines and drugs in the African continent and its readiness to partner with Gateway Pharmaceuticals in a similar direction.
By Adedapo Adesanya
The South African Consulate General in Lagos, in partnership with Brand South Africa and the Development Bank of Southern Africa (DBSA), is hosting the 4th edition of the South Africa Focus Week in Lagos, Nigeria, from April 22 – 26, 2026.
The annual platform continues to grow as a strategic initiative aimed at fostering social cohesion between South Africans and Nigerians while positioning South Africa as a preferred destination for business, tourism, and education. Since its inception in 2023, South Africa Focus Week has attracted over 1,500 participants, bringing together stakeholders from across sectors, including trade and investment, arts and culture, tourism, aviation, and the culinary industry.
The 2026 edition holds particular significance as it coincides with the 30th anniversary of South Africa’s democratic Constitution, enacted in 1996, as well as 32 years of unbroken diplomatic relations between South Africa and Nigeria, established in February 1994. These milestones underscore the enduring partnership between the two nations, rooted in shared history and strengthened through formal agreements and ongoing collaboration.
The 2025 economic relationship between South Africa and Nigeria reflects a strategically significant, multi-dimensional partnership anchored in trade, energy security, investment flows, and strong institutional cooperation. While bilateral trade remains structurally imbalanced – with South Africa exporting US$468.48 million and importing $1.69 billion, resulting in a $1.22 billion deficit – this dynamic is largely driven by South Africa’s reliance on Nigerian crude oil, positioning the relationship as one of strategic interdependence rather than imbalance alone.
This partnership is further elevated by the relative economic weight of both countries. According to IMF projections, South Africa’s economy is valued at approximately $443.6 billion, while Nigeria’s stands at around $334.3 billion in nominal terms for 2026. As two of the largest economies on the continent, their bilateral engagement constitutes a central axis of African economic activity, with disproportionate influence on the success of continental integration efforts.
Beyond trade, the relationship is reinforced by deep two-way investment linkages. South African firms -including MTN Group, Shoprite, and Standard Bank – maintain a strong presence in Nigeria, while Nigerian companies such as Access Bank and Paystack have established a growing footprint in South Africa. Although investment flows are asymmetrical and some Nigerian firms have faced operational challenges, these exchanges reflect an emerging bi-directional economic corridor that extends beyond goods trade into services, finance, and digital innovation.
Aligned with Brand South Africa’s mandate to build the country’s global reputation and competitiveness, the week-long programme will convene leaders from government, business, civil society, academia, and the media. Discussions will focus on leveraging the African Continental Free Trade Area (AfCFTA) as a tool for market access and global positioning, with Nigeria serving as a key focal point.
The South Africa Focus Week has features a series of high-level engagements and cultural activities designed to deepen economic ties and promote collaboration: South Africa–Nigeria Infrastructure Investment Conference (April 22, 2026) which was held under the theme South Africa–Nigeria Partnership: Unlocking Infrastructure Opportunities,” the conference will bring together key stakeholders in infrastructure development to explore collaborative projects in road, rail, and transportation systems.
The forum also examined the role of Public–Private Partnerships (PPPs) and facilitated discussions on project financing and implementation with institutions such as the DBSA and Nigeria’s Infrastructure Concession Regulatory Commission (ICRC).
This was followed by the 2nd Economic Diplomacy Roundtable (Thursday, April 23, 2026), which was hosted in partnership with MTN Nigeria under the theme Role of Technology in Infrastructure Development, the roundtable will convene senior government officials, private sector leaders, and industry experts to identify investment opportunities and strengthen strategic partnerships.
Friday, April 24, was for Arts and Culture Experience, which is a dedicated cultural day will showcase Lagos’ creative spaces and features a panel discussion on South Africa’s arts, film, music, and culture. The programme includes a South African film screening, engagements with filmmakers, and a networking reception aimed at fostering collaboration between the creative industries of both countries.
The event continues on Thursday, April 25, with Freedom Day Celebration and Closing Ceremony. This commemorative event will celebrate 30 years of South Africa’s Constitution, 32 years of freedom and democracy, and the enduring diplomatic relations between South Africa and Nigeria. The ceremony will also provide an opportunity to reflect on outcomes from the week and outline future areas of cooperation.
The celebration forms part of Brand South Africa’s Global South Africans Programme, which recognises and connects South Africans in the diaspora as ambassadors of the nation’s values and identity.
The week climaxes with the 4th edition of the South Africa Golf Tournament at Ikoyi Golf Club on Saturday, April 26, 2026, which will be done in partnership with Crossflex International.
According to a statement, the event aims to strengthen people-to-people relations through sports diplomacy, bringing together South African and Nigerian golfers in a spirit of camaraderie and collaboration.
By Modupe Gbadeyanka
The former chairman of the defunct Skye Bank Plc, Mr Tunde Ayeni, has been apprehended by the Economic and Financial Crimes Commission (EFCC).
Spokesperson of the anti-money laundering agency, Mr Dele Oyewale, confirmed the arrest of the businessman on Friday but declined to provide further details, according to TheCable.
Mr Ayeni was accused of diverting the N36.5 billion and $30 million loans from Polaris Bank Limited to companies with which he has links.
He was alleged to have obtained the credit facilities for marine security, electricity distribution, and real estate projects, but moved them to telecom investments tied to NITEL/MTEL assets via a NATCOM account.
After the Central Bank of Nigeria (CBN) revoked the operating licence of Skye Bank in 2018, it nationalised it to Polaris Bank.
The EFCC has been looking into the alleged diversion of funds by Mr Ayeni, resulting in his arrest in Abuja on Thursday, April 23, 2026.
He is being grilled over the matter and would be arraigned in court once the investigation is concluded.
This is not the first time Mr Ayeni has been nabbed and probed by the EFCC, as this happened a few months after his bank lost its licence.
The then acting spokesman for the EFCC, Mr Tony Orilade, said Mr Ayeni was quizzed by detectives over issues related to fraud and embezzlement allegedly committed by him when he was Chairman of the bank a few years ago.
By Adedapo Adesanya
“We are fully committed to working with the new Commissioner of Police and giving all necessary support towards the successful discharge of his responsibilities.”
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