Economy
Afreximbank financial performance in first half of 2020 pleasing — Oramah
African Export-Import Bank (Afreximbank) says its Net Income in the first half of 2020, grew by 10 per cent from 137.63 million dollars in June 2019 to 150.75 million dollars in June 2020.
Prof. Benedict Oramah, President, Afreximbank, disclosed this in a statement issued on Monday in Abuja.
He said that that the performance was in spite of the impact of the COVID-19 pandemic,
Oramah attributed the increase to a strong growth in net fee and commission income, which rose by 134 per cent.
According to him, the net interest income for the period grew by 17 per cent to US$285.71 million from US$243.93 million in 2019.
“Our financial performance in the first half of the year was pleasing and demonstrated that we remained focused on delivering value to shareholders,” he said.
Oramah said that this was even as the bank pursued its development agenda and intensified its support to the continent, in its effort to contain the spread of the new coronavirus disease and its devastating economic consequences.
“The Net Interest Margin improved from 3.3 per cent to 3.7 per cent, driven by lower costs of funds as interest rates declined globally.
“Total revenues were strong, rising by 4.4 per cent compared to the first half of 2019, to amount to US$519.8million,” he said.
The Bank president also said that fees and commission income supported the growth in revenues, reflecting continuing progress towards achieving the Bank’s goal of diversifying its revenue sources.
He said that total assets increased by 34 per cent from 14.44 billion dollars as at Dec. 31, 2019 to 19.35 billion dollars as at June 30, 2020.
Oramah noted that this was largely driven by a 26 per cent increase in loans to 15.20 billion dollars and a 76 per cent increase in cash and cash equivalents to 3.91 billion dollars.
“The high liquidity level was in response to the uncertainties caused by the COVID-19 pandemic.
“Liquidity sources were well diversified by geography and products, with African sources accounting for almost 40 per cent, an indication of progress being made under the Bank’s Africa Resource Mobilisation Initiative.
“Despite the growth in total assets, the Bank’s Capital Adequacy Ratio remained strong at 23 per cent in line with the Bank’s Capital Management Policy targets”.
Oramah explained that the capitalisation level was supported by equity injection, internal capital generation and the nature of collateralisation of some of the loan assets funded during the period.
He said that the observed outcome reflected the wisdom of the COVID-19 response measures the Bank launched in mid-March which prioritised the health of its work force.
According to him, it prioritised support for the Bank’s member countries to manage the impact of the pandemic and the need to deliver an acceptable financial performance with minimal credit losses.
“As with previous economic shocks, the Bank launched a key multibillion US dollar intervention tool known as the Pandemic Trade Impact Mitigation Facility (PATIMFA).
“PATIMFA aimed at supporting sovereigns, financial institutions and corporates to deal with the economic and health impacts of COVID-19,” he said.
Oramah added that funding under the facility had been made available to ensure continued access to international trade finance, procurement of vital COVID-19 containment material, food and agricultural input.
“Funding also promoted manufacturing of medical and healthcare products in Africa.
He said that as at June 30, 2020, the Bank had disbursed more than 3.5 billion dollars under the PATIMFA.
The Afreximbank boss added that it provided a grant of three million dollars towards the COVID-19 Special Fund set up by the African Union as well as to the African Centre for Disease Control and other agencies.
He said that despite the adverse effects of the pandemic, the Bank remained well prepared to continue to support the continent while delivering development impact and value to shareholders.(NAN)
By: Fabian Apechihin
Nigerians are facing yet another spike in fuel prices as premium motor spirit (petrol) now sells for between ₦905 and ₦945 per litre across several filling stations in Abuja.
Checks on Monday, October 6, 2025, revealed that Nigerian National Petroleum Company Limited (NNPCL) retail outlets, along with Empire, AA Rano, and Shema filling stations, adjusted their pump prices upwards. Empire Filling Station in Gwarimpa reportedly sold petrol at the highest rate of ₦945 per litre.
Other stations, including MRS, Emedeb, Ranoil, and Eterna, dispensed petrol between ₦885 and ₦910 per litre.
Marketers Blame PENGASSAN Strike for Price Surge
The Independent Petroleum Marketers Association of Nigeria (IPMAN) attributed the sudden hike to disruptions caused by last week’s strike by the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN).
IPMAN President, Abubakar Maigandi, explained that the price increase was largely due to supply interruptions. He noted that stations receiving supplies from Dangote Refinery were still selling between ₦885 and ₦895 per litre, adding that prices were expected to stabilize soon.
“The feud between Dangote Refinery and PENGASSAN may have triggered panic buying and artificial scarcity. I can assure you that prices will drop and return to normal in the coming days,” Maigandi said.
IPMAN spokesperson Chinedu Ukadike also confirmed that the PENGASSAN strike caused temporary shortages in Lagos and Abuja but expressed optimism that availability would improve as supply chains normalize.
Depot Prices Edge Up
Depot prices have reportedly risen slightly, with Dangote Refinery selling petrol at ₦844 per litre, Ranoil and Aiteo at ₦845, and NIPCO at ₦850 in Lagos.
The fuel price increase comes just days after Dangote Refinery and PENGASSAN resolved their dispute over the alleged mass dismissal of Nigerian workers, which led to a two-day strike. Federal Government intervention helped broker peace between both parties.
Dangote Refinery later thanked President Bola Ahmed Tinubu and other mediators for their role in ending the strike.
Shettima, PENGASSAN Trade Words
Meanwhile, Vice President Kashim Shettima, speaking at the 31st Nigerian Economic Summit (NES31) on Monday, criticized PENGASSAN, declaring that “Nigeria is bigger than the union.”
In response, PENGASSAN President Festus Osifo countered, saying the country is also “bigger than Dangote Refinery and the presidency,” emphasizing the union’s commitment to protecting Nigerian workers’ rights.
- Urges Kwarans, foreigners to embrace it Stephen Olufemi Oni, Ilorin
Kwara State Government has continued to showcase the beauty of culture and traditional assets and its uniqueness in the daily lives of the citizens, urging the people to embrace it for development.
The State Commissioner for Communications, Hon. Bolanle Olukoju, had earlier in a broadcast, enjoined the people of the State, at home and in the diaspora, to embrace tourism as a tool for developmental progress to sustain transformational growth in line with the policy thrust of Mallam AbdulRahman AbdulRazaq’s-led administration.
The Commissioner made the call to mark the 2025 World Tourism day with the theme, ‘Tourism and Sustainable Transformation’, as declared by the United Nation’s World Tourism Organization(UNWTO).
According to Olukoju, tourism is more than travel, it is actually a way of supporting people, culture, and the environment while driving economic growth, urging all and sundry to explore the various tourist sites around them.
“Tourism is not just travel, it is about building a future where every journey contributes to people, culture and planet, it is about hospitality that opens our heart and also helps to preserve our heritage and create opportunities for growth and development”, She said.
The Commissioner, who was delighted that the Ilorin Emirate Durbar was recently ranked among the top ten festivals in Nigeria, celebrated Hajia Faridah Shagaya, who was recognised among Africa’s top tourism personalities, describing the recognitions as sources of pride for the state.
She commended the administration of Governor AbdulRazaq for investing in tourism and hospitality, citing projects such as the Visual Arts Centre, Flower Garden, and Sugar Factory Film Studios, among others, as commendable efforts.
She also announced that this year’s celebration includes a roundtable with stakeholders to advance discussions on the future of tourism in Kwara State.
“Tourism is wearing a new face, from the Sugar Factory Film Studio, the Visual Arts Centre and the improved road network to Owu Waterfalls and many more which are evident of his work and is gradually opening Kwara to the World”, she added.
The Commissioner, who was represented at the event by the Director, Personnel, Finance and Supply, Hajia Salamat Yahaya, assured that tourism will continue to receive priority attention under the present administration and urged all stakeholders to support the ongoing efforts to make Kwara a leading destination for culture, heritage, and hospitality.
In her remarks, the Secretary, kwara State Hospitality and Tourism Development Board, Hajia Ramat Akanni, applauded the present administration for priority attention given to the Board.
Hajia Akanni expressed optimism towards an enviable tourism and hospitality driven state, which she assured, would attract prospective investors and enhance revenue generation for the state.
She sought support and utmost compliance from hoteliers and relevant stakeholders to achieve the desired goals, pointing out that violators will face the full wrath of the law.
Relevant stakeholders and participants at the one-day event later visited Sobi Hills and the Kwara Sugar Film Factory as part of activities marking the celebration.
End
By: Fabian Apechihin
The Federal Airports Authority of Nigeria (FAAN) has introduced a new contactless and cashless payment system, tagged Operation Go Cashless, in partnership with Paystack.
In a statement on Thursday, FAAN announced that the initiative will take effect from September 29, 2025, at Murtala Muhammed International Airport, Lagos, and Nnamdi Azikiwe International Airport, Abuja.
“Effective September 29, 2025, all payments at FAAN revenue points, including airport access gates, car parks, and FAAN VIP and protocol lounges, will go cashless. This means we will be phasing out cash collection at these points,” the statement read.
According to FAAN, the new system will provide travellers and airport users with faster, more seamless services through a secure, contactless platform. The agency explained that the shift responds to rising demand for modern, transparent payment methods and aligns Nigeria’s airports with global digital standards.
FAAN added that reducing cash handling will enhance efficiency, strengthen revenue assurance, and improve customer experience. It also noted that the cashless policy will be gradually extended to other airports nationwide.
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