The African Export-Import Bank (Afreximbank) has announced a significant increase in its authorised share capital from $5 billion to $25 billion. This decision, approved by the bank’s shareholders, reflects Afreximbank’s rapid growth and its commitment to addressing the challenges faced by the African continent.
In a statement released on Wednesday, the bank emphasized that the capital increase will enhance its capacity to support Africa’s growth and development. This move aligns with Afreximbank’s mandate to promote intra- and extra-African trade and bolster the continent’s presence on the global stage.
Afreximbank also revealed several changes to its board of directors during its 31st annual general meeting (AGM) held in Nassau, The Bahamas. Lydia Shehu Jafiya, the permanent secretary of the Federal Ministry of Finance of Nigeria, was elected to replace Aliyu Ahmed. Amadou Hott, the special envoy of the President of the African Development Bank (AfDB) Group on the Alliance for Green Infrastructure in Africa and former Senegalese minister for economy, planning, and cooperation, was elected to fill the African Development Bank-nominated board seat. Noël Mekulu Mvondo Akame, the director general of the National Social Insurance Fund (CNPS) of Cameroon, was elected to replace Jean-Marie Mani. Yu Wen, the general manager of the International Department at the Export-Import Bank of China (CEXIM), was elected to replace Lili Yang.
Benedict Oramah, president and chairman of the board of directors of Afreximbank, expressed gratitude to the departing board members for their significant contributions. He acknowledged their role in advancing the bank’s vision for Africa, creating strategic alliances, and helping the continent navigate major challenges. Oramah also welcomed the new board members, expressing confidence in their ability to support the bank’s mission.
“Afreximbank is most grateful to departing board members for their services to the bank and Africa. They were for many years part of a formidable team that made significant contributions to the bank’s vision for Africa, created alliances, and assisted Africa in navigating major headwinds,” Oramah said. “We welcome our new board members. We look forward to their support and insight as we strive to build a prosperous Global Africa. Together, we will restore dignity and pride to Africans around the world.”
Oramah highlighted the significance of the capital increase, noting that the shareholders’ overwhelming support reflects their confidence in the bank’s leadership and mission. “The overwhelming endorsement by shareholders of the historic increase of the bank from $5 billion to $25 billion reflected their firm belief and trust in the board and management of the bank and in the bank’s mission. This move gives us the necessary headroom to mobilise the capital we need to create a bank that serves all Africans,” he added.
The capital increase and the board changes come at a pivotal time for Afreximbank, as it continues to play a crucial role in promoting trade and economic development across Africa. The expanded capital base will enable the bank to undertake larger and more impactful projects, furthering its goal of fostering economic growth and integration on the continent.
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