Afreximbank plans $25bn share capital raise to trigger continent’s growth

…announces board changes

The shareholders of the African Export-Import Bank (Afreximbank) have approved an increase in the authorised share capital from $5 billion to $25 billion.

In a statement seen by BusinessDay on Wednesday, the bank said the increase recognises the rapid growth of the bank in response to the challenges facing the African continent.

The bank said it also creates capacity for it to support the growth and development envisaged for the African continent in line with its mandate to promote the continent’s trade and affirm its relevance on the global stage.

The bank also announced some board changes at its 31st annual general meeting (AGM) held recently in Nassau, The Bahamas.

Lydia Shehu Jafiya was elected to replace Aliyu Ahmed. Jafiya is the permanent secretary, Federal Ministry of Finance of the Federal Republic of Nigeria.

Amadou Hott was elected to fill the position of the African Development Bank nominated board seat. Hott is currently the special envoy of the President of the African Development Bank (AfDB) Group on the Alliance for Green Infrastructure in Africa. Prior to this appointment, Hott was Senegal’s minister for economy, planning and cooperation.

Noël Mekulu Mvondo Akame was elected to replace Jean-Marie Mani. Mekulu Mvondo Akame is currently the director general of the National Social Insurance Fund (CNPS) of Cameroon.

Yu Wen was elected to replace Lili Yang. Yu Wen currently serves as the general manager of the International Department at the Export-Import Bank of China (CEXIM).

Commenting on these developments, Benedict Oramah, president and chairman of the board of directors of Afreximbank said, “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 contribution to the Bank’s vision for Africa, created alliances, and assisted Africa in navigating major headwinds. 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.”

He added: “The overwhelming endorsement by Shareholders of the historic increase of the Bank from US$5 billion to US$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.”