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Nigeria gets $52bn as Afrexinbank’s biggest beneficiary

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Nigeria has received approximately $52 billion in trade and development financing from the African Export-Import Bank (Afreximbank), making it the bank’s largest beneficiary across Africa.

The President and Chairman of the Board of Directors of Afreximbank, Prof. Benedict Oramah, disclosed this on Tuesday during the Afreximbank Annual Meetings 2025 Signing Ceremony in Abuja.

He noted Nigeria’s central role in the bank’s financing activities, stating that the country has been the first beneficiary of several flagship transformative projects led by Afreximbank.

Oramah acknowledged the Nigerian government’s consistent support, particularly in responding positively to capital calls and eliminating regulatory obstacles that could have hindered the bank’s operations. He noted that Nigeria’s contributions have ensured its strong voice in the bank’s affairs, allowing it to play a crucial role in shaping Afreximbank’s future.

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He further revealed that over the past decade, Afreximbank has disbursed no less than $140 billion across Africa. These interventions, he explained, have helped bridge financing gaps caused by the withdrawal of international banks from the continent, driving economic transformation and reducing Africa’s dependence on commodity exports.

Oramah pointed out Afreximbank’s key role in industrialising Africa, transforming several economies into major industrial hubs. He also noted the bank’s contributions to implementing the African Continental Free Trade Agreement (AfCFTA) by supporting the AfCFTA Secretariat and financing initiatives aimed at boosting intra-African trade.

Nigeria, he said, has been a major recipient of the bank’s investments in critical sectors. Among the key projects he highlighted was the African Quality Assurance Centre, designed to ensure Nigerian goods meet global trade standards. The first of such centres is already operational in Ogun state, with plans for additional facilities across the continent.

Another significant investment is the Africa Trade Centre in Abuja, scheduled for inauguration on April 10. The facility, located in the heart of the capital Abuja, consists of two towers featuring a hotel, conference centre, technology hub, exhibition space, and a trade information centre.

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Afreximbank has also contributed significantly to Nigeria’s healthcare sector, particularly with the establishment of the African Medical Centre of Excellence in Abuja, set to open on June 5. This centre is expected to serve as both a hospital and a research hub for neglected diseases affecting people of African descent, positioning Nigeria as a key destination for medical tourism.

In the energy sector, Oramah highlighted Afreximbank’s role in supporting Nigeria’s industrial transformation. The bank has made substantial investments to boost Nigeria’s refining capacity, backing projects such as the Dangote Refinery and the Port Harcourt Refinery. These investments align with a broader strategy to establish the Gulf of Guinea as a major refining hub and reduce Africa’s dependence on imported petroleum products.

As part of efforts to strengthen Africa’s energy security, Afreximbank is also supporting the establishment of an Africa Energy Bank in Abuja, with an initial capital of $5 billion, including a $1.25 billion commitment from Afreximbank itself.

Oramah further noted that the bank has played a crucial role in enhancing Nigeria’s fertiliser production, enabling the country to emerge as Africa’s leading producer with an annual output of 7.5 million metric tonnes.

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In addition to industrial and energy investments, Afreximbank has been actively supporting Nigeria’s creative industry through credit facilities, capacity-building initiatives, and market access programs aimed at expanding the country’s cultural exports.

Looking ahead, Oramah described the upcoming 32nd Afreximbank Annual Meetings, scheduled to take place in Abuja in June, as a landmark event. He explained that the meetings would.

Speaking earlier, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, disclosed that Nigeria has been selected to host the 32nd Annual Meetings of the African Export-Import Bank (Afreximbank) from June 23 to 27, 2025.

Edun described the opportunity as a testament to Afreximbank’s confidence in Nigeria under the leadership of President Bola Ahmed Tinubu. He highlighted Nigeria’s strong partnership with the bank, which has approved tens of billions of dollars in financial facilities for the country over the years.

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The minister praised Afreximbank’s role in driving economic growth and financial innovation across Africa. He commended its president, Prof. Benedict Oramah, for leading the bank with creativity and vision, noting that this would be his final AGM as chairman of the board after a decade of service.

He also acknowledged Afreximbank’s contributions to Nigeria’s economic development, citing key projects such as the African Quality Assurance Centre in Ogun State, which enhances product safety for exports, and the soon-to-open African Medical Centre of Excellence in Abuja, which aims to reduce medical tourism.

Edun welcomed the upcoming meetings, which are expected to attract around 5,000 delegates from across Africa and beyond. He expressed Nigeria’s readiness to provide a conducive environment for discussions that would shape the future of trade finance and economic integration on the continent.

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BREAKING: Court Quashes MultiChoice Request To Uphold ‘GOtv, DStv Price Increases’ In Nigeria

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By Kayode Sanni-Arewa

The Federal High Court in Abuja has quashed a suit filed by MultiChoice Nigeria, the parent company of DStv and GOtv, challenging the Federal Competition and Consumer Protection Commission’s (FCCPC) intervention in its recent subscription price hike.

Delivering judgement on Thursday, Justice James Omotoso ruled that the suit constituted an abuse of court process as similar proceedings were already pending elsewhere.

He stressed that the plaintiff should have pursued its arguments in that court, rendering the current filing procedurally inappropriate.

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Justice Omotoso noted that while the FCCPC has investigative powers under its establishing Act, it lacks the authority to fix or suspend prices unless specifically delegated by the President through a gazetted instrument. No such delegation was presented to the court.

“The power to fix prices is exclusively that of the President. Any decision taken without such delegation is a nullity,” he stated.

He added that Nigeria operates a free market system, and service providers like MultiChoice retain the right to set their prices, with consumers free to accept or reject them.

The judge further ruled that FCCPC’s actions, including directing MultiChoice to suspend its price increase, breached the company’s right to fair hearing and appeared selectively targeted.

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He dismissed the FCCPC’s claim that MultiChoice held a dominant market position, calling the argument untenable.

The use of services like those provided by the plaintiff is discretionary and not essential. Nigeria can do without it,” he added.

He warned that attempts to fix prices by regulatory bodies could scare off investors and harm the economy.

The court held that while the FCCPC may investigate market practices, it cannot impose price controls without proper legal backing.

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MultiChoice had increased subscription rates by up to 25% on March 1, 2025, citing inflation and operational cost pressures.

The FCCPC opposed the move and threatened to sanction the firm.

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Police demote officer, reprimand two others for assault in Imo

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By Francesca Hangeior

The Imo State Police Command has demoted a sergeant, Anayo Ekezie for assaulting a road traveller using a smoke gunner along the Owerri-Aba Expressway.

The Command also announced the reprimand of two Police Inspectors, Ofem Obongha and Obinna Okereke, for failing to exercise supervisory control during the incident which occurred along the Owerri-Aba highway.

Police spokesperson for Imo State Command, DSP Henry Okoye made the disclosure on Wednesday night.

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According to him, the three men all attached to the Safer Highway unit were found guilty of breach of the Police Force code of conduct and human rights standards.
He said Anayo Ekezie was found guilty and was demoted from a Sergeant to a Corporal as punishment for his action, while the other two Inspectors were reprimanded for failing to exercise appropriate supervision.

Okoye said, “The Imo State Police Command, in response to a viral video showing police officers assaulting a man along the Owerri–Aba Road, has identified the officers involved and initiated disciplinary action. The officers are Inspector Ofem Obongha, Inspector Obinna Okereke, and Sergeant Anayo Ekezie, all from the Safer Highway Unit.

“Following a review of the video, the Command conducted an orderly room trial in line with Nigeria Police Force disciplinary procedures. Sergeant Anayo Ekezie was found guilty of using his issued smoke gunner in the assault and has been demoted to the rank of Corporal.

“Inspectors Obongha and Okereke were severely reprimanded for failing to exercise proper supervisory control, which allowed the unprofessional conduct to occur, ” Okoye said.

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On his part, the Commissioner of Police for Imo State, Aboki Danjuma condemned the action of the men which he said ran foul of the Force’s code of conduct and human rights standards.

Danjuma maintained that there was zero tolerance for police misconduct and promised appropriate action on those found guilty.

Meanwhile, the Imo State Police Command has called on the public to report any incidents of Police misconduct through the Complaints Response Unit (CRU), X-Squad unit, or via 08033424051 or 0814 802 4755 saying they are committed to transparency, professionalism, and protecting citizens’ rights.

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Peter Obi dismisses criticism accusing him of de-marketing Nigeria

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*Says, telling the truth is not de-marketing the country

By Francesca Hangeior

Former Anambra State Governor and Labour Party presidential candidate in the 2023 election, Peter Obi, has dismissed recent criticism accusing him of de-marketing Nigeria, saying truth-telling about the country’s challenges is essential to national growth.

Obi, in a post on X on Thursday, said his remarks about Nigeria’s economic and political realities are meant to strengthen, not tarnish, the country’s image.

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Although he did not mention names, Obi’s comments come a week after Lagos State Governor Babajide Sanwo-Olu accused him of speaking negatively about Nigeria abroad.

“I tried reminding those who argue that I de-marketed Nigeria by telling the truth about its economic and social status vis-à-vis the rest of the World that truth does not in any way demarket a nation,” he said.

He added, “Rather, it refines and strengthens it. But the moment we begin to weaponise the truth for political convenience, we dishonour the legacy of those who came before us. We betray the very essence of their sacrifices, their struggles, their hopes, and their dreams.”

Obi spoke after attending the memorial lecture in honour of elder statesman, Chief Edwin Clark, alongside former President Goodluck Jonathan and ex-Head of State Yakubu Gowon.

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In his address, the former Anambra State governor questioned the silence of once-vocal critics who had protested fuel and food price hikes under Jonathan, saying the situation has worsened today.

He stated, “I asked some very vital rhetorical and reflective questions, like what has suddenly happened to the protesting voices in this country, where are those who, in 2012/13, protested vigorously when increases in fuel, exchange rate, food and transport prices were moderate and manageable under President Jonathan.

“Where are those who called President Jonathan all sorts of names, “Clueless, corrupt, ineffective and lifeless government”? Where are they now that the Prices of everything have increased tenfold?”

“We are also losing innocent lives daily through insecurity, poverty, poor healthcare, and avoidable hardship. This is not the Nigeria our founding heroes envisioned.

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“We must not reduce their sacrifices to mere ceremonial tributes. The best way to honour Chief Edwin Clark and others like him is to restore integrity in governance, rebuild trust in our public institutions, and ensure that truth and justice are the foundations of our national journey.

“Nigeria must work for all Nigerians, not just for a privileged few,” he said.

Sanwo-Olu had, in a statement on Monday, April 28, accused Obi of making “disparaging” comments about Nigeria during his recent appearance at Johns Hopkins University in the United States.

The Lagos governor said prominent Nigerians travelling abroad should promote the country’s image rather than de-market it, especially in front of a global audience.

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Peter Obi dismisses criticism accusing him of de-marketing Nigeria

*Says, telling the truth is not de-marketing the country

By Francesca Hangeior

Former Anambra State Governor and Labour Party presidential candidate in the 2023 election, Peter Obi, has dismissed recent criticism accusing him of de-marketing Nigeria, saying truth-telling about the country’s challenges is essential to national growth.

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Obi, in a post on X on Thursday, said his remarks about Nigeria’s economic and political realities are meant to strengthen, not tarnish, the country’s image.

Although he did not mention names, Obi’s comments come a week after Lagos State Governor Babajide Sanwo-Olu accused him of speaking negatively about Nigeria abroad.

“I tried reminding those who argue that I de-marketed Nigeria by telling the truth about its economic and social status vis-à-vis the rest of the World that truth does not in any way demarket a nation,” he said.

He added, “Rather, it refines and strengthens it. But the moment we begin to weaponise the truth for political convenience, we dishonour the legacy of those who came before us. We betray the very essence of their sacrifices, their struggles, their hopes, and their dreams.”

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Obi spoke after attending the memorial lecture in honour of elder statesman, Chief Edwin Clark, alongside former President Goodluck Jonathan and ex-Head of State Yakubu Gowon.

In his address, the former Anambra State governor questioned the silence of once-vocal critics who had protested fuel and food price hikes under Jonathan, saying the situation has worsened today.

He stated, “I asked some very vital rhetorical and reflective questions, like what has suddenly happened to the protesting voices in this country, where are those who, in 2012/13, protested vigorously when increases in fuel, exchange rate, food and transport prices were moderate and manageable under President Jonathan.

“Where are those who called President Jonathan all sorts of names, “Clueless, corrupt, ineffective and lifeless government”? Where are they now that the Prices of everything have increased tenfold?”

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“We are also losing innocent lives daily through insecurity, poverty, poor healthcare, and avoidable hardship. This is not the Nigeria our founding heroes envisioned.

“We must not reduce their sacrifices to mere ceremonial tributes. The best way to honour Chief Edwin Clark and others like him is to restore integrity in governance, rebuild trust in our public institutions, and ensure that truth and justice are the foundations of our national journey.

“Nigeria must work for all Nigerians, not just for a privileged few,” he said.

Sanwo-Olu had, in a statement on Monday, April 28, accused Obi of making “disparaging” comments about Nigeria during his recent appearance at Johns Hopkins University in the United States.

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The Lagos governor said prominent Nigerians travelling abroad should promote the country’s image rather than de-market it, especially in front of a global audience.

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