Business

NNPC earned N4.61tn, spent N4.52tn in 2020 — BudgIT

The Nigerian National Petroleum Corporation earned revenue of N4.61tn and spent N4.52tn in 2020, according to a report released on Friday. The report, titled ‘2020 NNPC Annual Performance Review’, was developed by BudgIT in partnership with Oxfam. According to the…

Osinbajo charges AU member states on AfCFTA protocols

Vice-President Yemi Osinbajo has called on African Union (AU) member states to ratify and implement protocols on free movement of persons, right of residence and right of establishment. These are under the Africa Continental Free Trade Area (AfCFTA). The Vice-President…

Afreximbank reports 5.5% increase in total assets to $20.37bn in H1 African Export-Import Bank (Afreximbank) has grown its total assets by 5.5 per cent to $20.37 billion as at June 30, 2021 from $19.31 billion as at December 31 , 2020. Figures from the bank’s audited financial statements for the six months ended June 30 2021, showed that increase in its total assets was driven predominantly by increases in loans and advances and cash and cash equivalents. Analysis of the result indicated a solid performance. For instance, the result for the period under review reflected a net income of $168.9 million for the period a 12 per cent increase over $150.75 million recorded in 2020, were achieved largely due to the growth in interest income and a 13 per cent decrease in interest expense arising from a cost-effective funding mix. The Bank’s shareholders’ funds, also, increased by 5.1 per cent to $3.54billion from the position at 31 December 2020 of $3.37billion, reflecting support from existing shareholders and strong internal capital generation capacity. Commenting on the financial result, Afreximbank’s Executive Vice President in charge of Finance, Administration and Banking Services, Mr. Denys Denya, explained that the first six months of the year witnessed some positive momentum as the African economy has rebounded from the challenges faced in the previous year. According to him, notwithstanding the continued COVID-19 challenges, we are delighted to have posted year-on-year growth of 12 per cent in profitability and closed the period in a strong financial position. “Afreximbank continues to play an important role in leading the fight against COVID-19 in Africa. Having disbursed over $6.5 billion through the Pandemic Trade Impact Mitigation Facility (PATIMFA), the Bank is also supporting the procurement and deployment of 400 million vaccine doses to the African Union (AU) Member States through the African Vaccine Acquisition Trust (AVAT), of which we are one of the principal partners. “The acquisition of the vaccines by AVAT was made possible through a $2 billion Guarantee facility provided by the Bank. The Bank also acted as the Financial and Transaction Adviser, Guarantor, Instalment Payment Facility Provider and Payment Agent on this facility,” he said. He, however, noted that shareholders’ approval was received to enable the Bank to launch a $2.6billion paid-in equity capital raise, expected to be fully implemented by 31 December 2023. In addition, Afreximbank successfully closed a $1.3billion dual maturity bond issuance, in the second quarter, which is the Bank’s longest maturity and largest ever transaction in the debt capital markets. “We are confident that Afreximbank’s solid financial position and growth trajectory, provide a strong foundation for us to support the Continent sustain its economic rebound in the second half of 2021,” he added.

Afreximbank reports 5.5% increase in total assets to $20.37bn in H1 African Export-Import Bank (Afreximbank) has grown its total assets by 5.5 per cent to $20.37 billion as at June 30, 2021 from $19.31 billion as at December 31 ,…

2022 Budget: Adamawa proposes N142bn — Commissioner

The Adamawa Executive Council on Wednesday approved about  N142bn as the 2022 proposed budget. Dr. Umar Pella, the state Commissioner of Information and Strategy, made the announcement to journalists shortly after the State Executive Council meeting presided over by Governor…