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Afreximbank re-appoints Nigeria’s Benedict Oramah as president, disburses $30b in 4 years

Oramah has been re-appointed by Afreximbank as President of the Pan-African multilateral financial institution.

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Afreximbank re-appoints Nigeria’s Benedict Oramah as president, disburses $30b in 4 years

The shareholders of African Export-Import Bank (Afreximbank) have voted and re-appointed Prof. Benedict Oramah as President of the Pan-African multilateral financial institution for a second 5-year term.

The decision was announced in Cairo, following Afreximbank’s 27th Annual General Meeting of Shareholders which was held by the circulation of resolutions due to the COVID-19 pandemic situation.

This was disclosed in a press statement released by the bank on Sunday, June 14, 2020.

READ ALSO: ECOWAS backs Adewunmi Adesina’s re-election as AfDB’s President 

In his acceptance statement released shortly thereafter, the re-appointed President told shareholders that the Bank’s ultimate goal under his second term in office was the realization of Africa’s strategic ambition to create an integrated market.

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According to him, “We want an Africa where the foundations of the African Continental Free Trade Agreement (AfCFTA) are laid expeditiously so that the 84,000 kilometres of borders that have divided us for ages can begin to come down. AfCFTA would drive the industrialization of Africa, support the emergence of regional value chains, turn Africa’s creative and cultural assets into engines of growth, grow jobs for the continent’s youth, convey respect to Africans wherever they may be and better prepare the continent to compete more effectively in the global markets.”

READ MORE:Afreximbank, MIA sign $190million deal

Prof. Oramah highlighted that between 2015 and 2019, Afreximbank disbursed more than US$30 billion in support of African trade, with over US$15 billion channelled towards the financing and promotion of intra-African trade.

A resolution proposing the re-election of Mr. Stefan-Luis Francois Nalletam by as a director representing Class A Shareholders, and Mr. Kee Chong Li Kwong Wing as a director representing Class B Shareholders was also approved by the meeting.

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The shareholders also approved the 2019 audited accounts as well as the proposal to raise an additional $500 million in equity within Afreximbank’s current strategic plan called Impact 2021 Africa transformed.

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The approval to raise additional equity was in recognition that an amount of US$1 billion, earlier authorized to be mobilized, had almost been fully raised.

Oramah, while assuring the bank’s shareholders said, “I make a commitment that with your support, the bank will remain well capitalized throughout my term of office and beyond. We will continue our efforts to diversify sources of equity to include the markets while ensuring that the Bank’s development focus remains unchanged.”

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Chike Olisah is a graduate of accountancy with over 15 years working experience in the financial service sector. He has worked in research and marketing departments of three top commercial banks. Chike is a senior member of the Nairametrics Editorial Team. You may contact him via his email- [email protected]

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Appointments

Buhari names Dr. Uzoma Emenike as Ambassador-designate to the USA

President Buhari has named Nigeria’s Ambassador-designate to the USA.

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President Muhammadu Buhari has announced Dr. Uzoma Emenike as Nigeria’s Ambassador-designate to the USA.

This was disclosed by the Special Assistant to the President on Digital and New Media, Tolu Ogunlesi in a social media post on Tuesday evening.

Dr. Uzoma Emenike is currently  Nigeria’s Ambassador to Ireland, with concurrent accreditation to Iceland.

She hails from Abia State, with a BSc in Sociology and Anthropology from the University of Maiduguri, Masters in International Law and Diplomacy from the University of Lagos LL.B from the University of Reading in the UK.

Other academic achievements include a Master’s in International Management from the University of Reading and a Doctorate in International Relations also from the University of Reading.

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She is married to Chief Ikechi Emenike and has four children.

What you should know 

  • Nairametrics reported last month, the death of the outgoing Nigerian Ambassador to the United States of America, Justice Sylvanus Adiewere Nsofor.
  • He served as a justice of the Court of Appeal for 13 years until his mandatory retirement in 2005.
  • Nsofor, who assumed office as the ambassador to the US on November 13, 2017, succeeded Professor Adebowale Adefuye who also died towards the end of his tenure.

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Appointments

Buhari appoints Abubakar Nuhu Fikpo as Acting DG of National Directorate of Employment

President Buhari has appointed Abubakar Nuhu Fikpo as the Acting DG of the National Directorate of Employment.

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Buhari sacks DG National Directorate of Employment, Nasiru Argungu

President Muhammadu Buhari has announced the appointment of Abubakar Nuhu Fikpo as the Acting Director-General of the National Directorate of Employment.

This was disclosed by media aide to the Presidency, Garba Shehu, in a social media statement on Monday.

He said:

  • President Muhammadu Buhari has formally conveyed to the Hon. Minister of State, Labour and Employment, Festus Keyamo, SAN, his approval of the nomination of Mallam Abubakar Nuhu Fikpo, as the Acting Director-General of the National Directorate of Employment, pending the appointment of a substantive Director-General for the Agency.
  • Last month, the President relieved the former DG of his appointment, and directed the Minister to nominate an Acting DG to superintend over the Agency, pending the appointment of a substantive DG.

What you should know 

  • The Federal Government through the National Directorate of Employment (NDE) formally kick-started the Special Public Works (SPW) programme, which was designed to create 774,000 jobs across the nation, with the inauguration of the State Selection Committees in 2020.
  • Nairametrics reported last month that President Muhammadu Buhari approved the sack of Dr Nasiru Mohammed Ladan Argungu as the Director-General of the National Directorate of Employment (NDE) with effect from December 7, 2020.
  • The Presidency did not give any specific reason for the sack.

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Appointments

Joe Biden appoints Nigerian-born Funmi Olorunnipa Badejo as Counsel

Nigerian-American, Funmi Olorunnipa Badejo has been appointed as a member of the office of the White House Counsel.

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U.S President-elect, Joe Biden, announced the appointment of Nigerian-American Funmi Olorunnipa Badejo as a member of the office of the White House Counsel, to serve as an Associate Counsel.

He announced it this week in a statement seen on his transition website.

A part of the statement reads:

  • “The Counsels are experienced and accomplished individuals, have a wide range of knowledge from various fields and will be ready to get to work on day one.”

What you should know about Funmi Badejo

  • Funmi Olorunnipa Badejo, before the announcement, was General Counsel of the House Select Subcommittee on the Coronavirus Crisis, chaired by House Majority Whip, James E. Clyburn.
  • Other government roles she has served include serving as Counsel for Policy to the Assistant Attorney General in the Civil Division of the U.S. Department of Justice, Ethics Counsel at the White House Counsel’s Office, and Attorney Advisor at the Administrative Conference of the United States during the Obama-Biden administration.
  • She started her career as an associate with the law firm of Manatt, Phelps & Phillips, LLP and was also a Legal Counsel at Palantir Technologies Inc.
  • She is a graduate of Political Science from the University of Florida, with a Master of Public Administration (MPA) from Harvard University and holds a Law Doctorate from the University of California School of Law.
  • She becomes the 3rd Nigerian American to be appointed under the Biden Government.

Biden’s transition committee said the new Counsels would work under the direction of White House Counsel, Dana Remus, and “help restore faith in the rule of law and the accountability of government institutions.”

In case you missed it

  • Nairametrics reported last month that United States President-elect, Joe Biden, selected a Nigerian-born attorney, Adewale Adeyemo, as the Deputy Treasury Secretary.
  • Osaremen Okolo, 26, was also appointed as COVID Policy Advisor and a member of the COVID-19 Response Team.

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