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Appointments

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.

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.

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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.

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

Usman Alkali Baba assumes office as new IG of Police

The FG announced that IGP Usman Alkali Baba assumed duty as the new Inspector General of Police on Wednesday.

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The Federal Government announced that IGP Usman Alkali Baba assumed duty as the new Inspector General of Police on Wednesday.

The FG disclosed this in a statement on Wednesday evening, citing that he is taking over from IGP Mohammed Abubakar Adamu, NPM, who retired after 35 years of meritorious service to the nation.

What the FG is saying

“The handing/taking over of leadership between the former and new Police Chiefs was held in a brief but colourful ceremony at the Force Headquarters, Abuja. The event was climaxed with the symbolic handover of the Nigeria Police flag.

The new IGP, who is the 21st indigenous Inspector General of Police, Ag. IGP Usman Alkali Baba, NPM, psc (+), fdc, a fellow of the National Defence College, hails from Geidam in Yobe State. He was commissioned into the Nigeria Police Force on 15th March 1988 as a Cadet Assistant Superintendent of Police.

He holds a Masters degree in Public Administration (MPA) and a Bachelor of Arts degree in Political Science.

The FG also disclosed that the new IGP believes in the provision of motivational and credible leadership driven by professionalism and strategic planning, all directed at stabilizing internal security and modernizing police operations within the framework of citizens’ consent, trust, and the rule of law.

In case you missed it 

The Federal Government revealed why President Buhari terminated the appointment of the outgoing Inspector General of Police (IGP), Muhammad Adamu, before the expiration of the 3-months extension, saying the ex-IGP’s tenure was terminated following the completion of the selection process for a new Inspector General of Police.

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Appointments

FSDH appoints FCMB Director, Bukola Smith as new Managing Director and CEO

FCMB appoints FCMB Executive Director, as new Managing Director and CEO, to replace Hamda Ambah.

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Bukola Smith, the Executive Director, Business Development, in First City Monument Bank Limited has been appointed by FSDH Merchant Bank as the new Managing Director and Chief Executive Officer of the Lagos based financial institution.

This information was revealed in a recent post made by Smith, the new MD/CEO of the bank via her official LinkedIn account.

Her appointment will take full effect in mid-April, 2021, as she moves to take over from Hamda Ambah who will retire from the bank with effect from April 27th, 2021, after 28 years of service to the company, including four years and three months as the Managing Director of the Merchant Bank.

Smith is expected to take on the full responsibility of leading FSDH Merchant Bank to greater heights of global success, building on the impressive work Ambah has done in the last four years and three months as the Managing Director of the Merchant Bank.

What they are saying

Commenting on her appointment, Bukola Smith said:

“Super excited to announce my appointment as the new MD/CEO of FSDH Merchant Bank from mid-April, 2021. Thus, bringing an end to 14 beautiful and impactful years at FCMB.”

Special thanks go to all my friends and colleagues, who made my time at FCMB an amazing experience.

It is a privilege to take over from a Super Mentor, Hamda Ambah who has done a great job in steering the ship over the years.”

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About Smith

Bukola Smith holds a Bachelor’s Degree in Economics from the University of Lagos, and also holds an MBA from Manchester Business School, University of Manchester, United Kingdom.

Smith was appointed Executive Director, Business Development at First City Monument Bank (FCMB) in 2017, and prior to this, she was the Regional Head, Lagos Region of the Bank.

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She has occupied several key positions in FCMB as the Group Head Treasury and Financial Institutions; Divisional Head, Investment Banking and Financial Markets; Director Project and Structured Finance; and Divisional Head, Group Internal Audit, since she joined the bank in 2006.

As the Executive Director in charge of Business Development in FCMB, the bank’s Small and Micro business-focused team moved up to the first position in 2019, to emerge as the best SME supporter in the country – according to a KPMG Customer Service Report 2020.

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