Afreximbank disburses $150 million to FirstBank to support businesses affected by covid-19 pandemic

Under its Pandemic Trade Impact Mitigation Facility (PATIMFA), the African Export-Import Bank (Afreximbank) has disbursed $150 million dollars to First Bank of Nigeria Ltd.

Mrs Folake Ani-Mumuney, Group Head, Marketing and Corporate Communications, FirstBank, revealed this in a statement released on Monday in Lagos.

According to the announcement, FirstBank clients involved in the development and importing of supplies and equipment essential to battle the COVID-19 epidemic would have access to the Afreximbank’s $150 million support.

What they are saying

Prof. Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank, said in a statement that the distribution was a further indication of the program’s importance in assisting African economies in recovering from the crisis caused by the COVID-19 pandemic.

Prof. Benedict said, “Since April 2020, when PATIMFA was launched, we are more than proud to have disbursed more than 7 billion dollars to help Afreximbank member countries manage the adverse impact of the financial, economic and health shocks caused by the COVID-19 pandemic.”

“Through First Bank, one of our trade finance intermediaries, this 150 million dollar facility will help build the resilience of many businesses to the adverse impacts of the pandemic, while helping them overcome the consequences of the current Ukraine crisis,” Oramah added.

Dr. Adesola Adeduntan, FirstBank’s CEO, praised Afreximbank for its significant financial support, which demonstrates its faith in FirstBank’s ability and track record over the years.

“We commend Afreximbank for this impactful financial response, It will immensely contribute to empowering many businesses adversely impacted by the economic shocks caused by COVID-19.The selection of FirstBank as a partner in this initiative is a testament to their confidence in our capacity and proven track record over the years,” Adeduntan said.

PATIMFA will also be available to organizations working on hospital rehabilitation and diagnostic and testing capability. The press release further stated that the earnings of the facility would be used to assist recipient businesses in coping with the effects of the Ukraine conflict.

What you should know

• Nairametrics reported that FBN Holdings announced its largest single shareholder Femi Otedola has sold down about 834 million shares of FBN Holdings in a deal valued at about N9.28 billion only.
• FBNH released its first-quarter 2022 results showing the group posted a blistering profit after tax of N32.44 billion for the first quarter on March 31, 2022, a 107.63% growth over N15.620 billion reported in 2021.
• The profit was boosted largely by interest income of N109.448 billion reported during the period under review as against N78.357 billion posted in 2021, accounting for an increase of 39.67%.