Cairo, July 3, 2024 – Afreximbank’s shareholders have approved an increase in the bank’s authorised share capital from US$5 billion to US$25 billion.
The approval was granted at the 31st Annual General Meeting of the bank held recently in Nassau, The Bahamas.
The bank said the increase was in response to the rapid growth of the bank to the challenges facing the African continent.
It said the capital increase had also created the capacity for the bank to support the growth and development envisaged for the African continent in line with its mandate to promote the continent’s trade and affirm its relevance on the global stage.
Commenting on the development, Benedict Oramah, the President and Chairman of the Board of Directors of Afreximbank, said: “Afreximbank is most grateful to departing Board Members for their services to the Bank and Africa.
“They were for many years, part of a formidable team, that made significant contribution to the Bank’s vision for Africa, created alliances, and assisted Africa in navigating major headwinds.
“We welcome our new board members. We look forward to their support and insight as we strive to build a prosperous Global Africa. Together, we will restore dignity and pride to Africans around the world.
“The overwhelming endorsement by Shareholders of the historic increase of the Bank from US$5 billion to US$25 billion reflected their firm belief and trust in the Board and Management of the Bank and in the Bank’s mission.
“This move gives us the necessary headroom to mobilise the capital we need to create a bank that serves all Africans.”
The bank also made some changes to its board membership at the meeting.
In the Class “A” board membership, Mrs. Lydia Shehu Jafiya was elected to replace Mr. Aliyu Ahmed.
Jafiya is the Permanent Secretary, Federal Ministry of Finance of the Federal Republic of Nigeria.
Mr. Amadou Hott was elected to fill the position of the African Development Bank nominated board seat.
Hott is currently the Special Envoy of the President of the African Development Bank (AfDB) Group on the Alliance for Green Infrastructure in Africa.
Prior to this appointment, Hott was Senegal’s Minister for Economy, Planning and Cooperation.
In the Class “B” membership, Mr. Noël Mekulu Mvondo Akame was elected to replace Mr. Jean-Marie Mani.
Mekulu Mvondo Akame is currently the Director General of the National Social Insurance Fund (CNPS) of Cameroon.
In the Class “C” membership, Ms. Yu Wen was elected to replace Ms Lili Yang.
Yu Wen currently serves as the General Manager of the International Department at the Export-Import Bank of China (CEXIM). (GBN)
