Business
Afreximbank Makes Nigeria Permanent Regional Office
President Bola Tinubu, represented by the Secretary to the Government of the Federation, Dr. George Akume, highlighted the AATC’s strategic importance, its pivotal role in shaping Africa’s economic future, and its potential impact on the continent’s trade and investment landscape.
The African Export-Import Bank (Afreximbank) says its goal to make Nigeria permanent regional office, has been achieved with its just commissioned $120 million Afreximbank African Trade Centre (AATC) in Abuja.
The President and Chairman of the Board of Directors of Afreximbank, Prof. Benedict Oramah, said , noting that the project, which began in November 2021 in Abuja, has brought a three-decade-old aspiration to fruition.
“This project marks the first of seven planned Afreximbank African Trade Centres (AATCs) across Africa, including Kampala, Uganda, Harare, Zimbabwe, Cairo, Egypt, Yaoundé, Cameroon, Tunis, Tunisia, and Kigali, Rwanda,” he said.
He emphasized that the project’s an initiative that aims to accelerate intra-African trade, deepen regional integration and foster economic transformation across the continent with a potential to advance the country’s ambition of emerging as the regional hub.
He added , this AATC in Abuja has been a 41 -month journey—one built on hope and determination. Like the other centres, it will serve a multi-purpose function: as a hub for fostering deeper regional and continental integration.
Oramah expressed gratitude to the Federal Government for its unwavering support, describing the bank’s relationship with Nigeria as mutually beneficial and cordial.
“Over the last three decades, successive governments have extended unflinching support to Afreximbank—responding positively to capital calls, providing an enabling environment for smooth operations, and offering strong domestic policy support that helped implement numerous development programmes in Nigeria.
“With these, we expect to create a sizable network of AATCs that will serve as lighthouses guiding the interconnections and flow of trade and investment within continental Africa and between Africa and the Caribbean,” he added.
At the commissioning of the centre, the Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, praised Afreximbank for its strategic foresight, describing the Abuja AATC as a “vital infrastructure” for the successful implementation of the AfCFTA.
She noted that as Nigeria positions itself as a key player in Africa’s economic landscape, the AATC is expected to catalyze investment, local entrepreneurship, and export promotion.
President Bola Tinubu, represented by the Secretary to the Government of the Federation, Dr. George Akume, highlighted the AATC’s strategic importance, its pivotal role in shaping Africa’s economic future, and its potential impact on the continent’s trade and investment landscape.
Meanwhile, the Abuja AATC comprises two interconnected nine-storey towers.
One tower features world-class commercial A-grade office spaces, a trade and exhibition centre, a conference centre, a technology and SME incubator, a Digital Trade Gateway and a trade information services hub.
The adjoining tower boasts a 148-room business hotel, seminar and meeting rooms, a wellness centre, a restaurant and other ancillary facilities.
These features are designed to provide a comprehensive ecosystem for trade and business activities, catering to the diverse needs of African businesses.
It also host office spaces for local and international financial institutions and policy organisations, ensuring a complete support system for trade and business activities.
The Presidency says the bodies allegedly used by Adeyemi—including the so-called Presidential Economic Advisory Council, Presidential Foreign Investment Promotion Council, and Presidential Foreign Intervention Promotion Council—do not exist as government agencies.
The Presidency says a man identified as Prince Adeniyi Adeyemi Matthew allegedly created and operated fake government agencies, forged appointment letters, and falsely claimed to have been appointed by Femi Gbajabiamila.
According to the statement:
The Office of the Chief of Staff discovered the alleged scheme after complaints from the Nigerian Investment Promotion Commission (NIPC) that an unauthorized body was operating in a way that conflicted with its functions.
The Chief of Staff petitioned the Department of State Services and the Nigeria Police Force in October 2025 to investigate alleged forged appointment letters.
The Presidency says the bodies allegedly used by Adeyemi—including the so-called Presidential Economic Advisory Council, Presidential Foreign Investment Promotion Council, and Presidential Foreign Intervention Promotion Council—do not exist as government agencies.
Investigators allege Adeyemi operated from an office in the Federal Secretariat Complex, held meetings with diplomats, and sought diplomatic support to obtain U.S. visas for members of the alleged organization.
Police reportedly recovered forged documents and other exhibits during searches of his office and residence.
The investigation allegedly found that Adeyemi operated 34 bank accounts, including several in the names of fictitious organizations, and used forged documents to open a Central Bank of Nigeria account.
The Presidency says no government funds were paid into that account.
Police charged Adeyemi and two others before the Federal High Court on multiple counts, including forgery, impersonation, and obtaining by false pretence. The case is scheduled for hearing on July 27.
The Presidency also denied claims that Gbajabiamila appointed Adeyemi, stating that appointments to federal offices are issued through the Office of the Secretary to the Government of the Federation, not the Office of the Chief of Staff.
Current status
The Presidency maintains that:
the agencies in question are fictitious,
the appointment letter was forged,
Adeyemi is an impostor,
and the allegations against him should be resolved by the court.
As the case is pending before the court, the allegations remain subject to judicial determination.
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Business
CBN revokes 46 MFBs’ licences
According to the revocation order, the action became necessary because of one or more of: insufficient assets to meet liabilities; closure of operations without the CBN approval; and inactivity and cessation of financial intermediation.
The Central Bank of Nigeria (CBN) has revoked the operating licences of 46 Microfinance Banks (MFBs).
CBN’s Ag. Director of Communications, Mrs. Hakama Sidi-Ali disclosed that the revocation becomes effective today.
She emphasised that the revocation was in accordance with its powers under Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020.
“The revocation was approved by the Governor of the Central Bank of Nigeria, Mr. OlayemiCardoso, following the banks’ failure to meet the regulatory requirements for continued operation as licensed financial institutions,” she said.
According to the revocation order, the action became necessary because of one or more of: insufficient assets to meet liabilities; closure of operations without the CBN approval; and inactivity and cessation of financial intermediation.
Others were: failure to commence operations within 12 months of licence approval, and failure to maintain minimum capital funds unimpaired by losses.
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