Business

BOI to start servicing Afreximbank’s EUR 2bn Debt After 1 year

Published

2 years ago

December 19, 2024

563 Views

The Afreximbank’s EUR 2 billion syndicated term loan facility for Bank of Industry (BOI) Nigeria has a three-year tenor with quarterly repayments commencing after the first year.

In a statement, Afreximbank, said that it acted as one of the Initial Mandated Lead Arrangers, Bookrunner and Facility Agent in the said loan facility.

“Said the statement: The facility is backed by a first demand guarantee and is structured into two tranches.

Tranche A is guaranteed 85% by the Africa Finance Corporation and 15% by the Central Bank of Nigeria (CBN) for both principal and interest.

Tranche B is 100% guaranteed by the AFC for both principal and interest. The Bank disbursed its participation amount of EUR 175 million in September 2024 in two tranches of EUR 115 million in Tranche A and EUR 60 million under Tranche B.

Afreximbank was also involved in the processes leading to financial close and disbursement of up to EUR 2 billion by all the lenders, including the early bird syndication in August 2024 as the Facility Agent.

BOI is expected to use the proceeds of the facility to finance trade and trade related projects of eligible corporates in Nigeria.

“This significant transaction underscores Afreximbank’s commitment to supporting Nigeria’s economic growth,” said Mr. Denys Denya, Senior Executive Vice President at Afreximbank.

“By actively participating as lender, bookrunner, and agent, we are not only providing crucial financing to Bank of Industry but also facilitating access to critical resources that will empower Nigerian businesses and drive sustainable development across the country.

” Dr. Olasupo Olusi, Managing Director of Bank of Industry, stated: “This landmark syndicated facility of up to EUR 2 billion is a testament to the confidence global financial institutions have in the Bank of Industry’s track record and its pivotal role in driving Nigeria’s industrial and economic transformation.

We are particularly grateful for Afreximbank’s significant participation and unwavering support both as a lender and facilitator in this transaction.

This funding will empower us to further finance critical projects, ultimately fostering sustainable growth and development for corporates across Nigeria.”

Business

TIME Names Moniepoint CTO Felix Ike Among 50 Global Executives of the Year

In its citation, TIME said Ike “has helped to establish the business as one of Africa’s leading financial platforms.

Published

2 days ago

September 25, 2026

OCHEFA

20 Views

TIME magazine has named Felix Ike, co-founder and Chief Technology Officer of Nigerian fintech Moniepoint, to its inaugural Executives of the Year: Tech and Data list.

Ike is the only executive representing an African company among the 50 leaders selected for the 2026 list.

The list, unveiled on Tuesday, September 22, recognises chief information officers, chief technology officers, chief data officers and chief product officers whose decisions are shaping how major organisations deploy technology and use data.

Moniepoint is also the only African company represented on the inaugural list.

Ike was named alongside executives from Netflix, CrowdStrike, Dell, Duolingo, AT&T, OpenAI, Anthropic, Shopify and Reddit, among others.

In its citation, TIME said Ike “has helped to establish the business as one of Africa’s leading financial platforms.

“The recognition follows Moniepoint’s inclusion in TIME’s 2025 list of the 100 Most Influential Companies, giving the Lagos-founded fintech another global distinction.

Business

Naira Exchange Rates, Friday September 25

Published

2 days ago

September 25, 2026

OCHEFA

21 Views

Black Market Rates

₦1382DOLLAR (USD)

₦1855POUND (GBP)

₦1545EURO (EUR)

1000 DOLLAR (CAD)

₦70 RAND (ZAR)

370DIRHAM (AED)

190YUAN (CNY)

₦100G.CEDI (GHS)

₦2350 CFA F.(XOF)

₦2250 CFA F.(XAF)

₦850 AUSSIE (AUD)

Official CBN Exchange Rates

DOLLAR (USD)₦1328.67

POUND (GBP)₦1758.36

EURO (EUR)₦1511.63

SWISS FRANC (CHF)₦1605.45

JAPANESE YEN (JPN)₦8.38

CFA FRANC (XOF)₦2.31

WEST AFRICAN UNIT OF ACCOUNT (WAUA)₦1808.03

CHINESE YUAN (CNY)₦197.92

SAUDI RIYAL (SAR)₦353.86

SOUTH AFRICAN RAND (ZAR)₦81.09

Business

Djibouti, Ethiopia and Dangote to build $660 million petroleum pipeline

In Kenya, Dangote and the government are ⁠due to break ground on a new 700,000-barrel-per-day crude oil refinery in Lamu next week.

Published

2 days ago

September 24, 2026

OCHEFA

21 Views

Ethiopia, Djibouti and Nigerian billionaire Aliko Dangote plan to build a $660 million refined petroleum pipeline ‌that will connect Ethiopia and Djibouti, a spokesperson in Ethiopian Prime Minister Abiy Ahmed’s office said on Thursday.

The project will include a 120-km (75-mile) pipeline, as well as approximately 375,000 cubic metres of storage capacity ⁠at Damerjog in Djibouti and 800,000 cubic metres at Dewele in Ethiopia, the spokesperson told Reuters, adding it should become operational within 18 months.

Abiy said on his X account the project will be developed through a partnership between Ethiopian Investment Holdings and the Dangote Group, which separately is already building a $4 billion fertiliser pipeline ‌and ⁠power plant, and a polypropylene packaging facility, in Ethiopia.

The project aims to reduce logistics costs and delays along the Ethiopia-Djibouti transport corridor, Abiy said.

Developers say the infrastructure will strengthen ⁠energy security and improve supply chain resilience for the two countries, he said.

Abiy is on a visit to Djibouti and ⁠made the announcement alongside its president, Ismail Omar Guelleh, and Dangote.

In Kenya, Dangote and the government are ⁠due to break ground on a new 700,000-barrel-per-day crude oil refinery in Lamu next week.