Business

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

Published

2 years ago

December 19, 2024

461 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

Naira Exchange Rates Friday, 3 July 2026

Published

3 days ago

July 3, 2026

OCHEFA

35 Views

BLACK MARKET RATES

US DOLLAR (USD) Buy ₦1, 397 Sell ₦1,405

GREAT BRITISH POUND (GBP) Buy ₦1,850 Sell: ₦1,865

EURO (EUR) Buy ₦1, 580 Sell ₦1,600

CANADIAN DOLLAR (CAD) Buy ₦1,030 Sell ₦1,100

SOUTH AFRICAN RAND (ZAR) Buy ₦75 Sell ₦90

UAE DIRHAM Buy ₦350 Sell ₦370

CHINESE YUAN Buy ₦180 Sell ₦200

GHANA CEDI (GHS) Buy ₦95 Sell ₦110

WEST AFRICAN CFA Buy ₦2, 380 Sell ₦2, 460

CENTRAL AFRICAN CFA Buy ₦2, 220 Sell 2,300

AUSTRALIAN DOLLAR Buy ₦800 Sell ₦900

CBN OFFICIAL EXCHANGE RATES

US DOLLAR (USD) ₦1,370.15

GREAT BRITISH POUND (GBP) ₦1,832.17

EURO (EUR) ₦1,568.28

SWISS FRANC (CHF) ₦1,1705.44

JAPANESE YEN (JPN) ₦8. 51

CHINESE YUAN (CNY) ₦201. 80

WEST AFRICAN CFA (XOF) ₦2.38

WEST AFRICAN UNIT ACCOUNT (WAUA) ₦1,859. 98

SAUDI RIYAL (SAR) ₦364.91

SOUTH AFRICAN RAND (ZAR) ₦84. 32

Business

Issue: Cloning Nigerian Investment Promotion Commission (NIPC)

Published

4 days ago

July 2, 2026

OCHEFA

54 Views

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.