Nigeria falls to 3rd position in AFREXIM Bank shareholding

October 12th, 2018

By Chika Otuchikere

The President of African Export-Import (AFREXIM) Bank, Prof. Benedict Oramah, has revealed that Nigeria has fallen from its number one position in AFREXIM Banks share to 3rd position.

 Oramah made the disclosure while fielding questions from Nigerian journalists after a meeting with the Nigerian delegation on the sidelines of the ongoing International Monetary Fund (IMF) and World Bank Group (WBG) Annual Meetings in Bali, Indonesia.

 The bank president also disclosed that the AFREXIM bank has over $3.2 billion worth of investments in Nigeria.

 According to Oramah, although Nigeria was a dominant shareholder in the bank, the country had fallen back in its shareholding position to the third position, after being overtaken by Egypt and Zimbabwe.

 “That is why we have had these discussions with the Minister of Finance to see how Nigeria can return to the level it occupied in the past.

 “We have got assurances that the Nigerian government will look at it and we hope that Nigeria’s shareholding will rise to the level that reflects the size of its economy,” he said.

Minister of Finance, Mrs. Zainab Ahmed, who also spoke to newsmen, said that the meeting with the Oramah was to discuss the possibility of increasing Nigeria’s shares in the bank, adding that the nation’s equity holdings in the bank currently stood at 40 per cent.

“We discussed some of the programmes and projects that AFREXIM is supporting in Nigeria.

 “We also discussed setting up of a medical park in the Federal Capital Territory (FCT), which is a discussion that has been going on for a very long time.

“We are also looking at setting up some quality assurance centres in Ogun state and other parts of the country.

“We also discussed opening up some industrial parks in partnership with the Ministry of Industry, Trade and Investment in three centres — one each in Lekki, Kano and Kaduna,” she said.

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