Finance
Afreximbank opens $800m credit lines for 55 banks
The African Export-Import Bank (Afreximbank) has opened credit lines amounting to $800 million in 55 banks across Africa to facilitate the confirmation of letters of credit to support intra-African trade. Mr Obi Emekekwue, the bank’s Director and Global Head, Communications and Events Management Department, said that under the strategy launched in 2016, about $25 billion would be disbursed in support of intra-African trade during the five years ending in 2021.
He explained that the bank’s President, Dr Benedict Oramah, disclosed the strategy at the signing of African Continental Free Trade Area (AfCFTA) agreement in Kigali.
Oramah said that under the strategy launched in 2016, about $25 billion would be disbursed in support of intra-African trade during the five years ending in 2021.
He said the bank’s goal was to extend such lines to at least 500 banks in all African countries by 2021 in order to significantly reduce the cost of intra-African trade finance.
According to him, the aim is to counter the constraints posed by country risks associated with the confirmation of such letters of credit.
Oramah said that Afreximbank was also on the verge of launching an intra-African trade platform that would facilitate the clearing and settlement of intra-African trade transactions in African currencies.
He said the platform would significantly reduce the use of hard currencies in the settlement of such trade.
He said that 44 African countries had so far signed the Agreement Establishing the AfCFTA, while 43 countries signed the Kigali Declaration for the Launch of the AfCFTA.
He said 25 countries had also signed the Protocol to the Treaty Establishing the African Economic Community relating to Free Movement of Persons, Right of Residence and Right of Establishment.
Afreximbank is the foremost pan-African multilateral financial institution devoted to financing and promoting intra-and extra-African trade.
The bank was established in October 1993 by African governments, African private and institutional investors and non-African investors.
Since 1994, it has approved more than $51 billion in credit facilities for African businesses, including about $10.3 billion in 2016.
Afreximbank had total assets of $11.7 billion as at Dec. 31, 2016 and it is rated BBB+ (GCR), Baa1 (Moody’s), and BBB- (Fitch).
The bank’s headquarter is in Cairo. (NAN)
The Federal High Court in Lagos State, on Wednesday, granted businessman and socialite, Pascal Okechukwu, popularly known as Cubana Chief Priest, N10m bail with two sureties in like sum.
On Tuesday, EFCC slammed him with 3 count charge over the abuse of naira and asked him to report to court.
In court, The celebrity bar man pleaded not guilty to tampering and abusing the naira during his trial.
Earlier on Sunday, the EFCC revealed that it was probing several celebrities over alleged abuse of Naira notes.
In a statement, its spokesperson, Dele Oyewale, said;
“Many of them have made useful statements to the commission and many more have been invited by investigators working on the matter.
“The EFCC will not relent in its no-sacred-cow mode of operations and the public should be wary of running afoul of laws against the crime.”
Popular celebrity bar man, Pascal Okechukwu well known as Cubana Chief Priest will be arraigned by the Economic and Financial Crimes Commission (EFCC) over abuse of the naira on Wednesday, according to court documents.
He is facing three count charges for allegedly spraying and tampering with the naira at a social event contrary to the provisions of the Central Bank Act of 2007.
Not too long away was crossdresser Bobrisky Sentenced to 6 months in prison over thesame money mutilation. Now it is Cubana Chief Priest.
It seems like the government is taking the naira abuse situation much more seriously now.
Cubana Chief Priest would be arraigned before Justice Kehinde Ogundare of the Federal High Court, Lagos.
A copy of the document filed on April 4th by EFFC’s prosecutor Rotimi Oyedepo (SAN) alongside seven other lawyers representing the chairman of the Commission read:
1- “that you, Okechukwu Pascal on 13th Feb. 2024, at Eko Hotel, within the jurisdiction of the court, while dancing during a social event, tampered with funds in the denomination of N500 (Five Hundred Naira) issued by the Central Bank of Nigeria by spraying same for two hours, and you thereby committed an offence, contrary to and punishable under Section 21(1) of the Central Bank Act 2007”.
2 – “that you Okechukwu Pascal sometime in 2020, in Lagos during a social event, tampered with funds in the denomination of N500 (Five Hundred Naira) issued by the Central Bank of Nigeria by spraying same for two hours, and you thereby committed an offence, contrary to and punishable under Section 21(1) of the Central Bank Act 2007”.
3 – “that you Okechukwu Pascal sometime in January 2024, in Lagos during a social event, tampered with funds in the denomination of N500 (Five Hundred Naira) issued by the Central Bank of Nigeria by spraying same and you thereby committed an offence, contrary to and punishable under Section 21(1) of the Central Bank Act 2007”.
Policemen in Enugu State have arrested a 24-year-old suspect, Mmaduabuchi Okonkwo, for allegedly possessing and transacting in counterfeit naira notes.
A total of ₦40,000 suspected counterfeited one thousand denominated Naira notes were recovered from him.
Okonkwo was said to have boarded a minibus and given the driver one of the counterfeited notes. The driver, however, scrutinised and observed that the currency was fake, thereby raising an alarm that led to the suspect’s arrest.
Information has it that during interrogation, the suspect confessed to paying N25,000 for counterfeit notes with a face value of N50,000.
He further confessed to having spent ₦10,000 out of the fake notes, remaining the ₦40,000 that was recovered from him.
The suspect will be arraigned and prosecuted once investigations are concluded.
Say No To Creating Counterfeits!
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