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Elombi: Investment-grade rating strengthens Afreximbank’s drive for Africa’s industrialisation

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The President and Chairman of the Board of Directors of African Export-Import Bank (Afreximbank), George Elombi, has said that fair, transparent and evidence-based credit ratings are essential to Africa’s industrialisation and long-term economic sovereignty.

Speaking during a media briefing in Abuja, Elombi said Africa must move beyond its dependence on exporting raw materials and instead build industries that process the continent’s abundant resources into higher-value products.

His remarks followed S&P Global Ratings’ decision to assign Afreximbank an investment-grade BBB+ long-term and A-2 short-term issuer credit rating, a development that strengthens investor confidence in the pan-African financial institution.

According to Elombi, Africa’s economic future depends on building strong financial institutions capable of mobilising affordable capital for manufacturing, infrastructure and regional trade.

“Africa’s sovereignty will not be secured by exporting more of what we do not process. It will be secured when we build the industries that turn African resources into African value.

“But industrialisation requires capital, and that capital must be accessible on terms that are fair, evidence-based and reflective of Africa’s true potential,” he said.

He noted that Afreximbank was established to help African economies transition from commodity dependence to industrial production by financing manufacturing, export development and intra-African trade.

Elombi argued that international credit ratings significantly influence borrowing costs for African countries and institutions by shaping investor confidence and access to global capital markets.

“Fair credit assessment is part of Africa’s sovereignty agenda. When African institutions are assessed properly, they can raise capital more competitively.

“When they raise capital more competitively, they can finance Africa’s industrial growth and accelerate African trade and job creation,” he added.

He described Afreximbank’s investment-grade rating as evidence that African financial institutions can achieve global recognition when assessed within their proper institutional and operational context.

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According to him, the rating reflects the bank’s solid financial fundamentals, with total assets and contingencies rising to $49.4 billion in the first quarter of 2026. During the period, shareholders’ funds increased to $8.6 billion, while the bank maintained a 23 per cent capital adequacy ratio and a 2.4 per cent non-performing loan ratio.

Elombi urged international rating agencies to give greater recognition to Afreximbank’s treaty-based status, preferred creditor position, strong shareholder support and strategic mandate in financing African trade and development.

He stressed that shareholder confidence in the institution is anchored in its long-term development mission rather than external ratings alone.

Beyond financing, Elombi said Afreximbank, together with its equity investment subsidiary, the Fund for Export Development in Africa (FEDA), is supporting the establishment of industrial parks and special economic zones across the continent.

Working alongside industrial partners, including ARISE Integrated Industrial Platforms (ARISE IIP), the bank is investing in projects spanning mineral beneficiation, agro-processing, automotive assembly, textile production and pharmaceuticals to strengthen Africa’s manufacturing capacity and regional value chains.

Despite global economic headwinds, Elombi said the bank continues to enjoy robust investor confidence, citing its successful Samurai and Panda bond issuances, as well as a $2 billion equivalent dual-tranche syndicated facility secured in the first quarter of 2026 from 31 lenders across Europe, Asia, the Middle East and Africa.

He maintained that industrialisation must be complemented by efficient trade infrastructure to unlock Africa’s full economic potential.

According to him, Afreximbank will continue investing in logistics corridors, trade-enabling infrastructure, digital payment systems and initiatives supporting the implementation of the African Continental Free Trade Area (AfCFTA).

“Capital, industry and trade must work together. Africa must finance its production, process its resources and move its goods across its own markets. That is how we create value, retain value in Africa and build sovereignty that is practical, not theoretical,” he said.

Elombi also welcomed ongoing discussions on establishing a New African Financial Architecture (NAFA), saying the continent must strengthen its ability to mobilise domestic resources to finance its own development priorities.

The remarks came as Afreximbank recently reported a 24.8 per cent increase in first-quarter profit, with net income rising to $268.9 million from $215.4 million in the corresponding period of 2025.

The bank said net interest income climbed 24 per cent to $510 million, driven by an 8 per cent increase in average loans and advances to $32 billion, underscoring sustained demand for trade and development financing across Africa.

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Eid-el-Maulud: Rite Foods calls for peace, unity, national progress

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Rite Foods Limited, an indigenous food and beverage company, has felicitated with Muslim faithful across Nigeria as they celebrate Eid-el-Maulud, commemorating the birth of Prophet Muhammad.

The company urged Muslims to use the occasion to reflect on the values of peace, tolerance, unity, compassion and peaceful coexistence embodied in the teachings of the Prophet.

In a goodwill message, the Managing Director and Chief Executive Officer of Rite Foods, Seleem Adegunwa, called on Muslim faithful to demonstrate exemplary conduct and promote harmony as they celebrate.

Adegunwa also urged Nigerians to use the occasion to pray for the peace, unity and sustainable development of the country.

“As a company that shares in the joy of our consumers, we stand with our Muslim brothers and sisters as they mark this important moment in their faith. We hope this season brings renewed unity and progress for all Nigerians,” he said.

Also speaking, the Head of Corporate Affairs and Sustainability at Rite Foods, Ekuma Eze, said the company was delighted to celebrate important occasions with its consumers across the country.

Eze encouraged Muslim faithful to celebrate the season with family and friends, noting that Rite Foods’ portfolio of products is designed to cater to consumers across different occasions.

The company’s product portfolio includes Bigi Carbonated Soft Drinks, Bigi Premium Drinking Water, Sosa Fruit Drinks, Fearless Energy Drink, Rite Spicy Beef Sausage, Bigi Beef Sausage and Bigi Flex Sausage.

The company said its products are manufactured using automated infrastructure and technology, with continued investment in innovation and quality.

Rite Foods has also received industry recognition for its sustainability and innovation initiatives, including Outstanding FMCG Corporate Brand of the Year at the Edge Awards, as well as honours at the Sustainability, Innovation and Social Impact (SISA) Awards and the SERAS Awards.

The company reiterated its commitment to supporting initiatives that promote social cohesion, community development and sustainable growth while creating value for its consumers and other stakeholders.

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Forbes human resources council admits Nigerian HR strategist Michael Ugbewanko

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Nigerian management consultant, organizational strategist and leadership expert, Michael Odafe Ugbewanko, has been admitted into the Forbes Human Resources Council, an invitation-only professional body that brings together senior human resources executives, chief people officers, founders and business leaders shaping the future of work globally.

Ugbewanko, who is the Lead Consultant at Dmidaf Global Consult, joins an international network of C-suite executives, vice presidents, directors, founders and business owners recognised for their professional accomplishments and leadership in the human resources profession.

In a welcome message, Forbes Councils Member Success Specialist, Jessica McClendon, said members of the council enjoy access to an exclusive platform designed to expand their professional influence and industry impact.

“Welcome to Forbes Human Resources Council. We’re delighted to have you as part of our vibrant and empowering community. Here, you’ll have the opportunity to share your expertise with the Forbes.com audience, connect with industry-leading peers and access carefully curated benefits that support your personal and professional growth,” the message stated.

The appointment represents another milestone for Ugbewanko, whose work has centred on helping organisations build sustainable, high-performing institutions through strategic leadership, operational excellence and effective human capital management.

Over the past decade, he has advised hundreds of chief executives across more than 1,000 organisations, helping businesses strengthen what he identifies as the three foundations of long-term success—process, structure and people.

Speaking on his admission, Ugbewanko described the recognition as an opportunity to contribute African perspectives to global conversations on leadership, organisational transformation and the future of work.

“The future of business belongs to organisations that intentionally build strong systems and empower people to perform at their highest potential. I am honoured to join a global community of leaders committed to advancing excellence in human resources and organisational leadership while representing the innovation and resilience of African businesses on the global stage,” he said.

Widely regarded as one of Africa’s leading voices on organisational effectiveness, Ugbewanko was named one of the 10 Most Influential HR Leaders in Africa by Entrepreneur Magazine in 2025. He is also the author of HR Is Dead, a book that advocates a more strategic role for human resources in driving business growth and institutional sustainability.

Beyond his consulting practice, he convenes the Operational Excellence Conclave, a leadership forum held ten times each year for chief executives, founders, senior executives and political leaders seeking practical strategies for building resilient organisations. He also leads The Presidential Table, an executive advisory platform limited to 15 chief executives annually and focused on transformational organisational growth.

Academically, Ugbewanko holds a Master’s degree in Human Resource Management from the University of South Wales, United Kingdom, and a Bachelor’s degree in Philosophy from the University of Ibadan. He is a Chartered Management Consultant (FIMC, CMC), a Fellow of Corporate Governance (FCGP), and an Associate Member of the Chartered Institute of Personnel and Development (CIPD), United Kingdom.

His admission into the Forbes Human Resources Council reflects the growing global recognition of African business leaders contributing to discussions on leadership, governance, people strategy and organisational excellence, while strengthening the continent’s voice in shaping the future of work.

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NDLEA seizes 1.63m tramadol pills, uncovers cross-border drug trafficking syndicate

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The National Drug Law Enforcement Agency (NDLEA) has intercepted 1.63 million pills of tramadol (250mg) concealed in specially fabricated compartments of two articulated trucks along the Lagos-Ibadan Expressway, exposing what it described as a transnational drug trafficking syndicate operating across the Togo-Benin-Nigeria corridor.

The agency’s Director of Media and Advocacy, Femi Babafemi, disclosed the development in a statement on Sunday, noting that the latest seizures bring the total quantity of tramadol recovered from the same syndicate to more than 2.18 million pills in three separate operations conducted within one month.

According to the statement, the first trailer was tracked and intercepted on July 2 while heading to Kano.

NDLEA operatives recovered 853,000 pills of tramadol (250mg) hidden in a fabricated compartment beneath the truck’s cargo floor and arrested the 22-year-old driver, Jabir Kabiru.

Two days later, on July 4, intelligence-led operations led to the interception of another trailer, also travelling to Kano on the same highway.

The agency recovered an additional 777,000 pills of tramadol (250mg) concealed in a similar hidden compartment and arrested the driver, Muhammed Nuhu, also aged 22.

Investigations, according to the NDLEA, revealed that the trucks intercepted on June 21, July 2 and July 4, together with their illicit consignments, were all linked to the same international drug trafficking network.

In a separate operation, NDLEA operatives intercepted 4.70 kilograms of Canadian Loud, a synthetic strain of cannabis, at the import shed of the Murtala Muhammed International Airport (MMIA), Lagos.

The consignments, concealed inside cartons marked “Odugwu,” arrived from Canada on British Airways and Ethiopian Airlines flights on June 24 and July 3, respectively.

The agency arrested two cargo agents, Ali Rotimi Samson and Orimolade Oluwagbenga, in connection with the shipments before apprehending Edeh Onyeamachi Stanislaus, who attempted to collect the consignments from a logistics company.

Further investigations led to the arrest of the alleged owner of the drugs, Chioma Nneka Mokeme, a 44-year-old businesswoman, on July 7 in Surulere, Lagos, with support from the Nigeria Police Force’s Area C Command.

The agency also arrested Hajara Abdullahi, a 38-year-old Chadian national, and her Nigerian associate, Abdulkareem Jidda, 44, in Apapa, Lagos.

Their arrest followed the interception of 50,000 pills of tramadol (225mg) in Kogi State on July 12, with investigations linking the consignment to the two suspects.

NDLEA also recorded several other seizures during the period.

In Rivers State, operatives arrested 80-year-old Chika Ugwoji in Ahoada on July 14 after recovering 800 grams of skunk from him.

In Edo State, a couple, Christian Chukwuka, 32, and Nwanneka Christian, 33, were arrested during a raid on a drug warehouse along Sapele Road, Benin City.

The operation led to the seizure of 219.5 kilograms of cannabis sativa and 192.67 kilograms of compressed Canadian Loud.

The NDLEA said the operations underscore its sustained crackdown on organised drug trafficking networks and cross-border narcotics syndicates operating within and outside Nigeria.

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