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Afreximbank reports strong performance for Q1 2025 in line with expectations

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Afreximbank Group has said it delivered satisfactory financial performance for the first quarter of 2025, meeting expectations with solid profitability, strengthened liquidity and a resilient capital base. The bank said “This performance provides a springboard for the Bank to continue playing its pivotal role of advancing the aspirations of Africa and the Caribbean for economic transformation and sustainable development in the months and years ahead. Net interest income grew by 4.53% to $411.2 million compared to prior year, driven by growth in interest earning assets, complemented by effective management of borrowing costs, helping the Bank to cushion the marginal decline in total interest income due to softening benchmark rates.
“Fee income from Guarantees and Letters of Credit saw robust growth of 47% and 36% respectively, partially offsetting lower advisory fees to contribute to total unfunded income of $26.9 million for Q1-2025. While this represented a 7.41% decrease from $29.0 million in Q1 2024, the strong performance in Off-balance sheet assets is in line with the Bank’s strategy to grow unfunded business. The Group posted strong Net Income of $215 million, a 21% increase year-on-year from $178 million in the prior period.
“The Group’s total assets and contingent liabilities increased by 6.4%, reaching $42.7 billion as of 31 March 2025, up from $40.1 billion at FY’2024. On-balance sheet assets grew by 4.85% to $37.0 billion, driven primarily by a 58% surge in cash balances to US$7.4 billion, while Off-balance sheet assets i.e. letters of credit and guarantee volumes increased by a 19% to reach $5.7 billion at the end of Q1-2025. Net loans and advances closed Q1-2025 at US$27.8 billion, down from the FY2024 closing position reflecting early repayments from certain customers on account of improved foreign currency balances position of some sovereign borrowers. Importantly, the Loan Asset Quality remained strong, with the Non-Performing Loans (NPL) ratioat 2.44%, a modest increase from 2.33% at FY’2024 – well below the Bank’s strategic NPL ceiling of 4%.
Driven by inflationary pressures and growing personnel costs, operating expenses rose by 23% to reach $75.4 million by 31 March 2025. Despite this, Afreximbank Group maintained a healthy Cost-to-Income Ratio of 16%, below its strategic range of 17-30%. Afreximbank’s liquidity profile strengthened considerably, with liquid assets now comprising 20% of total assets, up from 13% at the close of FY’2024. This higher liquidity position was as a result of successful fund-raising, coupled with loan repayments received during the quarter. Shareholders’ funds increased by 3.4%, reaching $7.5 billion, driven by strong internally generated capital of $215.4 million in addition to new equity investments under the second General Capital Increase (GCI II) programme.
“In line with the Afreximbank strategic objective of driving Industrialisation and export development, the Bank and the Government of Kenya ratified a number of initiatives designed to support the development Industrial Parks (IPs) and Special Economic Zones (SEZs) in Kenya under the US$3 billion Kenya country programme. These projects which include Dongo Kundu Industrial Park in Mombasa and Naivasha SEZ II in Mai Mahiu, are key components of Kenya’s Vision 2030 plan to boost export manufacturing and industrialisation. Afreximbank’s support for these initiatives will specifically enhance infrastructure development, attract investment, and strategically position Kenya as a key hub for African and global commerce. The rollout of the Pan-African Payments and Settlement System (PAPSS) continues to gain momentum with KCB Group in Kenya and Bank of Kigali in Rwanda launching the platform, becoming the first banks in their respective countries to offer seamless, instant, and affordable cross-border payments in local currencies across Africa.
“Aligned with its mandate to promote Global Africa following the recognition of the African Diaspora as the 6th region of Africa, the Bank further cemented its expansion and presence in the Caribbean with the historic groundbreaking ceremony to kick off the construction of the first ever Afreximbank African Trade Centre (AATC) outside of Africa in Bridgetown, Barbados. AATC Barbados will also host its regional office. The Barbados AATC is an authentic icon of trade embodying the ambition, resilience, and influence of leading commercial cities in Africa and the Caribbean that serve as dynamic focal points for commerce, fostering regional and global trade connections, and is expected to enhance intra-and extra-African trade, with a focus on countries of the Global South”.
Mr. Denys Denya, Afreximbank’s Senior Executive Vice President said “Our QI 2025 results, which were in line with expectations, reflected a strong and resilient financial performance, notwithstanding continued macroeconomic challenges. With solid profitability growth, a strengthened liquidity position, and a well-capitalised balance sheet, the Group is firmly positioned to continue playing a pivotal role in advancing the aspirations of Africa and the Caribbean for economic transformation and sustainable development.”

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Customs seizes multi million-naira petroleum products in Adamawa

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The Nigeria Customs Service under ‘Operation Whirlwind’ has seized petroleum products worth N181.6 million in eight weeks between the Nigeria and Cameroon borders.

ACG Kolapo Oladeji, national coordinator of Operation Whirlwind, disclosed this at a news conference on Thursday in Yola. Mr Oladeji said the seizures were made across various smuggling flashpoints in Adamawa in 55 separate operations.

“This operation is geared towards energy and food security to foster economic growth in line with the core mandates of the President of the Federal Republic of Nigeria, Bola Tinubu. In line with these mandates, the Operation Whirlwind Zone ‘D’ had repositioned all its machinery across the area of its responsibilities and ensured that the border became airtight,” he said.

He warned the smugglers to stop such acts and solicited the continued support and cooperation of all stakeholders in the state’s socioeconomic development. “We will ensure that the supply chains of these economic wreckers are truncated in accordance with enabling laws. This fight has no doubt helped in transforming the nation’s economy and strengthening the security of our borders,” he said.

He further said that the seized petroleum products would be auctioned to the public. Abidemi Adewumi-Aluko, assistant legal adviser of the attorney general of the federation, described the auction as a symbol of reclaiming resources to ensure that the benefit of petroleum remained in Nigeria. She said that such offences attracted life imprisonment because they threatened national security. NAN

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Chevron to join Nigeria oil licence auction, plans rig deployment in 2026

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Chevron said on Friday it will participate in Nigeria’s next oil licensing round and plans to deploy a drilling rig in late 2026 as it seeks to expand operations in Africa’s top energy producer.
Jim Swartz, chairman and managing director of Chevron Nigeria/Mid-Africa Business Unit, said the company aims to grow its footprint in Nigeria, citing improved regulatory clarity under the Petroleum Industry Act, PIA.

“We will participate in the next licensing round. Our intention is to continue to grow in Nigeria,” Swartz told reporters after meeting the upstream regulator. Nigeria’s licensing rounds are part of efforts to attract investment and boost output after years of underinvestment. The 2025 round will offer 50 fields through a digital platform, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) said. TotalEnergies has also expressed interest in joining an auction.
Chevron recently agreed to acquire a 40% stake in two offshore exploration licences, PPL 2000 and PPL 2001, from TotalEnergies and is seeking regulatory approval to accelerate development.

Swartz said it plans to bring in a rig in late 2026 to drill a newly discovered resource near Agbami and extend leases on existing assets. Swartz added that Chevron had recorded no oil theft or sabotage in the past year, the longest period without disruptions in its Nigerian operations, a sign of improved security in the sector. Reuters

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Don’t patronise touts, immigration personnel available 24/7—CGIS

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Comptroller General of the Nigeria Immigration Service NIS, Kemi Nandap, on Friday urged Nigerians to shun touts and middlemen when applying for passports or other immigration services, insisting that the Service operates round-the-clock channels to assist citizens directly and transparently.

Nandap made the call in Abuja while delivering the keynote address at the fourth-quarter Nationwide Sensitization Campaign against corruption and for improved service delivery.

The campaign, themed “Innovating for Transparency and Efficiency: Strengthening Service Delivery and Combating Corruption Through Reforms,” highlights the NIS’ ongoing efforts to modernize its operations and eliminate corrupt practices.

Addressing participants, the Immigration chief said the era of relying on agents or informal handlers should be over, as the Service has put in place fully digital, citizen-focused systems that allow applicants initiate and track their processes from the comfort of their homes.

She stressed that the NIS has functional 24-hour call lines, an active call centre, constantly monitored emails and social-media channels, all designed to ensure citizens are attended to promptly and without intermediaries.

“You don’t have to go to a tout, you don’t have to go to an agent. You can sit in the comfort of your home and apply for most of our facilities. Once you avoid putting yourself at the mercy of someone, you stay in control of your application and can always reach us at any time”, she stated. 

Nandap noted that recent reforms, including automated passport application processes, biometric-based verification, expanded digital architecture and streamlined service-centre operations, have significantly reduced delays, improved transparency and minimised opportunities for extortion.

She explained that passport processing timelines have improved across multiple commands following the rollout of automated scheduling and digital communication platforms.

The Comptroller General also emphasized that transparency remains the foundation of effective immigration management.

She highlighted enhanced internal audits, stricter enforcement of ethical codes and redesigned workflows as key elements of the NIS’ anti-corruption strategy.

With digital payments and automated checkpoints reducing cash interactions, she said the Service is committed to stamping out malpractice at all levels.

Nandap further disclosed that the NIS has deepened collaboration with sister agencies, civil-society groups, international partners and the diplomatic community to align operations with global border-management standards.

These partnerships, she said, are helping to harmonise processes, promote accountability and support ongoing reforms.

She appealed to citizens to familiarise themselves with official procedures, follow approved channels and use the Service’s feedback platforms—including suggestion boxes, hotlines and online desks—to report challenges or offer recommendations. “We are here for Nigerians. Tell us how to serve you better,” she said.

The Immigration CG also paid tribute to officers who lost their lives in the line of duty in Mogolu, Tuga, Tula and Niger State, calling their deaths a painful reminder of the risks faced daily by immigration personnel.

She urged Nigerians and officers alike to embrace positive change, adding that sustainable reform depends on individual commitment and collective responsibility. “The change we want starts with each and every one of us,” she said.

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