Finance
This is Gambia
It was a hectic morning as journalist were asked to converge at the international wing of the Murtala Mohammed airport. It was like a huge joke. Many reporters I thought would not make given the chaotic traffic situation in Lagos. At 5 am the taxi I asked to pick me from Satellite town was at my gate and having dressed up we took off. By 5 50 am I was at the airport. Lo and behold several of them were there. Before 6.30 am every person met to make the journey was at the airport. At 7 am it was time to board the Arik Airline on its West Coast bound trip.
We were on our way to the smiling coast of Africa I heard. Where in Africa is the smiling coast many journalist on board the plane asked. Can a coast smile? These Nigerians have started one said. Let us wait till we get there, we will see what makes a coast to smile. We all laughed. At 8 am we were airborne. about 30 minutes later there was a terse statement from the cockpit, ladies and gentlemen welcome to Arik Air, we are cruising at an altitude of 28, 000 feet above see level if you look to your right you will see Lome, we are just over head Togo. Suddenly passengers on board became curious looking out to see the scenario then the routine food service on air.
A little later there was some turbulence, the plane was shaking and several passengers were holding on to their seat, the plane was flying over the ocean. You could see from the window the waters of the Atlantic and the raging tidal water below. Two and a half hours later the fasten your seat belt sign was turned on and the pilot said we have started our decent to free town and transit passengers should please remain seated while passenger disembarking from free town get off the plane.
Few minutes later from the air you could see houses most of which from a distance were normal houses, northing extra ordinary, but in between the houses were trees signifying a planned city. The airport is not particularly fantastic as should be expected of an international air port. It looked like one of Nigeria local airport.
Some even described the run way as looking Ilorin airport. It was not busy and one could notice only a single plane on the tarmac unlike Lagos where the domestic aviation industry is thriving with flights leaving Lagos often to other part of the country. Several men and women got off the plane and several others joined on the trip to the smiling coast of Africa. Again we were airborne without any ceremony. Exactly an hour later we were on ground at an airport which run way was much better.
At the immigration desk they were quite polite and much humane assisting in forms filling and charting cheerfully perhaps a feel of what to expect of the smiling coast of Africa. After the airport documentation, we boarded a bus.
The road from the airport to the Hotel not any busy as would be expected. The vehicle was particularly slow. Can’t this driver move for goodness sake was the question many from Lagos used to fast and chaotic driving were asking, then we all notice that all the vehicles were moving at slow speed as if not in a hurry to get to their destination.
The taxis plying the roads were Mercedes Benz brand of cars. Along the roads were large expanse of land unused. The houses were not too modern nor old fashion. Finally we got to our destination, our Hotel, Ocean Bay Hotel and Restaurant Africa village Bakau. Here we are to stay for days on a course sponsored by GTbank for Financial and Brand reporters.
Every year, thousands of international visitors come to The Gambia, drawn by its beaches, birds, sunshine, and the country’s biggest asset: the Gambian people, whose hospitality and friendliness have made it “The Smiling Coast.” Tourism has become the fastest-growing sector of the economy, contributing 12 per cent of the country’s GDP and providing employment for over 100,000 Gambians. More and more visitors are returning year after year.
The Gambia’s history is marked by almost as much cultural diversity as its current population. The first “tourists” were Portuguese traders in the 1500s who introduced peanuts and cotton before leaving a hundred years later, selling their trading rights to the British. Fort James, established by the British, soon had a rival fort at Albreda, built by the French. During the 17th and 18th centuries, these forts were the scenes of periodic battles between the countries striving for control of regional trade.
Britain gained all rights to trade in 1783, and administered the territory from Sierra Leone until 1888, when The Gambia became a crown colony, completely surrounded by French Senegal except for a small section of coastline. In the 1960s, federation with Senegal was considered, but finally in 1965 The Gambia became an independent country with Dawda Kairaba Jawara as first president.
He retained power until the beginning of the Second Republic in 1994 under current-President Yahya Jammeh. The Gambia is 180 miles long, but only 21 miles wide, and follows the course of the River Gambia as it meanders west through mangrove swamps, bamboo forests, and salt flats, to the capital city Banjul, which is located along the 30-mile stretch of Atlantic coast.
The Gambia lies at the southern edge of the Sahel and is made up of mostly savannah and open woodland vegetation. The Gambia’s population density of 92 people per square kilometres makes it the fourth most densely populated country in Africa. Eight different ethnic groups, the largest of which are the Mandinkas, traditionally farmers, the Fulani, traditionally herders, and the Wollof, mainly traders, live peacefully together in The Gambia.
Though each group speaks its own language, English is commonly spoken and is the official language of the country .Not only is there no ethnic strife in The Gambia but there is increasing cultural interaction and intermarriage, making the country a West African melting pot. The population is predominantly Muslim with more than 90% following Islam.
The Gambia has a strong musical tradition, often associated with weddings, feast-days such as the end of Ramadan, or Christmas. Traditional instruments include the kora (lute ), bala (xylophone ), and the tama (hand-held drum). Though the majority of the population is Muslim, Christmas brings a celebration with large lanterns called fanals, often in the shape of boats or houses and intricately decorated. The fanals are paraded through the streets to singing and chanting.
Once there, the Gambia Public Transport Corporation offers an extensive, low-cost public transit system with bus service linking all towns in the country. Taxis are readily available, and car rental agencies offer unlimited mileage.
Finance
Afreximbank successfully closed its second Samurai Bond transactions, raising JPY 81.8bn or $527m
African Export-Import Bank said it has successfully closed its second Samurai bond transaction, securing a total of JPY 81.8 billion (approx. USD 527 million) through Regular and Retail Samurai Bonds offerings.
The execution surpasses the Bank’s 2024 debut issuance size, attracting orders from more than 100 institutional and retail investors, marking a renewed demonstration of strong Japanese investor confidence in the Bank’s credit and its growing presence in the yen capital markets.
On 18 November, Afreximbank priced a JPY 45.8 billion 3-year tranche in the Regular Samurai market following a comprehensive sequence of investor engagement activities leveraging Tokyo International Conference on African Development (TICAD9), including Non-Deal Roadshows (NDRs) in Tokyo, Kanazawa, Kyoto, Shiga and Osaka, a Global Investor Call, and a two-day soft-sounding process which tested investor appetite across 2.5-, 3-, 5-, 7-, and 10-year maturities.
With market expectations of a Bank of Japan interest rate increase, investor demand concentrated in shorter tenors, resulting in a focused 3-year tranche during official marketing.
The tranche attracted strong participation from asset managers (22.3%), life insurers (15.3%), regional corporates, and high-net-worth investors (39.7%).
Concurrently, Afreximbank priced its second Retail Samurai bond on 18 November, a JPY 36.0 billion 3-year tranche, more than double the inaugural JPY 14.1 billion Retail Samurai issuance completed in November 2024.
The 2025 Retail Samurai bond also marks the first Retail Samurai bond issued in Japan in 2025.
Following the amendment to Afreximbank’s shelf registration on 7 November 2025, SMBC Nikko conducted an extensive seven-business-day demand survey through its nationwide branch network, followed by a six-business-day bond offering period.
The offering benefited from strong visibility supported by Afreximbank’s investor engagement across the country, including the Bank’s participation at TICAD9, where Afreximbank hosted the Africa Finance Seminar to introduce Multinational Development Bank’s mandate in Africa and its credit profile to key Japanese institutional investors.
MBC Nikko Securities Inc. acted as Sole Lead Manager and Bookrunner for both the Regular and Retail Samurai transactions. Chandi Mwenebungu, Afreximbank’s Managing Director, Treasury & Markets and Group Treasurer, commented:
“We are pleased with the successful completion of our second Samurai bond transactions, which marked a significant increase from our inaugural Retail Samurai bond in 2024, and which reflect the growing depth of our relationship with Japanese investors.
The strong demand, both in the Regular and Retail offerings, demonstrates sustained confidence in Afreximbank’s credit and mandate.
We remain committed to deepening our engagement in the Samurai market through regular investor activities and continued collaboration with our Japanese partners.”
Ecobank Nigeria, a member of Africa’s leading pan-African banking group, has announced the launch of the Ecobank SME Bazaar—a two-weekend festive marketplace designed to celebrate local creativity, empower entrepreneurs, and give Lagos residents a premium shopping experience this Detty December. The Bazaar will hold on 29–30 November and 6–7 December at the Ecobank Pan African Centre (EPAC), Ozumba Mbadiwe Road, Victoria Island, Lagos. Speaking ahead of the event, Omoboye Odu, Head of SMEs, Ecobank Nigeria, reaffirmed the bank’s commitment to supporting small and medium-sized businesses, describing them as the heartbeat of Nigeria’s economy. She explained that the Ecobank SME Bazaar was created to enhance visibility for entrepreneurs, expand market access, and support sustainable business growth.
According to her, “This isn’t just a market—it’s a vibrant hub of culture, commerce, and connection. From fresh farm produce to trendy fashion, handcrafted pieces, lifestyle products, and delicious food and drinks, the Ecobank SME Bazaar promises an unforgettable experience for both shoppers and participating SMEs. Whether you’re shopping for festive gifts, hunting for unique finds, or soaking in the Detty December energy, this is the place to be.” Ms. Odu added that participating businesses will enjoy increased brand exposure, deeper customer engagement, and meaningful networking opportunities—making the Bazaar a strong platform for both festive-season sales and long-term business growth. The event is powered by Ecobank in partnership with TKD Farms, Eko Marche, Leyyow, and other SME-focused organisations committed to building sustainable enterprises.
The Central Bank of Nigeria (CBN) has said that16 banks have so far met the new capital requirements for their various licences, some four months before the March 31, 2026 deadline. The apex bank also indicated that 27 other banks have raised capital through various methods in one of the most extensive financial sector reforms since 2004. Addressing journalists at the end of the Monetary Policy Committee (MPC) meeting in Abuja, CBN Governor Mr Olayemi Cardoso said the banking recapitalisation was going on orderly, consistent with the regulator’s expectations. He said, “We are monitoring developments, and indications show the process is moving in the right direction.” Nigeria has 44 deposit-taking banks, including seven commercial banks with international authorisation, 15 with national authorisation, four with regional authorisation, four non-interest banks, six merchant banks, seven financial holding companies and one representative office.
Cardoso explained that eight commercial banks had met the N500 billion capital requirement as of July 22, 2024, rising to 14 by September of the same year. The number has now increased to 16 as the industry continues to race toward full compliance. He said that the reforms would reinforce the resilience of Nigerian banks both within the country and across the continent. “We are building a financial system that will be fit for purpose for the years ahead. Many Nigerian banks now operate across Africa and have been innovative across different markets. These new buffers will better equip them to manage risks in the multiple jurisdictions where they operate,” Cardoso said. According to him, the reforms would strengthen the financial sector’s capability to support households and businesses. He said, “Ultimately, this benefits Nigerians—our traders, our businesses and our citizens—who operate across those regions. “It should give everyone comfort to know that Nigerian banks with deep local understanding are present to support them. Commercial banks are also creating their own buffers through the ongoing recapitalisation.”
He added that the apex bank considered several factors in determining the new capital thresholds, including prevailing macroeconomic conditions, stress test results and the need for stronger risk buffers. He reassured on the regulator’s commitment to strict oversight as the consolidation progresses. “We will rigorously enforce our ‘fit and proper’ criteria for prospective new shareholders, senior management, and board members of banks, and proactively monitor the integrity of financial statements, adequacy of financial resources, and fair valuation of banks’ post-merger balance sheets,” Cardoso said. He said the CBN remained confident that the banking system would emerge stronger at the conclusion of the recapitalization exercise, with institutions better prepared to support Nigeria’s economic transformation Banks have up till March 31, 2026 to beef up their minimum capital base to the new standard set by the apex bank. Under the new minimum capital base, CBN uses a distinctive definition of the new minimum capital base for each category of banks as the addition of share capital and share premium, as against the previous use of shareholders’ funds.
While most banks have shareholders’ funds in excess of the new minimum capital base, their share premium and share capital significantly fall short of the new minimum definition. The CBN had in March 2024 released its circular on review of minimum capital requirement for commercial, merchant and non-interest banks. The apex bank increased the new minimum capital for commercial banks with international affiliations, otherwise known as mega banks, to N500 billion; commercial banks with national authorisation, N200 billion and commercial banks with regional license, N50 billion. Others included merchant banks, N50 billion; non-interest banks with national license, N20 billion and non-interest banks with regional license will now have N10 billion minimum capital. The 24-month timeline for compliance ends on March 31, 2026. Under the guidelines for the recapitalisation exercise, banks are expected to subject their new equity funds to capital verification before the clearance of the allotment proposal and release of the funds to the bank for onwards completion of the offer process and addition of the new capital to its capital base. The CBN is the final signatory in a tripartite capital verification committee that included the Securities and Exchange Commission (SEC) and the Nigeria Deposit Insurance Corporation (NDIC). The committee is saddled with scrutinising new funds being raised by banks under the ongoing banking sector recapitalisation exercise.
-
News3 days agoNigeria to officially tag Kidnapping as Act of Terrorism as bill passes 2nd reading in Senate
-
News3 days agoNigeria champions African-Arab trade to boost agribusiness, industrial growth
-
News3 days agoFG’s plan to tax digital currencies may push traders to into underground financing—stakeholders
-
Finance1 week agoAfreximbank successfully closed its second Samurai Bond transactions, raising JPY 81.8bn or $527m
-
Economy3 days agoMAN cries out some operators at FTZs abusing system to detriment of local manufacturers
-
News1 week agoFG launches fresh offensive against Trans-border crimes, irregular migration, ECOWAS biometric identity Card
-
News3 days agoEU to support Nigeria’s war against insecurity
-
Uncategorized3 days agoDeveloping Countries’ Debt Outflows Hit 50-Year High During 2022-2024—WBG