Category: Corporate Affairs

CAIRO, Egypt (NPA) — China Chengxin International Credit Rating Co. Ltd. (CCXI) has affirmed the African Export-Import Bank (Afreximbank)’s AAA issuer credit rating with a stable outlook for the second consecutive year. 

The affirmation, according to a statement issued on Saturday by Afreximbank’s Communications and Events Manager, Vincent Musumba, underscores the bank’s financial strength and strategic importance. 

CCXI, in its 2026 Credit Rating Report for Afreximbank, released in Beijing on July 30, said it expected the bank’s credit rating to remain stable over the next 12 to 18 months. 

Musumba said the rating agency identified Afreximbank’s strong strategic positioning, sound risk management system, flexible business development and strong profitability among its key strengths. 

The agency also highlighted the bank’s prudent liquidity management and very high coverage ratio of current assets to short-term debts, which it said strongly supported Afreximbank’s overall credit strength. 

According to Musumba, the latest affirmation would further strengthen Afreximbank’s access to diversified funding sources, particularly in China, while enhancing its profile and market presence in one of the world’s largest capital markets. 

“In 2025, the bank issued its inaugural 2.2 billion Chinese yuan Panda bond, becoming the first African multilateral development institution to access the Panda bond market,” he said. 

Musumba added that Afreximbank had subsequently become a direct participant in China’s Cross-border Interbank Payment System (CIPS), strengthening its role in facilitating China-Africa trade, investment flows and partnerships. 

The CCXI affirmation follows S&P Global Ratings’ assignment earlier in 2026 of BBB+ long-term and A-2 short-term issuer credit ratings to Afreximbank, also with a stable outlook. 

Afreximbank also holds investment-grade ratings from GCR (A), Japan Credit Rating Agency (A-) and Moody’s (Baa2), according to the statement. 

Commenting on the latest rating, Chandi Mwenebungu, Managing Director, Treasury and Markets, and Treasurer, Afreximbank, described the affirmation as a strong endorsement of the bank’s financial strength and disciplined risk management. 

“The affirmation of our AAA rating for a second consecutive year is a strong endorsement of Afreximbank’s financial strength, disciplined risk management and enduring relevance to Africa and Global Africa,” Mwenebungu said. 

He said the rating demonstrated the bank’s capacity to deliver on its mandate, support member states during periods of uncertainty and mobilise capital from diverse funding pools across local and global markets. 

Mwenebungu added that the rating reflected Afreximbank’s ability to maintain the financial resilience and institutional strength expected of a leading multilateral development bank. 

LAGOS, Nigeria (NPA) — Nigeria and West Africa’s leading carrier, Air Peace, has expanded its African operations with the launch of its Lagos–Douala–Libreville route, reinforcing its commitment to strengthening regional air connectivity and promoting seamless travel across West and Central Africa.

The inaugural flight, which took off on Sunday, August 2, 2026, comes barely 24 hours after the airline commenced services on the Lagos–Conakry–Bamako route, highlighting its sustained drive to broaden its continental network and position Lagos as a strategic gateway for travel, trade and investment across Africa.

According to a report by Aviation Monitor, the new service links Nigeria’s commercial capital with Douala, Cameroon, and Libreville, Gabon, creating new opportunities for business, tourism, commerce, cultural exchange and stronger people-to-people ties between West and Central African countries.

Leading the Air Peace delegation on the inaugural flight were the airline’s Chief Commercial Officer, Mr Nowel Ngala, and Director of Flight Operations, Captain Augustine Kamano.

On arrival at Douala International Airport, the delegation received a warm reception from Cameroonian aviation officials, representatives of the Nigerian diplomatic mission and leaders of the Nigerian community.

Among those who welcomed the airline were Mrs Suliat A. Paramole, Foreign Affairs Officer at the Nigerian Consulate General, representing the Nigerian Ambassador to Cameroon; Hon. Chief Sir Lovinus Ezeh, President-General of the Nigerian Community in the Littoral Region; Lt. Col. Adolphe Nyamke Bongkwaha, Deputy Chief of the Airport Security Unit, representing the Douala Airport Authority; as well as officials of the Civil Aviation Authority and the country’s transport regulator.

Speaking during the reception, Mrs Paramole commended Air Peace for strengthening the long-standing relationship between Nigeria and Cameroon through improved air connectivity.

She said the new route would facilitate greater movement of people, boost commercial activities and promote closer bilateral cooperation between the two neighbouring countries.

Chief Ezeh also welcomed the development, describing the direct connection as a significant milestone for Nigerians residing in Cameroon.

He expressed optimism that the route would make travel easier for passengers while enhancing economic, business and social interactions between both countries.

Representing the Douala Airport Authority, Lt. Col. Bongkwaha described the commencement of the route as an important addition to the airport’s regional network, saying it would strengthen Douala’s position as a key aviation gateway in Central Africa.

Speaking on behalf of the airline, Mr Ngala said the launch represents another major milestone in Air Peace’s vision of building an interconnected African aviation network.

According to him, the Lagos–Douala–Libreville route offers passengers greater access to destinations across Air Peace’s domestic and regional network while improving connections to international destinations, including London and the Caribbean.

He reaffirmed the airline’s commitment to making intra-African travel more convenient through reliable connectivity between major cities across the continent.

Following its stop in Douala, the inaugural flight continued to Libreville, where it was received by senior officials of Gabon’s aviation authorities and representatives of the Nigerian community.

Those on hand to welcome the airline included Mr Georges Renaud Maxime Moubamou Malekou, Director of Flight Operations at the Agence Nationale de l’Aviation Civile; Mr Igor Simard, Managing Director of Aéroport de Libreville (ADL); and Mr Mike Iwu, representing the President of the Nigerian Community in Gabon.

The Gabonese officials described Air Peace’s entry into the market as a welcome development that would improve regional air connectivity, expand travel options and foster stronger economic and diplomatic relations between Gabon, Nigeria and other African countries.

Similarly, representatives of the Nigerian community in Gabon praised the new service, saying it would provide greater convenience for Nigerians living in the country while strengthening links with home.

The latest expansion, coming immediately after the launch of the Lagos–Conakry–Bamako service, underscores Air Peace’s strategy of pioneering new regional connections and advancing intra-African air travel.

With the addition of Douala and Libreville to its growing network, the airline continues to play a leading role in promoting regional integration, facilitating trade and tourism, attracting investment and supporting economic growth across Africa through improved connectivity.

LAGOS, Nigeria (NPA) — Neimeth International Pharmaceuticals Plc has commended the National Agency for Food and Drug Administration and Control (NAFDAC) for its ongoing regulatory reforms and renewed efforts to strengthen local pharmaceutical manufacturing in Nigeria.

The commendation came during a courtesy visit by the company’s Board of Directors to NAFDAC’s Lagos office, where members of the delegation met with the agency’s Director-General, Prof. Mojisola Adeyeye.

According to a statement issued by NAFDAC on Sunday, the Neimeth board expressed appreciation for the agency’s initiatives aimed at promoting local drug production, improving regulatory efficiency and supporting pharmaceutical manufacturers to attain international Good Manufacturing Practice (GMP) standards.

The company also reaffirmed its commitment to working closely with NAFDAC to advance the growth and competitiveness of Nigeria’s pharmaceutical industry.

Receiving the delegation, Prof. Adeyeye thanked the board for the visit and reiterated the agency’s commitment to building a globally competitive pharmaceutical sector through transparent, science-based regulation and sustained collaboration with industry stakeholders.

She said NAFDAC would continue implementing reforms designed to strengthen Nigeria’s regulatory framework and improve international confidence in locally manufactured medicines.

The Director-General highlighted the agency’s ongoing efforts to secure membership of the Pharmaceutical Inspection Co-operation Scheme (PIC/S) and its continued progress towards attaining higher levels under the World Health Organization’s Global Benchmarking Tool.

According to her, the initiatives are expected to enhance the quality and global acceptance of Nigerian pharmaceutical products while expanding export opportunities for local manufacturers.

The meeting concluded with both NAFDAC and Neimeth reaffirming their shared commitment to strengthening local pharmaceutical manufacturing, improving the quality of medicines and ensuring a sustainable supply of safe, effective and quality-assured medicines for Nigerians.

Both parties also pledged to sustain collaboration in promoting regulatory excellence, supporting industry growth and enhancing Nigeria’s competitiveness in the global pharmaceutical market.

LAGOS, Nigeria (NPA) — Air Peace has announced disruptions to its flight operations following heavy rainfall affecting Lagos, Benin City and other parts of its domestic network.

In a statement issued on Friday by the airline’s spokesperson, Osifo-Whiskey Efe, Air Peace said adverse weather conditions had affected flight schedules, stressing that passenger safety remains its highest priority.

“Due to the heavy downpour of rain in Lagos and Benin, some flights across our operating network will be disrupted,” the airline said.

Air Peace appealed to passengers for understanding as it works to minimise the impact of the weather and restore normal operations.

“While weather is beyond our control and safety remains our utmost priority, we appeal for your understanding as we manage the disruptions as best as we can and get you to your destinations safely,” the statement added.

The airline advised passengers requiring information on flight schedules or other enquiries to contact its customer service channels for updates.

Air Peace reaffirmed its commitment to maintaining the highest safety standards for passengers and crew, noting that operational decisions would continue to be guided by prevailing weather conditions and established aviation safety procedures.

The airline thanked customers for their patience, understanding and continued support while the disruptions persist.

LAGOS, Nigeria (NPA) — As xenophobic attacks against African foreign nationals continue to generate concern in South Africa, Nigeria’s flagship carrier, Air Peace, has completed another humanitarian evacuation flight, bringing home more Nigerians caught up in the violence.

The airline on Thursday concluded the fourth phase of its evacuation operation from South Africa, airlifting 284 Nigerian nationals in collaboration with the Federal Government.

The latest mission, operated with Air Peace’s Boeing 777-200 wide-body aircraft, brings the total number of Nigerians evacuated by the airline to 1,085 across four humanitarian flights.

According to Air Peace, the evacuation forms part of its corporate social responsibility and continued support for national emergency response efforts aimed at assisting Nigerians affected by the recent wave of xenophobic attacks in South Africa.

“West Africa’s largest airline and Nigeria’s premier carrier, Air Peace, has successfully completed the fourth phase of its humanitarian evacuation operation from South Africa, safely bringing home another 284 Nigerian nationals in collaboration with the Federal Government of Nigeria,” the airline said in a statement.

The airline disclosed that it had previously evacuated 262 Nigerians on June 11, 271 on June 30, and 268 on July 3, before completing the latest operation on July 9.

With the completion of the latest mission, Air Peace said it had successfully repatriated 1,085 Nigerians, reaffirming its readiness to deploy its fleet and operational capabilities whenever required in the national interest.

The airline described the evacuation exercise as more than a transportation mission, saying it reflected its commitment to humanitarian service, patriotism and the welfare of Nigerians abroad.

“More than an airlift, the ongoing evacuation exercise reflects Air Peace’s unwavering humanitarian philosophy, one rooted in compassion, patriotism and an abiding commitment to ensuring that Nigerians, regardless of where they may be, can always count on a safe journey home in times of crisis,” the statement said.

Air Peace added that it would continue to support government efforts whenever necessary, stressing that its mission extends beyond commercial aviation to connecting families and providing hope during emergencies.

The airline said it remains committed to deploying its resources whenever Nigerians require assistance, both within and outside the country.

ABUJA, Nigeria (NPA) — The Corporate Affairs Commission (CAC) has announced that it will begin full enforcement of statutory requirements governing the information companies must display on their business letters from August 1, 2026.

In a public notice issued on Wednesday, the commission said the enforcement would be in line with Sections 304(1) and (2), and 729(1)(c) of the Companies and Allied Matters Act (CAMA) 2020.

According to the CAC, all companies registered under CAMA 2020, or under any repealed legislation, are required to include specified information on their business letters in clear and legible characters.

The required details include the company’s registered name, registration number and registered office address, as well as the present forename or initials and surname of every director.

The commission added that companies must also disclose any former forename and surname of directors and, where applicable, the nationality of directors who are not Nigerian citizens.

The CAC warned that sanctions would apply to companies that fail to comply with the requirements after the August 1 enforcement date.

The commission said the measure forms part of its commitment to promoting transparency, accountability and a more responsive corporate regulatory environment.

ABUJA, Nigeria (NPA) — The Transmission Company of Nigeria (TCN) has announced a scheduled power outage in parts of the Federal Capital Territory and Nasarawa State to enable annual preventive maintenance on the Karu–Keffi–Akwanga 132kV transmission line.

In a statement issued on Wednesday, TCN said the maintenance would take place on Thursday, July 9, from 10:00 a.m. to 5:00 p.m.

According to the company, the exercise will allow its engineers to carry out routine preventive maintenance on the Karu–Keffi–Akwanga 132kV transmission line bay and its associated switchgear at the Karu 132kV Transmission Substation.

As a result, the Abuja Electricity Distribution Company (AEDC) will be unable to receive bulk power supply from the Keffi and Akwanga Transmission Substations during the maintenance period.

Communities expected to be affected include Karu, Nyanya, Jikwoyi, Kurudu, Orozo, Karshi, Mararaba, Ado, Masaka, Auta Balefi, Keffi, Akwanga, Nasarawa Eggon and surrounding areas.

TCN apologised for the temporary disruption and appealed to electricity consumers in the affected communities for their understanding while the maintenance is carried out.

LAGOS, Nigeria (NPA) — Air Peace has taken delivery of its first Embraer E175 aircraft, marking another milestone in the airline’s fleet expansion and regional growth strategy.

In a statement issued on Wednesday, the airline said the newly acquired aircraft arrived in Lagos on the night of July 7.

“Our first-ever Embraer E175 is finally home. Here’s a closer look at the newest addition to our growing fleet as we continue bringing more comfort, flexibility and connectivity to every journey,” the airline said.

Air Peace is currently regarded as West Africa’s largest airline by fleet size, route network and passenger capacity. The carrier operates a fleet of more than 40 aircraft, serves over 20 domestic destinations and 10 regional and international routes, and has been ranked the leading airline in West Africa and the eighth best airline in Africa, reflecting its rapid growth and expanding influence across the continent’s aviation industry.

In a separate post, Air Peace described the arrival as another significant milestone in its commitment to expanding connectivity across Nigeria and the wider region.

The Embraer E175 is expected to strengthen the airline’s domestic and regional operations by providing greater operational flexibility and improved passenger comfort.

The latest acquisition comes as Air Peace accelerates its international expansion.

Newpost Africa reports that the airline secured approval from Brazil’s National Civil Aviation Agency (ANAC) to operate scheduled passenger and cargo services between Nigeria and Brazil, opening the way for regular flights to South America’s largest economy.

Air Peace has also announced the launch of new services from Lagos to Douala in Cameroon, Libreville in Gabon, Bamako in Mali and Conakry in Guinea from August 1, 2026.

According to the airline, the new routes are designed to strengthen connectivity across West and Central Africa while promoting trade, tourism, investment and regional integration.

The expansion is also expected to reinforce Lagos’ position as a major aviation hub connecting West and Central Africa with Air Peace’s growing domestic and international network.

LAGOS, Nigeria (NPA) — Chairman of Heirs Holdings, Mr Tony Elumelu, has described his tenure as Chairman of the United Bank for Africa (UBA) as a mission to build an enduring African institution capable of driving economic growth across the continent.

In a farewell statement published on his blog on Monday, titled “Celebrating an African Institution: My Farewell from UBA – Why Create an Institution?”, Elumelu said he would conclude his tenure as Chairman of the UBA Group Board on August 21, 2026, after 12 years in the role and decades of association with the bank.

He said his vision was to build a financial institution that would outlive individuals while connecting Africa to itself and the rest of the world.

“My objective was to build an institution that would outlive individuals, one capable of connecting Africa to itself and the world, creating opportunities for businesses, empowering entrepreneurs, supporting governments, rewarding shareholders and transforming lives,” he said.

According to Elumelu, Africa’s greatest challenge is not a shortage of talented people but the absence of institutions capable of enduring beyond individual leaders.

“I have never been able to look at Africa and see only borders. Where many see 54 separate markets, I saw one continent, one destiny.

“Africa does not have a shortage of brilliant women and men. Africa suffers a shortage of institutions that outlast brilliant women and men,” he said.

Elumelu noted that under his leadership, UBA evolved from a Nigerian bank into what he described as “Africa’s global bank.”

Today, he said, the bank serves more than 50 million customers, operates in 20 African countries and across four continents, while supporting trade, investment and economic development across the continent.

He attributed the bank’s growth to the contributions of its management, employees, shareholders, regulators, customers and business partners.

Elumelu also announced Mr Emmanuel N. Nnorom as his successor, expressing confidence in his ability to provide strategic leadership and continuity.

“I have every confidence in his ability to lead the Bank. His experience, leadership and deep understanding of our institution will provide the continuity and strategic direction needed to build on the strong foundation we have established,” he said.

Reflecting on his broader vision for Africa, Elumelu said his commitment to the philosophy of Africapitalism remains unwavering.

He said that through Heirs Holdings and the Tony Elumelu Foundation, he would continue investing in entrepreneurship and critical sectors, including financial services, energy, healthcare, hospitality and technology.

“I have given my life to Africapitalism — the conviction that the African private sector, through long-term investment, can create not only economic prosperity but social wealth.

“As I close this chapter at UBA, I do so not with nostalgia, but with excitement for the future of UBA, the future of African enterprise and the limitless opportunities that lie ahead for our continent,” he said.