Category: Corporate Affairs

CAIRO, Egypt (NPA) — African Export-Import Bank (Afreximbank) has been assigned a ‘BBB+’ long-term issuer credit rating and an ‘A-2’ short-term issuer credit rating by S&P Global Ratings, with a Stable Outlook. The move reinforces the Bank’s strong financial standing and its critical role in driving trade, industrialisation, and economic development across Africa and the wider Global Africa community.

According to S&P, the rating reflects Afreximbank’s growing strategic importance, robust enterprise risk profile, and expanding role as a countercyclical institution supporting African economies through periods of global and regional uncertainty. The agency highlighted the Bank’s strong policy relevance and shareholder support, underscoring its role in advancing intra-African trade, supporting the African Continental Free Trade Area, and developing transformative platforms that strengthen regional integration and resilience.

Between 2015 and 2025, Afreximbank’s total assets expanded from $7.1 billion to $42.3 billion, while shareholders’ equity grew from $1.3 billion to $8.4 billion, reflecting significant capital injections and lending growth.

Commenting on the rating, Afreximbank President and Chairman of the Board Dr. George Elombi described it as “a strong endorsement of Afreximbank’s financial strength, stability, and international credibility, and a clear affirmation of its strategic importance to — and impact across — Global Africa.” He added that Africa’s economic transformation requires “deliberate, bold, courageous and decisive action by the continent itself, working with its diaspora.”

S&P also noted Afreximbank’s track record in responding to external shocks, including the global financial crisis, commodity price downturn, COVID-19, the Russia-Ukraine conflict, and most recently the Middle East crisis. The Bank has announced a US$10 billion Gulf Crisis Response Programme (GCRP) to shield African and Caribbean economies from regional shocks.

Afreximbank continues to strengthen systems supporting African trade and investment, including the Pan-African Payment and Settlement System, the Africa Trade Gateway, and the AfCFTA Adjustment Fund. The Stable Outlook reflects S&P’s view of Afreximbank’s strengthened role as a countercyclical lender, ongoing shareholder support, and consecutive capital increases.

The Bank remains focused on delivering its mandate to transform the structure of African trade by supporting industrialisation, expanding intra-African trade, strengthening regional value chains, and increasing Africa’s participation in global trade.

ABUJA, Nigeria (NPA) — The Transmission Company of Nigeria (TCN) has announced a planned power outage that will affect electricity supply to parts of the Federal Capital Territory and neighbouring communities in Niger State.

In a notice issued on Saturday, TCN said the temporary disruption is necessary to facilitate scheduled maintenance work at its Katampe 330/132/33kV Transmission Substation in Abuja.

According to the company, the maintenance exercise will take place on Saturday, June 13, 2026, between 10:00 a.m. and 2:00 p.m.

During the four-hour maintenance window, TCN engineers will carry out critical works on the 150MVA 330/132/33kV transformer and its associated switchgear equipment at the substation.

As a result of the exercise, the Abuja Electricity Distribution Company (AEDC) will be unable to receive bulk power supply from the affected transformer for onward distribution to customers.

The planned outage is expected to affect electricity consumers in Kubwa, Suleja, Bwari, and surrounding communities.

TCN explained that the maintenance forms part of efforts to improve the reliability, efficiency, and stability of power transmission infrastructure serving the affected areas.

The company appealed to residents and businesses that may be impacted by the temporary interruption to bear with the inconvenience.

“TCN apologises for any inconvenience this maintenance exercise may cause customers supplied through the affected transformer,” the company stated.

The transmission firm assured the public that normal electricity supply would be restored immediately after the completion of the scheduled maintenance works.

The latest exercise is part of TCN’s ongoing network maintenance programme aimed at strengthening the national grid and enhancing power delivery across the country.

ABUJA, Nigeria (NPA) — The Nigerian National Petroleum Company (NNPC) Limited recorded a profit after tax of N481 billion in April 2026, while crude oil and condensate production rose to 1.68 million barrels per day, according to the company’s latest monthly report.

The report showed that NNPC generated N4.97 trillion in revenue during the month, while statutory payments from January to April stood at N3.71 trillion.

Natural gas production remained strong at 7,730 million standard cubic feet per day (mmscf/d), while gas sales reached 5,044 mmscf/d.

NNPC attributed the improved production performance largely to enhanced facilities uptime, although it noted that output was impacted by the delayed restart of the Trans Ramos Pipeline following turnaround maintenance and the discovery of leaks and other integrity issues in some assets.

The company reported that upstream pipeline availability stood at 79 per cent during the period.

On strategic gas infrastructure projects, NNPC disclosed that the Obiafu-Obrikom-Oben (OB3) Gas Pipeline project achieved a major milestone with the successful completion of the River Niger crossing.

The company said the development brings Nigeria closer to achieving its gas infrastructure expansion goals and strengthening national energy security.

NNPC also reported significant progress on the Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline project, with completion reaching 94 per cent. The OB3 project has now attained 96 per cent completion.

According to the report, collaboration with stakeholders continues to advance construction and installation activities on the AKK pipeline, to deliver gas to Abuja in 2026.

Beyond its commercial operations, NNPC highlighted a number of social intervention programmes undertaken through the NNPC Foundation. The company said it commissioned and handed over three rehabilitated and fully equipped wards with a combined capacity of 102 beds at the National Orthopaedic Hospital, Igbobi, Lagos, to strengthen orthopaedic healthcare services in the Southwest and across Nigeria.

NNPC Foundation also provided humanitarian assistance to flood victims in Mokwa, Niger State, distributing food items and bedding materials to affected communities.

In recognition of its healthcare interventions, the foundation received the CSR Champion Award (Health) 2025 at the Silver Jubilee edition of the Independent Newspapers Awards held in Lagos.

The report further revealed that NNPC conducted a nationwide financial literacy programme for members of the National Youth Service Corps (NYSC) Batch A Stream II across all 37 orientation camps, reaching 72,657 participants and bringing the total number of beneficiaries under the initiative to more than 1.3 million corps members nationwide.

NNPC reiterated its commitment to improving production performance, enhancing energy security and supporting social development through strategic investments and community-focused interventions.