By Okeoghene Akubuike

The shareholders of the African Export-Import Bank (Afreximbank) have appointed Dr George Elombi as the next President and Chairman of the Board of Directors of the continental financial institution.

Elombi, who was appointed on Saturday, becomes the fourth President to lead the Bank since its establishment in 1993.

His appointment was one of the key decisions of the 32nd Afreximbank Group Annual Meetings and Associated Events held in Abuja, Nigeria, from June 25 to 28 with the formal annual general meeting of shareholders on Saturday, 28 June 2025.

He succeeds Prof. Benedict Oramah, who has served as President and Chairman of the Board of Directors since 2015, and will be stepping down in September 2025.

Elombi is a Cameroonian national and has been with Afreximbank since 1996, joining as a Legal Officer.

He rose through the ranks to become Executive Vice-President, Governance, Legal and Corporate Services.

Over his nearly three decades at the bank, he has served as Director and Executive Secretary (2010–2015); Deputy Director, Legal Services/Executive Secretary (2008–2010); Chief Legal Officer (2003–2008); and Senior Legal Officer (2001–2003).

Before joining Afreximbank, he taught law at the University of Hull, United Kingdom.

Elombi played a pivotal role in establishing Afreximbank group’s structure, including the formation of key subsidiaries that have expanded the bank’s capacity to deliver on its mandate.

As Chair of the Emergency Response Committee, he led the bank’s response to the COVID-19 crisis, mobilising over two billion dollars for vaccine acquisition and deployment across African and Caribbean nations.

Under his supervision of the Equity Mobilisation and Investor Relations Department, the bank’s total ordinary equity mobilised amounted to 3.6 billion dollars as at April 2025.

In his acceptance speech, Elombi expressed a deep commitment to the bank’s mission and future, stating:

“I have worked alongside remarkable colleagues and extraordinary leaders to help shape this institution’s vision, its mandate as well as its growth.

“As we look to the future, I see Afreximbank as a force for industrialising Africa and for regaining the dignity of Africans wherever they are.

“I will work to preserve this important asset.”

He accepted the shareholders’ desire, as expressed by his predecessor, to make the institution a 250 billion dollar bank in ten years.

Elombi holds a Master of Laws (LL.M.) from the London School of Economics, University of London, and a Ph.D. in Commercial Arbitration from the same university.

He obtained a ‘Maitrise-en-Droit’ from the University of Yaoundé in 1989.

His appointment followed a rigorous selection process initiated in January 2025, which included a global call for applications published in international media and on the Afreximbank website.

Shortlisted candidates were interviewed by an international human resource executive search firm.

The top candidates were presented to the Board of Directors, which recommended Elombi to the General Meeting of Shareholders for final approval.

Under the Afreximbank Charter, a president is appointed by the general meeting of shareholders upon the recommendation of the Board of Directors for a term of five years, renewable once. (NAN)(www.nannews ng)

Edited by Vivian Ihechu

By Vivian Emoni

The Federal Inland Revenue Service (FIRS) has rewarded an MSME operator of Raw Food and Beauty Research Ltd. with N2million and a brand-new car for outstanding tax compliance.

The Executive Chairman of the FIRS, Dr Zacch Adedeji, represented by the Director, Government and Medium TaxPayers Group (GMTG), Mr Dick Irri, gave the award at the 7th National Micro, Small and Medium Enterprises (MSMEs) Award in Abuja.

Adedeji said that the reward was for the company’s diligent work.

He highlighted the commitment of FIRS in recognising micro and small taxpayers.

He said that the micro and small taxpayers did not only register their businesses with the tax authority but have consistently met their tax obligations.

“The gesture is part of efforts to encourage the service’s gospel of voluntary tax compliance, promoting and encouraging tax responsibility among Nigeria’s small business community.

“The programme has consistently awarded top-performing MSMEs with a car and cash prizes, reinforcing the service’s message on voluntary compliance which comes with tangible rewards,” he said.

Adedeji noted the key criteria for the award which include, timely registration, entry into national tax net, regular filing of Value Added Tax (VAT) and corporate taxes, prompt remittances and payments as and when due.

According to him, this initiative is designed to support businesses from their early nano or micro stages all the way to becoming medium and large-scale taxpayers.

“Tax compliance is a key part of that journey. We are proud to see this tradition continue.

“It is not just about revenue; it is about encouraging business growth through formalisation and financial discipline,” he said.

The chairman said that the FIRS Taxpayers Service Department was actively engaging with small business operators by providing education, advisory support, and record-keeping guidance.

He said that businesses that fell below the tax threshold or operate in exempted sectors would not be unfairly burdened.

“We want them to grow, and part of that growth includes becoming part of the formal system where they can access more opportunities.”

The FIRS Chairman reiterated the service commitment to ensuring that Nigeria’s small business ecosystem received the necessary support to thrive while fulfilling civic responsibilities.

“In line with the Federal Government’s broader economic strategy, the award ceremony also spotlighted efforts to integrate informal sector businesses into the formal economy.”

He said that the National MSME Awards was an annual event tailored to honour outstanding indigenous MSMEs. (NAN)(www.nannews.ng)

Edited by Kadiri Abdulrahman

Okeoghene Akubuike

The Founder and Chairman of Heirs Holdings, Mr Tony Elumelu, says there is a need for solid financial institutions to support the private sector to drive economic transformation in Africa.

Elumelu said this at the 32nd Afreximbank Annual Meetings 2025 in Abuja while speaking on “Decades of Delivering on a Shared Aspiration. The Transformational Collaboration between Afreximbank and African Multinational Corporations and Banks.”

He stated that entrepreneurs also played a vital role in creating jobs and driving innovation.

Elumelu said that Afreximbank initiatives and investments served as examples of strong financial institutions helping to drive Africa’s growth.

He narrated how Afreximbank and African Finance Corporation supported his company’s investment in the energy sector by providing some capital needed for the transaction.

Elumelu revealed that the investments had yielded transformative results for both the investors and Nigeria.

“Today our company produces 58,000 barrels of oil daily, and we have recorded the highest production in the oil sector both locally and internationally in the past five years, according to NNPCL.

“It would not have been possible if Afreximbank had not supported us with the 600 million dollars.

“That is Afreximbank, a solid financial institution, and the private sector working together to create employment for our people, industrialise our economy and transform Africa.”

Elumelu advised that institutions like Afreximbank should be empowered to enable them to support entrepreneurs.

“Do not burn bridges, fulfil your obligations to these financial institutions, ensure you make payments, and perform and create employment in the process”.

He emphasised that government support was essential in creating an enabling environment for the private sector to thrive, with policies and regulations that facilitate investment and trade on the continent.

Elumelu stressed the importance of access to electricity in driving economic development and improving the lives of Africans.

“We need to prioritise our youths and women by bringing them to the mainstream of economic activities so Africa’s development is holistic and all-encompassing.

“When investors see these improvements, they will come, we do not need to advertise”, he said.

He also emphasised the need for improved digital connectivity and access to the internet, particularly for young people and rural areas.

Elumelu highlighted the need for support for the creative industry, particularly in accessing financing and protecting intellectual property rights. (NAN)(wwwnanews.ng)

Edited by Vivian Ihechu

By Collins Yakubu-Hammer

The Financial Times of UK has listed Nigerian commodity export and trading company, Neveah Ltd, among Africa’s fastest-growing companies.

The firm stands at number one in the metals and mining category, and at 21 in the overall ranking of the 2025 Financial Times Africa’s Fastest-Growing Companies report.

The Chief Executive of Officer of Neveah Ltd, Mr Ibidapo Lawal, told the News Agency of Nigeria (NAN) in Abuja on Friday that the recognition marked a milestone in the company’s journey into a global icon.

He said it affirmed its position as one of the continent’s most dynamic and resilient enterprises.

According to him, the Financial Times ranking of the fastest-growing African countries, now in its fourth year, reveals the prevalence of fintechs, including businesses in the IT and software sector.

The report indicated that South Africa and Nigeria dominated the list of 130 businesses, hinting at the difficulties entrepreneurs from smaller countries face in building a continental presence.

“This recognition by the Financial Times is a powerful validation of our journey, reflecting not just our growth, but our grit.

“We are proud of what we’ve achieved, but even more excited about what lies ahead.

“Our mission remains clear: to build a globally competitive African enterprise that delivers value, empowers communities, and champions sustainability,” he said.

According to him, in a period marked by economic uncertainty, currency volatility, and inflationary pressures, Neveah not only weathered the storm but thrived.

He said the feat reflected the company’s long-term vision to drive sustainable development and create high impact opportunities within Nigeria’s non-oil export sector. (NAN)(www.nannews.ng)

Edited by Uche Anunne