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Afreximbank Targets $250bn Balance Sheet Growth in 10 years

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The African Export-Import Bank (Afreximbank)’s shareholders have set an ambitious target to grow the balance sheet of the bank to $250 billion within 10 years. George Elombi, president of Afreximbank said this in his inaugural speech in Cairo, Egypt, reaffirming his faith in Africa’s ability to achieve the goal.

He said, “When we consulted with leaders, including President Abdel Fattah El-Sisi of Egypt, who is both a staunch supporter and a major shareholder, he challenged us to aim for $350 billion,” Elombi said. “That challenge is not about numbers; it is a call for greater impact.”

“Only a strong, well-capitalised institution can make the scale of investments required to transform Africa’s trade and development landscape,” he said. “As we invest in export processing zones, we will face critics who misunderstand our mission. Ignore them. Unless we process, nothing will change. To do that, Africa must have a strong financial institution. You have built one, and we will make it stronger,” he said.

He outlined his strategic priorities for the next five to ten years. The first, he said, is to promote value addition and strategic minerals processing. “We will no longer finance the export of Africa’s raw wealth,” he declared. “No more raw Nigerian bauxite, no more raw Cameroonian or South African manganese. We will focus on domestic processing.”

He emphasised that processing minerals locally would create jobs, boost foreign exchange earnings, and stimulate infrastructure development.

“We will establish a strategic minerals development program to finance entire value chains from extraction to refining and manufacturing finished goods,” he said, pledging to collaborate with the African Finance Corporation and the Trade and Development Bank in Nairobi to achieve this.

The second focus, he said, is to deepen intra-African trade and regional integration. “Our value addition agenda will succeed only if we secure markets for the goods we produce,” he explained.

He pledged to work with the African Continental Free Trade Area (AfCFTA) Secretariat to dismantle trade barriers and foster the free movement of goods, services, capital, and people across Africa.

In a pointed message to governments, he said, “Fear not your own people. Africans fear African people more than they fear foreigners. Open your borders. Your people will do you no harm.”

Elombi’s third priority is to develop trade-enabling infrastructure. “We cannot have trade without infrastructure,” he said, emphasising the need for investments in roads, railways, ports, pipelines, energy, and logistics hubs.

He announced plans to create a shared, integrated infrastructure ecosystem for trade, leveraging existing assets across borders to reduce costs and boost connectivity. He also underscored the importance of embracing digital and technological innovation. “Africa must not be left behind,” he said, pledging investments in digital infrastructure, e-commerce platforms, payment systems, artificial intelligence, and machine learning.

He hinted at exploring “a Pan-African digital currency” and called for mobilising global African capital to finance development.

Elombi stressed that mobilising global African resources and capital, whether held by diasporans, sovereign wealth funds, or private African businesses was essential for development.

“This is not just about finance; it is about ownership. It is about redefining the narrative of African development. It is time for Africa’s wealth, wherever it resides, to work for our own future,” he said.

Turning to the legacy of Afreximbank, Elombi said the institution, created 32 years ago, had achieved remarkable growth. “In just the last 10 years, total assets and guarantees grew more than eightfold to $43.5 billion,” he stated.

Total revenues, he said, rose sevenfold to $3.2 billion, while net income reached $1 billion at the end of 2024, representing a 700 percent increase over a decade.

The bank’s total capital rose from $1 billion in 2015 to $7.5 billion in 2024, with callable capital increasing from $450 million to $4.5 billion.

He also highlighted the creation of subsidiaries such as the Fund for Export Development in Africa, based in Rwanda, and others, which he said are becoming additional sources of revenue. Contrary to some critics, he argued, these subsidiaries are “not wasting funds” but rather “building the capital base needed for larger interventions.”

Elombi reaffirmed his commitment to preserve and deepen these achievements. “Our mission is to transform the structure of African trade,” he said. “Africa’s trade remains too dependent on commodity exports, and that must change. We must process, we must produce. Unless we produce, we will not trade among ourselves, and trade itself is not the end, it is the means to develop.”

 


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Dangote Refinery Debunks Speculations on IPO

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Dangote Petroleum Refinery and Petrochemicals (DPRP) has debunked recent circulation of unauthorised information regarding a potential Initial Public Offering (IPO).

Dangote Refinery Debunks Speculations on IPO

In a statement, DPRP noted that several online platforms and unofficial sources have published unverified, and in some instances inaccurate, information relating to a potential offering.

“Such reports do not originate from DPRP and should be treated with caution. All official updates regarding any potential transaction will be communicated strictly through DPRP’s formal public disclosures and announcements issued by its appointed advisers, in line with applicable laws and regulatory requirements.

“Accordingly, the public, investors, and all market participants are strongly advised to disregard speculative commentary and rely solely on verified information formally issued by DPRP or its authorised representatives,” the statement said.

The firm assured stakeholders that, when appropriate, comprehensive, and accurate details regarding any proposed transaction will be made available through official channels, including regulatory filings, authorised press releases, and coordinated communications by the Enterprise and its appointed advisers.


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Descasio Launches “Give to Gain” Leadership Insights Report, Hosts Executive Brunch for Women in Leadership

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In celebration of International Women’s Day, Descasio hosted an intimate executive brunch bringing together distinguished women leaders from its customer community for a thoughtful conversation on leadership, partnership, and shared growth.

Centered around the 2026 International Women’s Day theme, “Give to Gain,” the gathering created space for accomplished women in enterprise leadership to reflect on mentorship, collaboration, and investing in people as key drivers of sustainable growth.

Held in Lagos, the event convened leaders from organizations including Honeywell Group Limited, Finchglow Travels, NGCOM, and Eroton Exploration & Production Company.

Guests were personally welcomed at the start of the gathering by Mr. Dele Nedd, CEO of Descasio; who greeted each of the women leaders and expressed his appreciation for their presence before leaving the session to allow the women lead the conversation among themselves.

The gesture reflected Descasio’s leadership culture; one where women are not only recognized, but actively supported and empowered. It also underscored the company’s belief that meaningful progress in leadership requires partnership and allyship across the organization.

Rather than a traditional panel discussion, the brunch was designed as a candid and reflective exchange among peers navigating leadership in complex industries. Throughout the conversation, participants shared perspectives shaped by experience, responsibility, and the realities of leading teams and organizations.

A recurring theme in the discussion was the role of execution and accountability in leadership. For many organizations, strategy alone is not enough; consistent delivery is what ultimately builds credibility and trust.

Reflecting on this, Josephine Adebola, Data Compliance & Process Automation Manager at Finchglow Travels, emphasized the importance of reliability in leadership and the discipline required to translate vision into results. “Get it done on time and in full.

The conversation also explored the role of curiosity and continuous learning in shaping effective leaders. In rapidly evolving industries, the ability to ask questions, remain open to new perspectives, and keep learning is often what enables leaders to grow alongside their organizations.

Sharing her perspective, Tomi Otudeko, Chief Operating Officer at Honeywell Group Limited, reflected on how curiosity has shaped her leadership journey.

“Asking questions and continuously learning have always stood me in good stead as a leader.”

She also spoke about the importance of leading with empathy and understanding the people behind the roles within organizations.

“Everyone has multiple dimensions to who they are. Leadership has taught me to see people in their totality. That awareness doesn’t make a leader weak; it makes them more effective.”

Another important theme that emerged from the conversation was authenticity in leadership. In an environment where leaders often face pressure to conform to traditional expectations, remaining true to one’s identity while continuing to evolve is essential.

For Helen James-Eziashi, General Manager at NGCOM, authenticity and curiosity remain key guiding principles. “Be yourself, keep learning, and stay curious.”

The discussion also highlighted the role of self-awareness in sustaining leadership journeys, particularly in complex and high-responsibility environments. Understanding one’s values, motivations, and support systems often becomes the anchor that allows leaders to navigate uncertainty with confidence.

Reflecting on this, Ifeanyi Onyejekwe, IT Manager at Eroton, emphasized the importance of knowing what grounds a leader.

“Know who you are and understand what supports and sustains your leadership journey.”

According to Descasio, the event reflects its broader commitment to building strong partnerships and fostering meaningful leadership conversations across its enterprise customer community.

“For us, this was about more than marking International Women’s Day,” said Umama David-Ogebe, The HR Manager at Descasio. “It was about creating a space where leaders could learn from one another and reflect on the kind of leadership that builds strong organizations. The most meaningful partnerships grow from conversations like these.”

To extend the impact of the discussion, Descasio has published “The Give to Gain Leadership Report: Insights from Women Leading Enterprise Organizations,” a curated publication capturing key reflections and leadership lessons shared during the session.

The report highlights themes including:

  • The role of curiosity and continuous learning in leadership
    • Building stronger teams through empathy and accountability
    • The importance of authenticity and self-awareness in navigating leadership journeys
    • How investing in people drives stronger partnerships and resilient organizations

The Give to Gain Leadership Report is now available for download Here.


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World Backup Day: Research Reveals 84% of Users Store Sensitive Data Digitally

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Ahead of World Backup Day, Kaspersky reveals the most popular ways to store important data and gives practical advice on how to keep it safe. Global research shows that zoomers and millennials keep nearly everything electronically, while almost one‑in‑three respondents over 55 y. o. still prefer good old‑fashioned paper.

Where do we store what matters?

Research* conducted by Kaspersky’s Market Research center shows that most people prefer to keep important info stored digitally.The majority of all respondents (84%) claim they store sensitive personal data like ID, financial details, healthcare related info or photo archive in electronic format.

When it comes to digital data storage, more than half (56%) say they keep their important records on a computer or a hard drive, 45% use cloud solutions and 20% entrust their data to government digital services.

Does digital mean safer?

Each storage method has its own advantages and limitations. Physical media can be lost or suffer damage, external hard drives are not always convenient to use on the go and cloud services, while being accessible, are vulnerable to unauthorised access. To maximise digital data security, Kaspersky experts advise adhering to the following best‑practice recommendations:

  1. Develop a backup strategy

There is no universal approach to data storage, nor is it necessary to back up every single file. Nonetheless, cultivating a regular backup routine is strongly recommended, particularly for sensitive data or files that cannot be regenerated or recovered through other means.

According to the popular 3-2-1 backup strategy you should have at least three copies of important data, store it on two different storage types, and make at least one copy off-side (cloud or external physical location).

The most sensitive data like passwords, ID or financial details requires special attention. Use a dedicated security solution like Kaspersky password manager, which apart from securely keeping users’ credentials and bank cards, has a special secret vault functionality aimed at storing important documents, for example, scanned Passports/IDs and PDF files, addresses and notes.

  1. Protect your vaults

According to Kaspersky’s data, 98% of all respondents take at least some measures to protect their personal data storages, which is a good sign. However, 36% of respondents use quick-to-remember passwords to safeguard their personal data.

Relying solely on simple passwords leaves your digital vaults vulnerable to brute‑force attacks. That’s why experts recommend enabling two‑factor authentication (2FA) wherever it is available or adopting passkey technology. Passkeys can be stored securely in a password manager and accessed seamlessly from any authorised device.

  1. Set up automatic backups where possible

Continuously remembering to perform backups can be cumbersome. To streamline the process, enable the built‑in backup service on every device you use (e.g., iCloud for iPhone/iPad/Mac, Google Drive/OneDrive for Android/Windows).

Test it once a month or two by restoring a single file, just to be sure the backup works. Kaspersky Premium allows users to make regular backups and restore information on Windows devices. Backup copies of data can be easily saved on removable drives or in cloud storage in an encrypted format.

“We all know backups are important, but most of us never do them because we try to back up everything at once and it gets overwhelming. The smarter approach? Treat backup like any other workflow. Tag your files – critical, important, low‑priority.

Automate real‑time backups for the critical stuff, schedule weekly or monthly backups for the rest. And for sensitive data like passwords and IDs, use our dedicated solution with a secret vault to keep it secure. When you automate and prioritise, you protect what really matters without getting overloaded,” comments Marina Titova, Vice President for Consumer Business in Kaspersky.

The study was conducted by Kaspersky’s market research center in November 2025. 3000 respondents from 15 countries (Argentina, Chile, China, Germany, India, Indonesia, Italy, Malaysia, Mexico, Saudi Arabia, South Africa, Spain, Turkey, UK, United Arab Emirates) took part in the survey.

 


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