Afreximbank stresses communication as KAEDCO team visits
The African Export-Import Bank (Afreximbank) places strong emphasis on open communication with its clients as a strategy for ensuring the smooth execution of transactions it enters into with them, Denys Denya, the Bank’s Executive Vice President in charge of Finance, Administration and Banking Services, has said.
Receiving a delegation from the Kano Electric Distribution Company PLC (KAEDCO ) of Nigeria at the Bank’s Headquarters in Cairo, Mr. Denya urged KAEDCO to always ensure that the communication lines between it and the Bank remained open.
He commended KAEDCO for visiting the Bank and assured the company of the Bank’s continued support.
Last October, Afreximbank approved and underwrote a $119 million facility for Northwest Power Company to enable it acquire KAEDCO , which it took over in December 2014. Fidelity Bank of Nigeria participated in that transaction to the tune of $30 million.
Speakingarlier, Yusuf Abubakar, the Chairman of KAEDCO , who led the delegation, had said that the team was in Cairo to provide an update to Afreximbank on the business since the completion of the acquisition and to express appreciation to the Bank for its support during the acquisition process.
Mr. Abubakar said that certain developments in Nigeria had had positive impact on the activities of KAEDCO , including the intervention by the Central Bank of Nigeria in the power sector, the commitment of the Nigerian Electricity Regulatory Commission to independence, an increase in revenue generation by the company, and the company’s ongoing capital expenditure programme.
He said that KAEDCO was proactively addressing the risks and issues that were likely to affect its business, including the threat posed by the activities of the Boko Haram terrorist group, the upcoming elections in Nigeria, the fall in the value of the Naira and foreign exchange challenges.
Accompanying Mr. Abubakar on the delegation were Garba Haruna, the Managing Director, and two directors, Tajudeen Dantata and Jamil Gwamna.