Prime Business Africa
By ETIM ETIM
When in 2013 Aliko Dangote dreamt of establishing the first privately –owned refinery in his country, he turned to syndicate of 13 Nigeria’s banks to raise the initial $5.5 billion.
The Central Bank of Nigeria (CBN), in addition, provided over N125 billion and ensured availability of FX for equipment. When Nigerian Breweries had to refinance its huge FX obligations and slash down its Naira-denominated financial liabilities last year, it turned to the country’s capital market and raised N590.99 billion through a rights issue that concluded last October. Sun King, a Kenya-based off-grid solar energy company, recently raised $156 million from African banks, including Stanbic Bank Kenya, ABSA Bank Kenya and Cooperative Bank of Kenya. The deal highlights African banks’ growing support for green energy initiatives and sustainable solutions. Early this year, the Nigerian government raised N669.9 (about $446 million) in its first domestic bond auction held in January. This was 10% oversubscribed, with the DMO initially targeting N606.46 billion. Separately, in September 2024 Nigeria raised $900 million through domestic dollar bond (initial target was $500 million).
Join our WhatsApp ChannelThe depth of Africa’s financial market and its ability to mobilize resources for development of the continent was the central focus of the 2025 Africa Financial Summit (AFIS) held on November 3rd and 4th in Casablanca, Morocco and attended by over 1,200 senior executives and policymakers. Under the theme ‘’Unlocking Africa’s Financial Sovereignty: From Savings to Strategic Power’’, they examined how Africa can strengthen its financial foundations, deepen investment flows, and develop homegrown capacity for sustainable development. It was co-sponsored by Coronation Group, a leading financial services provider.
Among the lead discussants were government and central Bank leaders such as Nadia Fettah Alaoui, Morocco’s Minister of Economy and Finance, who emphasized Morocco’s advanced financial market and its role in promoting financial sovereignty and regional integration in Africa; Jean-Claude Kassi Brou, Governor, BCEAO, discussed regional economic policies and the importance of financial stability in West African States; Mamo E. Mihretu, Governor, National Bank of Ethiopia, focused on Ethiopia’s economic development and the role of financial institutions in supporting growth. Soraya M. Hakuziyaremye, Governor, National Bank of Rwanda, highlighted Rwanda’s progress in financial inclusion and digital transformation; Wale Edun, Nigeria’s Minister of Finance and Coordinating Minister of the Economy, shared Nigeria’s strategies for economic diversification and financial resilience.
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Banking and Financial Services leaders who spoke included Jeremy Awori, Group CEO, Ecobank Transnational Incorporated. He discussed pan-African banking solutions and financial inclusion; Adaora Umeoji, Group MD & CEO, Zenith Bank who focused on innovative financial products and services for Africa’s growth; Mohamed El Kettani, CEO, Attijariwafa Bank, ighlighted the importance of leveraging financial innovation for sustainable development; Olusegun Alebiosu, Managing Director and CEO, Firstbank Group, shared insights on supporting SMEs and driving economic growth through banking.
From the Fintech and Digital Transformation came Tosin Eniolorunda, Co-Founder & Group CEO, Moniepoint, emphasized the role of fintech in expanding financial access and digital payments; Serigne Dioum, CEO, MTN Group Fintech, discussed mobile money and digital solutions for Africa’s unbanked populations and Coura Sène, Regional Director, Wave Mobile Money Group, focused on mobile money innovations and cross-border transactions. Olamide Olajolo, CEO of Coronation Insurance participated in a roundtable on smart insurance, focusing on AI is transforming claims management, risk modelling and customer experience.
International and Development Partners also made impressive presence at the summit. Ethiopis Tafara, Vice President for Africa, IFC World Bank Group, stressed the need for a robust and resilient financial sector to drive Africa’s economic growth; Françoise Lombard, CEO, Proparco, highlighted sustainable finance and support for Africa’s green transition; Aliou Maiga, Regional Industry Director, IFC, discussed leveraging financial institutions for Africa’s development and climate resilience.
Coronation Group’s chairman, Aigboje Aig-Imoukhuede, featured in the opening panel that included Nadia Fettah Alaoui, Moroco’s minister of economy and Finance, and IFC’s Ethiopis Tafara. Aig-Imoukhuede discussed strategies to encourage institutional investors to shift from the comfort of government debt into financing Africa’s private sector growth. He stressed that Africa’s capital challenge is not one of scarcity, but one of flow. In a full-length article published after the summit, Aig-Imoukhuede noted that there is an estimated $4 trillion sitting with African institutions and households, much of it parked in short-term or low-yield instruments. ‘’With a GDP of roughly 2.5 trillion, Africa can absorb every Naira, Cedi or shilling of that capital today. The problem is that the pipes are blocked, and it is time to focus on the plumbers’’, he wrote.
The overall discussions at AFIS 2025 underlined the point that Africa’s prosperity must be built by Africans, for Africans, using African capital deployed through trusted African institutions. Such institutions like the Nigerian banks are crucial enablers of Nigeria’s economic diplomacy, driving regional integration, attracting investments, and supporting international partnerships. This was the fifth edition of the finance summit, and it’s baffling that despite immense presence and contributions of Nigeria’s banks across Africa, the summit is yet to be held in this country.
