(L-R) Dr. Uju Ogubunka, GEO of Chartered Institute of Bankers of Nigeria (CIBN); Stuart Ponder, director of business devt, Crown Agents Bank of UK; Timothy Effiong, business winner, financial services, Crown Agents Nigeria Ltd and Alex Anameje, deputy director, consultancy, training and research, CIBN; during a business visit by the officials of Crown Agents Surrey, UK to the CIBN in Lagos recently.

The management of Africa Finance Corporation (AFC) has said in Lagos that the bank has no interest in shoring up the fortunes of the bailed-out banks in Nigeria. Andrew Alli, AFC chief executive officer told BusinessWorld that the bank is not ready to deviate from its principal mandate of financing infrastructure, and has not planned to extend any of its funds to the core financial sector. Three of the seven bailed-out banks in Nigeria - Union Bank, Intercontinental Bank and Oceanic Bank - hold substantial shares in the corporation and their chief executive officers are currently sitting on the board as non-executive directors.
There were indications recently that the member banks of the AFC who have been caught in the distress bracket may seek relief from the over $1 billion funding pool of the bank, but its management has confirmed that such banks should seek for other avenues to solve their financial problems as his bank tackles telecoms, electricity, transportation  and others.
The development bank which was at the centre of a major scandal regarding its formation and activities in Nigeria some months ago, has reported a profit after tax (PAT) of $28.7 million in the 12 months ended December 31, 2009. The profit recorded by the African infrastructure investment bank represents a 650 percent increase over $4.2 million it reported  in the 14 months ended December 2008.
AFC is an infrastructure investment bank and multilateral development institution. It is a private sector-led international organisation domiciled in Nigeria with activities across Africa. The Central Bank of Nigeria holds the single majority shares with some 42.5 per cent, closely followed by some private sector operators with 47.6 per cent of the bank’s huge $1.1 billion share capital.
According to the annual report and accounts of the Corporation, a gross operating income of $80 million was recorded in the review period compared to $83.3 million recorded in 2008, representing a 3.4 percent decline.
Andrew Alli, CEO of AFC told BusinessWorld that the corporation earned $5.4million from fees and commissions while a total of $10 million was lent to customers. Loans and advances to banks was $542.51 million and comprises placement with other banks worth $453.39, commercial paper investment of $78.85 and interest receivable of $10.27 million.
In pursuit of its mandate, AFC acquired a 46 percent controlling stake in Cenpower Generation Company and its $450 million power plant under construction in Ghana. AFC, Infraco and Cenpower will contribute equity with other strategic investors to fund the project.
AFC executed several projects in Nigeria during the review period. These projects range from investment in oil and gas to telecommunications. AFC is the largest equity investor in the $240 million Main-One Submarine Optical Fibre Cable system.
In Zambia, AFC is partnering with the Eastern and Southern Africa Trade and Development Bank to finance the importation of petroleum products into Zambia.