By CIJM
When President Lazarus Chakwera boards his flight to Abuja on June 23 for the African Export-Import Bank’s (AFREXIM) Annual Meetings, the official focus will be on investment, trade, and regional cooperation.
But behind the summit’s polished façade, Malawi is bringing more than just talking points, it is arriving with a quiet storm at Nigeria’s doorstep.
Beneath the well-rehearsed speeches and diplomatic handshakes lies a growing rift, one that extends beyond Nigeria’s dominance in pan-African financial institutions.
It reflects deeper tensions within Malawi itself: opaque partnerships, failed funding efforts, and increasing reliance on unverified financial actors.
At the center of this unease is the Bridgin Foundation, a little-known European organization that signed a multi-billion-dollar financing deal with Malawi. Instead of providing relief, the agreement has sparked urgent questions about feasibility, transparency, and the government’s desperation for liquidity.
Together, these issues paint a picture of a government trapped in an economic vise, shut out from reliable institutional funding, forced to pursue risky alternatives, and entering high-stakes forums like Abuja with limited leverage and even less trust.
For years, AFREXIM has positioned itself as a driver of African integration, a neutral financier supporting intra-African trade. But for Malawi, that promise remains out of reach.
Internal communications reviewed by this publication show that Malawi has repeatedly submitted funding requests for infrastructure, energy, and trade corridor projects, only for them to stall in prolonged review stages, with no approvals granted.
Meanwhile, Nigeria, the host country and one of AFREXIM’s most influential shareholders, has secured billions in support for oil and infrastructure projects, using its significant influence over the bank’s board and agenda.
This disparity has fueled growing frustration in Lilongwe, where officials feel excluded from institutions that are supposed to serve all of Africa.
President Chakwera is expected to hold bilateral meetings with Nigerian President Bola Tinubu and AFREXIM President Benedict Oramah during the summit.
According to sources familiar with the preparations, Malawi plans to raise concerns about what it sees as regional favoritism and financial marginalization.
One insider revealed that Chakwera may even break protocol and speak publicly about Malawi’s frustrations, risking diplomatic tension to highlight what he sees as systemic bias.
Faced with repeated rejections from multilateral lenders and limited international credit options, Malawi turned to an unlikely partner: the Bridgin Foundation.
The Belgium-based group signed a staggering $6.8 billion agreement to fund public universities, roads, and digital infrastructure. But scrutiny soon followed.
Watchdogs and journalists raised alarms over Bridgin’s lack of public financial records, its absence of a track record in managing large-scale funds, and the vague structure of the deal.
A leaked parliamentary committee report called the agreement both “diplomatically risky” and “financially speculative.” No disbursement timeline was made public, and no major international financial institutions were involved.
Analysts now say the Bridgin deal illustrates what happens when institutional neglect drives weaker nations toward questionable partnerships in a desperate bid for development.
Nigeria’s economic clout has long given it quiet yet decisive influence over AFREXIM’s operations.
Several East and Southern African countries, including Malawi, Zambia, and Angola, have expressed unease about this concentration of financial power. But none have raised the issue as openly as Malawi seems ready to do in Abuja.
A recent example underscores the imbalance: Nigeria secured a $3 billion oil-for-loans deal from AFREXIM in record time, while Malawi’s energy corridor proposal, intended to boost cross-border trade and regional integration, has been stuck in bureaucratic limbo for over 18 months.
Back in Malawi, Chakwera’s performance in Abuja is under intense scrutiny. The political opposition, civil society, and the international diplomatic community all worry the summit could result in more photo-ops than progress.
There are fears that Malawi may return with yet another non-binding Memorandum of Understanding, more project delays, and little to show for its efforts.
Some insiders suggest that the president may use a high-profile plenary session to directly challenge AFREXIM’s leadership, calling out the bank’s opaque funding criteria and inequitable disbursement practices. If he does, the impact could be significant.
Malawi’s situation is not unique, but it is telling. Shut out from meaningful financing by the very institutions designed to support African development, the country has turned to risky actors like Bridgin, revealing the gap where legitimate financial support should be.
And now, in a summit dominated by more powerful states, Malawi stands at a crossroads: confrontation or compromise.
Whether Abuja becomes a turning point or just another carefully staged photo opportunity depends on one key question: Will AFREXIM and its power players be willing to share not just the spotlight, but the purse strings?
Because for countries like Malawi, the promise of pan-African prosperity has become a waiting game. And they are no longer willing to play it quietly.
Collins Mtika produced this story for the Centre for Investigative Journalism Malawi (CIJM), as part of the Centre’s aim to expose corruption, hold power accountable, and amplify marginalised voices. CIJM: ‘Uncovering the Truth. Empowering change’.
