The Dangote Group, Africa’s leading indigenous conglomerate, has become the latest corporate organisation to join the African Export-Import Bank as a shareholder.
According to information released by Afreximbank and made available
to our correspondent, the Dangote Group completed the process of
acquiring equity in the bank on May 30 this year with a “substantial
investment.”
“I consider Afreximbank a good vehicle for fostering regional
integration in Africa which aligns with our vision and mission for
growth and development across the continent,” Dangote Group President
and Chief Executive Officer, Aliko Dangote, was quoted as saying in a
statement issued by Afreximbank.
Welcoming the action by the Dangote Group, President of Afreximbank,
Dr. Benedict Oramah, stated that the investment was “a strong vote of
confidence in the bank by, arguably, the largest indigenous corporate
organisation in Africa.”
“The massive investment the Dangote Group is making across Africa
makes it a partner of choice in the delivery of our intra-African trade
strategy. Working with the Dangote Group, we will build supply chain
financing across Africa that could reach $1 billion in the short term,
promoting intra-regional trade and growth of Short and Medium
Enterprises and creating much needed jobs,” Oramah said.
Afreximbank has four classes of shareholders, divided into classes A,
B, C and D, which are made up of a mix of African governments, central
banks, regional and sub-regional institutions, African private
investors, African and non-African financial institutions, export credit
agencies and non-African private investors.
Class “A” shareholders are African states, African central banks and
African public institutions, including the African Development Bank,
while Class “B” is made up of African financial institutions and African
private investors.
Class “C” shares are held by non-African investors, mostly
international banks and export credit agencies, including Standard
Chartered Bank, HSBC, Citibank, China Exim Bank and Exim India. Class
“D” shares, a tier approved in December 2012, are fully paid par value
shares that can be held by any investor.
by Bayo Akinloye/Punch
No comments:
Post a Comment