Access injects N50 billion into Intercontinental in return for a 75% stake, potentially making Nigeria’s second biggest bank. It is financed, according to Chapel Hill Denham, from the $913 million in equity Access raised in 2007.
Ecobank gets 100% of Oceanic in return for ordinary shares and new preference shares in Ecobank Transnational Incorporated, the pan-African banking group’s holding company in Togo. Ecobank will merge Oceanic with its Nigerian unit, potentially making the second largest branch network in the country.
Unlisted Equitorial Trust’s main backer is the oil and telecoms billionaire Mike Adenuga, whom the central bank threw off the board in 2009. Now reinstated, Adenuga recapitalizes the unlisted bank alongside Amcon, before it is bought by Sterling. Adenuga will be one of the largest shareholders in Sterling.
FCMB, formerly mainly a wholesale institution, increases its deposit base by 50% and its branch network by a third. It gets 100% in Finbank in exchange for FCMB shares worth N6 billion, according to Chapel Hill Denham.
Lagos-based private equity firm African Capital Alliance and its partners will get a 60% stake in Union, which was Barclays’ Nigeria unit until 1979. It injects $750 million. The US government’s Overseas Private Investment Corporation also backs the deal.
see also:
Nigeria’s new banking landscape emerges
Banks rush to close universal banking models
Nigeria must tighten fiscal flows, says CB governor
