African Export-Import Banks works towards raising equity worth $200 million to improve its liquidity in the third quarter by selling shares in Nigeria and two African countries.
Confirming its share sale plans in Nigeria, Afreximbank noted that it is in talks with Nigerian regulators to issue depository receipts and raise equity worth $200 million.
Afreximbank plans to list about 67 million existing depository receipts on the Nigerian Stock Exchange to improve liquidity while it still considers other African markets.
In 2017, Afreximbank approved credit worth $3.2 billion for Nigerian companies and so far, the International financial institution has received loan applications from more than 30 firms in the West African nation. These loans are targeted towards trade, financial services, tourism, manufacturing, export infrastructure and agriculture.
Speaking on its interest in the Nigerian market, the Cairo based lender, said “funding is required to harness the opportunities,” adding that there in an on-going talk with the Nigerian Export-Import Bank on a partnership in a joint program that will grow the country’s non-oil exports.
Meanwhile, earlier today, the intra- and extra-African trade financial institution, appointed two new directors, Obi Emekekwue, Global Head of the Communications and Events Management Department, and Chandi Mwenebungu, Director, Treasury and Markets Department.
Prior to the appointments, Emekekwue and Mwenebungu were heads of the Communications and Treasury at the bank at the level of Senior Managers.