AFIG invest $14 million in ECOBANK



By Peter OBIORA investadvocate

July 30, 2010 16:00 GMT


Advance Finance & Investment Group (“AFIG”), managers of the Atlantic Coast Regional Fund (“ACRF”) has invested $14 million about (N2.1 billion) in Ecobank Transnational Incorporated (ETI).



This was contained in a notification dated July 30 2010 sent to the Nigerian Stock Exchange by the Bank informing the Exchange of an investment agreement between it and AFIG.


The Bank notified The Exchange that it reached an agreement with the ACRF Fund Managers, for an ACRF investment of US$14 million in three subsidiaries of ETI.


The subsidiaries involved are Ecobank Chad, Ecobank Liberia and Ecobank Rwanda. The subsidiaries will receive investments in the form of equity and convertible bonds, distributed as follows; US$6 million in Chad, US$4 million in Liberia, and US$4 million in Rwanda.

The investment will strengthen the capital base of the subsidiaries and accelerate the implementation of their respective strategic initiatives.





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