Nigeria’s leading industrialist and Africa’s largest indigenous conglomerate, The Dangote Group, has acquired priority stake in the African Export-Import Bank (Afrexim Bank).
The Dangote group is the latest corporate organisation to join the African Export-Import Bank as a shareholder.
Dangote Group, with presence in 17 countries, by this acquisition has become a class ‘B’ shareholder of the pan-African trade bank. The class ‘B’ shareholders are made up of African financial institutions and African private investors.
According to information released by the Afrexim Bank, the Dangote Group as at May 30th this year made a substantial investment in the bank by acquiring equity.
President of the Dangote Group and Chief Executive Officer, Aliko Dangote was quoted as saying he considers the Afrexim Bank a good vehicle for fostering regional integration in Africa which aligns with Dangote Group’s vision and mission for growth and development across the continent.
Responding, President of Afrexim Bank, Dr. Benedict Oramah welcomed the action by the Dangote Group stating that the investment was a strong vote of confidence in the bank by, arguably, the largest indigenous corporate organisation in Africa.
Dr. Oramah said:
“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.”
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.