Author: Abdoulaye Kay

Just recently, African Export-Import Bank (Afreximbank) disbursed $40-million Intra-African Investment Facility to Fidelity Bank Nigeria Plc to support the bank’s acquisition and recapitalisation of Union Bank UK as part of its international expansion programme. Provided in two tranches of $20 million each, the first tranche of the facility enabled Fidelity to part-refinance the acquisition of 100 percent equity stake in Union Bank UK, while the second tranche was used to support its recapitalisation via the injection of additional equity into the acquired bank, as approved by the United Kingdom’s regulator.

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“We wish to call on the government of Rivers State to immediately prepare treason charges against the 23 former LGA chairmen and their sponsors and co-conspirators for the failed attempt to unlawfully take the government of the 23 LGA knowing full well that their tenure had elapsed and they are no longer local government chairmen.”

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