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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According to the group’s annual report for FY 2024, Multichoice had a deposit of N33.7 billion (488 million South African Rands) with the bank as of the 2024 fiscal year end on March 31, 2024.
Without mentioning names, the businessman stated that foreign banks are not interested in helping Africa grow, explaining that indeed some of them clandestinely attempted to push the company into loan default during the COVID-19 pandemic.
“This combined total of $2.25 billion will offer essential financial and technical support as the government continues to address economic distortions.
“The forecast implies that throughout 2024-2026 countries that collectively account for more than 80 per cent of the world’s population will experience slower growth than in the pre-COVID decade.”
This figure is about 297 percent higher than it spent on debt servicing in April and 286.49 percent higher than the $221.05 million the country spent in May 2023.
After Fidelity Bank, Access Holdings recorded the highest turnover in the market with 93.067 million shares. It was followed by UBA, which recorded a 2.86% gain and a turnover volume of 58.726 million shares.
The Central Bank of Nigeria (CBN) has again reassured the banking public of the safety of their deposits and the banking system’s resilience.
Retail lender, Unity Bank Plc, has projected a profit after tax of N5.2 billion in third quarter of the year.
“Fidelity’s IDRs are driven by its standalone creditworthiness, as expressed by its Viability Rating (VR) of ‘b-‘. The VR balances the concentration of operations in Nigeria’s challenging operating environment, high credit concentration and high Stage 2 loans against a growing franchise, sound profitability metrics, good capital buffers and reasonable foreign-currency (FC) liquidity coverage.