Dangote acquires sizeable stake in Afreximbank

The Dangote Group has acquired a sizeable stake in the Cairo-based African Export-Import Bank (Afreximbank).

According to a statement from the Afreximbank, the Dangote Group completed the process of acquiring equity in the institution on May 30 this year with a “substantial investment.”

“I consider Afreximbank a good vehicle for fostering regional integration in Africa which aligns with our vision and mission for growth and development across the continent,” Dangote Group Founder and Chairman, Aliko Dangote said.

Welcoming the acquisition by the Dangote Group, Afreximbank CEO Benedict Oramah, stated that the investment was “a strong vote of confidence in the bank by, arguably, the largest indigenous corporate organization in Africa.”

“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 US$1 billion in the short term, promoting intra-regional trade and growth of Short and Medium Enterprises and creating much needed jobs,” Oramah added.

About the Afreximbank: The African Export-Import Bank (Afreximbank) is a Pan-African multilateral financial institution devoted to financing and promoting intra- and extra-African trade. Afreximbank was established in October 1993 by African governments, African private and institutional investors, and non-African investors.

Since 1994, it has approved more than US$41 billion in credit facilities for African businesses, including about US$6.2 billion in 2015. Afreximbank had total assets of US$9.4 billion as at 30 April 2016 and is rated BBB- (Fitch) and Baa2 (Moody’s). For more information about the bank, visit: www.afreximbank.com.