Earlier in the year we published an announcement by the International Finance Corporation (IFC), to invest $100 million in Ecobank Transnational Incorporated (ETI), an investment that will give the IFC a 7.2% stake in the company.
Following the share subscription agreements signed between Ecobank and ETI in July this year, the (IFC) has now invested the said sum of $100 million (N15.8 billion) into Ecobank Nigeria Plc by way of an equity shares subscription in Ecobank Transnational Incorporated.
The investment vehicles used to channel the IFC money were – the IFC Capitalisation (Equity Fund) L.P., the Africa Capitalisation Fund Ltd and the IFC ALAC Holding Company II.
ETI has in return issued 1,250,000,000 shares at an agreed price of 8 cents per ordinary share.
IFC capitalisation (equity fund) LP has subscription amount of $47,727,272 with 596,590.900 number of shares while Africa Capitalisation Fund Limited has subscription amount of $27,272,728 with 340,909,100 number of shares.
IFC ALAC Holding Company 2 has subscription amount of $25,000,000 with 312,500,000 number of shares. Total also has $100,000,000 subscription amount and 1,250,000,000 number of shares.
The IFC’s investment will serve to strengthen Ecobank’s tier 1 capital as well as help it grow its business across Nigeria.