The Dangote Group has joined the African Export-Import Bank (Afreximbank) as a shareholder.
A statement issued by the bank said the Dangote Group completed the process of acquiring equity in the bank on May 30 this year with a “substantial investment.”
In the statement, Dangote Group President and Chief Executive Officer, Aliko Dangote, was quoted as saying:
“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.
Welcoming the action by the Dangote Group, President of Afreximbank, Dr. Benedict Oramah, stated that the investment was “a strong vote of confidence in the bank by, arguably, the largest indigenous corporate organisation 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 $1 billion in the short term, promoting intra-regional trade and growth of Short and Medium Enterprises and creating much needed jobs”
There are four classes of shareholders in Afreximbank.
The classses are as follows:
Class “A” shareholders are African states, African central banks and African public institutions, including the African Development Bank.
Class “B” is made up of African financial institutions and African private investors.
Class “C” shares are held by non-African investors, mostly international banks and export credit agencies, including Standard Chartered Bank, HSBC, Citibank, China Exim Bank and Exim India.
Class “D” shares, a tier approved in December 2012, are fully paid par value shares that can be held by any investor.