Discover how to Start Poundo Yam Production. The demand for Poundo Yam in Nigeria and outside the country is very high. More »
The business of rearing of chicken and producing eggs for sale has created an opportunity for some young graduates, retired civil servants and others to earn regular income and also provide employment for countless number of Nigerians. More »
.Are you thinking of starting a profitable business of your own in Nigeria? If yes then I will want you to consider setting up a cement block molding industry in the country. More »
Take Advantage of this opportunity to start exporting cashew nuts from Nigeria. More »
Do you know you can make 100percent profits when you invest just N80, 000 in exporting Bitter kola from Nigeria to Europe, America and Asia countries? More »
Livestock feeds production is a very profitable business, the demand for animal feeds in Nigeria is high due to the fact that, livestock farmers can’t do with out feeding their animals except they want to go out of business. More »
Laundry and dry cleaning service is a very lucrative business opportunity you can start today in Nigeria without having cause for regrets. More »
Here comes a great opportunity for as many people interested in making money from the supply of Scrap PET plastic bottle to exporters in Lagos Nigeria. More »
The ginger root is used in Nigeria mostly to produce herbal medicines and in homes to spice up food. More »
Smart Nigerians have started earning huge foreign exchange in Dollars/Euros from the export of dried red Hibiscus Flowers (Zobo Leaves) to Europe, America and the Asian market. More »
ACA Plans To Invest Revenues from Sale of MTN Shares in Union Bank
Business News (Finance) — AFRICAN Capital Alliance (ACA), the core investor in Union Bank of Nigeria Plc, plans to invest the money harvested from the sale of its shares in MTN Nigeria in the Nigerian Bank.
THE CITIZEN learnt that the private equity company provided the bulk of the shares sold to Shanduka Group by three Nigerian investors.
ACA has invested about $500 million in Union Bank and plans to invest an additional $250 million in the bank as it was originally agreed to in the purchase agreement.
A source close to the venture capital firm said that it treasures its stake in the bank and was in a hurry to revitalize the bank’s operations.
“Given the pedigree of Union Bank in Nigerian financial system, ACA believes that with the right mix of initiatives it won’t be long before the bank would tide over. They project that under three years of consistent reforms they could turn the business into a cash cow.
ACA alongside two other private investors including private equity company African Capital Alliance sold their shares to Shanduka Group. The deal is worth about $350 million. MTN Nigeria, with the MTN Group valued at $36 billion and the Nigerian business alone valued at $10.8 billion.
MTN Group in a 2007 private placement, sold a total of 43,024,602 “MTN Nigeria linked units” or shares at $24.56 per unit, intended to raise the Nigerian ownership of MTN Nigeria to 21.4 percent.
It was learnt that Standard Chartered alerted Shanduka Group to the opportunity and also helped finance the purchase through debt and equity.
With the development the proportion of interests held by Nigerians in the MTN Nigeria has further diminished.
Attempts made to reach ACA proved abortive as both telephone calls and electronic message sent to their office were not responded to.-Businessnews.com.ng