Nigeria-based private equity investor, African Capital Alliance (ACA), has reportedly led a $750million investment in Union Bank of Nigeria.
The deal is understood to have been structured through the ACA Consortium, made up of ACA B-Holding which includes FMO Netherland, TRG Management, The Keffi Group, ABC Holdings, which is part of the Bank of Botswana, and the Discovery Group. The investors have signed a memorandum of understanding with the bank.
The investment is expected to boost the Union Bank’s liquidity, corporate governance and capital adequacy – as it works to attain a leading competitive position in the Nigerian banking industry.
The deal is subject to the approval of the bank’s shareholders, the Central Bank of Nigeria (CBN), the Nigerian Securities Exchange Commission (SEC), the Nigerian Stock Exchange (NSE) and the Federal High Court.
Okechukwu Enelamah [pictured] is the founder and chief executive officer of ACA, a Lagos-based private equity investor that manages $650million across four funds.