Dangote Transaction: Dubai Money Flows Into West Africa
Nigeria-based Dangote Cement is a publicly-traded company on the Nigeria Stock Exchange, with a market capitalization of approximately US$ 24.5 billion (largest company in Nigeria by market capitalization). Founded by businessman Aliko Dangote, Dangote Cement received a US$ 300 million investment from the Investment Corporation of Dubai (ICD). In return, ICD received a minority stake of 1.4%.
In a press release, Mohammed Ibrahim Al Shaibani, CEO of the Investment Corporation of Dubai, said, ” We believe sub-Saharan Africa, and particularly Nigeria, provides fantastic long-term investment opportunities.”
QNB Acquires Stake in Ecobank
Dubai government money is flowing into West Africa, a pre-cursor for future Gulf streams of capital. In another Middle East – Africa deal, Qatar National Bank purchased a 12.5% interest in pan-African lender Ecobank Transnational Incorporated for around US$ 200 million. QNB bought existing ordinary and convertible preference shares from Nigeria’s Asset Management Corporation – a special purpose vehicle formed by the Central Bank of Nigeria to hold non-performing loans. QNB becomes the second largest investor in Ecobank, after South Africa’s Public Investment Corporation (PIC).
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