Old Mutual Plc said its South African private equity unit is considering increasing its 1.7% stake in Oceanic Bank Plc, one of 10 Nigerian banks bailed out by the Central Bank of Nigeria (CBN) last year.
Old Mutual’s buyout division “has been in discussions with various regulatory bodies, including the Central Bank of Nigeria, as well as potential strategic partners, about various initiatives in relation to its investment, including potentially increasing it,” Matthew Gregorowski, spokesman for London-based Old Mutual.
Oceanic’s CEO, Cecilia Ibru, was among eight CEOs fired by the CBN in August last year after it had to inject N620 billion ($4.1 billion) of capital into 10 of its 24 banks to cover bad debts. Nigeria is now wooing buyers to take stakes in the 10 troubled lenders.
“Discussions are confidential so we’re not at liberty to provide any further detail,” Gregorowski said. The buyout unit is part of Old Mutual Investment Group South Africa. “There is no guarantee that anything will come of these discussions.” Read the rest of this entry »
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