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 »
FirstRand Ltd. and Standard Bank Group Ltd., South Africa’s two biggest banking groups, have both registered with the Central Bank of Nigeria (CBN) to investigate buying distressed lenders in the West African country.
The timetable for buying any of the 10 Nigerian institutions that failed an audit last year will be determined by the CBN, FirstRand CEO Sizwe Nxasana said today. The Johannesburg-based bank said it may prefer to buy one of Nigeria’s “healthier” banks.
FirstRand first mooted its African expansion plans last June while 
Standard Bank already operates in Nigeria through its controlling stake in Stanbic IBTC.
Nigeria’s Fidelity Bank is interested in buying one of nine banks rescued by the Central Bank of Nigeria (CBN) earlier this year and is awaiting guidelines on how such a bid would proceed, Fidelity’s CEO Reginald Ihejiahi said on Wednesday.
The Central Bank of Nigeria (CBN) yesterday made good its threat to publish names of non-performing debts – owed mostly by politicians, entrepreneurs, and shareholders/directors – whose companies secured loans totaling N450 billion from five banks. 
