Bloomberg News

Union Bank Nigeria Shareholders Approve Recapitalization

September 30, 2011

Sept. 30 (Bloomberg) -- Union Bank Nigeria Plc’s shareholders approved a recapitalization plan by African Capital Alliance, its core investor, Chief Executive Officer Funke Osibodu said.

Investors also okayed a rights offer, she told reporters in Abuja, the capital, today. African Capital will inject $500 million into the lender, which was bailed out in 2009 by the central bank, allowing to meet the agency’s recapitalization deadline of today.

To contact the reporter on this story: Elisha Bala-Gbogbo in Abuja at

To contact the editor responsible for this story: Emily Bowers at

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