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.
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