KEY POINTS
- Nigeria’s capital injection is its first tranche of commitment to invest up to Sh3.16 billion ($29.3 million) in the firm. Nigeria’s stake stands at 14.77 percent, behind Kenya’s 14.87 percent and ahead of AfDB at 14.28 percent.
- Shelter Afrique managing director Andrew Chimphondah noted that the firm also received further additional capital from Swaziland, Uganda, Zimbabwe, Namibia, Rwanda, Lesotho, Mali, and Togo.
- The capital injection by Nigeria is the latest series of moves the country is making to gain a larger foothold in pan African financial bodies.
Nigeria has injected Sh1.01 billion ($9.4 million) more in the capital in Pan African housing development financier Shelter Afrique making it the second-largest shareholder in the organization after Kenya.
Nigeria’s capital injection is its first tranche of commitment to invest up to Sh3.16 billion ($29.3 million) in the firm. Nigeria’s stake stands at 14.77 percent, behind Kenya’s 14.87 percent and ahead of AfDB at 14.28 percent.
As of December 2019, the West African country previously held a 10.71 percent stake in the organization.
Shelter Afrique managing director Andrew Chimphondah noted that the firm also received further additional capital from Swaziland, Uganda, Zimbabwe, Namibia, Rwanda, Lesotho, Mali, and Togo.
“This is a strong show of confidence in Shelter Afrique by member countries that the institution is now better governed and has significantly improved its financial performance,” said Mr. Chimphondah.
The firm – Shelter Afrique is jointly owned by 44 African nationals, AfDB, and African Insurence Corporation.
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In December last year, the firm posted an Sh59 million loss narrowing its loss from the Sh940.8 million reported in 2018.
The capital injection by Nigeria is the latest series of moves the country is making to gain a larger foothold in pan African financial bodies.
Nigeria recently increased its stake in AfDB from 13 percent to 16.8 percent ahead of non-regional members – Germany (7.4 percent) and the US (5.5 percent).
