PE Firms in Running for Nigeria’s Afribank

A consortium of private equity firms is the preferred bidder for Nigeria’s Afribank, Reuters reported. Names of the buyout shops were not released, though Reuters said Fidelity Bank was the reserve bidder. Afribank was one of nine lenders rescued in a $4 billion bailout last year, Reuters said.

(Reuters) – A consortium of private equity investors has emerged as the preferred bidder for Nigeria’s Afribank, with local rival Fidelity Bank the reserve bidder, banking sources said on Friday. Afribank, one of nine lenders rescued in a $4 billion bailout last year, said on Thursday it was in talks with potential investors about recapitalisation, but gave no further details.

Afribank had been considering a bid from Fidelity but opted instead for the private equity investors as its preferred partner, the sources said, without giving any further details.

Both banks declined to comment.

(Reporting by Chijioke Ohuocha; Editing by Nick Tattersall)