Abraaj Stake in Nigeria’s C&I Leasing to Drop After Share Sale - Bloomberg:
Abraaj Group, the private-equity firm forced into liquidation last year after being accused mismanaging investor funds, will reduce its stake in C&I Leasing Plc by not subscribing to a share sale to existing investors.
“They have made it known to us they are not willing to take up their rights,” C&I Chief Executive Officer Andrew Otike-Odibi said by phone. Abraaj obtained the approval of Nigeria’s Securities and Exchange Commission to convert a $10 million loan to C&I into equity, which when executed will give liquidators of Abraaj 70% of the Lagos-based company.
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