Nigeria backed Investment Bank Africa Finance Corporation (AFC) is a prime candidate to bring to the Nigerian Stock Exchange (NSE) which could add N178 billion to the total capitalisation of the bourse.
The valuation is derived by Naira – metrics from the 5 percent equity holdings of Zenith Bank Plc in AFC, which is “valued at N8.9 billion as at June 2015,” according to data from Zenith Banks recent financials.
The AFC is a private sector-led investment bank and development finance institution which has the Central Bank of Nigeria (CBN) as the single major shareholder (42.5%) with other African financial institutions and investors holding the remaining shares.
AFC recently established a $3 billion bond program in April 2015 and issued its debut $750 million, five-year Eurobond under it.
With a current capital base of US$2.9 billion, AFC is now the second highest investment grade rated multilateral financial institution in Africa with an A3/P2 (Stable outlook) rating from Moody’s Investors Service.