Emerging markets giant Actis is adjusting to life after the closing of its $2.9bn third fund by building up its IR and communications teams.

The appointments follow the closing of Actis’ $2.9 billion Emerging Markets 3 Fund in December 2008 – its largest-ever vehicle. Actis has raised smaller real estate funds, including its first dedicated property vehicle for sub-Saharan Africa in 2006, which had more than $350 million of investment capital with leverage.

In this newly-created position, Turtle will manage a seven-strong IR team and report to Actis partner Jonathan Bond, who has been responsible for the firm’s fundraising efforts since before it demerged from CDC Group in 2004. His immediate focus will be communication with the 100 existing institutional investors in Actis’ latest vehicle.

Actis has also revamped its external communications function with the hire of Tashi Lassalle as director of communications. Lassalle, formerly chief marketing officer for listed recruitment company Heidrick & Struggles, has replaced Actis’ incumbent external public relations agency and is mandated to build a permanent communications team.

Breaking News: CBN Appoints new CEO’s for 5 banks, reveals N2.4trn debt

Source: Proshare Limited

The CBN, this morning, at the Emergency Bankers’ Committee convened by the CBN in Lagos confirmed the rumour that has been making the rounds all week that the CEO and Executive Directors of the following five banks have been removed:

1. Erastus Akingbola (Intercontinental Bank);
2. Okey Nwosu (Finbank);
3. Sebastian Adigwe (Afribank Plc);
4. Mrs Cecelia Ibru (Oceanic Bank Plc); and
5. Bartholomew Ebong (Union Bank Plc).

The CBN Governor, Lamido Sanusi explains that the result of the special examination done by the joint team from CBN and NDIC reveals excessive credit lending in the following banks – Oceanic Bank Plc, Intercontinental Bank Plc, Afribank Plc, FinBank plc, and Union Bank of Nigeria Plc.

The CBN Governor says that the CBN today injected N400bn tier 2 capital into the 5 banks. This is to be repaid soon from their offer proceeds.

The CBN Governor ANNOUNCES the following appointments:

1. Mr. John Aboh to take over as CEO of OCEANIC BANK Plc
2. Mr. Lai Alabi to take over as CEO at INTERCONTINENTAL BANK Plc
3. Mr. Arah NEBOLISA to take over as CEO at AFRIBANK Plc
4. Susan Iroche to take over as CEO at FINBANK Plc
5. Mrs. Funke Osibodu to take over as CEO at UNION BANK Plc

Lamido says there will be no setting up of an asset Management Company or bad loan bank until full declaration of exposures by all banks.

Breaking News....

BREAKING NEWS: Dangote is the NSE PRESIDENT. A formal announcement to follow by the DG and new President within the hour.

African Capital Alliance raises $200 million

African Capital Alliance (ACA) announces the first closing of USD 200 million for Capital Alliance Private Equity III (“CAPE III”), a private equity fund which seeks to tap high potential opportunities in sectors such as financial services, oil and gas, power (electricity) supply, communications, manufacturing and services in Nigeria and the West African sub-region. African Capital Alliance mobilizes long-term capital from institutional investors to promote private sector led investments.

The investors in CAPE III include well-known international development finance institutions such as CDC Group, the European Investment Bank, the International Finance Corporation, and Netherlands Development Finance Corporation. In addition, commitments have been made by Nigeria-based institutional investors including First Trustees Nigeria Plc, AIICO Insurance Plc, Africa Re-insurance Corporation and some high net worth individuals.