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Nigeria's Fidelity Bank asks Citi to raise $100 mln debt
January 25, 2013 / 12:46 PM / 5 years ago

Nigeria's Fidelity Bank asks Citi to raise $100 mln debt

LAGOS, Jan 25 (Reuters) - Nigeria’s Fidelity Bank has mandated Citi to raise $100 million via a two-year loan from the international debt market, to help increase its foreign currency lending capacity, a senior executive told Reuters on Friday.

Head of Strategy Francis Ikenga said Citi was in the debt market to secure the loan through a book building process and that yield on the paper will be determined at the end of the transaction.

Ikenga said Fidelity had seen an increase in demand for foreign currency loans from all sectors of Nigeria’s economy especially within the oil and gas and telecom sectors.

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