May 27, 2010First Bank of Nigeria, which is the largest lender in Nigeria, received a $100 million loan from International Finance Corp, which is based in the United States. Shareholders voted to get the loan at a meeting in Abuja. The seven-year loan is $100 million, chief executive officer said at the meeting. Half of the money will be convertible to bank shares in two years; the rest will be non-convertible.
MY REACTION: I think getting money is cool if you need it. I can imagine how Nigeria feels. It is the most populous country in Africa and can use the money.
link: http://www.businessweek.com/news/2010-05-27/first-bank-of-nigeria-accepts-100-million-ifc-loan-update1-.html
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