Nairobi, Sept. 7 -- Nigeria has injected Sh1.01 billion ($9.4 million) in additional capital in Nairobi headquartered Pan African housing development financier Shelter Afrique, making the west African country the second largest shareholder in the organisation after Kenya.
The capital injection is the first tranche of a commitment by Nigeria to inject up to Sh3.16 billion ($29.3 million) in the firm. It now takes the country's stake to 14.77 per cent, second behind Kenya's 14.87 per cent and ahead of the AfDB at 14.28 per cent.
Nigeria previously held a 10.71 per cent stake in the firm as at December 2019.
Shelter Afrique managing director Andrew Chimphondah said they also received a further Sh713 million in additional capital from Rwanda...