Afribank Nigeria Plc has signed a Memorandum of Understanding (MoU) with a potential core investor – Vine Capital Partners Limited  and Phoenix Acquisition Company Limited.

Vine Capital Partners is an emerging markets private equity firm with an interest in Banking and Financial Services in Sub-Saharan Africa.   The Vine Capital Consortium is made up of local and international firms.

According to a statement issued by the management of  Afribank on Tuesday, saying, “the signing of the MOU provides a framework for the process by which the Bank will be recapitalized.

The process will be subject to the approval of the Bank’s shareholders, the Central Bank of Nigeria (CBN), the Securities & Exchange Commission (SEC) and the Nigerian Stock Exchange and the Federal High Court.