C & I Leasing plc has announced an agreement with Aureos West Africa Fund to purchase an additional 28 percent of Leasafric LTD, Ghana, taking its shareholding to 87 percent subject to the requisite regulatory approvals.

C & I Leasing notified the Nigerian Stock Exchange that pending approval of the company’s Board of Directors the purchase of an additional 28 percent of the ordinary shares in Leasafric Ghana will be formalized. According to the company, the proposed purchase gives it a platform to exploit emerging opportunities in the rapidly growing Ghanaian economy.

The company disclosed that Leasafric has witnessed some impressive growth both in turnover and profit in recent years as profit grew by 137 percent and 311 percent in 2010 and 2011 respectively. With its portfolio quality greatly enhanced, Leasafric is one the leading lease companies in Ghana, with over 15 years in the industry.

C&I hopes to leverage on that when  the deal is approved.

C&I Leasing, a finance company licensed by the Central Bank of Nigeria, provides structured operating and finance leases to several sectors in Africa’s second largest economy. In recent years, it has added other activities –  outsourcing/logistic support services – to  its portfolio.

The company is a key player in the strategic oil and gas service industry where it provides leases and ancillary services to both local affiliates of international companies including Cadbury, Heineken, Chevron, ExxonMobil, MTN amongst others.

Recently, C&I Leasing unveiled three newly built line handling vessel in Lagos, valued at not less than N2 billion ($12.3 million), with three other newly built fast crew vessels expected to join the fleet by the end of this year.