Russian Owned Renaissance Capital Denies It Is Shutting Down Operations In Nigeria

Renaissance Capital, a Russian owned Nigerian based investment firm, has denied rumours that it is closing up shop in the country.

Samuel Sule, Chief Executive Officer of Renaissance Capita Nigeria, revealed this to Nairametrics.

The news of Renaissance Capital’s closure was slowly spreading throughout the Nigerian financial community. However, when Renaissance Capital was contacted directly, they replied that “it was completely false “

However, he emphasized that Renaissance Capital is undergoing restructuring and will not be closed down immediately.

He said “Nigeria is one of our most significant markets, and we remain open for business across our core markets”

He also clarified that the company’s redesign resulted in the cessation of research coverage, but that it will be reinstated soon.

He added, “We are currently restructuring operations of Renaissance Capital Limited and RenCap Securities Inc in London and New York. “

What you should know

• Renaissance Capital, the investment bank owned by Russian billionaire Mikhail Prokhorov, is closing its London and New York offices and ceasing research coverage across all industries globally.
• According to Bloomberg, RenCap will lay off approximately a dozen individuals in New York and the majority of the 60 or so people in London, leaving only a tiny crew to wind down its UK activities.
• As a result, executives are working on a new ownership structure that will see existing holdings closed and new firms established in London, New York, and Africa.
• Rencap wrote its clients, announcing that it has stopped analyst coverage in all of its sectors and geographies, from Russia to Rwanda, and from the United Arab Emirates to Uganda, as discussions neared the deadline.
• The Times of Israel reported on April 4 that Prokhorov had emigrated to Israel and received citizenship. Prokhorov’s maternal grandmother, Anna Belkina, a prominent Russian microbiologist, was Jewish, making him eligible for Israeli citizenship.
• Prokhorov, who has a net worth of $13.8 billion and is ranked as Russia’s 12th richest person by Bloomberg, has distanced himself from the Kremlin over the last decade after standing as a proxy opposition candidate against Vladimir Putin for the Russian presidency in 2012.
• Prokhorov has not been sanctioned by the United States, the European Union, or the United Kingdom as a result of Russia’s invasion of Ukraine.