The news comes despite a slump in fortified sugar sales and a single-digit increase in its direct production costs.
The gains can be linked to the group’s better-than-expected financial results for Q1 2021.
Bolarinde led the company’s board between 2002 and 2013 after retiring as managing director and CEO in March 2002.
Several weeks ago, Dangote launched a $2.5-billion fertilizer plant that produces three times more than local consumption.
The company recently added a new Embraer (E195-E2) to its commercial fleet.
Founded in 1995, the company is Malawi's first private bank.
Farouk Lawan sought and obtained a bribe from Otedola during a probe into an alleged fuel subsidies scam.
The latest round involves $30 million in equity and $12 million in debt facilities.
The gains can be linked to a 41-percent rise in the group’s share price on the Casablanca Stock Exchange.
The states to benefit from the latest disbursement include Ogun, Sokoto, Kwara and Edo.
The decline can be attributed to the profit-taking activities of retail investors who exited the bank.