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British International Investment to Invest $1B in Nigerian Banks, Telecoms, and Other Key Sectors in the Economy

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The British International Investment (BII), the UK Government’s Development Finance Institution (DFI), is investing $1 billion in Nigerian banks, infrastructure and power in the next five years.

The BII’s investment strategy was announced yesterday by the Chief Executive Officer, British International Investment, Nick O’Donohoe, at a briefing in Lagos.

He said the BII has invested $100 million in FirstBank; $75 million in Stanbic IBTC; $15 million in CardinalStone Capital Advisors and a $162.5 million syndicated loan package in Access Bank.

Azura Power also got $30 million in debt finance to support the construction of the 461 mega wats Azura-Edo power plant.

He said investments reflect BII’s focus on mobilising capital to build self-sufficiency and market resilience in Nigeria and improve access to inclusive economic opportunities while helping to catalyse Nigeria’s boundless entrepreneurial ambition.

O’Donohoe said: “Investing in the prosperity of Nigeria’s growing population requires innovative new partnerships that can leverage the country’s abundant capabilities and expertise.’’

He said investments in key segments of the economy are evaluated based on sustainability, inclusion and productivity.

“I am delighted that not only will BII’s investment help to create jobs and provide entrepreneurial self-starters with the means to own their vehicles,” he said.

British High Commissioner, Catriona Laing CB, said: “It’s a pleasure to be in Lagos to mark the launch of British International Investment. BII forms an important part of UK’s package of tools and expertise to help Nigeria build their pipeline for investment and scale up infrastructure investment, in particular, to achieve clean, green growth.”

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Investment

MIRI Strategic Emerging Markets Fund Invests N261.406 Million NGX Group

MIRI Strategic Emerging Markets Fund, a Hedge Fund based in Massachusetts, has invested N261.406 million in the Nigerian Exchange Group (NGX Group) Plc.

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Nigerian Exchange Limited - Investors King

MIRI Strategic Emerging Markets Fund, a Hedge Fund based in Massachusetts, has invested N261.406 million in the Nigerian Exchange Group (NGX Group) Plc.

NGX Group disclosed this in a statement signed by Mojisola Adeola, Company Secretary and obtained by Investors King.

MIRI Strategic Emerging Markets Fund was founded in December 2018 and raised $128.98M from 40 investors to commence operations.

The company, a substantial shareholder in NGX Group, purchased an additional 10,617,641 shares at N24.62 a unit on June 27, 2022. This translates to an additional investment of N261.406 million.

As an insider with existing holdings in NGX Group, NGX Group is required by Security and Exchange Commission (SEC) to disclose all insider trading like the MIRI Strategic transaction.

SEC instituted the policy to enforce transparency across the Exchange and ensure shareholders and the public are aware of all insiders’ activities.

The purchase took place at the Nigerian Exchange Limited trading floor in Lagos, Nigeria. See the picture before for other details.

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Enko Opportunity Growth Fund Ltd Invested N3.8 Billion in Ecobank

Enko Opportunity Growth Fund Ltd, linked to Mr. Alain Nkontchou, a Director of Ecobank Transnational Incorporated (ETI), has invested a total sum of N3.8 billion in Ecobank Transnational Incorporated.

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Ecobank - Investors King

Enko Opportunity Growth Fund Ltd, linked to Mr. Alain Nkontchou, a Director of Ecobank Transnational Incorporated (ETI), has invested a total sum of N3.8 billion in Ecobank Transnational Incorporated.

Enko Opportunity Growth Fund, a hedge fund company, acquired a total of 322,010,114 shares at N11.83 a unit in Ecobank Transnational Incorporated between March 30, 2022 to May 5, 2022, the bank disclosed this in a statement signed by Madibinet Cisse, Company Secretary.

The transaction was carried out at the Nigerian Exchange Limited (NGX) trading floor in Lagos, Nigeria.

The investment, classified as insider trading, was reported on Friday in line with the Nigerian Security and Exchange Commission (SEC) despite commencing purchase in March. Meaning, the announcement was done to further strengthen the bank’s perception among investors, especially after announcing strong positive financial results for the first half of 2022.

For the first half of 2022, Ecobank announced a 24% increase in profit after tax from N62.553 billion to N77.313 billion.

Commenting on the sound performance, Ade Ayeyemi, CEO of Ecobank Group, said our results for the first six months of 2022 reflect not only the benefits of the firm’s diversification but also our resilience and capabilities to continue serving our clients and customers in a challenging environment and still generate adequate returns responsibly for our shareholders. As a result, we delivered a return on tangible equity of 19.5%, a record, and increased earnings per share for shareholders by 24% year-on-year.

In addition, profit before tax increased by 24% to $261 million and by 53% if you adjust the increase for the significant depreciation of some of our critical African currencies to the US dollar, says Ade Ayeyemi, CEO, Ecobank Group.

 

 

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The US$6bn Water Investment Programme Set to Transform Zambia’s Social-economic Outlook by 2030

This week the Zambian Government launches its game-changing US$6billion Zambia Water Investment Programme during the African Union mid-year Summit in Lusaka.

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water projects - Investors King

By Alex Simalabwi, Executive Secretary  of the Global Water Partnership Africa-Coordination

This week the Zambian Government launches its game-changing US$6billion Zambia Water Investment Programme during the African Union mid-year Summit in Lusaka.

The Programme is part of the Continental Africa Water Investment Programme (AIP) that was adopted by African Union Heads of State and Government as part of the Programme for Infrastructure Development in Africa – Priority Action Plan 2, during the AU Summit on 7th February 2021.

The Country is faced with challenges of poor access to clean water and decent sanitation. Joint UNICEF and WHO statistics indicate that over 6.4 million people in a population of about 18 million, do not have access to clean running water and nearly 8 million lack access to adequate sanitation. This affects the social economic development of the country with women and girls, mostly tasked with collecting water and doing home chores, bearing the brunt of it.

Estimating the relationship of water with economic growth and jobs is challenging due to lack of data, particularly in regard to determining the degree of water dependency of jobs. However, the UN reports that for every dollar invested in water and sanitation, there is a US$4.3 Ureturn in the form of reduced health care costs for individuals and societies around the world.

The UN estimates that three out of four jobs that make up the global workforce are either heavily or moderately dependent on water. Investment in small-scale projects including rainwater harvesting providing access to safe water and basic sanitation in Africa could offer an estimated economic return of US$ 28.4 billion a year, or nearly five per cent of gross domestic product (GDP) of the continent. Such investments have a beneficial effect on employment.

Led by the Ministry of Water Development and Sanitation, the Zambia Water Investment Programme hopes to leverage up to US$6 billion in water security investments and the creation of about 200,000 direct formal jobs by 2030. In addition, the Programme envisages that at least 800,000 indirect jobs will be created for vulnerable and poor youths, women, and other marginalized groups.

What makes this Investment Programme different from other such frameworks is that, firstly there is high-level political commitment at the Head of State level within the country and internationally, through the African Union and the High-Level Panel of former and current Heads of State. The Panel was launched by the AU Chairperson and President of Senegal H.E. Macky Sall, at the 9th World Water Forum in Dakar, Senegal on 25th March, 2022. Its objective is to develop actionable pathways for mobilising $30 billion annually by 2030, for implementing the AIP, under which Zambia’s Water Investment Programme falls, and to close the existing water investment gap in Africa.

The Panel is led by three Co-chairs:

  • E. Macky Sall, as Co-Chair in his capacity as Chairperson of the African Union.
  • E Mark Rutte, Prime Minister of the Kingdom of The Netherlands
  • E. Hage Geingob, President of the Republic of Namibia
  • E Jakaya Kikwete, (Alternate Co-Chair) former president of the United Republic of Tanzania, who is also Chairperson of the Board of Global Water Partnership Southern Africa and Africa Coordination.

Secondly, the Investment Programme also known as AIP Zambia, is home-grown and aligned to the Four Strategic Development Areas of Zambia’s Eighth National Development Plan, 2022-2026. It was widely consultative and inclusive with inputs from development partners and local stakeholders. Global Water Partnership (GWP) Zambia joined the water sector development partners in designing the Programme.

AIP Zambia comes with a first of its kind mutual accountability tracking tool, the AIP-PIDA Scorecard that was adopted by AU Heads of States in February 2022. The scorecard will track progress in investment mobilisation, identify gaps, bottlenecks and define areas for mutual accountability. AUDA-NEPAD will report its progress to the African Union every six months.

The Programme recognizes that financing is a key issue, so it promotes Public-Private Partnerships (PPPs) to water resourcing via the Blended Finance approach, as a viable way of making development priorities on water more investable. According to a recent Report by WaterAid, this approach involves the strategic use of public or philanthropic development capital to de-risk investments related to the SDGs, in order to attract commercial capital from private investors who would otherwise not have participated.

Rather than rely on treasury and donor funding, AIP Zambia hopes to leverage a water development fund, resourced via blended financing mechanisms that will leverage Official Development Assistance (ODA) and grant finance to de-risk priority water investments.  The various financing models include sovereign wealth funds, green local municipal water bonds, international investment guarantees, institutional investors and private equity, foundations, value-based impact investment, and climate finance. For local and rural populations, off-grid solar powered water distribution networks combing local water-energy-food security, scaling up rainwater harvesting schemes will be central.

The AIP Zambia delivery model will build on experiences from similar delivery units from other parts of the world including India’s Swachh Bharat Mission led by Prime Minister Narendra Modi, who slashed through India’s notorious red tape and pushed aside thorny political divisions to see it through. According to UNICEF the number of people without a toilet in India reduced from 500 million to 50 million in four years, between 2014 and 2018.

Positive spin-offs of the Zambia Water Investment Programme are expected to benefit communities in rural areas and densely populated shanty townships. The Programme will also see the creation of gender-centred climate resilient programmes, skills training and the growth of green-economy related small and medium enterprises.

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