NGX lists N4.075bn AVA Infrastructure Fund
The Nigerian Exchange Ltd. (NGX) has listed N4.075 billion of AVA Infrastructure Series One Fund on its trading platform.
The Head, Issuers Regulation Department of NGX, Mr Godstime Iwenekhai disclosed this in a statement during the weekend in Lagos.
Iwenekhai said AVA Global Asset Managers Ltd’s., AVA Infrastructure Series 1 Fund of 4,075 units of N1 million each was issued at par under the N200 billion issuance programme.
He said, “AVA Infrastructure Series One Fund’s 4,075 units were listed on the Main Board of NGX at N1 million each as a closed-end Fund and naira-denominated unit trust scheme.
“AVA Capital Partners Ltd. is the Issuing House for the Fund, the Trustee to the Fund is STL Trustees Ltd., the Custodian of the Fund is United Bank of Africa Plc(UBA) and the Registrar for the Fund is Cordros Registrars Ltd.”
According to him, the listing of the fund on the NGX is a clear indication of the growing interest and demand for sustainable investing in Africa and the Exchange’s commitment to the same.
Iwenekhai noted that the NGX is committed to giving visibility to sustainable financial instruments listed on its platform and to encouraging more listings in the sustainable finance segment as part of its sustainability drive for the capital market.
Commenting, the managing director of AVA Global Asset Managers, Mr Efe Shaire stated that the fund aimed to strategically allocate private credit with a focus on impactful projects with robust and predictable future cash flows.
Shaire emphasised the importance of private sector involvement in infrastructure financing, stressing the necessity for collaborative efforts, innovative financial products, and other strategic initiatives from private sector entities.
Meanwhile, the Securities and Exchange Commission (SEC) approved the N200 billion Infrastructure Fund of an asset management firm, which is AVA Global Asset Managers Ltd.
AVA Global Asset Managers recently launched its Series One issuance of the fund, sized at up to N200 billion on Jan. 29 and closed on March 6, aimed at bolstering infrastructural development within the country.
The fund aims to address Nigeria’s infrastructure gaps by strategically channelling institutional capital into infrastructure projects.
It is also designed to encourage innovative businesses in sectors such as power, telecommunications, agribusiness supporting infrastructure, gas distribution, processing, and storage.
The main objective of the fund is to deliver consistent and reliable income to unit holders through debt financing for infrastructure projects in Nigeria.
The fund seeks to focus on projects or businesses that offer vital economic and social services, exhibit stable cash flows, and utilise long-lived assets.
