Nigerian Oil Tycoon Kola Aluko Launches $500 Million African Development Fund At Nasdaq


Kola Aluko, Ozwald Boateng and Jamie Foxx At NASDAQ. Image source: NASDAQ
Kola Aluko, Ozwald Boateng and Jamie Foxx At NASDAQ. Image source: NASDAQ

Nigerian oil magnate Kola Aluko and  Ghanaian-born British fashion designer Ozwald Boateng have launched Africa50, a $500 million African infrastructure project development fund.

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Oscar-winning actor and musician Jamie Foxx joined the two African businessmen to officially launch the fund on Wednesday at the NASDAQ in New York where they rang the opening bell.

frica50, a $500 million Pan-African infrastructure fund, is a joint venture between the African Development Bank (AfDB) and the Made In Africa Foundation (MIAF), a UK non-profit organization founded by Kola Aluko and Ozwald Boateng to facilitate development in Africa by funding large-ticket infrastructure projects across sub-Saharan Africa.

So far, Africa50 had raised about $250 million. Aluko and the African Development Bank have committed $50 million each to the fund. Together with the AfDB, the Made In Africa Foundation plans to attract investments from development finance institutions, pension funds, sovereign wealth funds and governments to the fund. Capri Global Capital, a US-based investment advisory founded by African-American fund manager Quintin E. Primo III, will work with the AfDB and MIAF in raising the additional capital.

The alliance between MIAF and AfDB aims to raise $500 million for Africa50’s project development arm by the first half of 2014. The money will be used to fund feasibility studies of large-scale infrastructure projects. Made In Africa is also planning to raise a $10 billion

Babatunde Akinsola
Babatunde Akinsola
Babatunde Akinsola is aNaija247news' Southwest editor. He's based in Lagos and writes on the Yoruba Nation political issues, news and investigative reports

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