NGX lists N4.075bn AVA Infrastructure Fund

Date:

May 11, 2024.

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Azonuchechi Chukwu.

The Nigerian Exchange Ltd. (NGX) has listed N4.075 billion of AVA Infrastructure Series One Fund on its trading platform.

Mr Godstime Iwenekhai, Head, Issuers Regulation Department of NGX, disclosed this in a statement on Saturday 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. (www.naija247news.com).


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Azonuchechi Chukwu
Azonuchechi Chukwuhttps://gravatar.com/azonuchechivchukwu
Azonuchechi Chukwu - Business Journalist at Naija247news.com Azonuchechi Chukwu is a seasoned business journalist contributing to the insightful coverage of economic and financial news at Naija247news.com. With a passion for unraveling the complexities of the business world, Azonuchechi brings a wealth of expertise and dedication to his role. As a Business Journalist, Azonuchechi specializes in providing comprehensive analyses of market trends, corporate developments, and economic indicators. His in-depth reports offer Naija247news.com readers a nuanced understanding of the forces shaping the Nigerian and global business landscapes. Azonuchechi Chukwu's commitment to journalistic excellence is evident in his ability to translate complex financial information into accessible and engaging narratives. Whether exploring stock market fluctuations, corporate strategies, or economic policies, he strives to deliver content that empowers readers with valuable insights. With an educational background in business and a keen interest in the intersection of finance and technology, Azonuchechi stays at the forefront of industry dynamics. His coverage extends beyond traditional financial reporting, encompassing the dynamic realms of fintech, entrepreneurship, and sustainable business practices. Azonuchechi Chukwu's work goes beyond the surface, aiming to foster financial literacy and awareness among Naija247news.com's audience. By demystifying economic complexities and shedding light on emerging opportunities, he plays a pivotal role in keeping readers well-informed in the fast-paced world of business. As Naija247news.com's Business Journalist, Azonuchechi Chukwu continues to make meaningful contributions to the platform's mission of delivering timely, accurate, and relevant business news to its diverse audience. His dedication to journalistic integrity and his ability to navigate the intricacies of the business realm make him an invaluable asset to the Naija247news.com team.

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