Africa Plus Partners Lists ₦20.5bn Carbon Mitigation Fund On NGX

Caption: From left, Ike Chioke, Managing Director, Afrinvest West Africa Limited; Lazarus Angbaso, Chief Executive Officer, InfraCorp; Anhad Narula, Chairman, Africa Plus Partners; Temi Popoola, Chief Executive Officer, Nigerian Exchange Limited (NGX); Adeniran Ajakaiye, Managing Director, Africa Plus Partners; Kalim Shah, Senior Country Manager, Nigeria, International Finance Corporation (IFC);  Jude Chiemeka, Divisional Head, Capital Markets, NGX and Dayo Adu, Managing Partner, Famsville Solicitors during a Closing Gong Ceremony in commemoration of the Memorandum Listing of the Africa Infra Plus Fund 1 at the Exchange on Tuesday, 24 January 2023.

As part of its resolve to champion sustainable investing across Africa, the Nigerian Exchange Limited (NGX), on Tuesday, January 24, 2023, announced the listing of a ₦20.5bn Africa Infra Plus Closed-end Infrastructure Fund (AIPF I).

The listing of AIPF 1, Nigeria’s first Carbon+ (ESG-focused) Naira-denominated infrastructure fund co-managed by Africa Plus Partners Plc, and Capitaltrust Investments & Asset Management Limited, was commemorated with a closing gong Ceremony.

According to a statement by the NGX, AIPF 1’s structure is a pool of equity and quasi-equity investments in Carbon+ infrastructure projects that promote sustainable development including, but not limited to roads, power, water supply, wastewater management, ports, and airports.

The fund also acquires shares and other investment instruments issued by socially responsible entities carrying on infrastructure business or executing infrastructure projects exclusively.

The statement quoted Chief Executive Officer, NGX, Temi Popoola as saying that the “listing marks a significant milestone in our commitment to promoting sustainable investing and reducing the drivers and impact of climate change. We are proud to be at the forefront of this and look forward to more exploits as we drive growth in the capital market.”

Also commenting, Chairman, Africa Plus Partners, Anhad Narula described AIPF 1 as “a sustainable infrastructure fund that specialises in carbon mitigating infrastructure investments. The fund, whose investors include ordinary Nigerians via their pension fund administrators, is committed to investing in sustainable infrastructure businesses that align with the global energy transition and move towards cleaner sources of energy and efficiently run, sustainable infrastructure and utility services.”

Also speaking, Managing Director, Africa Plus Partners Plc, Adeniran Ajakaiye said the listing is aimed at demonstrating the highest levels of good governance and transparency, as we continue to deliver active returns to shareholders, whilst addressing Nigeria’s ‘missing middle’ infrastructure gap.”

AIPF, the statement stressed further, aims to address the imbalance between the need for infrastructure development and the concerns about environmental and social impact by investing in projects that meet strict ESG criteria. The listing of the fund on NGX is a clear indication of the growing interest and demand for sustainable investing in Africa and the Exchange’s commitment to the same. NGX also plans to launch an Impact Board to further give visibility to sustainable financial instruments listed on The Exchange and to encourage more listings in the sustainable finance segment as part of its sustainability drive for the capital market.