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Private equity funds drive investment into Nigeria

Africa-focused private equity firms are fast becoming strong vehicles of investment into the continent’s market. A recent research report by Preqin, an independent research firm focusing exclusively on alternative assets, showed that increasingly, Development Finance Institutions (DFIs) are allocating a certain percentage of their investment portfolios to African private equity firms on a regular basis.

Top DFIs with increasing investment in Africa include: the World Bank’s International Finance Corporation (IFC), the Overseas Private Investment Corporation (OPIC), the UK’s CDC Group and Germany’s DEG.

BusinessDay research shows that in the 2010 fiscal year alone, IFC increased its investments in sub-Saharan Africa to $2.4 billion for its own account from $1.8 billion the previous year, surpassing the $2 billion mark for the first time, according to information obtained from the IFCs website. This represents 42 percent of the IFC’s $5.7 billion in new loan commitments globally.

Two Nigerian banks - GTBank and First Bank of Nigeria plc benefited from the IFC investment in 2010. GTBank plc got $200 million in long-term funding; while First Bank got a $100 million in convertible sub-debt and senior loans.

Last month, Washington DC-based private equity firm, Carlyle, which has $88billion under management, announced plans to set up a sub-Saharan African investment group, with offices in Johannesburg and Lagos. Carlyle is the first of the big US-based private equity firms to set up office in Lagos. BusinessDay investigations show that most of the big private equity firms are using South Africa as a platform for entry into the sub Saharan Market, with Nigeria being a major target.

Emerging Capital Partners (ECP), another private equity firm with office in Lagos, in 2010 also raised $613 million in its third pan African equity fund, to bring its total funds under management to $1.8 billion. ECP is said to have invested more than $1 billion in Africa in 2010.

Speaking on the emergence of DFIs and private equity firms as alternative finance sources, Okey Enelamah, CEO of African Capital Alliance (ACA), a leading private equity firm, agreed that the DFIs had played a significant role in the development of private equity in Africa.

“Private Equity has contributed significantly to improving the economic landscape of several African countries, including Nigeria, through mobilising private sector capital,” he stated.

Bradford Exchange Canada

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