Stanbic IBTC issues N19.9bn infrastructure fund

Stanbic IBTC Asset Management, a subsidiary of Stanbic IBTC Holdings, has announced the N19.997 billion series III offer under its Stanbic IBTC Infrastructure Fund N100 billion Programme.

The offer opened on Friday, 25 November 2022 and is scheduled to close on Wednesday, 21 December 2022.

The Fund aims to bridge the funding gap in Nigeria’s infrastructure sector through investing in a careful selection of eligible infrastructure investments across core infrastructure sectors in Nigeria. The Fund, structured as a close-ended collective investment scheme, seeks to provide a target return of 2% to 5% above the prevailing yield on a Federal Government of Nigeria Bond with a similar tenor to the remaining tenor of each series.

The Series III Issuance is for a tenor of 10 years and offers 188,650,000 units of N100 each issued at N106.00 per unit under the Stanbic IBTC N100 billion Infrastructure Fund Programme.

Commenting on this development, Dolu Olugbenjo, Chief Investment Officer, Stanbic IBTC Infrastructure Fund, noted that the Fund has made significant strides to meet its commitment to investors and its dedication to developing Nigeria’s capital market.

The Fund has successfully made cash distributions to eligible unit holders in three incremental instalments within the first nine months of operation and had successfully raised capital over the last two issuances with proceeds disbursed to impact investing.

The Fund also continues to support projects that provide real developmental impact and has invested in infrastructure deals in healthcare and energy sectors that have created direct and indirect employment opportunities for the projects’ host communities.