March 14, 2017

IFC Mulls $8.2m Investment in Nigerian Hospital Project Sponsored by AXA Mansard

Dolapo Omidire

The IFC, a member of the World Bank Group, is considering a USD $8.2m equity investment for a 20% equity stake in a hospital project in Lagos, Nigeria sponsored by AXA Mansard Insurance. The hospital will be built on a 20,000m2 land purchased by AXA Mansard in Ikate Elegushi, Lekki along the Lekki/Epe Expressway, which was a portion of Bela Vista Estate and is classified as commercial land.

The funds will be used to support the green-field development, construction and operation of a 150 bed hospital and two clinics; one within the mainland and the other in Lagos Island, serving as feeders. Africa Capital Alliance (ACA), a private equity fund, is also considering to invest in the project for a 40% stake.

The IFC published its intention to consider and potentially invest in this project as part of their Access to Information Policy (AIP), which seeks to provide accurate and timely information to its clients, partners and stakeholders.

AXA Mansard has also partnered with Healthshare Health Solutions Ltd, a South African hospital operator with international hospital development and management experience to manage and operate the hospital. In addition to Healthshare’s management role, Healthshare’s parent company, EOH Holding Ltd will invest equity for a 5% equity stake in the Company. EOH Holding Ltd is a major South African business and technology solution provider.

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