AVA Infrastructure Series One Fund has been listed on the trading platform of the Nigerian Exchange Ltd. (NGX) for N4.075 billion. In a statement released on Saturday in Lagos, Mr. Godstime Iwenekhai, Head of NGX’s Issuers Regulation Department, revealed this.
According to Iwenekhai, the N200 billion issuance program saw the equal issuance of 4,075 units of the AVA Infrastructure Series 1 Fund, each worth N1 million, by AVA Global Asset Managers Ltd.
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.
He claims that the fund’s listing on the NGX is a glaring example of both the Exchange’s dedication to sustainable investment in Africa and the rising interest and demand for it.
As part of its sustainability push for the capital market, Iwenekhai stated that the NGX is dedicated to promoting additional listings in the sustainable finance sector and to providing visibility to sustainable financial instruments listed on its platform.
Mr. Efe Shaire, managing director of AVA Global Asset Managers, commented that the fund’s objective was to carefully distribute private credit, emphasizing projects that would have a significant effect and steady, 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.
