Stanbic IBTC Asset Management, a subsidiary of Stanbic IBTC Holdings, announced the N19.997 billion series III offer as part of its Stanbic IBTC Infrastructure Fund N100 billion Programme.
The offer went live on Friday, November 25, 2022, and is set to close on Wednesday, December 21, 2022.
The Fund aims to close the funding gap in Nigeria’s infrastructure sector by investing in a carefully selected portfolio of eligible infrastructure investments across Nigeria’s core infrastructure sectors.
The Fund, which is structured as a closed-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 tenor comparable to the remaining tenor of each series.
The Series III Issuance has a ten-year term and offers 188,650,000 units of N100 at N106.00 per unit as part of the Stanbic IBTC N100 billion Infrastructure Fund Programme.
Chief Investment Officer of Stanbic IBTC Infrastructure Fund, Dolu Olugbenjo commented on this development, saying that the Fund has made significant strides to meet its commitment to investors and to developing Nigeria’s capital market.
Within the first nine months of operation, the Fund made three incremental cash distributions to eligible unit holders and successfully raised capital through two issuances, with proceeds allocated to impact investing.
The Fund also continues to support projects that have a genuine developmental impact and has invested in infrastructure deals in the healthcare and energy sectors, which have resulted in direct and indirect job creation in the host communities.