NGX List N4.075 Billion of the AVA Infrastructure Series One Fund

The Nigerian Exchange (NGX) Limited has announced that it will list N4.075 billion of the AVA Infrastructure Series One Fund on its trading platform.

This was announced by Godstime Iwenekhai, the head of the Issuers Regulation Department, who signed a statement saying, "Trading licence holders are hereby notified of the listing of AVA Global Asset Managers Limited's AVA Infrastructure Series one Fund of 4,075 units of N1 million each issued at par under the N200 billion issuance program." 

The report stated that each 4,075 AVA Infrastructure Series One Fund unit, a closed-end fund with unit trust schemes denominated in naira, was listed on the Main Board of NGX for N1 million. AVA Capital Partners Limited issues the fund, its trustee is STL Trustees Limited, its custodian is United Bank of Africa Plc, and its registrar is Cordros Registrars Limited.

It was also reported that the Securities and Exchange Commission (SEC) approved the N200 billion Infrastructure Fund of asset management firm AVA Global Asset Managers Limited.

The fund was first launched on January 29, 2024, was recently issued in Series I by AVA Global Asset Managers, and has a maximum size of N200 billion. It closed on March 6, 2024, and its goal is to support the nation's infrastructure development. 

It stated that "the fund aims to address Nigeria's infrastructure gaps by strategically channeling institutional capital into infrastructure projects and is designed to encourage innovative businesses in sectors such as power, telecommunications, agribusiness and supporting infrastructure, gas distribution, processing, and storage.

"The fund's main objective is to deliver consistent and reliable income to unit holders through debt financing for infrastructure projects in Nigeria. It focuses on projects or businesses that offer vital economic and social services, exhibits stable cash flows, and utilise long-lived assets."

According to Mr. Efe Shaire, managing director of AVA Global Asset Managers, the fund's objective was strategically allocating private credit. These emphasising projects would significantly impact and generate consistent payments in the future.

He emphasised the need for innovative financial products, cooperative efforts, and other strategic initiatives from private sector entities to fully realise the significance of private sector involvement in financing infrastructure.

The fund's listing on NGX clearly shows the Exchange's dedication to sustainable investing in Africa and the growing interest and demand for such investments. As part of its sustainability push for the capital market, NGX is dedicated to promoting more listings in the sustainable finance sector and providing visibility to sustainable financial instruments listed on its platform.