Group set for 40 billion euros direct investments in Nigeria

By The Rainbow
Listen to article


A multinational group of high net-worth private investors with bases in Europe and Brazil have concluded to make major investments in Nigeria, it said in a statement.

The mega project, tagged AMPLE, an acronym for Agriculture & Aviation, Marine & Medicals, Petroleum& Power, Leisure and Leases, Estates & Educational Development; has been designed to target investments worth about 40 billion Euros in the specified areas, according to the statement by the group's legal adviser, Mr. Greg Anumenechi .

The funds, a product of alternative investment markets, has huge collaterised long and medium term notes and bank guarantees from high net-worth banks and sovereign bond instruments for cash backed by investments in Nigeria.

The offshore credit lines are being managed by Barclays Bank  and HSBC for direct investment in viable business ventures in Nigeria.

Anumenechi said  the consortium of investors will partner with credible local organisations in Nigeria to form a synergy for long term mutually beneficial economic development.

The investment, according to the statement, will no doubt lead to massive employment of jobless Nigerians. The effect will jump start the nation's economy in an unprecedented dimension.

Amunechi said the consortium has already signed a memorandum of understanding with three Nigerian companies in the oil and Gas, Real Estate and a private institution.

The MOU is tailored towards the establishment of a modular refinery, a real estate development and a private international university in Nigeria to be built in Lekki axis in Lagos. The university, according to the statement, will be in the class of Oxford, Havard and Cambridge.

Though the funds providers have insisted that Standard Chartered Bank Nigeria must be the bankers to the local companies that will benefit from the funds because of the bank's status, many Nigerian banks have shown a great deal of interest and are ready to provide huge credit lines to the approved Nigerian companies for collaterisation, monetization and clean funds to Nigeria for these mega projects.