By Cynthia Ezekwe

Stanbic IBTC Asset Management, a subsidiary of Stanbic IBTC Holdings, has announced the issuance of a N19.997 billion series III offer under its Stanbic IBTC Infrastructure Fund N100 billion programme.

A statement by the financial institution said the fund is targeted at bridging the funding gap in Nigeria’s infrastructure sector through investing in a careful selection of eligible infrastructure investments across core infrastructure sectors in Nigeria.

The offer which commenced on 25 November 2022 and scheduled to close on 21 December, 2022, is  structured as a close-ended collective investment scheme.  It also plans  to provide a target return of 2 per cent to 5 per cent above the prevailing yield on a Federal Government of Nigeria Bond with a similar tenor to the remaining tenor of each series.

The fund  supports projects that provide real developmental impact and has invested in infrastructure deals in healthcare and energy sectors that have created direct and indirect employment opportunities for the projects’ host communities.

The Series III Issuance is for a period  of 10 years and offers 188,650,000 units of N100 each issued at N106.00 per unit under the Stanbic IBTC N100 billion Infrastructure Fund Programme.

Speaking  on the development, Dolu Olugbenjo, chief investment officer, Stanbic IBTC Infrastructure Fund, said, the fund has pledged  its commitment to investors and its dedication to developing Nigeria’s capital market.

Olugbenjo further disclosed that It has also successfully made cash distributions to qualified  unit holders in three incremental installments within the first nine months of operation and had successfully raised capital over the last two issuances with proceeds disbursed to impact investing.