UAE, London IPOs for Africa Finance’s Projects

Africa Finance Corp. intends to raise funds and fund infrastructure development across the continent by selling shares in its projects on stock exchanges in London and the United Arab Emirates.

In an interview, Chief Executive Officer Samaila Zubairu said that the Nigerian banking firm plans to combine assets in renewables, ports, and industrial parks and offer them to investors through initial public offerings over the next three years. Because some of the projects are still in the works, the worth of any such arrangement has yet to be assessed, he said.

“We have developed what we call a platform strategy, which is something that allows us to pull assets that are similar in scale and then raise capital on their own balance sheet,” Zubairu said. “We are looking at how we can get additional sources of funding.”

According to the company’s website, the development finance organization has invested more than $9.5 billion in the electricity, logistics, and exploration industries in 35 African countries since its inception. This comprises a 44-megawatt hydroelectric plant in Ivory Coast, a 60-megawatt wind farm in Djibouti, and ports in Gabon, Mauritania, and Ghana.