News

Lagos, 17 October 2018
 
The African Development Bank (“AfDB”), Africa’s premier development financial institution, yesterday announced that its Board of Directors has approved an investment of the Naira equivalent of USD10 million in the Chapel Hill Denham Nigeria Infrastructure Debt Fund (“NIDF” or the “Fund”).
 
The decision by the AfDB to invest in NIDF is a culmination of a detailed due diligence and review process undertaken by a multi-disciplinary team of AfDB experts over the past few months. AfDB’ s participation in NIDF will facilitate further enhancement of the Fund’s governance structure and management, particularly in respect of the environmental and social framework, which will be fully integrated within the overall project evaluation and portfolio management processes of the Fund.
 
Commenting on the development, Bolaji Balogun, Chief Investment Officer of the NIDF and Chief Executive Officer of Chapel Hill Denham, said, “The decision by AfDB to support NIDF demonstrates the key role that NIDF is playing in unlocking domestic capital resources to finance the vast investment and financing needs for infrastructure in Nigeria. We hope that AfDB’s participation in NIDF will provide further encouragement to pension funds and other institutional investors in Nigeria to channel a greater proportion of their investment allocations to infrastructure, through a safe, strong and proven channel such as NIDF.”
 
Anshul Rai, the Chief Executive Officer of NIDF, added, “Since its inception in June 2017, NIDF has established a solid track record of performance and delivering strong, predictable returns to our unitholders. In a short period, the NIDF has emerged as the preferred financing partner of project sponsors and operators who seek to finance critical infrastructure in a sustainable way. At NIDF, we believe that financial returns are as important as the development impact (non-financial returns). With the help of AfDB’s expertise, NIDF is able to incorporate the best practices on Environmental, Social and Governance matters in its operations.”
 
Philip Southwell, the Chairman of NIDF Investment Committee, said, “Mobilisation of domestic savings using capital markets is imperative to meeting the infrastructure deficit in Africa. The ability of these markets to provide long-term financing denominated in local currency must be fully exploited, in order to address the two fundamental risks that infrastructure projects face: currency and tenor. The initial success of NIDF demonstrates its positive impact and the listed, local currency infrastructure debt fund model is both scalable and replicable across multiple markets. With AfDB’s support, it should be possible to bring these benefits to a number of other markets across Africa.”
 
Mr. A. Olawale Edun, Chairman, Chapel Hill Denham, expressed his satisfaction on the development: “Through NIDF, Nigeria has delivered an innovative solution for the infrastructure challenge shared by many countries across Africa. We thank AfDB for their support and recognition of the hard work put in by the NIDF team to make it a reality.”
 
About NIDF:
The Chapel Hill Denham Nigeria Infrastructure Debt Fund (“NIDF” or the “Fund”) is the first and only infrastructure debt fund dedicated to and domiciled in Nigeria. The Fund is an Infrastructure Fund under the relevant rules and regulations of the Securities & Exchange Commission (“SEC”), Nigeria and the National Pension Commission, Nigeria. The Fund’s Units are listed on the FMDQ OTC Securities Exchange, Nigeria. The NIDF has registered a programme for issuance of up to two billion Units with par value of N200 billion.
 
NIDF is sponsored by Chapel Hill Denham and Chapel Hill Denham Management Limited acts as the Fund Manager of NIDF.

London, United Kingdom – 11 July, 2018

Nigeria’s pre-eminent independent investment bank, Chapel Hill Denham, has been named ‘Africa’s Best Bank for Advisory” for the second time in three years. The award was presented by John Orchard, Managing Director, Euromoney and Sir Geoffrey Hurst MBE, former England international footballer at the 27th Euromoney Awards for Excellence 2018 which held at the Hilton, Park Lane in London on Wednesday July 11, 2018.

Euromoney’s ‘Awards for Excellence’ is the most prestigious accolades for the financial community, recognising institutions and people who demonstrate leadership, innovation and momentum in the capital markets in almost 100 countries around the world.

Whilst recognising Chapel Hill Denham’s achievement, John Orchard, said “Market conditions may not have been favourable in Nigeria in the first half of 2017, but that only makes Chapel Hill Denham’s ability to catch up from the third quarter onwards all the more impressive. Chapel Hill Denham has been at the forefront of innovation and development in Nigeria’s capital markets”.

Receiving the award, Bolaji Balogun, Chapel Hill Denham’s CEO said “We are humbled to win this award and are grateful to our clients who continue to trust us with their most significant transactions. We also thank the Euromoney’s selection panel for the recognition of our work. ‎This award is a fantastic recognition of the great work done by our people and a testament to our dedication and commitment to excellence”.

<em> From L – R: Sir Geoff Hurst (1966 England World Cup footballer and the only player to score a hat trick in a world cup final), Chapel Hill Denham’s Tobi Kasali, CEO – Bolaji Balogun & Ayotunde Lasaki and John Orchard, MD Euromoney. </em>

Lagos, 03-July-2018

Chapel Hill Denham Nigeria Infrastructure Debt Fund Announces N4.40/unit Quarterly Distribution, Delivers 29.7% Total Returns in First Year of Operations

The Chapel Hill Denham Nigeria Infrastructure Debt Fund (“NIDF” or the “Fund”) today announced a quarterly distribution of 4.40 Naira per Unit for the second quarter of 2018. This is the fourth consecutive and largest quarterly distribution made during its first year of operations. Along with an interim distribution in August 2017, the total cash distributions made by the Fund during its first year of operations have aggregated to 17.10 Naira per Unit (equal to compounded annualized yield of 18.2%).

During the first full year of operations, NIDF has achieved a total return of 29.7% – primarily in the form of cash distributions, along with issue of bonus units (5.10% in February 2018) and gains in the Net Asset Value of the Fund’s units.

During Q2 2018, the yield of the Fund’s portfolio was 18.55%, which is nearly at 500 basis points premium to the prevailing average yield on 10-year FGN bonds.

Commenting on the quarterly distribution and the Fund’s performance during its first year of operations, Mr Bolaji Balogun, Group CEO of Chapel Hill Denham and Fund’s CIO, said: “We are extremely pleased with the NIDF’s performance during its first year of operations. We have delivered to our unitholders consistent and predictable returns, along with low volatility and principal preservation. This is exactly what we had set out to do when we launched the NIDF.”

Commenting on the Fund’s activities during the year, Anshul Rai, CEO of NIDF, said: “NIDF seeks to channel institutional capital, particularly from the pension industry, into productive infrastructure for Nigeria, which is critical to overall economic and social development, as well as diversification of the economy away from oil & gas. NIDF’s current portfolio consists of senior loans to over a dozen projects spread across different states and the geo-political zones of Nigeria. In addition to the financial returns achieved, NIDF also measures and reports on the “development outcomes” from its investments. Its investments have not only led to additions to Nigeria’s infrastructure stock but also supports and creates thousands of jobs and reduce greenhouse gas emissions.”

About NIDF:
The Chapel Hill Denham Nigeria Infrastructure Debt Fund (“NIDF” or the “Fund”) is the first and only infrastructure debt fund dedicated to and domiciled in Nigeria. The Fund is classified as an Infrastructure Fund under the relevant rules and regulations of the Securities & Exchange Commission, Nigeria and the National Pension Commission, Nigeria.

The Fund’s Units are listed on the FMDQ OTC Securities Exchange, Nigeria. The Fund has registered a programme for issuance of up to two billion Units with par value of N200 billion. NIDF is sponsored by the Chapel Hill Denham group and Chapel Hill Denham Management Limited act as the Fund Manager of NIDF. The Fund Manager is rated “A” by Augusto & Co.

Lagos, 17 July 2017

Chapel Hill Denham Management Limited, the asset management unit of Chapel Hill Denham, Nigeria’s leading investment banking firm, today announced the listing of the Nigeria Infrastructure Debt Fund (“NIDF”) on the FMDQ Securities Exchange. NIDF is the first and only domestic currency, listed infrastructure debt fund across Africa and the Middle East, which is focused on mobilising domestic savings, particularly pension funds, life insurance companies, large corporates as well as family office groups, for investing in economically critical and financially viable infrastructure assets. The Fund will make loans in Naira with terms up to 10-15 years. In its initial offer, NIDF has issued an aggregate of 49,450,000 units, and has registered an issuance programme for up to 2,000,000,000 units.

Commenting at the listing ceremony, Bolaji Balogun, Chief Executive Officer of Chapel Hill Denham and Chief Investment Officer of NIDF, said: “Infrastructure funding has been a major investment theme in our firm over the last decade. We are very proud of this pioneering role and NIDF is a natural fit with our commitment to developing Nigeria and Africa’s productive infrastructure. The progressive regulatory environment in Nigeria, which enabled NIDF to be conceptualised, reaffirms the forward-thinking approach of PenCom, SEC and FMDQ. Infrastructure debt provides a uniquely attractive combination of long term, stable, predictable income and a yield higher than that available from government bonds.”

Philip Southwell, Chairman of NIDF’s Investment Committee, said: “NIDF aims to provide investors regular and stable income by making debt investments in Nigerian infrastructure projects.  The market opportunity is huge in Nigeria not only because of the growth of pension fund assets but also by the availability of select high quality, investable projects.”

Anshul Rai, the Chief Executive Officer of the NIDF said: “Project owners looking for long-dated infrastructure debt now have a reliable partner in the NIDF.  Also, by funding in Naira, the NIDF removes currency risk, for both investors and borrowers alike, and that helps make Nigerian infrastructure a much safer place to invest.”

About Chapel Hill Denham
Chapel Hill Denham Management is one of Nigeria’s leading asset management companies and is headquartered in Lagos, Nigeria.

For more information, please contact:

 

Oyinkan Ogundele
oogundele@chapelhilldenham.com

London, United Kingdom – 06 July, 2017

Nigeria’s leading independent investment bank, Chapel Hill Denham, has been named the ‘Best Investment Bank in Nigeria’ for the fifth time in six years, and third successive time at Euromoney’s annual ‘Awards for Excellence’. The Awards Dinner held at The Pavilion, Tower of London on Thursday July 6, 2017.

Euromoney’s ‘Awards for Excellence’ have now been held for 26 years and remains the most prestigious accolades for the financial industry, recognising institutions and people that demonstrate leadership, innovation, momentum, experience, reliability and exceptional service quality globally; impacting business in almost 100 countries around the world.

In recognising Chapel Hill Denham’s achievements, John Orchard, Euromoney’s Managing Director, said “In a year of muted investment banking activity in Nigeria, Chapel Hill Denham once again stood out from its Nigerian peers, working on the greatest and the most important of the year’s deals to win best investment bank in Nigeria”. Chapel Hill Denham has worked on a wide range of high-profile transactions across the region, which justify this year’s Award for Excellence.” Chapel Hill Denham also strengthened its position as the leading investment banking firm in Nigeria particularly demonstrating significant capacity in the Nigerian debt capital market.

Receiving the award, Bolaji Balogun, Chapel Hill Denham’s CEO said “This is yet another opportunity to thank all our stakeholders who have played an invaluable part in our continued success. This award is dedicated to our clients who trust Chapel Hill Denham with their mandates and remain our inspiration in delivering excellent service. Chapel Hill Denham is proud of its accomplishments over the last 12 months, and remains steadfast in offering customer-centric and innovative solutions to our clients in order to maintain our position as the leading independent investment banking firm in Nigeria and West Africa”.

The NSE All-Share Index declined by 0.28 per cent last week to settle the year to date return at 4.61 per cent despite recording four days of positive gains. Tajudeen Ibrahim, Research Analyst at Chapelhill Denham joins CNBC Africa for more.

 

Chapel Hill Denham Sponsors ART X Lagos
West Africa’s 1st international art fair launched just 3 months ago, with an exciting debut that brought 5,000 visitors from diverse backgrounds and over 65 artists from 10 countries, to one destination in Lagos. With the new year well and truly under way, we invite you to re-live the ART X Lagos experience.

 

  • Mr Mobolaji Balogun

     

    Bolaji will serve as the Fund’s Chief Investment Officer. Bolaji is the Chief Executive Officer of Chapel Hill Denham and is one of the leading deal makers by volume and value of successfully completed transactions in Nigeria, over the last decade. He has over twenty-seven years’ experience in financial services experience and mobile telecommunications.

    After spending eleven years in investment banking and securities trading within FCMB Group from 1990 to 2001, Bolaji co-founded Econet Wireless Nigeria now Airtel Nigeria, in January 2001, which was the first major private infrastructure project in Nigeria. Bolaji led the capital raising and license auction process for Econet Wireless Nigeria’s USD285million GSM license. He was also responsible for the USD740 million multi-currency financing for the mobile network rollout. Through this infrastructure financing, MIGA, a member of the World Bank Group was re-opened to Nigeria. Additionally, the European Investment Bank (EIB) under the same financing made its first commitment to Nigeria. The US$1.67 billion sale of Econet Wireless to Celtel in 2005 remains Nigeria’s single largest successfully exited infrastructure investment.

    Bolaji returned to Investment Banking when he founded Chapel Hill in 2005. Over the past decade, he has worked with clients on the financing of several infrastructure projects including a 90MW captive power plant, Lekki-Ikoyi link bridge, Lagos-Badagry dual carriage way, upgrade of Ozumba –Mbadiwe road, Lagos rail mass transit project (Blue Rail) and the acquisition of the assets and liabilities of the Lekki Concession Company by the Lagos State Government. He also advised on several Real Estate projects including Eko Atlantic, Persianas Limited’s development of the Palms Shopping Mall, Lagos and the Polo Park Mall in Enugu, amongst several others.

    Bolaji is Chairman of Lafarge Africa Plc and a Director of Trustfund Pensions Plc, one of Nigeria’s largest Pension Fund Managers. He was formerly Chairman of Nahco FTZ Limited, a former Director of Nahco Aviance Plc and NASD Plc. He was appointed to the Johannesburg Stock Exchange, Africa Advisory Board in September 2009 and was Chairman of the investment banking trade group, the Association of Issuing Houses of Nigeria from September 2010 to July 2014.

    Bolaji, through Chapel Hill Denham is a co-sponsor in a greenfield 746MW combined cycle power plant, which has secured land, right of way approvals and approval from the Transmission Company of Nigeria to turn in and out of the 330KV double circuit Omotosho- Epe-Ajah transmission lines. He is an Economics (Honours) graduate of the London School of Economics.

  • Denis Clarke – Independent Member

     

    Denis is an infrastructure finance expert with over three decades’ experience and wide-ranging global experience in reviewing, analysing, structuring and negotiating equity and debt investments in infrastructure, across sectors including conventional & renewable power generation; utilities such as district heating, gas distribution, water and  waste management; and transportation. His experience has been spread across Africa, Eastern Europe, Latin America, the Middle East and Asia.

    Until recently, Denis was the Chief Investment Officer of the International Finance Corporation (“IFC”), a position he held for almost 15 years.  At IFC, he played a leadership role in teams executing some of the most challenging transactions – taking them from origination, through due diligence, credit committee and documentation. He contributed IFC perspective to the broader World Bank Group initiatives and maintained IFC relationships with leading international project sponsors such as Eon, Veolia, RWE, EdF and Wartsila.

    From 1999 to 2001, Denis was manager of the World Bank’s central energy group, which leads on global topics such as access to energy, global warming and tariffs. He led the teams of international specialists to present international power sector privatization experience in a number of countries. He was also member of management committee of Prototype Carbon Fund, set up to stimulate carbon trading mechanisms to ensure appropriate risk focus as he built up a substantial portfolio.

    Between 1991 and 1999, as a founder member of IFC’s specialist Power Group, Denis participated in or led many of the major emerging markets power project financings of the 1990s. His notable achievements included: leading the successful financing of Energy Center Kladno, the first greenfield, private power project in the former Communist world; leading the financing of Puerto Quetzal Power, sponsored by Enron, possibly Latin America’s first modern IPP; closing IFC financing of a 500 MW coal-fired plant in India and structuring, negotiating and syndicating financing for fuel-oil fired plants in Central America and the Caribbean.

  • Philip Southwell

     

    Philip is the co-founder of Axius Capital, where he has been involved in developing the investment frameworks for channelling institutional capital into long-term infrastructure projects in emerging & frontier markets. Philip trained and qualified as an ACA with Touche Ross (now Deloitte LLP) in London in 1993 and has spent the past over 20 years working in emerging and frontier markets with Deutsche Bank, EFG-Hermes and Bank of America Merrill Lynch. Between 1997 and 2009, Philip ran the Corporate and Investment Bank division for emerging markets at Deutsche. At Deutsche, Philip was responsible for relocating the Project Finance business to Dubai and running it. At Deutsche and Bank of America Merrill Lynch, Philip ran balance sheets of circa USD10 billion with substantial infrastructure exposure. He also chaired the loan screening committee for emerging markets during his time at Deutsche Bank.

    Between 2009 and 2015, Philip was the CEO of two independent investment banks, EFG-Hermes GCC (2009-2011) and Exotix (2013-2015), a frontier market focused merchant bank, where he led the strategic growth of its business with particular focus on equity and capital markets in Africa. In the interim period, Philip was appointed President of the Middle East and North Africa region for Bank of America Merrill Lynch. Philip has significant experience managing global banks in emerging markets and has executed numerous transactions in these markets across a wide range of sectors, including infrastructure, energy and financial services. At Axius Capital, he has been responsible for repackaging infrastructure loans to sell to the institutional market, including a USD700 million infrastructure loan for Angola.

    Philip has been a non-executive director of a GCC hospital company and a GCC financial services player.

    Philip is a qualified UK Chartered Accountant and is a graduate of Durham University.

  • Anshul Rai, Fund CEO

     

    The Fund’s Investment Team will be led by Anshul Rai, who is also a member of the Investment Committee.

    Anshul has over nineteen years’ experience in emerging markets infrastructure, with focus on principal investments, project finance and financial advisory. He has financed and invested in numerous projects across power, energy, utilities and transport sectors, with investment value of nearly USD50 billion.

    Anshul started his career with IFCI Limited, India, where he executed a number of large debt financing transactions for infrastructure projects. He then worked at KPMG’s infrastructure advisory group, focusing on financial advisory and financing transactions in power, transport and utilities sectors. Subsequently, Anshul joined Veolia Water’s South Asia unit working on development and financing of PPP projects in water and utilities. In 2004, he moved to the Middle East joining Bank Muscat’s infrastructure group and managed a number of senior/subordinated debt transactions as well as capital markets deals for infrastructure projects.

    Between 2006 and 2011, Anshul was the founding team member and managing director of the MENA Infrastructure Fund, where he originated and executed a large number of investments and managed the fund’s portfolio of USD200 million. He represented the fund on investee companies’ boards and provided strategic direction on their business plans and expansion proposals.

    Some of the transactions that Anshul has been closely associated with include Qurrayah power project in Saudi Arabia (USD2.8 billion), Morupule power project in Botswana (USD1.5 billion), Barka-2 power & water project in Oman (USD700 million), Delhi power sector privatization project (USD500 million), coal and gas fired IPPs in India aggregating 3,000MW (USD3 billion), Alexandria container terminal project in Egypt (USD300 million), Salalah port expansion project in Oman (USD450 million), Dhamra port financing in India (USD250 million), Hazira port financing in India (USD300 million), Madinah airport development in Saudi Arabia (USD1.5 billion), Delhi/Mumbai airport privatization project in India (USD1 billion), Delhi-Noida toll bridge in India (USD100 million), Jamshedpur water project in India (USD150 million), Disi-Amman water transmission project in Jordan (USD700 million) and multiple water, wastewater and municipal waste management  supply projects across Africa, Middle East and Asia (over USD500 million).

    Throughout his career, Anshul has led and managed cross-disciplinary teams on transaction structuring, due diligence, financial modelling, negotiations and documentation. In infrastructure debt, he has had extensive involvement both senior and subordinated debt transactions in different sectors, across a number of jurisdictions.

  • Mr Abidemi Oni

     

    Abidemi Oni is the Head of Finance and Operations at Chapel Hill Denham. He has over 17 years of experience in financial services. He was the Group Financial Controller at Investment One Financial Services Limited before joining Chapel Hill Denham in 2014. Prior to Investment One Financial Services Limited, ‘Bidemi was the Financial Controller for Intercontinental Bank Capital Market.

    He holds a Bachelor’s degree in Accounting from Obafemi Awolowo University and an MBA in Finance from the Lagos State University. He is also an Associate of both the Institute of Chartered Accountants of Nigeria and the Chartered Institute of Taxation of Nigeria.

  • Mr Tajudeen Ibrahim

     

    Tajudeen Ibrahim is the Head of Research at Chapel Hill Denham. He has over 10 years of experience in asset management and investment research. Prior to joining Chapel Hill Denham, he was an equity research analyst within Standard Bank Group. He also managed the pension and gratuity funds of multinational companies within the Standard Bank Group.

    Tajudeen holds an MBA from University of Lagos and an M.Sc. and a B.Sc. in Mathematics from the University of Ibadan.

  • Mrs Ibironke Sokefun

     

    Ibironke Sokefun is the Head of Alternatives at Chapel Hill Denham. She has over 11 years of experience in Asset Management, Project Finance and Investment Banking. ‘Ronke worked at Chapel Hill Denham from 2006 to 2011 in Finance and Principal Investing. Prior to rejoining Chapel Hill in 2013, Ibironke was the Head of Structured Finance at Greenwich Trust Limited. Ibironke also worked at UBA Capital Limited in Project and Infrastructure Finance.

    ‘Ronke holds a BSc in Microbiology from Ogun State University and a Masters in Computing from Cardiff University. She is an Associate of the Association of Chartered Certified Accountants (ACCA) and the Chartered Institute of Stockbrokers (CIS).

  • Mr Bode Orimogunje

     

    Bode Orimogunje is the Regional Head of Chapel Hill Denham in Northern Nigeria. He has over 27 years of experience in logistics and financial services. He was an Assistant Vice President and Head of Retail at CSL Stockbrokers Limited before joining Chapel Hill Denham in 2011.

    Bode holds a Bachelor’s degree in Economics from Ahmadu Bello University and a Master’s Degree in Banking and Finance from Bayero University. He also holds an MSc in Finance from the University of Leicester. He qualified as an Authorised Dealing Clerk of the Nigerian Stock Exchange in 1996 and is a fellow of the Chartered Institute of Stockbrokers (CIS).

  • Mr Nii Nartei Nartey

     

    Nii Nartei Nartey is Managing Director at Chapel Hill Denham Management (Ghana) Limited. He has over nine years of experience in financial services. Nii Nartei started his career as a Stockbroker (Authorised Dealing Officer) at EDC Stockbrokers Ltd (part of Ecobank Capital). Nii Nartei joined Chapel Hill Denham Securities (Ghana) Limited in 2011 as its first Authorised Dealing Officer. He left in 2013 to join EM Capital Partners Limited as Head of Collective Investments Schemes, where he was responsible for the structuring, sales and management of all the firm’s CIS products. Subsequently, he was made the General Manager of EM Capital Partners with additional oversight responsibilities for Pensions, Private Wealth and CIS portfolios. In 2011, Nii Nartei was adjudged the Most Promising Young Investment Professional at the “2010 Ghana Investment Awards”.

    Nii Nartei is a graduate of Agriculture from the University Of Ghana and is currently pursuing an MBA in Finance and Risk Management from the Business School Netherlands.

  • Mr Lanre Buluro

     

    Lanre Buluro is a Director and Head of Sales at Chapel Hill Denham. He has over 20 years of experience across investment banking, corporate finance, and healthcare. Prior to joining Chapel Hill Denham, Lanre was a pioneer member of the management team at Primera Africa where he had responsibilities including institutional sales, investment research, financial advisory, and securities brokerage. Prior to Primera, Lanre was an Equity Research Analyst at Bloomberg LP, covering the Biotechnology and Pharmaceutical industry. Prior to Bloomberg, Lanre worked as a corporate finance associate at Roche Pharmaceuticals working primarily on deal analysis, asset valuation, and strategic due diligence for global in-licensing opportunities and acquisitions of clinical-stage drug assets. Lanre began his professional career as a molecular biochemist at Orchid Biosciences Inc. as a member of the drug and diagnostic device development team.

    Lanre is a graduate of Molecular Biology & Biochemistry, and Economics from Rutgers College. He also holds an MBA from Rutgers Business School with a concentration in Finance and Pharmaceutical Management.