Chapel Hill Denham Announces Management Changes at the Nigeria Infrastructure Debt Fund (“NIDF”)

Chapel Hill Denham announced today that Mr. Anshul Rai will leave his role as the Chief Executive Officer of the Chapel Hill Denham Nigeria Infrastructure Debt Fund after serving in that capacity for almost a decade, effective 30 June 2024. He will continue to serve on the Investment Committee of the NIDF. Chapel Hill also announced the appointment of Mr. Saurabh Srivastava as the Chief Executive Officer Designate, Nigeria Infrastructure Debt Fund.

Anshul co-founded NIDF almost a decade ago and was appointed pioneer Chief Executive Officer in December 2015. Under his leadership, NIDF became the first infrastructure investment trust to be listed on the Nigerian Exchange on 5 October 2023, following its listing on FMDQ on 17 July 2017. Anshul has also overseen nine (9) series of successful capital raises and delivered a diversified loan portfolio across sectors accretive to Nigeria’s development. 

Until his appointment, Saurabh was a Director in Infrastructure and Climate at Chapel Hill Denham, where he worked closely with Anshul for seven years. Saurabh is a seasoned professional with over twenty-five years of extensive experience in infrastructure investing, development and project financing across Africa and the Middle East. Prior to joining Chapel Hill Denham, Saurabh was the Vice President of Investments & Acquisitions (African Power Initiative) at EMCO Power Limited. He transitioned into this role from GE Capital, where he was the Vice President: Sales, Airport Infrastructure Group. Over the course of his career, Saurabh has led and managed various infrastructure projects working with international developers, corporates, financial advisors and government agencies. Saurabh holds a Bachelors’ degree in Metallurgy from REC Durgapur in India and a Master’s degree in Finance and Control from the University of Delhi. 

Mr. Bolaji Balogun – Chief Executive Officer, Chapel Hill Denham and Chief Investment Officer, NIDF – said: “I would like to express my gratitude to Anshul, our partner on this 10-year journey to prove that listed infrastructure is not just an investable asset class, but also a profitable one. We were the first to do this in Africa and this feat would not have been possible without Anshul, and I wish him well in his future endeavours. I would also like to congratulate Saurabh Srivastava on his appointment. Saurabh has operated at the highest levels of both the public and private sectors and brings a wealth of relationships across the financial, government and geographic spectrum. He has been a member of the team and Anhsul’s deputy for the last seven years. He is an integral part of what we have done and, we believe, he is the right person to take over from Anshul and lead the business into the next stage of its growth.”

Mr. Phil Southwell – Partner, Chapel Hill Denham and Chairman, NIDF – also had this to say: “As NIDF’s pioneer CEO, Anshul has not only built a stable and predictable track record evidenced by the total return of the fund being 190% since mid-2017, but also by the development of local currency infrastructure financing more generally in Nigeria.  Saurabh has been a critical part of NIDF’s journey and I am confident that, under Saurabh’s stewardship, NIDF will continue to support Nigeria’s infrastructure sector and deliver CPI+ returns to investors.”

“I want to express my deepest gratitude to the Firm, my colleagues and NIDF’s investors for backing me as pioneer CEO of this remarkable Fund, together we have created a Fund that is well-positioned to meet the opportunities of being the first listed infrastructure fund in Nigeria,” said Mr. Anshul Rai, outgoing Chief Executive Officer, NIDF. “As I transition into a non-executive role and hand the reins over to Saurabh, with whom I have worked closely with over the last 7 years and who I have every confidence in, I look forward to the new heights that the team will be taking NIDF to in this next stage of NIDF’s growth story.”

Speaking on his appointment as Chief Executive Officer Designate, Mr. Saurabh Srivastava, said: “I am excited and honoured to take on the role of Chief Executive Officer Designate and lead this incredible Fund into the future. I look forward to working closely with our talented team to continue to drive strategic initiatives and deliver exceptional results for our shareholders. My top priority as Chief Executive Officer Designate will be to foster a culture of innovation and growth within the Fund. I would also like to extend my gratitude to Anshul for his leadership over the past 7 years. With his guidance, I am ready to step into this role and I believe that the continued growth of the NIDF is one of the greatest value and growth propositions in this industry.”

For further information, please contact:

Henry Ata: Chapel Hill Denham Nigeria Infrastructure Debt Fund

Tel:        +234 802 242 7717

Email:   hata@chapelhilldenham.com  

Stella Uwaechue: Team Lead – Investor Relations

Email:   suwaechue@chapelhilldenham.com

or nidf-ir@chapelhilldenham.com

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