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UK to invest $1b in banks, telecoms, power sectors

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The British International Investment (BII), the UK Government’s Development Finance Institution (DFI), is investing $1 billion in Nigerian banks, infrastructure and power in the next five years.

The BII’s investment strategy  was announced yesterday by the Chief Executive Officer, British International Investment, Nick O’Donohoe, at a briefing in Lagos.

He said the BII has invested $100 million in FirstBank; $75 million in Stanbic IBTC; $15 million in CardinalStone Capital Advisors and $162.5 million syndicated loan package in Access Bank.

Azura Power also got $30 million debt finance to support the construction of the 461 mega wats Azura-Edo power plant. Continue Reading

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