AXA Mansard IFC partner to build world-class hospital in Nigeria

One of the country’s leading insurance firms, AXA Mansard Insurance Plc, has notified the investing

public of its proposed investment in a hospital project.

In a regulatory filing published with the Nigerian Stock Exchange on Thursday, the insurance firm noted that it wishes to inform The Exchange and the investing public that AXA Mansard Insurance Plc has agreed with IFC, Africa Capital Alliance (a Private Equity fund) and other strategic investors to finance the construction of a 150-bed hospital and two 10-bed clinics in Lagos.

The notice disclosed that the agreement of Axamansard’s shareholders and other documents of the investment were executed to this effect on Thursday, 2 November, 2017.

The firm noted that the expected completion of the project is in 24 – 30 months from the commencement of construction.

“Upon completion, the project will be one of the largest and best resourced private hospitals in Nigeria and will provide a variety of inpatient and outpatient healthcare services.” The notice read.

The notice signed by the Company Secretary, Omowunmi Mabel Adewusi further disclosed that the project is estimated to cost circa N28 billion and would be funded through an equal mix of equity and debt.

Adesola Afolabi