AXA Mansard, IFC, ACA, others to invest N28bn in 3 Lagos hospitals

AXA Mansard Insurance Plc has reached agreement with a consortium of international financiers and domestic investors to invest about N28 billion in the development of three hospitals in Lagos.

The consortium of investors include International Finance Corporation (IFC)-a member of the World Bank Group and Africa Capital Alliance-a private equity fund.

The investors on Thursday November 2, 2017 signed shareholders’ agreement and other documents on the healthcare project. The investment entails construction of a 150-bed hospital and two 10-bed clinics in Lagos.

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Company Secretary, AXA Mansard Insurance Plc, Omowunmi Adewusi, in a statement announcing the investment agreement, stated that the expected completion of the project will be between 24 and 30 months from 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,” Adewusi stated.

She noted that the project, which is estimated to cost N28 billion, would be funded through an equal mix of equity and debt.

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