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Publish Date : 18-Apr-2017

Nigerian insurer AXA Mansard Insurance Plc (AXA Mansard) has announced via filing a statement with the Nigerian Stock on Exchange on Wednesday that the company has started process to join hands with the World Bank Group unit International Finance Corporation (IFC) and several other entities on the potential investment prospect involving a mega hospital project in Lagos.

In a previous statement, the IFC disclosed its equity investment strategy worth USD $8.2m for the acquisition of a 20% equity stake in a Nigerian hospital project to be set up in Lagos, with AXA Mansard Insurance backing.

With this, the overall worth of the project stands at $41 million.

AXA Mansard has revealed that the planned investment intended for a Greenfield integrated medical facility will have a 150-bed multi-specialty hospital plus two 10-bed primary health centres/polyclinics.

In the statement, AXA Mansard disclosed, "The Project once approved will be managed and operated by Healthshare Health Solutions Ltd (Healthshare), an experienced hospital management company with headquarters in South Africa.

AXA Mansard and IFC are still at the preliminary stage of discussions and their Boards are yet to pass final resolutions approving the investment.

In its previous statement, IFC had revealed that the hospital would be set up on an area of 20,000m2 in Ikate Elegushi, Lekki, which was bought by AXA Mansard earlier. The said land, a part of Bela Vista Estate, is categorized as commercial land.

The cost for the green-field development, construction and operation of a 150-bed hospital along with two clinics, one in the mainland and the second in Lagos Island, as feeder facilities will be supported through the money.

The private equity (PE) fund Africa Capital Alliance (ACA) also aims to invest for a 40% interest in the project planned by the Lagos based insurance company.

AXA Mansard has joined hands with Healthshare Health Solutions Ltd of South Africa for the management and operations of the hospital.

The South African hospital operator, a unit of EOH Holding Ltd, has significant global experience in developing and managing hospital sites.

Moreover, Healthshares parent firm, one of the top South African providers of business and technology solutions, has also decided to make an investment for acquiring an equity stake of 5% in the Company.

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