According to Graham Thomas, Global Head of Standard Bank Private Equity, the stated sectors in Nigeria have the advantage of urbanization, and consumer spending.
Standard Bank Private Equity, investment business of the Standard Bank Group, has established an investment team in Lagos, Nigeria, with Lloyd Onaghimon as its head. Standard Bank Private Equity targets investments in consumer-related industries, such as branded goods, retail, media and telecoms sectors. As well as consumer-related assets, the firm will also invest in infrastructure and natural resources, a process which will be overseen by a specialist global team based in London.
The Standard Bank Group is headquartered in London, but operates in emerging markets throughout the world. Its private equity arm, which invests off the bank’s balance sheet, has funds under management of around $1 billion.
The move is in line with the company’s plan of increasing investments in Africa. The appointment of Lloyd and one other executive will be accompanied by hiring of four other professionals. The investment team will explore and invest in consumer-related industries, including branded goods, retail, media, and telecom.
The move is a logical start for Standard Bank Private Equity, as both South Africa and Nigeria represent more than 50 percent of Sub-Saharan Africa’s GDP.
