Elephant Group gets backing from Africlnvest to boost commodities market
Elephant Group Limited has announced that it has sealed a deal with AfricInvest for an equity investment in the company. In conformance to the investment, AfricInvest Fund will acquire a minority equity interest in Elephant Group through an issue of new shares.
The funds raised will be used to boost Elephant Group’s market share in agricultural commodities export across selected markets in Africa. The group will also continue to strengthen its backward integration initiatives in the rice, crude and palm oil and fertilizer value chain.
Head, mergers and acquisitions, West Africa, YemisiDeji-Bejide, said “Standard Chartered is delighted to have worked with Elephant Group in achieving its strategic objectives and remains committed to assisting businesses in Africa attract growth capital.”
Also speaking, founder/group managing director, Elephant Group, Tunji Owoeye, said “We are excited to partner with an Africa-experience in the agricultural sector.
“The investment will enable the company to benefit further from government’s drive to promote agricultural productivity in Nigeria. The investment will also allow Elephant Group to transform and indigenous agricultural commodities company in Nigeria to a vertically integrated pan-African player.
“This transaction will be the first ever private equity investment in the Nigerian agricultural commodities sector, and we view it a strong vote of confidence in the company.”
Senior partner/managing director of AfricInvest in Nigeria, AbiolaOjo-Osagie said; “We have identified a company led by entrepreneurs and a management team with a good knowledge of the domestic market. Through our partnership with Elephant Group, AfricInvest is taking advantage of an opportunity to capitalise on Nigeria’s agricultural transformation agenda to build an enduring institution with a clear potential for growth and regional expansion.”
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