Afrinvest

Afrinvest is a Nigerian capital-markets holding company whose activities span investment banking, securities dealing, asset management, financial research and corporate advisory. The group serves corporations, governments, institutional investors and high-net-worth individuals, with a particular emphasis on Nigerian and wider West African capital markets. Its regulated activities include issuing-house and underwriting functions, financial advice and capital raising. Afrinvest also produces research on the Nigerian economy and securities markets and advises blue-chip companies on mergers and acquisitions, international capital-markets transactions and related strategic matters. The business began in 1995 as Securities Transactions & Trust Company (Nigeria) Limited, commonly known as SecTrust. It was founded by Godwin Obaseki. During its early development, SecTrust established a relationship with the London-based Afrinvest Limited, an investment-banking firm described in the reference material as having been regulated by the United Kingdom Financial Services Authority. In 2005, SecTrust began a restructuring process that brought together the Nigerian corporate-finance business of Afrinvest (UK) Limited and the existing Nigerian operation. The restructuring was completed in December 2005, when SecTrust adopted the name Afrinvest (West Africa) Limited. The group’s operating structure includes Afrinvest (West Africa) Limited as the capital-markets holding and advisory entity, while Afrinvest Securities Limited and Afrinvest Asset Management Limited hold the broker-dealer and fund-manager activities respectively. The Securities and Exchange Commission regulates Afrinvest as an issuing house and underwriter. The reference material identifies established offices in Lagos, Abuja, Onitsha, Port Harcourt and Kano, giving the group a presence across several important Nigerian commercial centres. Afrinvest’s public profile is also associated with a number of Nigerian and regional capital-markets transactions. These include the listing of the Nigeria International Debt Fund, described as Nigeria’s first dollar-denominated fixed-income fund listing; the first issue of global depositary receipts by a Sub-Saharan African corporate, undertaken for United Bank for Africa; and the first Eurobond issue by a Sub-Saharan African corporate outside South Africa, undertaken for Guaranty Trust Bank. Afrinvest also acted as adviser and broker on the listing of Dangote Cement, described in the reference material as the largest listing on the Nigerian Stock Exchange at the time, with a stated value of NGN 2.095 trillion. The group’s asset-management arm was described as the first Nigerian asset manager to receive an A+ rating, although the rating agency and date are not identified in the available material. Corporate-governance information identifies Donald Lawson as a non-executive director by 31 May 2017 and later as chairman of the board. In 2021, Onoise Onaghinon was appointed chief operating officer; she had joined Afrinvest in 2003 as an investment-banking analyst. Detailed current ownership, financial performance, official website information and a complete list of present executives are not established by the supplied sources.

Afrinvest traces its origins to 1995, when Godwin Obaseki founded Securities Transactions & Trust Company (Nigeria) Limited, generally referred to as SecTrust. The company was established as a Nigerian capital-markets business and later developed a relationship with Afrinvest Limited, an investment-banking firm based in London. This relationship provided the context for the eventual integration of the Nigerian operation with the Nigerian corporate-finance business of Afrinvest (UK) Limited. A major organizational transition began in 2005. SecTrust commenced a business-restructuring process that combined its activities with the Nigerian corporate-finance business associated with Afrinvest (UK) Limited. The process was completed in December 2005. At its conclusion, SecTrust was renamed Afrinvest (West Africa) Limited, creating the corporate identity under which the group is described in the supplied reference material. Following the restructuring, Afrinvest operated as a capital-markets holding company with several related business capabilities. Afrinvest (West Africa) Limited was registered with Nigeria’s Securities and Exchange Commission as an issuing house and underwriter. The group’s other identified subsidiaries were Afrinvest Securities Limited, which housed the broker-dealer licence and related securities activities, and Afrinvest Asset Management Limited, which housed the fund-manager licence. This structure allowed the group to combine corporate-finance advice, capital raising, securities execution, investment management and research under a common brand. The company’s business scope includes advice to blue-chip companies across West Africa on mergers and acquisitions and international capital-markets transactions. It also provides financial advisory and capital-raising services to high-net-worth individuals, corporations and governments. Research on the Nigerian market forms another part of its public identity, supporting investors and other capital-markets participants with analysis of economic and financial conditions. Afrinvest’s cited transaction history includes several notable Nigerian and regional market precedents. The group is associated with the first listing in Nigeria of a dollar-denominated fixed-income fund, the Nigeria International Debt Fund. It is also associated with the first global-depository-receipt issue by a Sub-Saharan African corporate, undertaken for United Bank for Africa, and with the first Eurobond issue by a Sub-Saharan African corporate outside South Africa, undertaken for Guaranty Trust Bank. The group further acted as financial adviser and broker for the listing of Dangote Cement on the Nigerian Stock Exchange, described in the reference material as the exchange’s largest listing at the time, with a value of NGN 2.095 trillion. Its asset-management business was described as the first Nigerian asset manager to receive an A+ rating. The available governance record names Donald Lawson as a non-executive director as of 31 May 2017 and states that he later became chairman of the board. In 2021, Onoise Onaghinon became chief operating officer. She had joined Afrinvest in 2003 as an analyst in the investment-banking division. The group is described as maintaining offices in Lagos, Abuja, Onitsha, Port Harcourt and Kano. The supplied sources do not establish a complete chronology of later management, ownership, financial results or current subsidiary status beyond these points.

1. 2021Onoise Onaghinon becomes chief operating officer

   Onoise Onaghinon was appointed chief operating officer after an earlier career at Afrinvest beginning in 2003.

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2. 2017Donald Lawson recorded as a non-executive director

   The governance record dated 31 May 2017 identified Donald Lawson as a non-executive director before his later chairmanship.

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3. 2005Business restructuring begins

   SecTrust began restructuring with the Nigerian corporate-finance business of Afrinvest (UK) Limited.

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4. 2005SecTrust becomes Afrinvest (West Africa) Limited

   The restructuring concluded in December 2005 and SecTrust adopted the Afrinvest (West Africa) Limited name.

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5. 1995SecTrust is founded

   Godwin Obaseki founded Securities Transactions & Trust Company (Nigeria) Limited, later known as SecTrust and ultimately renamed Afrinvest (West Africa) Limited.

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A Nigerian and West African capital-markets group combining regulated issuing-house, underwriting, brokerage, asset-management, advisory and research capabilities.

• Investment banking and corporate financeInvestment banking

  Afrinvest provides corporate-finance and investment-banking services to corporations, governments and other institutional clients. The described work includes financial advice, capital raising, underwriting, mergers and acquisitions advice and support for international capital-markets transactions. The supplied sources do not provide a complete catalogue of mandates or current fees.

• Securities brokerage and dealingSecurities services

  Securities execution and broker-dealer activities are housed in Afrinvest Securities Limited. The business supports clients participating in Nigerian securities markets, although the available material does not specify the full range of instruments, platforms or current trading volumes.

• Asset managementAsset management

  Afrinvest Asset Management Limited houses the group’s fund-manager activities. Its offering is associated with investment management for investors and institutions. The sources do not identify a complete set of funds, portfolios, assets under management or performance statistics.

• Financial and Nigerian-market researchResearch

  Research is a visible part of Afrinvest’s public identity. The group produces analysis concerning the Nigerian economy, financial markets and investment environment for market participants and decision-makers. Specific publication titles, dates and distribution arrangements are not established by the supplied reference.

• 2005Restructure SecTrust and integrate Nigerian corporate-finance operationsStrategy

  SecTrust had developed a relationship with the London-based Afrinvest organization, and the group pursued a restructuring involving the Nigerian corporate-finance business of Afrinvest (UK) Limited.

  What changed. The restructuring was completed in December 2005, and SecTrust was renamed Afrinvest (West Africa) Limited.

  Aftermath. The resulting organization operated as a Nigerian capital-markets holding company with issuing-house, underwriting, brokerage, asset-management, advisory and research capabilities.

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• 2021Onoise Onaghinon appointed chief operating officer

  Onoise Onaghinon was appointed chief operating officer after joining Afrinvest in 2003 as an investment-banking analyst.

  Leadership change
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• 2017Donald Lawson identified as a non-executive director

  Corporate-governance information dated 31 May 2017 identified Donald Lawson as a non-executive director before his subsequent role as board chairman.

  Leadership change
  Source
• 2005Afrinvest completes restructuring and adopts its current corporate name

  The restructuring of SecTrust and the Nigerian corporate-finance business of Afrinvest (UK) Limited concluded in December 2005, after which SecTrust was renamed Afrinvest (West Africa) Limited.

  Other
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1. Afrinvest