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African Cancer Center names financial advisers for its $40m facility in Lagos

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In a bid to ensure more Nigerians win the fight against the deadly cancer disease, the African Cancer Center (ACC) has announced the appointment of two financial advisers, PAC Capital Limited and Greenwich Merchant Bank to raise $40 million for a world-class 350-bed cancer center it plans to build along the Ibeju Lekki Corridor in Lagos. This was revealed during a signing ceremony on Thursday, February 10, 2022,

Speaking at the event, the Chairman of the African Cancer Center, Adekunle Olumide said; “Today is indeed a milestone in the fairly long history of the ACC project, which has been on the runway for some time waiting to take off. It is with immense pleasure that I welcome you all to the signing ceremony appointing Financial Advisers for the African Cancer Center”.

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On the vision of the African Cancer Cente, Adekunle said; “It was against the background of the poor cancer management in Nigeria that led to the establishment of the center by the late Professor Olufemi Williams, Founder, and Director of the African Cancer Center. According to him, “It was estimated in 2015 that one in every three Nigerians will develop cancer before they die at the age of 80 or more, suggesting that about 60 million Nigerians will die from the deadly disease. The figures in 2022 will be more depressing”, he emphasized”

Olumide explained that PAC Capital Limited, with vast experience in the Healthcare infrastructure sector, and Greenwich Merchant Bank, with an enviable network and versatility, were appointed after a rigorous selection process by the center which identified the organisations as the appropriate financial partners for the project.

Also speaking at the event, African Cancer Cente director, Pastor Ituah Ighadalo called for collaboration that will ensure quicker achievement of the Center’s goal. “We are requesting collaboration because we trust the great reputation of PAC Capital and Greenwich Merchant Bank exhibited over the years within the capital market industry, hospital, and medical industry. We are hoping to benefit from that reputation and experience to drive this process forward and take us quickly to where we are going.”

Responding, Abiodun Olayiwola, Team Lead, Project and Structural Finance, Greenwich Merchant Bank, who represented his Chief Executive Officer noted that all necessary factors will be put into consideration to achieve success on the project. According to him, “Factors will be put into consideration. For instance, we will consider the financial model, what works for the project in terms of cash so the project can be a success for parties involved”.

On his part, Humphrey Oriakhi, MD/CEO of PAC Capital noted that the project will add value to not just the economy of Lagos state but also that of Nigeria. According to him, “Apart from saving lives, the ACC will improve the current level on medical tourism that we don’t have in the country”, he concluded.

The event was graced by other notable members of the board of directors including Prof. Kofi Duncan, Prof Abayomi Durosimi-Etti, Bode Emmanuel, Folashade Adeogun and Mr Yomi Badejo-Okusanya.

African Cancer Cente which was incorporated in Nigeria in 2012 will be a world-class 350-bed for cancer treatment, research, and training center that will serve Nigeria, the West African sub-region, and beyond. This will be accomplished by improving access to treatment, prevention through early detection and diagnosis, and quality care, through training, cancer education, greater public awareness, and enlightenment.

 

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