• Nigeria
Where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Bank Risk Rating
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Jun 24, 2019
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
The holder of the loan, grant, or other investment.
  • Agriculture and Forestry
  • Finance
  • Industry and Trade
The service or industry focus of the investment. A project can have several sectors.
Investment Amount (USD)
$ 10.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Project Cost (USD)
$ 100.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Bank Documents
Primary Source

Original disclosure @ IFC website

Updated in EWS Jun 28, 2019

Disclosed by Bank May 24, 2019

Contribute Information
Can you contribute information about this project?
Contact the EWS Team

Project Description

The proposed project is an investment in CardinalStone Capital Advisers Growth Fund (“Fund” or “CCA I”) which will invest in equity of Small and Medium sized Enterprises (SMEs) in Nigeria and Ghana across sectors such as consumer goods & services, healthcare, education, financial services, industrials and agribusiness. The main project-level outcomes are: (i) increased access to growth capital from a domestic fund manager for underserved SMEs (ii) investee growth, which will be supported by the Fund Manager’s value creation strategies; and (iii) contribution to market creation by supporting a domestic Fund Manager to catalyze investors for the domestic private equity industry

Investment Description
  • International Finance Corporation (IFC)
Contact Information

CardinalStone Capital Advisers Limited 
Mr. Femi Ogunjimi 
Managing Partner 
+234 805 829 8994 
5 Okotie Eboh Street, Ikoyi, Lagos 


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