NSIA MedServe (IFC-48389)

Countries
  • Nigeria
Geographic location 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
Approved
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
B
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
May 8, 2025
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
NSIA Advanced Medical Services Limited
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Education and Health
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 24.30 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Project Cost (USD)
$ 154.10 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Bank Documents
Primary Source

Original disclosure @ IFC website

Updated in EWS May 19, 2025

Disclosed by Bank Feb 27, 2025

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According to the Bank’s website, the proposed IFC investment is an A-loan of up to US$24.3 million equivalent Nigerian Naira (NGN) to NSIA Advanced Medical Services Limited, to expand its medical diagnostic and cancer treatment services, which comprises the roll-out of 13 new diagnostics health centers, 3 oncology (cancer) centers and 3 catheterization (cardiology) labs, across 13 states in Nigeria. The Project is expected to be supported by the IDA20 Private Sector Window Local Currency Facility (IDA PSW LCF), as described in the Blended Finance Section.                                           

Early Warning System Project Analysis
For a project with severe or irreversible impacts to local community and natural resources, the Early Warning System Team may conduct a thorough analysis regarding its potential impacts to human and environmental rights.

This is a Category B project according to IFC’s Policy on Environmental and Social Sustainability because Medserve’s business activities have limited adverse E&S risks or impacts that are few in number, generally site-specific, largely reversible, and readily avoided by implementing mitigation measures.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

The Total Project cost is estimated at US$154.1 million and will be financed by US$129.8 million in equity by the Project Sponsors, while the balance of funding will be from the proposed IFC debt package.

The proposed IFC financing package consists of a US$24.3 million IFC A loan with a US$/NGN cross-currency swap support from IDA PSW LCF.

Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

Established in 2022, MedServe is a wholly owned subsidiary of the Nigeria Sovereign Investment Authority (NSIA) via its wholly owned healthcare platform company, Nigeria Health Development and Investment Company (NHDIC), collectively the Project Sponsors.

Following the successful pilot of an oncology center and two medical diagnostic centers over the last 5 years, MedServe was established to house, consolidate and execute NHDIC’s business plan for medical diagnostic and cancer treatment. The proposed Project represents the first of two phases to establish 23 modern medical diagnostic centers, 3 oncology centers, and 7 catheterization laboratories across Nigeria’s six geopolitical zones.

NHDIC’s mandate is to address the infrastructure gap in the Nigerian health sector, elevate standards, improve manpower, and improve health indicators. NHDIC works with both the private and public sector, focusing on tertiary health care provision, diagnostic services and medical manufacturing.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - NSIA Advanced Medical Services Limited Client -

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

Nigeria Sovereign Investment Authority
Nana Maidugu
Head, Sustainability and ESG
+234 809 046 0440
nmaidugu@nsia.com.ng
4th Floor, Clan Place, Plot 1386 Tigris Crescent, Maitama, Abuja
nsia.com.ng

ACCESS TO INFORMATION

You can submit a request for information disclosure at: https://disclosures.ifc.org/#/inquiries

If you believe that your request for information from IFC has been unreasonably denied, or that this Policy has been interpreted incorrectly, you can submit a complaint at the link above to IFC's Access to Information Policy Advisor, who reports directly to IFC's Executive Vice President.

ACCOUNTABILITY MECHANISM OF IFC/MIGA

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org

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