Secure ID (IFC-36779)

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
Proposed
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."
Borrower
SECURE ID LIMITED
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Equity
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 6.00 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)
$ 16.10 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 Dec 14, 2025

Disclosed by Bank Jan 15, 2016

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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.

The IFC is considering equity investment of up to US$6m in Secure ID Ltd to support its expansion (which will entail the purchase of additional machinery and generators) and consolidation as the leading African smart card provider. Secure ID began a 4-year development and expansion program in 2013 to (i) integrate backwards into card manufacturing; (ii) de-bottleneck existing personalization lines, (iii) introduce a "SIM card" line, and (iv) reduce the cost of energy by replacing diesel power plants with more efficient alternatives (the "Project"). The total project cost, including working capital, is estimated at US$16.1 million.

 

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

Secure ID Limited ("SID" or the "Company") is the largest supplier of smart bank cards, and other security sensitive cards in Nigeria, and is positioned to expand business to other African countries. The company started in 2006 with the supply and personalisation of bank cards, and the company in now expanding to include identity (ID) card and 'Subscriber Identity Module' (SIM) card manufacturing. Up to the end of 2014, Secure ID imported the cards, inserted the electronic chip and then personalized them for clients i.e. inserting customer specific data. In January 2015, the company commissioned a state-of-the-art card manufacturing plant in a new factory building in Lagos, Nigeria.SecureID's manufacturing plant is one of the few world-class Europay, MasterCard and Visa (EMV)-certified smartcard manufacturing plants in Africa. The card manufacturing plant produces ID cards, membership cards, loyalty cards, payment cards and secure SIM cards for telecom companies, banks, public and private industries respectively, with an annual production capacity of 200 million cards.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Secure ID Ltd 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.

Mr Fola Olusanya
Head of Business Support
Secure ID Limited
2, Olawale Daodu Road (formerly 25 – 30 Webb Road)
Ikoyi, Lagos, Nigeria
Phone Number:
+234 816 754 8821/ +234 808 326 2125
E-mail : mailto:info@secureidltd.com
Website: http://www.secureidltd.com

ACCOUNTABILITY MECHANISM OF IFC
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/

How it works

How it works