Partnering to deliver infrastructure Solutions

Backed by a highly experienced team

 

ARM-Harith Infrastructure Investment Limited

Solid track record in infrastructure finance in Nigeria

Who We Are

Incorporated in 2013, the Fund achieved its first close on 16th January 2015, with total commitments of circa US$91 million. ARM, the main investor in ARMHIF, committed US$25 million to the Fund and Harith, the co-sponsor, together with investors from its pool, committed a matching US$25 million.

The African Development Bank (“AfDB”), playing a key role as catalyst for investment by the limited partners in the Fund, committed US$20 million. Nigerian Pension Funds also made commitments to the Fund, which we understand are the first infrastructure investments made by Nigerian Pension Funds via the private equity route. The Fund also raised commitments from commercial investors, HNIs, and the Fund Management Team.

About ARM

ARM is a leading indigenously-managed Nigerian financial services firm, with interests in traditional asset management, and alternative asset classes such as real estate and infrastructure through its private funds business. Established in 1994, ARM’s operations in asset management (currently the equivalent of circa US$3 billion of funds under management) and real estate development are rated amongst the best in Nigeria.  Over the past 10 years in particular, ARM has developed competence in the area of infrastructure finance, development, and investment, a sector with huge potential in Nigeria and throughout the West African Sub-region. ARM has a long history and track record in infrastructure, including as sponsor of Lekki Concession Company Ltd, the concessionaire responsible for Nigeria’s first-ever PPP Toll Road Concession.

About Harith

Harith are fund managers of the South African-based US$630M Pan African Infrastructure Development Fund (PAIDF1), and achieved first close in 2014 for a new US$1.2 billion fund (PAIDF2). Harith also owns UK-based Frontier Markets Fund Managers Ltd, managers of the Emerging Africa Infrastructure Fund and Guarantco, both funds contributing a further US$1.2 billion of assets under management to the Harith portfolio. Harith has a solid track record and history in infrastructure with investments in several sectors across Africa covering ICT, airports, tolled bridges, petrochemicals, and submarine cables, amongst others. PAIDF1’s infrastructure investments include the Main One Cable Company, owner of Nigeria’s first privately-financed submarine cable system, which runs down the coast of West Africa.

The Team

Opuiyo Oforiokuma - Managing Director/CEO

Opuiyo’s business experience exceeds 25 years, and includes M&A, finance, and infrastructure.

He manages the pioneering US$250 million target ARM-Harith Infrastructure Fund, whose core focus is on transport, energy, and utilities projects in Nigeria and West Africa.   The Fund is an investor in the US$876 million 450MW Azura-Edo IPP under construction in Nigeria.

Previously Managing Director/CEO, Lekki Concession Company, Opuiyo led the Lekki PPP Toll Road Concession, a first for Nigeria. Financial close in 2008 raised US$427M financing on ground-breaking terms.  He led closure of the initial investors’ successful exit in 2014

During a 16-year career at the UK’s Thames Water, he became Finance Director, Thames Water International, and played leading roles in acquisitions in North and South America, and in major infrastructure projects in Scotland, Turkey, Puerto Rico, Indonesia, Thailand, and Malaysia.

As Business Performance Director, Latin America, Opuiyo led the restructuring of Thames Water Chile, and the first legal merger of Chilean Privatized Water Companies, creating the second largest company of its type in Chile.

In the USA he was Vice President, Business Change, American Water, and then Vice President, Product and Service Innovation of that company.

Ernest Nyarko - Investment Director

A Chartered accountant with over 20 years post-qualification experience with extensive exposure to private equity and infrastructure development

He has been a Harith Investment Director based out of Johannesburg and Accra. Prior to joining ARMHIIL, Ernest functioned as Head of Equities at SSNIT (Ghana’s national pension fund),  Senior Investment Manager and Head of Corporate Finance at Fidelity Capital Partners, Financial Advisory Consultant at KPMG, and also advisor to various organizations including the Government of Ghana on privatization of its shares in Coca Cola Bottling Company

He holds a graduate degree in Economics with Finance (Cand Oecon) from the University of Oslo, and a Bachelor’s degree in Economics and Statistics from the University of Ghana.

Jobalo Oshikanlu - Legal Director

Jobalo has extensive experience in infrastructure project development and infrastructure project finance.

His previous experience with Aluko & Oyebode, involved in litigation, oil & gas, mining law, banking, corporate and project finance, corporate restructuring and M&As. He is a key member of the Privatization and PPP advisory teams. Prior to joining ARMHIIL, Jobalo was Head of Legal at Lekki Concession Company for 7 years, and Executive Director.

He holds a Bachelors degree in Law and a BL from the Nigerian Law School. He is also a Barrister and Solicitor of the Supreme Court of Nigeria, Member of the Nigerian Bar Association and the International Bar Association with a Cranfield Award in Business & Leadership.

Margaret Oghumu - Investment Associate

A chartered accountant with 8 years’ work experience covering M&A transactions in FSI, FMCG and Private Equity

She has been in a number of transactions as a Senior Consultant at KPMG providing buy side and sell side advisory (Feasibility studies, due diligence and valuation), research, corporate restructuring, financial modelling, as well as client relationship management across various sectors. Prior to joining ARMHIIL, Margaret was an associate in a private equity firm.

She holds a Bachelor’s degree in Accounting from University of Benin, a Master’s degree in Finance and Investment Management from University of Aberdeen and she is a Chartered Accountant (ACA).

Board of Directors

Prof. Fabian Ajogwu SAN - Chairman

Fabian Ajogwu is a SAN and the founding Partner of the Law Firm of Kenna Partners. He has well over two decades of law practice experience in the field of Foreign Direct Investments and Corporate Restructuring in the Financial Services sector, and Natural Resources sector; including Litigation and Arbitration in related fields.

He is an adjunct senior faculty of the Lagos Business School in Nigeria where he has taught courses on Business Law, Negotiations and Corporate Governance over the past 15 years

Opuiyo Oforiokuma - Managing Director

Opuiyo’s business experience exceeds 25 years, and includes M&A, finance, and infrastructure.

He manages the pioneering US$250 million target ARM-Harith Infrastructure Fund, whose core focus is on transport, energy, and utilities projects in Nigeria and West Africa. The Fund is an investor in the US$876 million 450MW Azura-Edo IPP under construction in Nigeria.

Previously Managing Director/CEO, Lekki Concession Company, Opuiyo led the Lekki PPP Toll Road Concession, a first for Nigeria. Financial close in 2008 raised US$427M financing on ground-breaking terms. He led closure of the initial investors’ successful exit in 2014.

During a 16-year career at the UK’s Thames Water, he became Finance Director, Thames Water International, and played leading roles in acquisitions in North and South America, and in major infrastructure projects in Scotland, Turkey, Puerto Rico, Indonesia, Thailand, and Malaysia.

As Business Performance Director, Latin America, Opuiyo led the restructuring of Thames Water Chile, and the first legal merger of Chilean Privatized Water Companies, creating the second largest company of its type in Chile.

In the USA he was Vice President, Business Change, American Water, and then Vice President, Product and Service Innovation of that company.

Offong Ambah - Non-Exec. Director (Independent)

Executive Director since 2006, Offong Ambah is currently the Group Executive Director for Ecobank Capital. Prior to that, he was the Regional Head for Nigeria. Between 1985 and 1991, he worked with International Merchant Bank and Citi Trust Merchant Bank in Nigeria.

In 1991 he started work with Ecobank. In 1999, he was transferred to Liberia to set up Ecobank Liberia as Managing Director. He left the Ecobank Group in 2002 for United Bank for Africa PLC where he worked as Executive Director. He left UBA in 2005 and was appointed Interim Chairman of Allstates Trust Bank.

In March 2006, he returned to Ecobank Group as Managing Director of Ecobank Nigeria and Regional Head for Nigeria. Offong Ambah holds a Bachelor in Economics

Jumoke Ogundare - Non-Exec. Director (ARM Group)

Jumoke was appointed Chief Executive of Asset & Resource Management Company Ltd ARM, the holding company of the ARM Group in July 2015. Between 2011 and 2015, she was Deputy Chief Executive Officer of the Firm.

Prior to that she was the Managing Director, ARM Asset Management Non Pension, where she was actively involved in building the asset management business to become one of the leading asset management firms in Nigeria with several billions of Naira under management.

She has more than 25 years’ experience in credit & marketing spanning International Merchant Bank (IMB), Prime Merchant Bank Limited and Citadel Savings and Loans.

Jumoke holds a B Sc. in Economics from the University of Jos and a Masters in Business Administration degree from Cardiff Business School in Wales. She is also an alumnus of the Program for Management Development (PMD) of the Harvard Business School.

Sadiq Mohammed - Non-Exec. Director (ARM Group)

Sadiq Mohammed is currently a Deputy Group CEO of ARM and prior to that was the Managing Director of ARM Pension Managers (PFA) Limited between 2011 and 2014.

Previously, at different points he served as the Chief Operating Officer (COO) of ARM Group and the Managing Director in charge of ARM’s Proprietary business. He joined the Board of ARM in 2010.

Tshepo Mahloele - Non-Exec. Director (Harith)

Tshepo Daun Mahloele, Bproc, has been the Chief Executive Officer at Harith General Partners since September 14, 2007. Mr. Mahloele has been the Head of Corporate Finance at the Public Investment Corporation (PIC) and the Isibaya Fund since 2003.

Mahloele has over 15 years of transactional experience in project finance, private equity, investment banking, and corporate finance. He also has extensive experience in infrastructure finance, having been involved in the financing of the ground-breaking Maputo Toll Road.

He completed various programs and certificate courses in Finance and Venture Capital and also completed the Harvard AMP program. Mr. Mahloele holds a Bachelor of Procurationis degree from the University of Rhodes in 1988.

Alwyn Wessels - Non-Exec. Director (Harith)

Alwyn Wessels is the Chief Investment Officer, Harith General Partners. Mr Wessels joined the company from Absa/Barclays in 2007. He has a BCom Honours, Certificate in the Theory of Accountancy (CTA ), Higher Certificate Financial Markets.

Before joining Harith, Mr Wessels had over 10 years of experience as Senior Consultant for Absa Capital and he was responsible for Project and Infrastructure Finance. Prior to this he occupied different positions (Business Consultant, Financial Manager/Director, Managing Director) in companies operating in the manufacturing and construction.