Understand the NCDF Investment Architecture Before Selecting an Opportunity

The NCDF Investor Briefing provides qualified investors, institutions, family offices, eligible diaspora investors and professional advisers with a structured introduction to NCDF Group’s capital-formation strategy and legally separate investment pathways.

The briefing explains the relevant issuer, investment structure, use of proceeds, governance framework, risk profile and diligence requirements before an investor considers a specific opportunity.

It is preliminary and educational. It does not replace a private placement memorandum, information memorandum, subscription agreement, shareholders agreement, fund document, project document or independent due diligence.

Preliminary briefing | No offer or allocation | Access subject to classification and approval

One briefing. Multiple legally separate investment pathways.

NCDF Group is developing a coordinated capital-formation platform covering permanent corporate equity, investment funds, sector Platform Company private placements, direct operating-company equity and ring-fenced project-SPV investments.

The briefing helps prospective investors understand how these opportunities relate to one another without presenting them as one pooled investment product.

Every opportunity retains its own:

  • Legal issuer;
  • Capital structure;
  • Investment instrument;
  • Valuation and pricing;
  • Use of proceeds;
  • Receiving or escrow account;
  • Governance and investor rights;
  • Risk disclosures;
  • Financial reporting; and
  • Liquidity or exit considerations.

The NCDF Investor Gateway provides one controlled access and servicing environment, but it does not combine the underlying issuers, funds, SPVs, bank accounts, registers or liabilities.

What the briefing covers

NCDF Group and capital architecture

An introduction to the relationship between:

  • NCDF Holdings Limited as the apex Group sponsor;
  • NCDF Capital & Commercial Solutions Limited as the coordinated capital and client-access Platform Company;
  • NCDF Commercial Services Limited;
  • NCDF Securities Limited;
  • NCDF Investment Management Plc;
  • NCDF Technology Infrastructure & Services Limited;
  • The sector Platform Companies;
  • Operating companies;
  • Investment funds; and
  • Ring-fenced project SPVs.

The briefing explains which company performs each role and why the Group maintains separate mandates, contracts, accounts, liabilities and regulatory responsibilities.

NCDF Capital & Commercial Solutions

An overview of the proposed permanent-capital transaction for NCDF Capital & Commercial Solutions Limited and its role in coordinating the NCDF client and investment pathway.

The platform helps individuals, businesses and institutions define their objectives, assess readiness and engage the appropriate specialist entity:

Prepare & Grow

NCDF Commercial Services Limited

Supports commercial diagnostics, institutional preparation, business growth, capital readiness and implementation.

Raise & Transact

NCDF Securities Limited

Supports eligible capital-raising, issuing-house, advisory and transaction mandates within its approved regulatory scope.

Invest & Manage

NCDF Investment Management Plc

Supports eligible investment portfolios, funds and treasury or investment-management mandates within its approved regulatory scope.

Build & Operate

NCDF Technology Infrastructure & Services Limited

Supports digital products, enterprise systems, data infrastructure, cybersecurity and managed technology operations.

Each specialist company independently accepts, contracts for, delivers, invoices and remains accountable for its mandate.

The briefing may also explain the proposed permanent-equity capitalisation of NCDF Investment Management Plc and NCDF Securities Limited through the approved capital structure.

Sector Platform Company private placements

An introduction to the proposed Round I ordinary-share private placements by the four NCDF sector Platform Companies:

LifeCome Healthcare & Health Energy Limited

A proposed ₦1 billion permanent-capital placement supporting healthcare, health financing, digital health, healthcare AI and healthcare-energy operating companies and SPVs.

Konto Financial Group Plc

A proposed ₦1 billion permanent-capital placement supporting fintech, agent distribution, merchant infrastructure and approved financial-services expansion.

AfriGo Digital Economic Zone Limited

A proposed ₦1 billion permanent-capital placement supporting agro-industrial infrastructure, export development, digital trade, operating companies and industrial-project SPVs.

Fatherland Smart Cities Limited

A proposed ₦1 billion permanent-capital placement supporting smart-city development, housing, urban infrastructure and project-specific development SPVs.

Each Platform Company will raise and allocate its own capital. Investors in one Platform Company do not automatically acquire shares in another platform, operating company or project SPV.

Direct operating-company and project-SPV equity

An explanation of how qualified investors may participate directly in a named operating company or ring-fenced project SPV.

Potential pathways may include:

  • Direct growth equity in an operating business;
  • Strategic corporate investment;
  • Project-development equity;
  • Infrastructure co-investment;
  • Acquisition-SPV equity;
  • Hospital or healthcare-energy project equity;
  • Agro-industrial park and export-infrastructure equity;
  • Smart-city and housing-development equity; and
  • Technology or digital-platform equity.

The briefing will distinguish clearly between:

  • Investing at Platform Company level;
  • Investing directly in an operating company; and
  • Investing in a specific project SPV.

Project finance should be matched to the relevant asset, contract, cash flow and project vehicle rather than treated as unrestricted Group equity. Each project SPV should maintain its own assets, liabilities, contracts, accounts, financial model and reporting arrangements.

NCDF investment-fund strategy

An introduction to separately constituted NCDF investment funds and their distinct mandates, governance and investor eligibility requirements.

The fund briefing may cover:

  • NCDF Infrastructure Investment Fund Limited;
  • NCDF Agric-SME Investment Fund Limited;
  • Nigerian Diaspora Impact Fund Limited;
  • Approved parallel, feeder or co-investment structures; and
  • Future specialist investment products approved through the relevant governance and regulatory process.

Each fund will maintain its own:

  • Legal constitution;
  • Investment policy;
  • Subscription documents;
  • Trustee, custodian or fund administrator arrangements;
  • Investment Committee;
  • Valuation framework;
  • Bank and custody accounts;
  • Portfolio reporting; and
  • Risk disclosures.

An investment in an NCDF fund is legally different from acquiring shares in NCDF Capital & Commercial Solutions or one of the sector Platform Companies.

Institutional and pension-capital pathway

An explanation of how NCDF engages institutional investors separately from the qualified private-investor acquisition pathway.

Institutional investors may include:

  • Development finance institutions;
  • Banks;
  • Insurers;
  • Strategic corporates;
  • Sovereign and development institutions;
  • Large family offices;
  • Impact and catalytic investors; and
  • Pension Fund Administrators where the particular product is eligible.

NCDF will continue to originate institutional relationships through private bilateral engagement, management presentations and adviser-supported diligence.

The briefing may also cover:

  • NCDF’s engagement with PenCom;
  • Product-specific pension-investment eligibility;
  • PFA investment and risk-governance requirements;
  • Infrastructure-fund and project-security pathways;
  • Sponsor commitments;
  • Independent valuation;
  • Investment-manager track record;
  • Fund and project governance; and
  • The separate investment decision of each PFA.

Regulatory engagement or product eligibility does not guarantee that a PFA or other institution will invest.

Investor Gateway and controlled access

An explanation of how the NCDF Investor Gateway supports:

  • Investor registration;
  • Investor classification;
  • KYC and AML review;
  • Beneficial-ownership verification;
  • Source-of-funds and source-of-wealth review;
  • Jurisdiction screening;
  • Suitability and eligibility assessment;
  • Confidentiality agreements;
  • Controlled data-room access;
  • Transaction-document execution;
  • Verified payment instructions;
  • Commitment and allotment tracking; and
  • Post-investment reporting.
  • The Gateway does not act as a fund, issuer, broker, bank, trustee, custodian, registrar or pooled investment wallet.

Subscription funds must be transferred directly to the designated issuer, receiving bank, escrow account, trustee or custodian for the applicable transaction.

Governance and investor protection

An overview of the institutional controls expected to apply to each opportunity, which may include:

  • Independent valuation;
  • Defined use-of-proceeds schedules;
  • Separate receiving and capital-allocation accounts;
  • Board-approved capital-allocation policies;
  • Related-party and conflict controls;
  • Conflicted-director abstention;
  • Independent professional advisers;
  • Quarterly management reporting;
  • Annual audited financial statements;
  • Investor information rights;
  • Pre-emption
  • Reserved matters;
  • Board or observer rights for qualifying anchor investors;
  • Tag-along and drag-along provisions;
  • Transfer restrictions;
  • Use-of-proceeds reporting; and
  • Periodic strategic-liquidity review.

The exact rights will be contained in the definitive documents for the relevant transaction.

Diligence and transaction process

An explanation of the controlled process from preliminary enquiry to completed investment:

  1. Preliminary investor enquiry;
  2. Investor classification and jurisdiction review;
  3. Introductory briefing;
  4. Opportunity matching;
  5. Confidentiality agreement;
  6. KYC, AML and eligibility review;
  7. Controlled data-room access;
  8. Management and adviser diligence;
  9. Review of definitive transaction documents;
  10. Investment-committee or individual decision;
  11. Execution and verified payment;
  12. Allotment or transaction closing; and
  13. Post-investment reporting.

Participation in a briefing does not guarantee data-room access, transaction eligibility, allocation or completion.

Investment pathways introduced during the briefing

Investment pathway Potential opportunity What the investor acquires
Capital & Commercial Platform Proposed NCDF Capital & Commercial Solutions permanent-capital transaction Shares in NCDF Capital & Commercial Solutions Limited.
Sector Platform private placements LifeCome, Konto, AfriGo or Fatherland proposed private placements Shares in the relevant Platform Company
NCDF investment fund Infrastructure, Agric-SME, diaspora and other approved funds Units, interests or another approved participation instrument in the relevant fund
Direct operating-company equity A named healthcare, fintech, technology, agro-industrial or other operating company Shares in the identified operating company
Project-SPV equity A defined hospital, energy, industrial-park, acquisition, smart-city, housing or infrastructure project Shares or another approved equity instrument in the identified SPV
Strategic co-investment A negotiated transaction alongside an NCDF Platform Company, fund or institutional partner Transaction-specific equity or approved project interest

Introductory Investor Briefing

A high-level presentation for investors seeking to understand NCDF Group, the Investor Gateway and the available investment pathways before identifying a specific opportunity.

A focused session for:

  • Qualified high-net-worth Nigerians;
  • Eligible diaspora investors;
  • Family offices; and
  • Private investment companies.

The session may cover investor eligibility, investment structures, minimum commitment ranges, governance, risk, FX considerations and controlled diligence access.

A detailed presentation for institutions, strategic investors and family offices evaluating a defined capital allocation.

The session may address:

  • Investment rationale;
  • Issuer structure;
  • Financial performance;
  • Valuation;
  • Governance;
  • Use of proceeds;
  • Risk analysis;
  • Investor rights;
  • Exit considerations; and
  • Investment-committee requirements.

A product-specific session for PFAs, insurers, banks and other regulated institutions.

The briefing may cover:

  • Product eligibility;
  • Regulatory status;
  • Investment-manager capacity;
  • Governance and service providers;
  • Sponsor commitment;
  • Asset and project pipeline;
  • Valuation;
  • Custody;
  • Risk controls; and
  • Institutional reporting.

A session dedicated to one proposed transaction, such as:

  • NCDF Capital & Commercial Solutions;
  • LifeCome Healthcare & Health Energy;
  • Konto Financial Group;
  • AfriGo Digital Economic Zone;
  • Fatherland Smart Cities;
  • An NCDF investment fund;
  • A named operating company; or
  • A defined project SPV.

A focused session for investors and professional advisers covering one or more of the following:

  • Financial information and valuation;
  • Legal and corporate structure;
  • Regulatory matters;
  • Tax;
  • Project finance;
  • Technical and environmental diligence;
  • Fund governance;
  • Related-party transactions;
  • Cybersecurity and data governance; or
  • Investor-rights documentation.

Who should request a briefing

The briefing is intended for prospective investors and advisers with:

  • A genuine interest in Nigerian private-market and real-economy opportunities;
  • A defined investment mandate or personal investment objective;
  • Capacity to assess private, alternative or project investments;
  • An appropriate investment horizon;
  • Capacity to bear private-investment and illiquidity risks;
  • Readiness to complete investor-classification and compliance requirements; and
  • Access to independent legal, financial, tax or investment advice where appropriate.

Potential participants may include:

  • Qualified high-net-worth individuals;
  • Eligible Nigerian diaspora investors;
  • Family offices;
  • Institutional investors;
  • Strategic corporate investors;
  • Development finance institutions;
  • Banks and insurers;
  • Pension Fund Administrators where relevant;
  • Impact and catalytic investors; and
  • Authorised professional advisers acting for prospective investors

Information to provide

To enable NCDF to assess and route the enquiry appropriately, prospective participants should provide:

  • Investor or organisation name;
  • Name and position of the authorised representative;
  • Country of residence or incorporation;
  • Relevant regulatory and tax jurisdiction;
  • Investor classification;
  • Indicative investment-capacity range;
  • Preferred investment pathway;
  • Sector or asset-class interest;
  • Expected investment horizon;
  • Anticipated decision-making process;
  • Whether professional advisers are already appointed;
  • Preferred briefing format; and
  • Proposed timing for further engagement.

Security notice

Sensitive documents should not be submitted through the public briefing-request form.

Do not upload:

  • Passports or identity cards;
  • Bank statements;
  • Tax returns;
  • Source-of-wealth evidence;
  • Source-of-funds evidence;
  • Corporate ownership documents; or
  • Confidential investment-committee materials.

Where required, these documents will be requested through an approved secure onboarding or data-room process

What happens after a request

NCDF Investor Relations reviews the enquiry, investor category, jurisdiction, proposed investment capacity and stated interests.

The prospective investor is directed to the most appropriate introductory, institutional, pension, qualified-private-investor or opportunity-specific briefing.

NCDF provides the approved preliminary presentation and responds to appropriately scoped questions.

Where there is a credible match, the investor may be invited to complete classification, confidentiality and compliance requirements.

Approved investors may be admitted to the relevant transaction-specific data room. Access to one opportunity does not provide automatic access to all NCDF opportunities.

Request a Controlled NCDF Investor Briefing

Submit a preliminary investor profile and identify the investment pathway or sector you wish to understand.

NCDF Investor Relations will review the request and determine the appropriate briefing format, specialist team and engagement route. A briefing request does not create an offer, allocation, advisory relationship or right to access confidential transaction materials.