Nigeria: Bank PHB Subsidiary to Manage $200m Diaspora Investment Fund

PHB Asset Management Limited, a subsidiary of Bank PHB Plc has been selected to manage a $200 million (N24 billion) Diaspora Investment Fund (DIF) set up by the Nigerians in Diaspora Organisation, Europe (NIDOE).

Initiated by NIDOE, the Diaspora Investment Fund is an innovative 200 Million US Dollar investment vehicle, whose slot for the Fund Management was keenly contested by major Nigerian financial institutions, with PHB Asset Management Limited , a subsidiary of Bank PHB emerging as the choice Fund Manager.

(L_R), Chairman, Board of trustees, ELP Foundation and group chief executive, Intercontinental Bank Plc, Dr Erastus Akingbola, chairman of the occasion, Chief Molade Okoya_Thomas and founder of ELP Foundation, Bishop Mike Okonkwo at the 4th graduation ceremony and scholarship awards of the ELP Foundation in Lagos last weekend.

With the dual goal of achieving capital growth for the individual investor while facilitating Nigeria's economic growth, PHB Asset Management Limited is entering into a Fund Management arrangement with Nigerians in Diaspora Organisation Europe (NIDOE) for the Diaspora Investment Fund.

The Agreement Signing Ceremony between NIDOE and PHB Asset Management is slated for Tuesday, 11 March 2008 at the Craven Hall of the Commonwealth Club, Northumberland Avenue, London.

Led by its Managing Director / Chief Executive Officer, Mr Francis Atuche, the team from Bank PHB will include Mr Benedict Omonua, MD / CEO PHB Asset Management Ltd and Mr Bolaji Ogunsola, MD / CEO
PHB Mortgages, amongst others.

The Board Chairman of NIDOE, Dr John Chimeziem George will head the organisation's delegation, which comprises of Dr Ray Onwuelo, Director of Finance and Collins Nweke, General Secretary.

The Federal Government of Nigeria will be represented at the occasion by the Nigeria High Commissioner to the Court of St James's, Mr Dozie Nwanna and the Minister / Head of Trade & Economic Affairs at the High Commission, Mr G A Zakari.
Other eminent dignitaries as well as Diaspora and Mainstream Media are expected to grace the landmark agreement signing event.

In a statement, Mr Atuche expressed enthusiasm that "having congregated under the NIDOE umbrella, and with the Diaspora Investment Fund, the Nigerian Diaspora is now poised to facilitate the much awaited fundamental transformation of the Nigerian economy from a complacent backstage economy into a vibrant fast growing one" He emphasised that Bank PHB "will muster all of its resources to make this unprecedented initiative a resounding success" .

In a statement made on behalf of NIDOE, Dr John George opined that "it is ironical that the vast human and economic capital endowment of Nigeria is playing key roles in leading economies across the globe while Nigeria's accelerated growth is being hampered by uneasy access to substantial capital for local investments and expansion of production capacity" In the views of the Board Chairman of NIDOE, the organisation is now enabling the Diaspora to achieve the twin goal of growing their capitals in Nigeria, which hitherto were held in foreign economies while growing the Nigerian economy"