Private equity firm Actis acquires Nigeria’s Nile University
Private equity firm Actis has bought over a Nigerian private tertiary institution Nile University located in the country’s capital Abuja in a deal sealed by a pan-Africa eduction group majorly owned by Actis.
Chief executive of Luis Lopez said the deal was zealed in February shortly before the coronavirus induced lockdown across the country.
The deal marked the education group first entry into Nigeria, according to the CEO who declined to disclose the financial consideration of the acquisition.
Honoris United Universities, majority owned by private equity firm Actis, has universities in countries including Tunisia, Morocco, Mauritius, South Africa, Zimbabwe and Zambia.
Some 1,700 students have graduated from Nile University, which was founded in 2009. It has 3,500 students who pay tuition fees of around N2.4 million each on average per year.
Lopez said Honoris would look to expand the university’s 113-hectare campus and increase its student base to 10,000 within six years.
“The first thing we noted is that there is big demand for high-quality education provided in Nigeria,” he told Reuters.
The pandemic has disrupted learning for students seeking education at home and abroad.
Honoris has been supporting its students with digital and distance learning platforms for the past four months as the COVID-19 pandemic disrupts services.
Lopez said Honoris would expand Nile’s distance learning and digital capabilities to target students in the commercial city of Lagos and two other states in northern Nigeria.