ACC Seeks $40m for 350-Bed Cancer Centre in Lagos

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By Modupe Gbadeyanka

The African Cancer Centre (ACC) is seeking a funding package worth $40 million to build a 350-bed cancer centre along the Ibeju Lekki Corridor in Lagos.

Already, the firm has appointed two financial advisers for the capital raising and they are PAC Capital Limited and Greenwich Merchant Bank.

When completed, the project will ensure more Nigerians win the fight against the deadly cancer disease and then reduce medical tourism.

The Chairman of ACC, Mr Adekunle Olumide, explained that PAC Capital Limited, with vast experience in the healthcare infrastructure sector, and Greenwich Merchant Bank, with enviable network and versatility, were appointed after a rigorous selection process by the centre which identified the organisations as the appropriate financial partners for the project.

Commenting on the vision of the ACC, he said, “It was against the background of the poor cancer management in Nigeria that led to the establishment of the centre by the late Professor Olufemi Williams, founder, and Director of the African Cancer Centre.”

According to him, “It was estimated in 2015 that one in every three Nigerians will develop cancer before they die at the age of 80 or more, suggesting that about 60 million Nigerians will die from the deadly disease. The figures in 2022 will be more depressing.”

Also speaking, ACC director, Pastor Ituah Ighodalo, called for collaboration that will ensure quicker achievement of the organisation’s goal.

“We are requesting collaboration because we trust the great reputation of PAC Capital and Greenwich Merchant Bank exhibited over the years within the capital market industry, hospital, and medical industry. We are hoping to benefit from that reputation and experience to drive this process forward and take us quickly to where we are going,” Mr Ighodalo stated

In his remarks, the Team Lead, Project and Structural Finance, Greenwich Merchant Bank, Mr Abiodun Olayiwola,, noted that all necessary factors will be put into consideration in order to achieve success on the project.

According to him, “Factors will be put into consideration. For instance, we will consider the financial model, what works for the project in terms of cash so the project can be a success for parties involved.”

On his part, the MD/CEO of PAC Capital, Mr Humphrey Oriakhi, noted that the project will add value to not just the economy of Lagos state but also that of Nigeria.

“Apart from saving lives, the ACC will improve the current level of medical tourism that we don’t have in the country,” he stated.

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