Summary of Proposed Investment
Project Number
25475
Company Name
SocketWorks Nigeria Limited
Date SPI Disclosed
Mar 23, 2007
Country
Nigeria
Industry
Health, Education and Life Sciences
Projected Board Date
Apr 24, 2007
Status
Completed
Sector
Colleges, Universities, and Professional Schools
Department
Regional Industry - MAS Africa
Environmental Category
C - No Impact
Previous Events
Approved : May 18, 2007
Signed : May 23, 2007
Invested : Sep 10, 2007
Project Description
Socketworks Limited (Socketworks or the company) is a privately held Nigerian limited liability corporation. It was established in June 2002. It has been supported by the IFC since this time by way of capacity-building and advisory support services through the African Project Development Facility (APDF) as well as a loan (signed in February 2006). Socketworks is a software and outsourcing company that aims to provide packaged ICT solutions to its clients.
In the education market, it has developed software (trademarked “CollegePortal”) that has been endorsed by the Nigerian Universities Commission as the most suitable management software for Nigeria’s universities. Socketworks’ packaged solution for universities is helping universities automate their processes (eg: student admissions and registration, course selection, course management, exam management, facility management) that are currently done manually and is providing internet access that would not otherwise be available. These services are making an enormous difference to universities in Nigeria that otherwise have no ICT systems. The company has also begun implementing e-Government contracts to automate and improve the efficiency of various government services such as immigration and pensions.
The proposed IFC investment will be comprised of equity and/or debt financing for the following:
- Implementation of 19 polytechnics contracts in Nigeria, each consisting of a “bundled” solution, involving the provision of both hardware and software to each institution.
- Expansion of the SocketWorks into Sierra Leone, Ghana, Uganda, Liberia, and Kenya as well as the implementation of new university and e-Government contracts in each new country.
In the education market, it has developed software (trademarked “CollegePortal”) that has been endorsed by the Nigerian Universities Commission as the most suitable management software for Nigeria’s universities. Socketworks’ packaged solution for universities is helping universities automate their processes (eg: student admissions and registration, course selection, course management, exam management, facility management) that are currently done manually and is providing internet access that would not otherwise be available. These services are making an enormous difference to universities in Nigeria that otherwise have no ICT systems. The company has also begun implementing e-Government contracts to automate and improve the efficiency of various government services such as immigration and pensions.
The proposed IFC investment will be comprised of equity and/or debt financing for the following:
- Implementation of 19 polytechnics contracts in Nigeria, each consisting of a “bundled” solution, involving the provision of both hardware and software to each institution.
- Expansion of the SocketWorks into Sierra Leone, Ghana, Uganda, Liberia, and Kenya as well as the implementation of new university and e-Government contracts in each new country.
Sponsor / Cost / Location
Development Impact
Related ESRS/ERS
Contacts
For Inquiries About the Project, Contact
Aloy Chife
President/Chief Executive Officer
Socketworks Limited
#20 Admiralty Way
Lekki Phase One
Lagos, Nigeria
President/Chief Executive Officer
Socketworks Limited
#20 Admiralty Way
Lekki Phase One
Lagos, Nigeria
For Inquiries and Comments About IFC, Contact
General IFC Inquiries
IFC Corporate Relations
2121 Pennsylvania Avenue, NW
Washington DC 20433
Telephone: 202-473-3800
Fax: 202-974-4384
E Mail: Webmaster
IFC Corporate Relations
2121 Pennsylvania Avenue, NW
Washington DC 20433
Telephone: 202-473-3800
Fax: 202-974-4384
E Mail: Webmaster