The Company is currently majority-owned (52%) by UBC Services Incorporated (“UBC”), which in turn is owned by the Darwish family and management of IHS Nigeria. The Chairman of the Company, Mallam Bashir El-Rufai, owns 3.25%. The remaining 44.75% is publicly held on the Nigerian Stock Exchange. UBC Services Incorporated: UBC is an infrastructure services company, incorporated in the British Virgin Island, and is owned by the management of the Company and the Darwish family. Mallam Bashir El-Rufai (Shareholder and Chairman): Mallam Bashir El-Rufai is a local business man and well known in the Nigerian telecommunications industry as he was previously the Deputy General Manager/Deputy Director - Nigerian External Telecommunications Limited (NET) and co-founded the first indigenous private Telco in Nigeria known as Intercellular Nigeria Limited. He is on the board of several Nigerian companies including First Discount House Limited and Kafal Pharmaceuticals Limited.

The Company’s initial funding requirement is estimated to be $385 million equivalent. IFC intends to provide $40 million straight equity and $55 million in a combination debt products, for IFC’s own account.

84.0 million (USD)

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan	55.0
Equity	29.0

* These investment figures are indicative

IHS Nigeria Plc is headquartered in Lagos, Nigeria; however, the Company’s infrastructure sharing operations as well as tower construction and management is expected to spread across Nigeria, Ghana, Tanzania, Sudan and the DRC. The Company already operates in Ghana and Sudan.

(i) Expand mobile telephony access: With the construction of additional tower sites, existing Telcos will be able to expand the reach of their services both in terms of geography and capacity. In addition, collocation reduces the incremental cost of expanding service for all carriers thereby allowing them to service remote and economically less developed areas where ARPU and usage will be lower. (ii) Increased competition: The presence of IHS Nigeria will allow smaller and newer wireless operators to benefit from reduced barriers to entry as they will have access to leased tower facilities rather than having to build their own. (iii) Expand access to other ICT technologies: IHS Nigeria, directly and through its subsidiaries, will be building a tower network that is capable of supporting not only mobile cellular networks, but also wireless broadband and backhaul networks, thereby improving the penetration of these technologies. (iv) Contribute to mitigating environmental impact and Climate Change: The underlying projects developed by the Company will provide a cost effective opportunity to Telcos to reduce their carbon emission footprint by sharing infrastructure. A significant benefit of sharing tower infrastructure arises from the material, energy and emissions savings that ensue from building only one tower instead of three or four.

(i) Knowledge Sharing: IFC has developed good relationships with the major telecom operators in Sub-Saharan Africa and will make its experience available to the Company. (ii) Establish and Maintain Good Social and Environment Standards, Anti-Corruption and Anti-Money-laundering practices: IFC will work with IHS Nigeria to ensure it develops and implements related policies and procedures that address these critical issues as IHS Nigeria expands and builds-out its operations directly and through subsidiaries in Nigeria and different countries across the region, respectively. (iii) Enhanced Opportunity to Provide Long-Term Funding. Given that the acquisition and build-out of shared telecom infrastructure is capital intensive, IFC's ability to mobilize long term capital for operations of the Company in Nigeria and frontier markets across Sub-Saharan Africa is essential.

The key issues associated with the project are environmental, health, safety, and social (EHSS) management; EHSS screening of towers to be acquired; construction of towers; labor and working conditions (including employee and contractor occupational health and safety); and pollution prevention and abatement. This has been classified as a Category B project according to IFC’s Procedure for Environmental and Social Review of Projects. As a condition of IFC’s investment, IHS will commit to developing and implementing a Social and Environmental Management System and an Action Plan for ensuring that all relevant social and environmental risks and impacts are managed as appropriate. Specific information about how risks, impacts and opportunities will be addressed by IHS is summarized in the Environmental and Social Review Summary for the project.