Summary of Proposed Investment
Project Number
7964
Company Name
TELESUPRECON NIGERIA LIMITED
Date SPI Disclosed
Feb 14, 1997
Country
Nigeria
Industry
Manufacturing
Status
Completed
Sector
Fixed Telephony
Department
Regional Industry - MAS Africa
Environmental Category
B - Limited
Previous Events
Approved : Apr 17, 1997
Signed : May 5, 1997
Invested : Aug 7, 1997
Project Description
SUMMARY OF PROJECT INFORMATION (SPI)
Project Name Nigeria - Andchristie Company Limited
Region Sub-Saharan Africa
Sector Communication
Project No 007964
Company Name Andchristie Company Limited
Description of Company and Purpose of Project: Andchristie Company Limited is one of the five operators granted a license by the Nigeria Communications Commission to offer private telephone payphone services in Nigeria. This is consistent with the Government’s philosophy of privatization. Successful operation of this payphone service will provide a much needed service to the public.
Technical Partner and/or Major Shareholders: Andchristie Company Limited is owned by Dr. Folarin Gbadebo-Smith, a dentist turned entrepreneur. He runs a first-class dental clinic, and is non-executive chairman of Baker Marine Nigeria Limited which leases marine equipment to the oil industry. Dr. Smith will oversee the day-to-day management of the company.
Project Cost Including Proposed IFC Investment: Total project cost is estimated at N36.6 million (US$0.426 million equivalent). IFC has been asked to provide a loan of US$180,000.
Location of Project and Description of Site: The payphone service will be provided within the Lagos metropolis. Andchristie may expand to other zones in future.
Environmental Category and Issues:
“This is a category B project according to IFC’s environmental review procedure. Environmental and occupational health and safety issues associated with this project include: wireline right-of-way, waste disposal, PCB’s, employee safety and training and office fire protection measures. ACL, does not have plans for land acquisition, or creation of any new right-of-way access. ACL will not handle or produce any hazardous materials or radioactive substances. Harmful solid or liquid wastes will not be produced, stored or release to the environment. ACL, does not currently have nor will it install electrical equipment containing PCB’s. Workers safety programs are designed to comply with World Bank health and safety requirements and relate to training and provision of personal protective equipment. IFC will ensure ongoing compliance with World Bank guidelines during the life of the project by evaluating monitoring reports submitted annually to IFC by ACL, and by conducting periodic supervision.”
The Environmental Review Summary is expected to be available at the Public Information Center by March 14, 1997.
Date SPI sent to PIC: March 11, 1997
For additional information contact: Corporate Relations Unit -
telephone: (202) 473-7711
facsimile: (202) 676-0365
Environmental documents for this project are available at http://www.ifc.org and from the World Bank InfoShop (http://www.worldbank.org/html/pic/aboutinfo.html).
Sponsor / Cost / Location
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