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| DayWater College |
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| Summary of Proposed Investment |
| This Summary of Proposed Investment is prepared and distributed to the public in advance of the IFC Board of Directors’ consideration of the proposed transaction. Its purpose is to enhance the transparency of IFC’s activities, and this document should not be construed as presuming the outcome of the Board decision. Board dates are estimates only. |
| Project number | 26576 |
| Company name | Day Waterman Company Limited |
| Country | Nigeria |
| Sector | Education Services |
| Environmental category | B |
| Department | Health and Education |
| Status | Pending Approval |
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| Date SPI disclosed | April 1, 2008 |
| Projected board date | May 16, 2008 |
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| View Environmental & Social Review Summary (ESRS), click here |
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| Overview |
Sponsor/Cost/Location |
Development Impact |
Contacts |
Attachments |
| Project description |
| Day Waterman College (DWC or the College) is a co-educational boarding school in Ogun State (Nigeria) for children between the ages of 11 and 18 years. The College, which is scheduled to open in September 2008, will provide secondary education and vocational training for up to 880 students at capacity. The project involves the construction and operation of the first two phases of the Day Waterman College on 35 hectares of land at Asu Village, in Ogun State. |
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| Project sponsor and major shareholders of project company |
| The Sponsor, Tayo Aderinokun is the co-founder and current CEO of Guaranty Trust Bank, Plc. In addition to being a successful and respected banker, the Sponsor is also a trustee and one of the founding members of Fate Foundation, a non profit private sector led organization with strong concern for the high levels of unemployment and poverty in Nigeria. The Sponsor is the majority shareholder in Day Waterman Company Limited, the project special purpose vehicle, owning 80% of the shares. |
| Total project cost and amount and nature of IFC's investment |
| The total Project cost is estimated to be $51million which, DWC proposes to finance with a combination of equity from the Sponsor (70%) and debt (30%). The proposed IFC investment is up to $15 million senior loan for IFC’s own account. |
| Location of project and description of site |
| DWC will be located on 35 hectares of land at Asu Village in Ogun State. Ogun State is situated in south-western Nigeria, approximately one hour’s drive from Lagos, the country’s commercial centre. |
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| Anticipated development impact of the project |
The project is expected to have the following substantial impacts:
- increased availability and accessibility of quality education;
- professional development of Nigerian staff;
- infrastructural and employment benefits for the local community;
- and a raising of the general quality of secondary education through demonstration effect. |
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| IFC's expected development contribution |
| IFC’s development contribution is reflected through the provision of the long-term financing for the project compatible with its scope and duration. In addition, IFC’s involvement in the project is expected to enhance the credibility of the College to encourage enrolments and contributions to the scholarship fund. |
| Environmental and social issues - Category B |
The project has been classified as a Category B investment according to IFC’s Environmental and Social Review Procedure. The review of this project consisted of appraising environmental, social, health and safety issues such as:
- human resources management;
- wastewater treatment; opportunities for recycling of paper;
- separation of organic and non-organic solid waste;
- building design to minimize water and electricity use;
- access to potable water; fire and life safety, particularly of dormitories; and
- prior use and acquisition of the 35 hectare site.
IFC’s environmental and social due diligence indicates that the project will have impacts that must be mitigated with the specific agreed measures. |
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| For inquiries about the project, contact: |
Mr. Babatunde Kolade
18B Thompson Avenue, Ikoyi
Lagos, Nigeria
Telephone: +234 (1) 279 3836
Fax: +234 (1) 279 3837
Website: www.dwc.org.ng
E-mail: info@dwc.org.ng |
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| 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 |
| Local access of project documentation |
| The environmental documents will be made available at the client’s head office. |
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