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Standard Chartered and Ashmore invest in Nigerian aluminium can firm

Standard Chartered is seeing this investment in GZI as a mutually benefiting arrangement. (Image source: Standard Chartered)

Standard Chartered Private Equity and UK-based investment manager Ashmore have announced that they have invested in Nigerian aluminium can manufacturer GZI

West Africa Standard Chartered Private Equity head Yemi Osindero said, “We are excited to have invested in a long-term Standard Chartered client that has become a fast-growing manufacturing company.

“From its initial production plant in Nigeria, GZI has followed a very profitable growth path and established itself as an integral member of Nigeria’s beverage sector.”

Ashmore Group research co-head Jan Dehn said, “This investment offers an opportunity for us to grow our alternative investment footprint in Africa and we look forward to working with GZI and our partners in achieving its full potential, creating value for all stakeholders.”

GZI managing director said Motti Goldmintz, “The partnership with Standard Chartered and Ashmore validates the first phase of our strategy, and will strengthen our ability to achieve GZI’s longer-term strategic aims. We are grateful to our customers and suppliers for their support, and look forward to working with them as we establish more factories and grow the business across Africa.”