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Five former employees of Standard Bank Group Ltd. (SBK), Africa’s biggest lender, have formed a London-based advisory firm to arrange financing for companies and projects across the continent.
Alkebulan Ltd., which derives from the ancient pre-Roman name for Africa, will focus on Nigeria, the continent’s biggest oil producer, Managing Partner Andre van der Spuy, who spent 12 years as part of Standard Bank’s investment banking team, said in a interview from London on Jan. 17.
The firm’s other partners are Jonty Levin, who worked on the Johannesburg-based bank’s structured finance team, focusing on emerging markets ; Sylma du Plessis, who headed its high-yield financing unit; Julian Rennie and Leigh Hall.
“We believe we can use financial structuring techniques to help African companies access the right type of capital,” Van der Spuy said. “We’re focusing on Nigeria. We’ve got about 20 or 25 deals we’re working on right now and some of them are in countries like Senegal, South Africa and Sierra Leone.”
Alkebulan, which opened in September, has a partnership with consultancy Africa practice with offices in six African countries. The firm is joining banks, including Barclays Plc’s African unit, Citigroup Inc. and Standard Chartered Plc, in tapping African growth rates that exceed those of many developed countries.
Alkebulan will probably take on another four people and may have some staff based in Africa by the end of this year, Van der Spuy said.
“For the first two years we’ll be finding our rhythm and then there should be a takeoff,” he said.
