The African Cancer Centre (ACC) has appointed two financial advisers from PAC Capital Limited and Greenwich Merchant Bank to raise N16.6 billion or $40 million for a 350-bed cancer centre to be built along the Ibeju-Lekki corridor of Lagos.
The development comes as part of the centre’s commitment to widening access to improved services for prevention, detection and treatment of the disease which kills about 60 million Nigerians yearly.
Over 302, 076 battling cancer in Nigeria struggle for remedial treatment under less than 10 radiotherapy machines, instead of at least 200 required in line with the World Health Organisation (WHO) recommendation of one machine per one million people.
There is a 96.6 percent deficit of clinical oncologists as less than 100 oncologists practise in Nigeria instead of 3,000, according to the African Organisation for Research and Training in Cancer (AORTIC).
Despite the disease being preventable and curable, cancer still leads to 13 percent of deaths in Nigeria on the back of late presentation, lack of awareness, poor diagnosis and patient denial in some cases. By the time they approach hospitals, the malignant disease would often have advanced to a stage where radiotherapy is unavoidable.
Some are faced with needless and untimely deaths as it takes some to get the diagnosis of cancer to the appropriate cancer clinics.
PAC Capital Limited, with vast experience in the healthcare infrastructure sector, and Greenwich Merchant Bank, a company with deep roots and versatility in the financial market were selected following a process that deemed them fit to handle the project right.
Olumide Adekunle, chairman of ACC said the step marked a milestone for the implementation of goals and projects being pursued by the centre, speaking during a signature ceremony in Lagos.
The centre was incorporated in Nigeria in 2012 upon establishment by the late Olufemi Williams, founder, and former director against the background of poor cancer management in Nigeria.
“It was estimated in 2015 that one in every three Nigerians will develop cancer before they die at the age of 80 or more, suggesting that about 60 million Nigerians will die from the deadly disease. The figures in 2022 will be more depressing,” saying that could be reversed will efforts to build robust facilities to cater to the needs of people.
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Ituah Ighadalo, managing partner at SIAO, an independent professional services firm, called for collaboration that will ensure quicker realisation of the centre’s goal, saying “we trust the great reputation of PAC Capital and Greenwich Merchant Bank exhibited over the years within the capital market industry, hospital, and medical industry. We are hoping to benefit from that reputation and experience to drive this process forward and take us quickly to where we are going.”
Abiodun Olayiwola, team lead, project and structural finance, Greenwich Merchant Bank, said that key factors will be put into consideration in order to achieve success on the project. The firm will consider a financial model that works, especially in terms of cash to help the project succeed for all parties involved, he said.
On his part, Humphrey Oriakhi, managing director PAC Capital said the project will add value to both the economy of Lagos and the country at large.
“Apart from saving lives, the ACC will improve the current level of medical tourism that we don’t have in the country,” he Oriakhi.
ACC is designed to also focus on research and training while serving Nigerians, the West African sub-region, and beyond. It hopes to achieve this by improving access to treatment, prevention through early detection and diagnosis and quality care. It will also pursue cancer education in a bid to raise public awareness of the disease.
