Allen & Overy advises Nigerian Sovereign Investment Authority on new USD50m fund to tackle Covid-19
Allen & Overy has provided legal advice to the Nigerian Sovereign Investment Authority (NSIA) on both the formation of the Nigeria Solidarity Relief Fund, which launched on 3 September, and on acting as the future distribution manager of the funds raised.
Working with NGO Global Citizen, NSIA is looking to raise USD50m in donations from Nigerians, the Nigerian diaspora, multilateral organisations, philanthropists and international businesses. The funds raised will be used to reduce the impact of Covid-19 and assist the country’s recovery through three core objectives:
• Supporting the country’s most vulnerable populations.
• Strengthening domestic health care systems.
• Reskilling the workforce to strengthen the country’s labour market in the aftermath of the epidemic.
A&O senior associate MaameYaa Kwafo-Akoto led the work on a pro-bono basis from London and was supported by trainee Jack O’Callaghan.
Kwafo-Akoto says: “The work with NSIA was a unique opportunity to assist in a socially rewarding project to assist in the country’s response to Covid-19. It is particularly pleasing that we have been able to draw on Allen & Overy’s expertise in asset management and provide a high quality service on a pro-bono basis.”