The Central Bank of Nigeria (CBN) is extended recruitment of the asset manager for the N15 trillion Infrastructure Corporation of Nigeria Limited (InfraCorp) by two weeks to March 30.
In a statement released Monday, signed by CBN Deputy Governor, Kingsley Obiora, on behalf of the promoters- the Africa Finance Corporation, and the Nigeria Sovereign Investment Authority confirmed the new decline.
Obiora said: “Reference is made to the request by the Promoters (the Central Bank of Nigeria, the Africa Finance Corporation, and the Nigeria Sovereign Investment Authority), for Expressions of Interest from qualified asset managers active in the infrastructure sector to manage the Infrastructure Corporation of Nigeria Limited (InfraCorp)”.
Contiuing, he said: “This communique is to convey an extension to the deadline for receipt of final proposals in response to the detailed Request for Proposals (RfP) from 12 noon Nigerian time on 16 March 2021 by 2 weeks to 12 noon Nigerian time on 30 March 2021”.
According to CBN data, the InfraCorp vehicle would enable the use of private and public capital to support infrastructure investment that will have a multiplier effect on growth across critical sectors.
The InfraCorp, which takes off in the second quarter of this year, has a combined debt and equity take-off capital of N15 trillion, and will be managed by an independent infrastructure fund manager.
The dedicated privately-managed infrastructure and industrial vehicle will harness opportunities for Nigeria’s infrastructure development by originating, structuring, executing and managing end-to-end bankable projects in that space.
The CBN and other promoters, the Africa Finance Corporation (AFC) and the Nigeria Sovereign Investment Authority (NSIA) are now requesting for expression of interest proposals from qualified asset managers active in the infrastructure sector to manage a newly-created world class institution.
The successful asset manager, the apex bank said, will be responsible for establishing a General partner/Asset Manager organization, develop the consolidated business plan and financial model for InfraCorp and its subsidiaries.
Speaking at the weekend in Lagos on the InfraCorp takeoff, CBN Governor, Godwin Emefiele said fund will be utilized to support the Federal Government in building the transport infrastructure required to move agriculture products to processors, raw materials to factories, and finished goods to markets.
He said he was excited that President Mohammadu Buhari has continued to give all the necessary approvals and support to establish the company.
Emefiele said: “InfraCorp will be co-owned by the CBN, the African Finance Corporation and the Nigerian Sovereign Investment Authority and would become fully operational by the second quarter of 2021”.
He said the InfraCorp vehicle would enable the use of private and public capital to support infrastructure investment that will have a multiplier effect on growth across critical sectors.
In an an expression of interest, the apex bank said the successful asset manager will also be responsible for establishing a General partner/Asset Manager organization, to develop the consolidated business plan and financial model for InfraCorp and its subsidiaries.
The asset manager is also expected to manage the day-to-day operations of the Asset Management business of InfraCorp; plan, lead and coordinate the promotion of InfraCorp and capital raising activities and design the optimal capital structure of InfraCorp and its subsidiaries best suited to its investment objectives.
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