The Central Bank of Nigeria (CBN) has extended the recruitment of the asset manager for the N15 trillion Infrastructure Corporation of Nigeria Limited (InfraCorp) by two weeks to March 30.

A statement yesterday on behalf of the promoters- the Africa Finance Corporation, and the Nigeria Sovereign Investment Authority – the CBN Deputy Governor, Kingsley 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 two 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.

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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.

Written By Obioma Ezenwobodo Esq

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