InfraCorp: CBN, partners extend deadline for expression of interest by asset manager

The Central Bank of Nigeria (CBN) and its partners have extended the deadline with respect to call for expressions of interest for appointment as independent infrastructure asset manager for the Infrastructure Corporation of Nigeria Limited (InfraCorp).

The promoters of the InfraCorp extended the deadline by 2 weeks from 12-noon Nigerian time on March 16, 2021, to 12-noon Nigerian time on March 30, 2021.

This disclosure is contained in a communique titled ‘Extension of the deadline with respect to call for expressions of interest for appointment as independent infrastructure asset manager for the Infrastructure Corporation of Nigeria Limited’, that was issued and signed on behalf of the promoters by Dr Kingsley Obiora.

READ: FG moves to appoint fund manager for $37 billion infrastructure company

What the CBN and its partners are saying in the communique

The communique from the promoters reads, “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.

“This communique is to convey an extension to the deadline for receipt of final proposals in response to the detailed Request for Proposals from 12noon Nigerian time on 16 March 2021 by two weeks to 12noon Nigerian time on 30 March 2021.

“The process remains the same such that upon expression of interest through [email protected], the promoters shall share a detailed RfP document providing potential asset managers with the necessary information to prepare appropriate proposals in line with the promoters’ requirements.”

READ: Buhari approves the establishment of Infra-Co with initial seed capital of N1 trillion

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What you should know

• It can be recalled that President Muhammadu Buhari, had earlier approved the government’s seed capital of N1 trillion for InfraCo, an infrastructure company, which will be wholly focused on critical infrastructure investment in the country, under a Public-Private Partnership.
• The President had said that InfraCo will be raising funds from the CBN, Nigeria Sovereign Investment Authority, Pension funds, and local and foreign private sector development financiers.
• The Federal Government had in February announced plans to engage an asset manager for its newly set up Infrastructure Company of Nigeria Ltd. (Infra-Co), which is being promoted by the CBN, AFC and the Nigerian Sovereign Investment Authority, to raise about N15 trillion ($36.7 billion) for projects and accelerate growth in Africa’s biggest economy.