Asset managers for Infrastructure Corporation of Nigeria have said they will soon begin to release funds for infrastructure projects in Nigeria.
The Infrastructure Corporation of Nigeria, members of the AAA Infrastructure Nigeria Limited (Triple A Infra), including Afrinvest, Africa Plus Partners, and ARC Asset Management, had recently signed the term sheet for the management of part of an N15tn infrastructure fund, dedicated solely to investment in Nigeria.
The deal was signed in Lagos on Friday, according to a statement.The signing of the term sheet signals the effective take-off of the execution phase of InfraCorp.
InfraCorp is a dedicated privately-managed infrastructure vehicle established and co-owned by the Central Bank of Nigeria, Africa Finance Corporation, and Nigeria Sovereign Investment Authority together referred to as “the promoters.”
The vehicle was established to harness opportunities for infrastructure development in Nigeria by originating, structuring and executing end-to-end bankable projects.
The term sheet signing ceremony had in attendance the CBN Governor and Chairman of InfraCorp, Mr. Godwin Emefiele; the Managing Director of InfraCorp, Dr. Lazarus Angbazo; and Chief Executive Officer of Triple A Infra and Group Managing Director of Afrinvest West Africa, Mr Ike Chioke, among others.
Speaking at the ceremony, Emefiele expressed delight over the signing of the term sheet between InfraCorp and the assets managers.
He said, “What is the purpose? The first phase of this financing is to raise N14tn debt plus N1tn equity, which is being contributed by the CBN, AFC and NSIA. We will go straight into execution mode because Nigeria very badly needs to develop its infrastructure.
Also speaking, Angbazo said massive funding was needed to urgently build the infrastructure Nigeria needs.
He said, “I look forward to working with all stakeholders to deliver competitive returns for shareholders, while driving new frontiers for Nigeria’s sustainable infrastructure development.”
On his part, Chioke said, “Afrinvest is a member of Triple A Infra, which has been mandated as an asset manager by InfraCorp to manage part of the N15tn infrastructure fund dedicated solely to infrastructure in Nigeria. Triple A Infra would soon be committing funds to the target segments of transport and logistics, power, telecommunications and technology, industrial and agricultural infrastructure as well as social infrastructure.”
