CBN Extends Deadline for Infra-Co Deal

By Akanimo Sampson

Nigeria’s bankers’ bank, Central Bank of Nigeria (CBN) has extended the deadline calling for expressions of interest for appointment as independent infrastructure asset manager for the Infrastructure Corporation of Nigeria Limited (Infra-Co).

President Muhammadu Buhari last February approved the establishment Infra-Co with an initial seed capital of N1 trillion.

President Buhari’s Personal Assistant on New Media, Bashir Ahmad, in a statement said Infra-Co is which wholly focused on critical infrastructural investments in Nigeria, is being set up under a Public-Private Partnership with an initial seed capital of N1 trillion.

While leveraging innovative financial strategies to pull in private sector investment, the entity is envisaged to grow to N15 trillion in assets and capital, over time.

The company is expected to facilitate the development of critical infrastructure across the country. This move will help to bridge the nation’s infrastructure deficit, and provide a firm core for increasing national economic productivity and infrastructural growth.

Earlier, President Buhari disclosed that Infra-Co which is wholly focused on critical infrastructural investments in Nigeria will raise funding from CBN, Nigeria Sovereign Investment Authority, Pension funds, and local and foreign private sector development financiers.

However, CBN stated in a report titled ‘Extension of deadline with respect to call for expressions of interest for appointment as independent infrastructure asset manager for the Infrastructure Corporation of Nigeria Limited’.

“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.

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“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”, the report reads.