CBN, NSIA, AFC Give Asset Managers Two Weeks Extension For Submission Of Proposals For N15trn Infracorp

The Central Bank of Nigeria, the Africa Finance Corporation, and the Nigeria Sovereign Investment Authority have extended the deadline by two weeks for receipt of final proposals for the appointment of Asset Manager for the N15trn Infrastructure Corporation of Nigeria.

The deadline which was initially set for 12 noon Nigerian time on 16 March 2021 has been extended by 2 weeks to 12 noon Nigerian time on 30 March 2021.

The extension was confirmed by a statement signed on behalf of the Promoters by the CBN Deputy Governor, Economic Policy, Dr Kingsley Obiora.

It stated, “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).

“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.

“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 asset manager 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 on the InfraCorp takeoff, the CBN Governor, Godwin Emefiele had said funds 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 President Muhammadu Buhari has continued to give 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.

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