Companies involved include Africa Plus Partners and ARC Asset Management (USA), who are members of Triple A Infra and others.
This was disclosed in a statement following the signing of term sheet for the management of part of a N15 trillion infrastructure fund by The Infrastructure Corporation of Nigeria (InfraCorp) and members of Triple A Infra.
The signing of the term sheet signals the effective take-off of the execution phase of InfraCorp.
Group Managing Director, Afrinvest West Africa, Mr Ike Chioke, said that funds would be committed to the desired sectors.
He said that Triple A consortium has a combined experience of over 40 years with a track record of excellent performance, adding that the firm is well-positioned to raise the sort of funding needed to actualize the objectives of the infrastructure fund as set up by its Promoters.
“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,” he said.
Governor, Central Bank of Nigeria (CBN) and Chairman, InfraCorp, Dr. Godwin Emefiele, said, “What is the purpose? The first phase of this financing is to raise N14 trillion debt plus N1 trillion 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. There are infrastructure deficits in the public and private sectors, and we would like to be seen to have played our part at this time to support the efforts of government and that of the private sector to see to whatever can be done to improve the infrastructure in Nigeria.”
Managing Director, InfraCorp, Dr. Lazarus Angbazo, expressed excitement about the opportunity to drive development and innovation in infrastructure solutions for Nigeria.
“InfraCorp’s unique mandate consolidates the great work that the promoters – CBN, AFC and NSIA – are doing. I look forward to working with all stakeholders to deliver competitive returns for shareholders, while driving new frontiers for Nigeria’s sustainable infrastructure development. Massive financing is urgently required to build the infrastructure that Nigeria deserves,” he said.
InfraCorp is a dedicated privately-managed infrastructure vehicle established and co-owned by the Central Bank of Nigeria (CBN), Africa Finance Corporation (AFC) and Nigeria Sovereign Investment Authority (NSIA) 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 asset creation and management process will be coordinated by reputable, carefully-selected and highly-experienced infrastructure asset managers. It is a largely private-sector driven initiative.
InfraCorp will leverage private sector partnerships and government relationships to unlock infrastructure assets for development.
