InfraCorp: CBN extends application deadline for asset managers

By Kayode Tokede

The Central Bank of Nigeria (CBN), Africa Finance Corporation (AFC), and Nigeria Sovereign Investment Authority (NSIA) have extended the deadline for expressions of interest from qualified asset managers active in the infrastructure sector to manage the Infrastructure Corporation of Nigeria (InfraCorp).

The deadline, initially scheduled for March 16, 2021, has been extended by two weeks to March 30, 2021.

This was announced in a statement signed by Kingsley Obiora on behalf of the promoters—CBN, AFC and NSIA.

The promoters said the successful asset manager will be responsible for establishing a general partner/asset manager organisation who would develop the consolidated business plan and financial model for InfraCorp and its subsidiaries.

The general partner will also plan, lead and coordinate the promotion of InfraCorp and capital raising activities; establish procedures, processes and controls appropriate for InfraCorp; among others.

“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 statement read.

“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.”

President Muhammadu Buhari had approved the establishment of InfraCorp on February 12 to focus on critical infrastructural investments.

Also, Governor of CBN, Godwin Emefiele had said the Nigeria’s infrastructure company will commence operations by second half of 2021 (H2 2021).