On April 8th, term sheets were signed between the Infrastructure Corporation of Nigeria (InfraCorp) and four independent infrastructure asset managers: Sanlam InfraWorks, Africa Infrastructure Investment Managers (AIIM), the AAA Infrastructure Nigeria consortium (comprising of Afrinvest, Africa Plus Partners, and ARC Asset Management), and Chapel Hill Denham.
InfraCorp is a new privately-managed investment, infrastructure and industrial vehicle promoted by the Central Bank of Nigeria (CBN), the Africa Finance Corporation (AFC) and the Nigerian Sovereign Investment Authority (NSIA).
Last year, President Muhammadu Buhari had already cleared the way for the launch of InfraCorp by approving its initial seed capital of NGN 1 tn ($2.4 bn).
CBN Governor Godwin Emefiele expressed confidence that a substantial portion of the NGN 15 tn ($35 bn) funding required for the first phase of the execution of InfraCorp was available locally.
The asset managers are responsible for originating, structuring, executing, and managing end-to-end bankable infrastructure projects in Nigeria.