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…High Impact projects Indentified
…Inaugural Meeting Held
Newly established US$2.5bn Infrastructure Corporation of Nigeria (InfraCorp) has launched operations after months of structuring and stakeholder consultations by the Promoters – Central Bank of Nigeria (CBN), Africa Finance Corporation (AFC), Nigerian Sovereign Investment Authority (NSIA).
InfraCorp was launched with an initial seed capital from the promoters of one trillion naira (US$2.5 billion) and aims to raise thrice as much in private capital over the next 3 years, and up to US$37bn for infrastructure investments in Africa’s largest economy by 2030.
InfraCorp’s core mandate is to tackle Nigeria’s infrastructure deficit and generate a growth multiple effect across critical sectors. By supporting project development, financial structuring, and private-capital mobilization, InfraCorp will help to combat issues of underemployment and under-investment in critical nation building assets.
HIGHLY EXPERIENCED ASSET MANAGERS APPOINTED
InfraCorp appointed 4 highly experienced asset managers in the summer of 2021, namely: Sanlam InfraWorks; Africa Infrastructure Investment Managers (AIIM); a consortium of Afrinvest Asset Management, Africa Plus Fund Partners, and ARC Asset Management; and Chapel Hill Denham.
InfraCorp will support and enable the fund managers to mobilize fundraising and investments of projects across the critical focus sectors – Energy, industrial, agricultural,, telecommunications, technology, transport, logistics, and social infrastructure.
InfraCorp will operate from the Capital City Abuja and Nigeria’s commercial hub, Lagos. Together with external legal advisors – Olaniwun Ajayi, Kenna Partners, and Ukiri & Lijadu, InfraCorp has commenced negotiation of the term sheet and management agreement to be entered into with each of the 4 Asset Managers.
INFRACORP INITIATING SELECTION OF FIRST SET OF PRIORITY PROJECTS
InfraCorp has initiated selection of its first set of projects. The focus sector is transport and logistics with potential initial investment of up to N163 billion. To expeditiously deliver on its mandate, InfraCorp is planning a series of roundtables with key public and private sector stakeholders for the immediate realization of projects critical for Nigeria’s recovery, including MDAs, commercial banks, pension fund administrators and other financial institutions.
A HIGH CALIBER BOARD CONSTITUTED
The InfraCorp Board has been constituted with Mr. Godwin Emefiele, the CBN Governor, as Chairman and members including Philippe Valahu, CEO, the Private Infrastructure Development Group; Ms. Patience Oniha, the Director-General, Nigeria’s Debt Management Company; and representatives of the Promoters – Dr. Kingsley Obiora, Deputy Governor (Economic Office; Muhammad K. Ahmad, pioneer Director General, Nigerian National Pension Commission; Kemi Christina Abdul, ex-Director, Mubadala Infrastructure Partners; Dr. Kayode Olatunji Olowolafe, Former Chairman, Lekki Concession Policy), CBN; Mr. Samaila Zubairu; Chief Executive Officer, AFC; and Mr. Uche Orji, Managing Director, NSIA. Ahmad Zakari, the Special Adviser to the President on Infrastructure was also appointed as an observer on the Board. Following a highly competitive recruitment process managed by KPMG, the Transactions Advisor, the Promoters finalized the recruitment of the CEO and Managing Director, Dr. Lazarus Angbazo, a seasoned infrastructure and finance professional with over 25 years professional experience. Dr. Angbazo was most recently Partner, Head of Portfolio Operations West Africa, at Helios Investments Partners, and former President and CEO of General Electric (GE) Nigeria, managing GE’s businesses in Power, Oil & Gas, Renewables, Healthcare, Transportation, Aviation, and GE Capital. Dr. Angbazo serves on several public and private company boards including Nasarawa State Government’s Economic Advisory Council, Bingham University, Axxela, Tema LNG, AFGRI, Starsight, Partners International, and Opportunity International. Dr. Angbazo will be supported by a team of experienced industry experts currently being recruited. In the interim, the CEO is being supported by a lean transition team seconded by the promoters.
INAUGURAL BOARD MEETING HELD
The Board held its inaugural Board of Directors Meeting on 1 February 2022. The Board will be governed by a suite of governance documentation, which were considered at the Inaugural Board Meeting to ensure a world class governance structure for InfraCorp to position it to attract the financing required to achieve its mandate. Key resolutions from the inaugural board meeting include the ratification of the appointment of Mr. Godwin Emefiele, as the Chairman of the Board; appointment of Dr. Lazarus Angbazo as the Chief Executive Officer and Managing Director; the appointment of the 4 Asset Managers; and approval of the Company’s business plan amongst other key matters. The appointment of the Board and the recruitment of a highly experienced Chief Executive Officer (CEO) complete a series of robust and transparent processes conducted to international standards in accordance with President Muhammadu Buhari’s approval for InfraCorp in January 2021. InfraCorp is a government-backed infrastructure investment vehicle established and co-owned by the Central Bank of Nigeria (CBN), Africa Finance Corporation (AFC) and Nigeria Sovereign Investment Authority (NSIA) (“the Promoters”) and managed by its own Board and management. The vehicle has been established to harness opportunities for infrastructure development in Nigeria by originating, structuring, executing, and managing end-to-end bankable projects, managed by reputable and highly experienced infrastructure asset managers and in partnership with public and private sector participants. InfraCorp will mainly leverage public-private partnerships to unlock assets for the development and completion of projects
