The Infrastructure Corporation of Nigeria (InfraCorp), members of the AAA Infrastructure Nigeria Limited (Triple A Infra), including Afrinvest, Africa Plus Partners and ARC Asset Management (USA), have signed the term sheet for the management of part of a N15 trillion infrastructure fund, dedicated solely to investment in Nigeria on Friday, April 8, 2022.
InfraCorp is a 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 signing of the term sheet signals the effective take-off of the execution phase of InfraCorp. InfraCorp will leverage private sector partnerships and government relationships to unlock infrastructure assets for development.
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.
The term sheet signing ceremony had Godwin Emefiele, CBN governor and chairman of InfraCorp; Lazarus Angbazo, MD of InfraCorp; and Ike Chioke, CEO of Triple A Infra and group managing director of Afrinvest West Africa, among others, in attendance.
Speaking at the ceremony, Emefiele expressed delight over the signing of the term sheet between InfraCorp and the assets managers, saying they’ve been able to raise financing of N14 trillion debt with N1 trillion equity, which is being contributed by the CBN, AFC and NSIA.
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Stating that execution of the projects would commence immediately, he said: “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.”
Angbazo expressed his anticipation of 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.
Chioke said: “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.”
“Congratulations to InfraCorp’s promoters, CBN, AFC and NSIA, under the dogged leadership of the Chairman, Dr Emefiele, for delivering this epoch-making opportunity for transforming Nigeria’s infrastructure.”