CBN Extends Deadline on Appointment of InfraCorp Asset Managers

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By James Emejo

The Central Bank of Nigeria (CBN) has extended by two weeks, the deadline for Expression of Interest from qualified asset managers active in the infrastructure sector to manage the Infrastructure Corporation of Nigeria Limited (InfraCorp).

The extension was announced in a communiqué yesterday by CBN Deputy Governor, Economic Policy Directorate, Dr. Kingsley Obiora.
The apex bank said the deadline for the receipt of final proposals in response to the detailed Request for Proposals (RfP) has been moved to March 30 from March 16 earlier announced.

It, however, pointed out that the “process remains the same such that upon expression of interest through InfraCorp@cbn.gov.ng, 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 launch of the N15 trillion company as part of efforts to reposition the Nigerian economy and insulate it from external shocks after the COVID-19 pandemic.

The CBN Governor, Mr. Godwin Emefiele, had said the initiative would be part of efforts to ensure the diversification of the economy.

He stated that the wholly focused infrastructure development vehicle would be managed by an independent infrastructure fund manager.

He said: “This fund will be utilised to support the federal government in building the transport infrastructure required to move agriculture products to processors, raw materials to factories and finished goods to markets, as envisaged by the CBN ‘Going for Growth’ roundtable in March 2020.”

The promoters include the CBN, the Africa Finance Corporation (AFC) and the Nigeria Sovereign Investment Authority (NSIA).