InfraCo Commences Operations, Appoints Angbazo Pioneer MD

*Emefiele chairs board
James Emejo in Abuja

The newly established $2.5 billion Infrastructure Corporation of Nigeria (InfraCorp) has announced the commencement of operations, months after its structuring and stakeholder consultations by the promoters including the Central Bank of Nigeria (CBN), Africa Finance Corporation (AFC), and the Nigerian Sovereign Investment Authority (NSIA).

InfraCorp which was launched with an initial seed capital of N1trillion aims to raise the amount of private capital inflows to $37 billion for infrastructure investments in Africa’s largest economy by 2030 over the next three years.
This came as the corporation also announced the appointment of Dr. Lazarus Angbazo as its founding Managing Director/Chief Executive. He brings over 25 years of experience in infrastructure project development, investments, and capital raising; setting up new businesses; and leading global management teams.

Angbazo has deep knowledge of African markets and had worked across InfraCorp’s priority sectors including power, renewables, transport and logistics, and Industry.

CBN Governor, Mr. Emefiele, who chairs the board of the corporation said, “In recognition of the role improved infrastructure could play in the development of our economy, along with the need to leverage private sector capital in funding and developing the over N35 trillion infrastructure deficit in Nigeria, the estimated amount required to build an efficient infrastructure ecosystem in Nigeria, CBN, NSIA and AFC have now operationalized InfraCorp.

“InfraCorp expects to raise N15 trillion of capital over the next few years leveraging on the Promoters N1 trillion of committed capital to significantly progress closing the gap. I am pleased that as promoters after months of structuring and stakeholder engagements, we have set up a world class board and appointed a highly experienced CEO to drive InfraCorp.”

He said, “The CEO is now setting up his team and working closely with the asset managers to deliver the first set of strategic projects. InfraCorp is expected to set the standard template that will help in enabling greater private sector funding for public infrastructure projects in Nigeria.”

However, InfraCorp’s core mandate is to tackle Nigeria’s infrastructure deficit and generate a growth multiplier 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.

The company commences operations following the appointment of four highly experienced asset managers in 2021, including Sanlam InfraWorks; Africa Infrastructure Investment Managers (AIIM) which is a consortium of Afrinvest Asset Management; Africa Plus Fund Partners, and ARC Asset Management and Chapel Hill Denham.

Essentially, InfraCorp, which will operate from the Federal Capital Territory (FCT) Abuja and Nigeria’s commercial hub, Lagos, will support and enable the fund managers to mobilise fundraising and investments of projects across the critical focus sectors – Energy, industrial, agricultural, telecommunications, technology, transport, logistics, and social infrastructure.

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 four asset managers.

Emefiele, had over the weekend announced that InfraCo would unlock N8 trillion of pension funds’ assets to be deployed into bankable infrastructure projects across Nigeria.
Meanwhile, InfraCorp has initiated selection of its first set of projects, focusing on 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 realisation of projects critical for Nigeria’s recovery, including MDAs, commercial banks, pension fund administrators and other financial institutions.

The corporation’s Board has been constituted with Emefiele as Chairman. Other members include Chief Executive, Private Infrastructure
Development Group, Philippe Valahu; Director-General, Nigeria’s Debt Management Office, Ms. Patience Oniha; pioneer Director General, Nigerian National Pension Commission, Muhammad K. Ahmad; ex-Director, Mubadala
Infrastructure Partners, Kemi Christina Abdul; Former Chairman, Lekki Concession Company, Dr. Kayode Olatunji Olowolafe; and representatives of the promoters namely Deputy Governor (Economic Policy), CBN, Dr. Kingsley Obiora; Chief Executive Officer, AFC, Mr. Samaila Zubairu; Managing Director, NSIA, Mr. Uche Orji.
Also, the Special Adviser to the President on Infrastructure, Ahmad Zakari, was also appointed as an observer on the board of InfraCorp.

Nonetheless, 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.

Reacting to his appointment, he said, “I am excited about the opportunity to drive development and innovation in infrastructure solutions for Nigeria. InfraCorp’s unique mandate consolidates the great work that the promoters – Central Bank of Nigeria (CBN), Africa Finance Corporation (AFC) and Nigerian
Sovereign Investment Authority (NSIA) are doing.