FG seeks asset manager for N1 trn infrastructure company
The CBN, the Africa Finance Corporation and the Nigeria Sovereign Investment Authority on Friday called for proposals from qualified asset managers
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The federal government has called for expressions of interest for the appointment of an asset manager for the new Infrastructure Corporation of Nigeria.
The company, InfraCo, approved two weeks ago by President Muhammadu Buhari, was established with a startup funding of N1 trillion for the construction of critical infrastructure projects to help accelerate growth in the country.
Its funding is expected to grow to N15 trillion.
The Central Bank of Nigeria, the Africa Finance Corporation and the Nigeria Sovereign Investment Authority (NSIA) on Friday called for proposals from qualified asset managers active in the infrastructure sector to manage the firm.
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Peter Uzoho with agency report
The federal government plans to hire an asset manager for its new Infrastructure Development Company (Infraco), designed to raise as much as N15 trillion ($36.7 billion) for infrastructural projects and to accelerate growth.
President Muhammadu Buhari about a fortnight ago, had approved the establishment of the Infraco, a Public-Private Partnership-styled infrastructure company with an initial seed capital of N1 trillion, to tackle Nigeria’s growing infrastructure deficit.
A report yesterday by Bloomberg quoted a source as saying that the Central Bank of Nigeria (CBN) and its funding partners, the Africa Finance Corporation (AFC) and Nigeria Sovereign Investment Authority (NSIA), are seeking proposals from companies to independently manage the infrastructure company’s capital-raising plan.
Hope rises for Taraba-based $5.8bn Mambilla hydro project
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WHEN in November 2017, the Federal Government formally signed a $5.8 billion contract for the Mambilla Hydroelectric Power Project in Taraba State, it was seen as a watershed in the long history of the project that was billed to become Nigeria’s largest electricity producer with an installed capacity of 3,050 megawatts.
With the engineering, procurement and construction, EPC, contracts awarded to a consortium of Chinese companies, led by China Gezhouba Group, 85 percent of the financing for the project was to be provided by the China Exim Bank, while the Federal Government was expected to bear 15 percent of the cost. Despite the contracts agreement, work on the project has been delayed following legal issues and other bureaucratic bottlenecks.
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Nigeria plans to hire an asset manager for its new Infrastructure Corp. of Nigeria Ltd., designed to raise as much as 15 trillion naira ($36.7 billion) for projects and to accelerate growth in Africa’s biggest economy.
Nigeria’s central bank and its funding partners – Africa Finance Corp. and state-owned Nigeria Sovereign Investment Authority are seeking proposals from companies to independently manage the infrastructure company’s capital-raising plan, according to a person with knowledge of the matter. The person requested not to be named because the matter is not yet public.
Vanguard News
Experts seek effective media report of govt agencies
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ECONOMY
Communication experts have advocated effective media coverage of strategic agencies and parastatals of the federal government.
Such strategic government agencies include the Nigerian National Petroleum Corporation (NNPC), Pensions Commission (PenCom) and the Nigeria Sovereign Investment Authority (NSIA), among others.
The experts spoke at a seminar organised by The Whistler Newspapers in Lagos, with the theme: “COVID-19 and the Journalists: Effective Reporting of the NNPC, PenCom and NSIA”.
They urged journalists to up their game by adopting modern technological tools to make their job easier and more efficient.
They were also encouraged to put more effort in always probing critical aspects of the operations and mandates of the agencies to keep Nigerians well informed and help entrench transparency and accountability in the establishments.