BY BAMIDELE FAMOOFO
The Infrastructure Corporation of Nigeria (InfraCorp) at the weekend took a step further towards actualizing the infrastructure dream of Africa’s largest economy.
Chairman of InfraCorp, Godwin Emefiele in company of other promoters of the company signed the Term Sheet Agreement with its Independent Asset Managers in Lagos.
“Today, marks a major milestone as InfraCorp and the Infrastructure Asset Managers – the AAA Consortium, Chapel Hill Denham, Africa Infrastructure Investment Managers here in Nigeria, and Sanlam Infraworks – have concluded the initial discussions on how they will operate together to deliver infrastructure to the nation,” Emefiele disclosed in his speech at the event.
Together with external legal advisors – Olaniwun Ajayi, Kenna Partners, and Ukiri & Lijadu, InfraCorp kicked off negotiation of the term sheet and management agreement to be entered into with each of the four Asset Managers ahead of the signing on Friday.
InfraCorp said it 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 was launched with an initial seed capital from the promoters of one trillion naira ($2.5 billion) and aims to raise 3x as much in private capital over the next 3 years, and up to $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 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 has since 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.
The InfraCorp Board has been constituted with 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 Office; Muhammad Ahmad, pioneer Director General, Nigerian National Pension Commission; Kemi Christina Abdul, ex-Director, Mubadala Infrastructure Partners; Kayode Olatunji Olowolafe, former Chairman, Lekki Concession Company; and representatives of the Promoters – Kingsley Obiora, Deputy Governor (Economic Policy), CBN; Samaila Zubairu; Chief Executive Officer, AFC; and 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, Lazarus Angbazo, a seasoned infrastructure and finance professional with over 25 years professional experience.
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.
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.
He will be supported by a team of experienced industry experts currently being recruited.
InfraCorp is a government-backed infrastructure investment vehicle established and co-owned by the Central Bank of Nigeria, Africa Finance Corporation and Nigeria Sovereign Investment Authority (“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.
