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.
“InfraCorp is a dedicated privately-managed infrastructure and industrial vehicle that will harness opportunities for Nigeria’s infrastructure development by originating, structuring, executing and managing end-to-end bankable projects in that space,” the call statement said.
The successful asset manager will be responsible for establishing a general partner/Asset Manager organization, to perform the following main functions, amongst others specified in the detailed Request for Proposal (RfP):
Develop the consolidated business plan and financial model for InfraCorp and its subsidiaries; manage the day-to-day operations of the Asset Management business of InfraCorp; plan, lead and coordinate the promotion of InfraCorp and capital raising activities.
The manager will also provide end-to-end origination, execution, structuring, closing, portfolio management and exit/sell-down of investments; design the optimal capital structure of InfraCorp and its subsidiaries best suited to its investment objectives; and lead negotiations of guarantees for InfraCorp; and procurement of strong ratings from credible international ratings agencies.
All expressions of interest (EOIs) and/or any relevant questions must be submitted as soon as possible to InfraCorp@cbn.gov.ng by 12 noon Nigerian time on March 16.
Bloomberg reported that PricewaterhouseCoopers, Boston Consulting Group, McKinsey and KPMG expressed interest in being transaction advisers on the deal, according to a source. Ukiri Lijadu and Co. and Kenna Partners were appointed legal advisers, the source said.
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