Infrastructure Corporation of Nigeria Hires 4 Managers for Fund

Posted on 07/14/2021

Infrastructure Corporation of Nigeria Ltd. selected four asset managers to run a fund set up to drive investment in roads, railways and power projects in Africa’s largest economy. Investors in the Infrastructure Corp. of Nigeria Ltd., include Central Bank of Nigeria, Nigeria Sovereign Investment Authority, and the Africa Finance Corporation.

Godwin Emefiele, governor of the Central Bank of Nigeria, says the federal government has approved the appointment of asset managers for the Infrastructure Corporation of Nigeria. KPMG had been appointed as the transaction advisers for the Corporation.

Infrastructure Corporation of Nigeria Ltd. hired Netherlands-based Sanlam Infraworks; AIIM, a unit of South Africa’s Old Mutual Group; Lagos-based Chapel Hill Denham; and Tripple A, a consortium comprising AfricaPlus Partners and Arc Asset Management as well as Afrinvest West Africa, a Nigerian investment bank. The money managers will raise the rest of the funds.

Following the conclusion of the hiring process, Infrastructure Corporation is expected to begin full operation by the third quarter of 2021.

Nigeria President Muhammadu Buhari this year approved 1 trillion naira for the company to help close Nigeria’s huge infrastructure deficit.

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