FG appoints four asset managers for $37bn infrastructure company

The Federal Government has appointed four asset managers to manage Nigeria’s newly established Infrastructure Company of Nigeria Limited (Infra-Co). Infra-Co was established by the government to raise about N15 trillion ($36.7 billion) to drive investment in roads, railways, and power projects. Vice President Yemi Osinbajo, who is the Chairman of the National Economic Council (NEC) approved the hiring of the four asset managers. They are the Netherlands-based Sanlam Infraworks, AIIM, a unit of South Africa’s Old Mutual Group, Lagos-based Chapel Hill Denham, Tripple A consortium comprising AfricaPlus Partners and Arc Asset Management as well as Afrinvest West Africa, a Nigerian investment bank. The process was led by KPMG LLP which acted as transaction adviser for the company. The hiring of the asset managers completed the process that started in March. The spokesman of the Central Bank of Nigeria, Osita Nwanisobi, who spoke on the development, said investors in the Infra-Co include the apex bank, Nigerian Sovereign Investment Authority (NSIA) and the Africa Finance Corporation (AFC). The CBN Governor, Godwin Emefiele, said at a virtual event on Tuesday that Infra-Co is expected to begin full operation by the third quarter of this year. President Muhammadu Buhari had earlier this year approved N1 trillion ($2.4 billion) for the take-off of the company.