CBN extends deadline for asset managers to submit final proposal for InfraCorp

The Central Bank of Nigeria (CBN) has extended the deadline for submission of interest in the Infrastructure Corporation of Nigeria Limited (InfraCorp). Calls had been made for asset managers to apply.

Asset managers have been told to submit their Expression of Interest to manage the Infrastructure Corporation of Nigeria Limited which was approved for establishment by President Muhammadu Buhari on February 12, 2021.

President Buhari had given his approval with an initial seed capital of N1 trillion. InfraCorp is an infrastructure investment the government intends to use for critical infrastructure development within the country.

The Public-Private Partnership is expected to become a N15 trillion assets and capital firm in the longterm. To commence the setup, the CBN requested for asset managers with expertise in infrastructure.

To avail the asset managers more time to have their final proposal submitted, the apex bank extended the timeframe from March 16, 2021 to March 30, 2021.

“Reference is made to the request by the Promoters (the Central Bank of Nigeria, the Africa Finance Corporation, and the Nigeria Sovereign Investment Authority), for Expressions of Interest from qualified asset managers active in the infrastructure sector to manage the Infrastructure Corporation of Nigeria Limited (InfraCorp).

“This communique is to convey an extension to the deadline for receipt of final proposals in response to the detailed Request for Proposals (RfP) from 12 noon Nigerian time on 16 March 2021 by 2 weeks to 12 noon Nigerian time on 30 March 2021.

The process remains the same such that upon expression of interest, the Promoters shall share a detailed RfP document providing potential asset managers with the necessary information to prepare appropriate proposals in line with the Promoters’ requirements.” A statement obtained from CBN reads.