The Federal Government has selected 4 asset managers to run the N15 trillion ($37 billion) fund for the Infrastructure Corporation of Nigeria Limited (Infra-Co) which is set up to drive investment in roads, railways and power projects in Nigeria.
The acting Director, Corporate Communications of CBN, Osita Nwanisobi, in a statement, said that Nigeria’s Vice President, Yemi Osinbajo, had approved the hiring of the fund managers for the company.
According to a report from Bloomberg, the selected asset managers include 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.
President Muhammadu Buhari had earlier this year approved the Federal Government’s seed capital of N1 trillion ($2.4 billion) for the take-off of the infrastructure company that would help close Nigeria’s huge infrastructure deficit. The fund managers are expected to raise the rest of the required funds.