The Federal Government has hired four asset managers for the N15trn new Infrastructure Development Company (Infraco) project which will drive infrastructure development in Nigeria.
The process began when President Muhammadu Buhari approved the establishment of the Infraco which will kickoff with an initial seed capital of N1trn.
The Central Bank of Nigeria disclosed through the Special Assistant to the Deputy Governor (Financial System Stability), Osita Nwanisobi, that the four managers were approved by Vice President Yemi Osinbajo.
The key investors in Infraco are the Central Bank of Nigeria, Nigeria Sovereign Investment Authority and the Africa Finance Corporation.
The asset managers include Sanlam Infraworks based in Netherlands, Chapel Hill Denham, AIIM, a subsidiary of Old Mutual Group in South Africa and Tripple A consortium comprising AfricaPlus Partners and Arc Asset Management also Afrinvest West Africa.
With the hiring of the asset managers, the CBN Governor, Godwin Emefiele said on Tuesday that Infraco will begin full operation in the third quarter of 2021.