InfraCorp, Others Sign Deal on Infrastructure Fund
Ugo Aliogo
The Infrastructure Corporation of Nigeria (InfraCorp), members of the AAA Infrastructure Nigeria Limited (Triple A Infra), including Afrinvest, Africa Plus Partners and ARC Asset Management (USA) have signed the term sheet for the management of part of a N15 trillion infrastructure fund, dedicated solely to investment in Nigeria.
In a statement they said the signing of the term sheet signals the effective take-off of the execution phase of InfraCorp.
InfraCorp is a dedicated privately-managed infrastructure vehicle established and co-owned by the Central Bank of Nigeria (CBN), Africa Finance Corporation (AFC) and Nigeria Sovereign Investment Authority (NSIA) together referred to as “the Promoters”.
The statement said the vehicle was established to harness opportunities for infrastructure development in Nigeria by originating, structuring and executing end-to-end bankable projects.
The statement added that the asset creation and management process would be coordinated by reputable, carefully-selected and highly-experienced infrastructure asset managers, adding that it is a largely private-sector driven initiative.
It added, “InfraCorp will leverage private sector partnerships and government relationships to unlock infrastructure assets for development.”
The statement further explained that the term sheet signing ceremony had the CBN Governor and Chairman of InfraCorp, Dr. Godwin Emefiele; the Managing Director of InfraCorp, Dr. Lazarus Angbazo; and CEO of Triple A Infra and Group Managing Director of Afrinvest West Africa, Mr Ike Chioke, among others, in attendance.
Speaking at the ceremony, Emefiele expressed delight over the signing of the term sheet between InfraCorp and the assets managers.
He said: “What is the purpose? The first phase of this financing is to raise N14 trillion debt plus N1 trillion equity, which is being contributed by the CBN, AFC and NSIA. We will go straight into execution mode because Nigeria very badly needs to develop its infrastructure.”
On his part, Chioke said: “Afrinvest is a member of Triple A Infra, which has been mandated as an asset manager by InfraCorp to manage part of the N15 trillion infrastructure fund dedicated solely to infrastructure in Nigeria. Triple A Infra would soon be committing funds to the target segments of transport and logistics, power, telecommunications and technology, industrial and agricultural infrastructure as well as social infrastructure.”
Interswitch Partners Cisco to Equip Tertiary Institutions in Nigeria
Emma Okonji
In line with its efforts to support Science, Technology, Engineering and Mathematics (STEM) education in Nigeria, Africa’s integrated payments and digital commerce company, Interswitch, has announced plans to donate Information Technology (IT) equipment to students in 10 tertiary institutions across Nigeria.
The initiative, which is being implemented in collaboration with Cisco, will see Interswitch donate IT equipment including routers and switches to the Cisco Networking Academies in these institutions. The donations are expected to support the students of the Cisco Networking Academies as they explore their passion in the field of STEM and learn to develop solutions to everyday problems faced by Africans.
Beneficiary institutions include: Igbinedion University Okada; Lagos State Polytechnic, Ikorodu; Covenant University, Ota; Federal University of Technology Akure; Obafemi Awolowo University, Ile-Ife; University of Maiduguri; Ahmadu Bello University, Zaria.
Others are Lagos State University; University of Port-Harcourt and University of Nigeria, Nsukka. Each of the listed institutions currently run the Cisco Networking Academies, an all-embracing platform where individuals and communities use tech tools to create impact.
Interswitch’s donation aligns with its long-standing efforts to encourage more African students to take up STEM courses in school. The company has actively encouraged the uptake of STEM courses by students through its various initiatives such as the Interswitch SPAK National Science Competition which is held annually in Nigeria and East Africa.
Speaking about the donation, Group Chief Marketing and Communications Officer, Interswitch Group, Cherry Eromosele, said Interswitch had always been committed to improving learning, especially in STEM courses.
“We understand that the study of Science, Technology, Engineering and Mathematics courses is not a walk in the park, however, going through the rigors of studying STEM subjects without basic tools such as a computer can be unnerving. This is why we are donating the IT equipment to the networking academies with the belief that more students will be equipped to hone their skills in STEM and consequently pursue careers in STEM,” Eromosele said.
Commenting on the collaboration with Interswitch, Country Lead at Cisco, Nigeria, Sebastine Nzeabine, said: “Cisco Networking Academy transforms the lives of learners, educators and communities through the power of technology, education and career opportunities. Critical to this is creating connections through access to infrastructure, forging opportunities by investing in people to help create a skilled economy and inclusion of all citizens to give them efficient technology solutions to address their unique local needs.”
