InfraCorp, Triple A Infra/Afrinvest, others sign deal on infrastructure fund

3 min readApr 12, 2022

Lagos, Nigeria, April 11, 2022 — 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 on Friday April 8, 2022

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 vehicle was established to harness opportunities for infrastructure development in Nigeria by originating, structuring and executing end-to-end bankable projects. The asset creation and management process will be coordinated by reputable, carefully selected, and highly experienced infrastructure asset managers. It is a largely private sector driven initiative. .

InfraCorp will leverage on private sector partnerships and government relationships to unlock infrastructure assets for development. 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, Dr. Emefiele expressed delight over the signing of the term sheet between InfraCorp and the assets managers. He said: “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. There are infrastructure deficits in the public and private sectors, and we would like to be seen to have played our part at this time to support the efforts of government and that of the private sector to see to whatever can be done to improve the infrastructure capacity in Nigeria.”

Dr. Angbazo said: “I am excited about the opportunity to drive development and innovation in infrastructure solutions for Nigeria. InfraCorp’s unique mandate consolidates the great work that the promoters — CBN, AFC and NSIA — are doing. I look forward to working with all stakeholders to deliver competitive returns for shareholders, while driving new frontiers for Nigeria’s sustainable infrastructure development. Massive financing is urgently required to build the infrastructure that Nigeria deserves.”

On his part, Mr. 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 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.

“Congratulations to InfraCorp’s promoters, CBN, AFC and NSIA, under the dogged leadership of the Chairman, Dr. Emefiele, for delivering this epoch-making opportunity for transforming Nigeria’s infrastructure.”




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