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Business

FG moves to appoint fund manager for $37 billion infrastructure company

The FG has arranged to engage an asset manager for its newly set up Infrastructure Company of Nigeria Ltd.

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PIB; Will the jinx be broken this time around?, President Buhari may sign 2020 Budget tomorrow, President Buhari approves N37 billion for National Assembly renovation, President Buhari appoints Sarki Auwalu to head DPR , FG may stop interstate and inter-town travels, COVID-19: President salutes Elumelu, Dangote, Atiku, Banks, others for support, Naira export earnings, Covid-19: FG to set up N500 billion intervention fund, sovereign wealth, FG issues guidelines on implementation of gradual easing of lockdown nationwide, Electricity: FG approves one year waiver of import on meters, Buhari backs Lagos State Government Judicial Panel of Inquiry

The Federal Government has concluded plans to engage an asset manager for its newly set up Infrastructure Company of Nigeria Ltd. (Infra-Co), to raise about N15 trillion ($36.7 billion) for projects and accelerate growth in Africa’s biggest economy.

This is coming barely 2 weeks after President Muhammadu Buhari approved the government’s N1 trillion initial seed capital for the Infrastructure company, which will be set up under a Public-Private Partnership.

According to a report from Bloomberg, a source who wants to remain anonymous said that the Central Bank of Nigeria (CBN) and its funding partners, Africa Finance Corporation (AFC) and state-owned Nigeria Sovereign Investment Authority, are seeking proposals from companies to independently manage the infrastructure company’s fund-raising plan.

READ: Nigeria’s External Reserves and SWF: Why IMF cannot be ignored

The sought after fund manager will be responsible for coordinating the total equity capital and associated debt raise required by the company with the asset managers seeking the role expected to have been active in infrastructure financing.

The CBN Governor, Godwin Emefiele, had earlier said that the government needs to be innovative in its approach to developing infrastructure in the country and believes that InfraCorp will be a major game-changer in this regard.

Some firms such as PricewaterhouseCoopers, Boston Consulting Group, McKinsey and KPMG have expressed interest in getting the role of transaction advisers on the deal with Ukiri Lijadu and Co. and Kenna Partners appointed legal advisers.

This is as the report says that the firms were either not available to confirm the development or could not make any comment yet.

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What you should know

  • It can be recalled that President Muhammadu Buhari, had earlier approved the government’s seed capital of N1 trillion for InfraCo, an infrastructure company, which will be wholly focused on critical infrastructure investment in the country, under a Public-Private Partnership.
  • The President had said that InfraCo will be raising funds from the CBN, Nigeria Sovereign Investment Authority, Pension funds, and local and foreign private sector development financiers.
  • This will help boost infrastructure investments to stimulate economic growth after exiting its second recession in 4 years in the fourth quarter and bridge the infrastructural gap in the country, with Nigeria needing at least $3 trillion over 30 years to close its infrastructure deficit.

Chike Olisah is a graduate of accountancy with over 15 years working experience in the financial service sector. He has worked in research and marketing departments of three top commercial banks. Chike is a senior member of the Nairametrics Editorial Team. You may contact him via his email- [email protected]

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Business

JAMB: How to register for the 2021 UTME examinations

JAMB stated that the registration for the examinations has now commenced in full swing as all the issues have been resolved.

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The Joint Admissions and Matriculation Board (JAMB) had about 3 weeks ago announced the commencement of the 2021 Unified Tertiary Matriculation Examination and Direct Entry registration exercise on April 8, 2021, to May 15, 2021, with National Identification Number (NIN) made mandatory at the point of registration.

This was put on hold due to the exam body’s effort to ensure that candidates have access to its registration app for the 2021 UTME/DE and also finalise work on its pin vending process before the take-off of the exercise.

However, in a new statement, the spokesperson for JAMB, Dr Fabian Benjamin, said the registration for the examinations has now commenced in full swings as all the issues have been resolved.

JAMB in its public communications gave a guide on how to register for the UTME.

READ: How to link your National Identity Number with your phone number

How to register for the 2021 UTME

  • VALID, FUNCTIONAL E-MAIL, PHONE NUMBER: The applicants must have a valid and functional e-mail account in addition to an active phone number. This is relevant for registration and sending and receipt of information from JAMB.
  • NATIONAL IDENTIFICATION NUMBER (NIN): JAMB has made it mandatory for applicants or potential candidates to provide their NIN at the point of registration or enrolment.
  • VISIT JAMB WEBSITE: After having your email address and NIN, the applicant can proceed to the examination body’s website, where he/she can create a JAMB profile, preferably before buying the form.
  • CHECK JAMB iBass: After creating a profile, you are advised to check JAMB iBass to be sure of your eligibility to take this year’s examination. The information is provided on the official website of the exam body.
  • JAMB e-pin: After confirming your eligibility, you can go ahead to buy your 2021 JAMB e-pin registration from banks and other accredited outlets.
  • CBT CENTRE: Then, proceed to any accredited 700 computer-based test (CBT) centre with your personal details and your profile code.

READ: JAMB sets date for 2021 UTME registration and examination, makes NIN mandatory

What you should know

JAMB a few days ago confirmed the commencement of registration for the 2021 UTME/DE examinations after the initial hiccup.

It stated that applicants must provide NIN at the point of registration with the registration by Direct Entry candidates to run concurrently with that of UTME candidates.

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JAMB also said that the mock examination is expected to hold on Friday, April 30, 2021, for those who indicate interest and are registered before April 24, 2021, with the registration fee for the application still N3,500 and N500 for recommended Reading Text.

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Business

Customs Apapa Command generates N159.58 billion revenue in Q1 2021

Most revenues came through customs duty and charges.

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Here's how much Lagos-Apapa Customs Command generated in 5 months

The Nigeria Customs Service (NCS) Apapa Command stated that it has generated a revenue of N159.58 billion in the first quarter of 2021.

This was disclosed by Ibrahim Yusuf, the Area Controller at Apapa Customs Command, in an interview with newsmen on Monday.

He added that most revenues came through customs duty and charges, citing a 44.8% revenue increase on duty collection compared to the N110 billion generated in the same period in 2020.

READ: Vitafoam declares N1.11 billion as profit in the first quarter of its financial year 2020/21

“The difference recorded was made possible because of robust stakeholders engagement, officers’ resolve in discharging their duties and increased level of compliance in the trade zone,” he said.

He added that the total seizure for the first quarter stood at 28 containers of goods with DPV (Duty Paid value) of N1.87 billion.

“The containers had rice, wheat declared as supermarket items, medical soap declared as baking powder, tramadol and others.

“These are all importations in breach of sections 46, 47 and 161 of the Customs and Excise Management Act CAP C45 LFN 2004 and Schedules 4 and 6 of the Common External Tariff (CET).

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READ: Customs revenue rises by N200 billion to hit N1.5 trillion in 2020

“These cases are at various stages of investigation and in due time will be revealed,” he disclosed.

The Customs boss also revealed that exported goods from Apapa were valued at N41.55 billion in Q1 2021, including manufactured goods such as soaps, textiles, noodles, and agricultural products such as cashew nuts, hibiscus, sesame seeds and other mineral resources.

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