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FG Seeks Asset Manager for N15tn Infraco Fund

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Federal government plans to hire an asset manager for its new Infrastructure Development Company (Infraco), designed to raise as much as N15 trillion ($36.7 billion) for infrastructural projects and to accelerate growth.

Vice President Yemi Osinbajo

President Muhammadu Buhari about a fortnight ago, had approved the establishment of the Infraco, a Public-Private Partnership-styled infrastructure company with an initial seed capital of N1 trillion, to tackle Nigeria’s growing infrastructure deficit.

A report yesterday by Bloomberg quoted a source as saying that the Central Bank of Nigeria (CBN) and its funding partners, the Africa Finance Corporation (AFC) and Nigeria Sovereign Investment Authority (NSIA), are seeking proposals from companies to independently manage the infrastructure company’s capital-raising plan.

The Infraco will help fund projects from roads to railways and power plants.

The fund manager will be responsible for coordinating the total equity capital and associated debt raise required by the company, according to the source.

Asset managers seeking the role must have been active in infrastructure financing.

“We need to be innovative in our approach to developing our infrastructure in Nigeria,” Mr. Godwin Emefiele, CBN governor, said in a text message sent by an official from the institution.

“We believe that Infraco will be a major game-changer in this regard.”

Already, PricewaterhouseCoopers, Boston Consulting Group, McKinsey and KPMG have expressed interest in being transaction advisers in the deal, according to the source.

Ukiri Lijadu and Co. and Kenna Partners have been appointed legal advisers, the source said.

PricewaterhouseCoopers and KPMG didn’t immediately answer calls seeking comment on Wednesday, while calls to Ukiri Lijadu and McKinsey didn’t connect. Representatives at Kenna Partners and BCG couldn’t comment straight away when called.

Nigeria plans to boost infrastructure investments to stimulate economic growth after exiting its second recession in four years in the fourth quarter.

The nation needs at least $3 trillion over 30 years to close its infrastructure deficit, Moody’s Investors Service said in a November report.

Already, Vice President Yemi Osinbajo has been saddled with the responsibility of heading a steering committee to facilitate the take-off of the company.

Mr. Laolu Akande, Osinbajo’s media assistant, had said in a statement at the time that Infraco would grow to N15 trillion in assets and capital and that it would be one of the premier infrastructure finance entities in Africa to be wholly dedicated to Nigeria’s infrastructure development.

According to him, the initial seed capital for the entity will come from the CBN, the NSIA and the AFC.

Akande had stated: “The board of Infra-Co will be chaired by the central bank governor and include the Managing Director of the Nigerian Sovereign Investment Authority, President of the Africa Finance Corporation, as well as representatives of the Nigeria Governors’ Forum, and the Ministry of Finance, Budget and National Planning. The board will also have three independent directors from the private sector.

“To address Nigeria’s infrastructure deficit, the Buhari administration continues to explore innovative options, including through financing initiatives such as the Presidential Infrastructure Development Fund (PIDF), designed to cater for the second Niger Bridge, the Abuja-Kaduna-Zaria-Kano Expressway, and other projects.

“There is also the Road Infrastructure Development and Refurbishment Investment Tax Credit Scheme which is being used for the funding of the Bodo-Bonny bridges and road (with the Nigeria Liquefied Natural Gas, NLNG), and the Apapa-Oshodi-Oworonshoki Expressway (with Dangote Group), among others.


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Chain Reactions Africa Wins ‘Edge Outstanding PR Agency of the Year’ at Marketing Edge Awards 2024

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Chain Reactions Africa (CRA), one of Africa’s leading Public Relations and Integrated Communications Consultancies, has further consolidated its market leadership position as one of Africa’s best public relations consulting firms by emerging as the ‘Outstanding PR Agency of the Year’ at this year’s edition of the prestigious Marketing Edge Awards.

The award, according to the organisers, is in recognition and celebration of the company’s “rising brand equity and sterling performance over and above its peers in the last one year.”

Israel Opayemi, the company’s Managing Director/Chief Strategist, was also adjudged as the overall best in the individual category, carting away the ‘Edge Grand Prix In PR’ award, the highest category of the Marketing Edge Awards that any personality could get.

This was in recognition and celebration of his professional and entrepreneurial odyssey, and the Olympian heights to which he has led the company across Africa over the years, the award organisers said.

This is the second time in two years that the company has won both awards. It would be recalled that Chain Reactions Africa had during the 2023 edition of the award, then known as the Marketing Edge Brands and Advertising Excellence Awards, won the ‘Outstanding PR Agency of the Year’, while its Chief Executive scooped the ‘Outstanding Leadership Award in Public Relations’ award.

This year’s the award ceremony held on Saturday, September 28, 2024, in Lagos coincides with the 21st anniversary of Marketing Edge, Nigeria’s leading brand-focused marketing and advertising publication, and which has been at the vanguard of brand journalism in the last 21 years.

Speaking on the awards, the Managing Director/ Chief Strategist of Chain Reactions Africa, Mr. Israel Jaiye Opayemi noted the significance of the recognitions to the firm as a brand, the nation, and the integrated marketing communication ecosystem whilst appreciating the awards organisers.

“This Edge Awards, from the stable of Marketing Edged is most appreciated. We thank the organisers for this recognition. The awards are another evidence of Chain Reactions Africa’s leadership, competence, hard work, commitment, and discipline imbued to distill client’s briefs and deliver superior value to them,” he said.

He extolled the exceptional professional skills of the staff of Chain Reactions Africa, thanking them for their dedication, hard work and sacrifice over the years. “I am most grateful to the Chain Reactions Africa tribe of creative rebels, as I call them. There wouldn’t be a Chain Reactions Africa without my team of dedicated and talented individuals who drive the business with exceptional passion.

“I am very proud of the brave hard work we do, our irrevocable commitment to always lead with strategy, our investment in neuroscience, our investment in data and research, and our absolute commitment to always end everything we do with creativity so as to deliver quality service to our various clients.”

“On behalf of Chain Reactions Africa, I dedicate this recognition as Nigeria’s Outstanding PR firm to all our present clients. I thank you for the liberty you have given us to breathe our unique approach to strategy into your brands. Thank you for allowing us the space to be irreverent to normal. We will continue to make strategy first the holy grail of what that we do for you,” Opayemi added.

“These awards conferred on us will be a catalyst to spur us to go the extra mile to reaffirm the essence of our core mandate, which is ‘gold service standard’ that is rooted in Chain Reactions Africa’s brand DNA”, Opayemi said.

In his comments, the Publisher/ CEO of Marketing Edge Magazine, John Ajayi, congratulated all the winners on their awards, and urged them to sustain the momentum of their endeavours, character, and all the things that stands them out in the marketing communications industry. “Congratulations to all the winners, as well as all the nominees, for the various awards and nominations, and more wins in the future. Your contributions have indeed brought out the best in the industry. You are all winners”, Ajayi said.

The latest awards are just a few out the many recognitions in the cabinet for Chain Reactions Africa.  The company had in May this year been recognised with the ‘PR Agency of the Year’ award at ‘The Industry Awards’ for the year ending 2023.

In addition to this, the company had also put up a seven-star performance during the annual African Public Relations Association (APRA) Conference on May 16, in Basam, Abidjan, Cote D’Ivoire where it was presented with seven African SABRE trophies by Provoke Media, the highest by any public relations firm in Africa in the 2024 competition.

The Sabre Awards covered campaigns for the Lagos Metropolitan Area Transport Authority (LAMATA), and its Lagos Blue Rail, 9mobile’s The Hack – Expand Your Hustle’, ‘Taming the Bull’ for the Presidency, and ‘Next Era of Happiness’ for leading biscuit company, Pladis Foods Nigeria Limited.

The Marketing Edge, Edge Awards ceremony is a major industry event that recognizes, rewards, and celebrates deserving brands, institutions, agencies and personalities with enviable milestones. This years’ Edge Awards ceremony themed, ‘Tech Acceleration: Integrating AI Without Sacrificing Human Creativity’ was held as a hybrid event, with the physical location at the Sheraton Hotel in Ikeja, Lagos. It featured both the awards and Marketing Edge National Marketing Stakeholders Summit.

 


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Experts to Explore the Imperative of Data Protection, Cloud Security @ 2024 Edition of Nigeria ICT Forum

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As the world becomes increasingly interconnected and reliant on digital technologies, the importance of data security cannot be overstated. Protecting sensitive information is paramount for individuals, businesses, and governments alike.

In response to the growing need for robust data security measures, the 12th edition of the Nigeria ICT Impact CEO Forum (NIICF) is set to convene on Saturday, November 16, 2024, at the Oriental Hotel, Lekki, Lagos.

Themed “Strengthening Data Protection, Cloud Infrastructure & Cyber Security”, the forum would be chaired by His Excellency, Mallam Umar Namadi, Governor of Jigawa State.

In a statement, the NIICF and Africa Digital Awards (ADA) coordinator, Mr. Tayo Adewusi, explained that the forum will delve into the evolving challenges and opportunities surrounding data protection, cloud infrastructure, and cybersecurity.  He added that industry leaders will explore these areas’ impact across various sectors and present innovative solutions for navigating the digital age.

The forum boasts of the welcome address by Dr Bosun Tijani, Minister of Communications, Innovations & Digital Economy, the keynote address Dr. Aminu Maida, the EVC of Nigerian Communications Commission and the chairman of the occasion is Mallam Umar Namadi of the Governor of Jigawa State.

According to Adewusi, the following dignitaries will present papers at the forum: Prof. Adewale Obadare Founder, Digital Encode Limited, Dr. Vincent Olatunji, National Commissioner/CEO, Nigeria Data Protection Commission, Engr. Bisoye Coker-Odusote, DG, National Identity Management Commission, Engr. Ike Nnamani, CEO of Digital Realty Nigeria and other industry leaders.

The forum would provide a valuable platform for C-level executives, industry experts, and stakeholders to connect, share experiences, and foster collaboration.

Participants can connect with potential partners and build meaningful business relationships. Hear presentations from thought leaders and glean knowledge on the latest trends in data protection, cloud security, and cybersecurity.

Also, the forum would contribute to shaping the future of Nigeria’s digital landscape through meaningful discussions and collaborations.

The prestigious 12th Africa Digital Awards (ADA) will be held concurrently with the forum, recognizing over 50 distinguished individuals and organizations leveraging ICT to drive positive change.


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FG to Toll Lagos-Ibadan Expressway, Second Niger Bridge, Others

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Federal government will toll all major roads in the country upon completion of construction and renovation because Nigerians are ready to pay for good roads once their safety and convenience are guaranteed, according to Dave Umahi, minister of Works.

FG to Toll Lagos-Ibadan Expressway, Second Niger Bridge, Others

Dave Umahi, minister of Works

“We have the Lagos-Ibadan (Expressway), we are completing it and we are tolling it,” Umahi said on Thursday in Abuja at an Inter-Ministerial Press Briefing, part of activities to mark Nigeria’s 64th independence anniversary.

He listed some of the roads as Lagos-Ibadan Expressway, Second Niger Bridge, Abuja-Kano Road, and Makurdi-9th Mile, among others.

The former Ebonyi State governor said the tolling of federal roads “is going to bring a lot of money to the Federal Government”.

Umahi said private sector members have been engaged “to bring in funds, construct these roads, work with the Infrastructure Concession Regulatory Commission and the Ministry of Works to toll these roads”.

The minister said the government would start with the Keffi-Makurdi Road that has been completed, stating that his ministry has been engaging with the Ministry of Finance for a paperless mode of payment.

He said, “For example, we are completing the Lagos-Ibadan, we are working on Makurdi to 9th Mile in Enugu State, we are working from Abuja to Lagos. These roads are going to be tolled. But we are not just tolling them, we are bringing confidence in the use of these roads.

“If people can travel at night because we are bringing security, where the response time will be 10 minutes on the entire corridor, where you have solar light permanently there and then reduce travel time, and through the tolling, the roads are maintained, then, there will be confidence because Nigerians will pay if the roads are good.”

He said before now, road developments have not been handled as investments but the administration of President Bola Tinubu has been handling road developments more professionally.

He said the present administration inherited a total of 300 damaged roads and bridges, adding that more road constructions would commence from October 1, 2024, across the six geopolitical zones of the country.


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