Business
Infrastructure Bank To Establish Assets Management Subsidiary
The Infrastructure Bank
(TIB) is to create an asset management subsidiary to manage portfolios of private investors in infrastructure projects in the country.
Mr Adekinle Oyinloye, the Managing Director of TIB, disclosed this at a press conference in Lagos at the weekend.
He said that the TIB Assets Management Company would assist potential investors to manage their investments in infrastructure more professionally.
Oyinloye said that funds available to the company would be better managed by professional fund managers or made available on the capital market as quasi or private equities.
He said that the bank’s duty in the whole arrangement would be to see that projects were well conceptualised, dissected and de-risked to make them bankable.
The bank chief executive said that the benefits of an assets management company was to give investors clarity as to the timeframe on when to go in and to exit from investments.
“Our job as infrastructure bank is to take them through that process and create bankable projects with clear exit for debt providers, investors, quasi equities and others.
“We are so friendly with those own funds and who are looking for where to invest with a clear clarity as to when and how to exit.
“Our shareholders’ funds is just to enable us to run when we have ideas initiated by the bank.
“The funds provide the initial capital for the bank to run projects such that fellow investors would come in,” he said.
Oyinloye said that some investors had already shown interest in the rehabilitation of the Lagos-Ibadan Expressway.
He said the Lagos-Ibadan Expressway, established in 1978, was the first tolled road in the country, but was not operated as one.
The TIB boss said that if it had been operated on the concept of a tolled road, the proceeds would have been used for its rehabilitation and continuous maintenance.
He said that the rehabilitation of the road was now based on public procurement, considered to be the option that would not stop the project.
Oyinloye said that government took the option because of the concern on how the road rehabilitation would be delivered in four years.
Kenya made it a clean sweep at the Berlin Marathon with Sabastian Sawe winning the men’s race and Rosemary Wanjiru triumphing in the women’s.
Sawe finished in two hours, two minutes and 16 seconds to make it three wins in his first three marathons.
The 30-year-old, who was victorious at this year’s London Marathon, set a sizzling pace as he left the field behind and ran much of the race surrounded only by his pacesetters.
Japan’s Akasaki Akira came second after a powerful latter half of the race, finishing almost four minutes behind Sawe, while Ethiopia’s Chimdessa Debele followed in third.
“I did my best and I am happy for this performance,” said Sawe.
“I am so happy for this year. I felt well but you cannot change the weather. Next year will be better.”
Sawe had Kelvin Kiptum’s 2023 world record of 2:00:35 in his sights when he reached halfway in 1:00:12, but faded towards the end.
In the women’s race, Wanjiru sped away from the lead pack after 25 kilometers before finishing in 2:21:05.
Ethiopia’s Dera Dida followed three seconds behind Wanjiru, with Azmera Gebru, also of Ethiopia, coming third in 2:21:29.
Wanjiru’s time was 12 minutes slower than compatriot Ruth Chepng’etich’s world record of 2:09:56, which she set in Chicago in 2024.