7th September, 2012
Asset and Resource Management Company Limited, ARM, has announced infrastructural strategy and changes in the management at Lekki Concession Company Limited, LCC.
In the new changes, Mr Opuiyo Oforiokuma, current Managing Director/Chief Executive Officer, MD/CEO, LCC will take on the role of the Managing Director, ARM Infrastructure Fund, with effect from 1 October, 2012.
ARM Infrastructure is set up to manage the new $250 million specialist infrastructure equity fund being established by ARM, with a focus on developing and managing a broader portfolio of infrastructure assets throughout Nigeria and West Africa, including power, transport, and water.
ARM, a diversified financial services institution with businesses focusing on traditional asset management and specialised funds, within which various products and bespoke asset management services are offered to its diverse clients, is LCC’s founding shareholder and co-sponsor of the pioneering Lekki Toll Road Concession, currently being implemented by LCC under a 30-year mandate from Lagos State Government.
Speaking on Mr Oforiokuma’s move and the importance of this step to ARM’s infrastructure strategy, Mr Deji Alli, Group MD/CEO of ARM said: “Developing and managing infrastructure in West Africa, and in Nigeria in particular, have long been an integral part of ARM’s vision and long-term strategic plan.
“We have steadily and purposefully pursued our infrastructure strategy from as far back as the year 2000, evidence of which is our successful achievement of financial close of the Lekki Toll Road transaction in 2008.”
“Establishing LCC, and demonstrating the possibilities in the Nigerian infrastructure space was the first stage of implementing our vision and strategic plan. We believe that we have done this over the last six years with Opuiyo Oforiokuma at the helm of LCC. The next stages for us now are to develop a broader infrastructure platform, with a focus that goes beyond Toll Roads. The vehicle for that is ARM Infrastructure.
Oforiokuma was appointed by ARM as LCC’s first Managing Director/CEO, in 2006, and has led the company from inception to the present time, steering the company along its pioneering journey as Nigeria’s first-ever Public-Private-Partnership, PPP, Toll Road Concession.
This journey has included the achievement of financial close of LCC’s N50 billion long-term financing package, on ground-breaking terms for Nigeria, gaining several prestigious local and international awards, execution and delivery of the first two road sections of the new Eti-Osa Lekki-Epe Expressway and building strong brand name recognition for LCC locally and internationally; amongst several other notable achievements.