Asset & Resource Management Company Ltd ("ARM" today announced that Mr Opuiyo Oforiokuma, currently Managing Director/CEO of Lekki Concession Company Ltd ("LCC", will take on the role of Managing Director, ARM Infrastructure Fund ("ARM Infrastructure", with effect from 1st October 2012. ARM Infrastructure is set up to manage the new US$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 leading 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."

Mr Alli went on to say that: "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 6 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. We already have a number of new infrastructure deals under development within the ARM Infrastructure pipeline, and are observing an increasing momentum in the pace of development in the infrastructure sector within our target geographical zone. We therefore believe that it is the right time to ask Mr Oforiokuma, who has 25 years of international experience and a proven track record in infrastructure development and management, to take on the responsibility for leading the next stage of implementation of our vision and strategy in this space."

Mr 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.

ARM's shareholding in LCC now falls within the ARM Infrastructure portfolio. Therefore, Mr Oforiokuma, who will remain on the Board of LCC as a non-executive Director, will continue to provide advice to the Company, as well as exercise oversight over ARM's investment in LCC. Furthermore, to assist with the Company's transition to new management, and to ensure continuity while new developments such as the commencement of the next stage of direct tolling of the expressway are implemented, Mr Oforiokuma will remain the Company's chief media and public relations spokesman for some time.
While recruitment of LCC's next substantive Managing Director/CEO is ongoing, Mr Mike Edington, currently Head of Asset Management at African Infrastructure Investment Managers ("AIIM", and a Board Director of LCC, will take on responsibility for the day-to-day running of all aspects of LCC in the capacity of Acting Managing Director/CEO. AIIM, the official representative of the foreign shareholder in LCC, is a 50:50 Joint Venture between Macquarie Bank Group of Australia and Old Mutual of South Africa. Mr Edington has a long and distinguished career spanning more than 40 years in infrastructure development and management. His previous roles include Head of Project Finance at Nedbank, one of South Africa's largest and most reputable banking institutions, and Head of Concessions at Aveng Grinaker LTA, one of South Africa's largest multi-disciplinary civil engineering and construction contracting companies.
Further changes that are being implemented at LCC include the appointment of Mr Benson Ajayi and Mr Jobalo Oshikanlu, currently LCC Head of Finance and LCC Head of Legal, respectively, and both of whom have been members of LCC's senior management team for the last 6 years, as Acting Executive Directors on the Board of LCC.

Reacting to the announcement, Mr Oforiokuma said: "It has been my privilege to have led the multi-talented, passionate, and highly committed group of individuals that have made LCC what it is today, and to have enjoyed tremendous support from our PPP partner, Lagos State Government, our bankers, our shareholders, and various key stakeholder groups interested in the project, these past 6 years. While there were challenges at times, and that there are some still to overcome, we are pleased that we have made visible progress to date. Being in a position to now develop a broader range of Infrastructure opportunities through a credible group such as ARM, is a tremendous opportunity and natural next step. There's a lot more to do in the infrastructure space in Nigeria and West Africa, and we believe that ARM has a lot to offer."

Dear Nairalanders it is a pity that criminals and sexually perverts like Benson Ajayi can be given such an amiable position.
A man who descended so low to go after a married pregnant wife. Such a demeaning and pathetic individual.

May save this country from devils like this in our society. If Nairaland will not expose such impunity then it means it supports it.

I am the victim.