REA steps up transparency, looks to hire trust fund manager for REF

The Rural Electrification Agency (REA) has announced its decision to appoint a trust fund manager to manage and account for the Rural Electrification Fund (REF), a step which signifies a firm break away from the past by the agency, OGN has learnt.

In an advertisement published in local newspapers, the REA, said it was looking to hire a trust fund manager that would administer grant payments and other disbursement’s from the REF – a fund set up in accordance with section 88 subsection 11 of Nigeria’s Electric Power Sector Reforms Act (EPRA) 2005, to help the REA embark on consistent rural electrification programmes in partnership with private investors.

It explained the trust fund manager would also verify and monitor rural electrification projects it makes financials commitments to as agreed with the board of the REA, as well as have full fiduciary responsibility and accountability for the REF.

According to the REA, whoever is appointed the trust fund manager for the REF, would have to manage the fund’s disbursement in line with international best practices, invest and grow it through purchase of government treasury bills, bonds, and other investment options that would be approved by its board.

It stated that it was looking for fund managers that are registered with the Nigerian Corporate Affairs Commission (CAC) as a going concern in the country, registered with the country’s Security and Exchange Commission (SEC) as a portfolio manager, and then qualified with proven experience to have managed a fund or portfolio not less than N2.5 billion in the last five years.

It noted that deadline for submission of expression of interest forms by potential funds managers would be March 26, after which harvested expression of interest forms would be opened for competitive scrutiny.