KPMG appointed transaction adviser for Nigeria’s N1trn infrastructure company
The Central Bank of Nigeria (CBN) has hired KPMG, an accounting firm, as the transaction adviser for the newly-created Infrastructure Corporation of Nigeria Limited (InfraCorp).
THISDAY quotes Osita Nwasinobi, the bank’s acting director of corporate communications, as saying KPMG’s appointment is different from that of asset managers, whose deadline was recently extended to March 30.
The appointment was made after considering bids from other firms including PricewaterhouseCoopers (PwC), Boston Consulting Group, and McKinsey & Co.
On February 12, President Muhammadu Buhari approved the establishment of the N1 trillion InfraCorp to focus on critical infrastructural investments in the country.
It is expected to grow to N15 trillion in assets and capital over time.
The company will finance public asset development, rehabilitation, and reconstruction as well as invest in cutting edge infrastructure projects for roads, rail, power, and other key sectors
“The Infra-Co will be one of the premier infrastructure finance entities in Africa and will be wholly dedicated to Nigeria’s infrastructure development,” a statement by Laolu Akande, spokesperson to Vice-President Yemi Osinbajo, had read.
“The initial seed capital for the entity will come from the Central Bank of Nigeria, the Nigerian Sovereign Investment Authority, NSIA, and the Africa Finance Corporation.”
Godwin Emefiele, CBN governor, said the infrastructure company will begin operations by the second half of 2021.
The setting up of infractural corp is a thought out plan, should it be prudently managed to take care of the key and strategic sectors of the Nigerian economy. Industrial,educational…infrastructural sectors should no longer be allowed to rot away, these are back bones of any developmental plans.