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 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.