Connect with us

Business

KPMG reportedly secures role as financial adviser to CBN on infracorp

Published

on

FG scales down issuance of treasury bills by N1.27trn

The Central Bank of Nigeria has reportedly appointed KPMG LLP as transaction adviser for its newly set up infrastructure fund.

According to a Bloomberg report, quoting an anonymous source, the apex bank appointed KPMG after the consideration of bids by other firms which included PricewaterhouseCoopers LLP, Boston Consulting Group and McKinsey & Co.

The CBN had in August 2020 secured the approval of the Federal Government to set up a $39.4 billion infrastructure development company in collaboration with the Sovereign Wealth fund and African Finance Corporation to invest in the country’s critical infrastructure and transport network.

The company which is to be exclusively managed by an Independent Infrastructure Fund Manager is expected to leverage local and international funds, projected to cover an initial 5-year period.

The Nigerian government is yet to make the appointment official.

Read also: KPMG analyst calls for scrapping of NDDC

The Central Bank of Nigeria (CBN) had announced an extension for the expression of interest for asset managers for two weeks.

The deadline was moved from March 16, 2021, to March 30, 2021. The CBN requested for more interest or final proposal to be submitted by the asset managers who will be in charge of the Infrastructure Company.

InfraCorp had been setup in February following the approval of President Muhammadu Buhari, who also gave N1 trillion as startup capital. The Infrastructure Company has been projected to become N15 trillion in capital and asset.

The investment vehicle is expected to draw funds from Africa Finance Corporation and Nigeria Sovereign Investment Authority, as well as local and international investors.

The funds will be disbursed into road, railways, and power projects, as well as other infrastructure projects.

InfraCorp is not the first company the Buhari administration is planning to set up. The government is also planning for Nigerian National Petroleum Company Limited (NNPC Limited) which will be birthed after the scrapping of NNPC.

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now

Investigations