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PWC, KPMG others jostle for a role in Nigeria N15trn Infrastructure Company
Two of the big four accounting firms Pricewaterhouse-Coopers (PwC), KPMG, including Boston Consulting Group, McKinsey are jostling to be advisers to the Nigerian government as it plans to raise N15 trillion to finance, the new Infrastructure Company.
Infrastructure Company or Infra-Corp was established last year to massively invest in the much-needed infrastructure facilities across the nation.
Sources who spoke to Bloomberg said while the government is planning to hire an asset manager for the project, the consulting firms are seeking to be advisers in the deal.
Read also: PwC predicts Nigeria, other African oil-producing countries will lose $1tn oil revenue in 20 years
According to the report the central bank and its funding partners – Africa Finance Corp. and state-owned Nigeria Sovereign Investment Authority — are seeking proposals from asset managers to independently manage the infrastructure company’s capital-raising plan.
The approved fund manager will be responsible for coordinating the total equity capital and associated debt raise required by the company Bloomberg noted.
To follow through with the plan President Muhammadu Buhari this month approved the government’s seed capital of N1 trillion for InfraCorp, as the company is known, along with some private investment.
Majorly, the company is expected to fund projects from roads to railways and power plants.
By David Ibemere…
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