Nigeria Appoints KPMG To Handle Its N15trillion Prospect, InfraCorp
- Nigeria has appointed KPMG to handle the investment company, Infrastructure Corporation of Nigeria.
- Four companies, McKinsey & Company, Boston Consulting Group, KPMG, and PricewaterhouseCoopers, bid to be the preferred bidder
- Deadline for the expression of interests in InfraCorp had been extended by the CBN till March 30, 2021
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Out of four bids received for the management of the Infrastructure Corporation of Nigeria (InfraCorp), the Nigerian government has appointed KPMG Professional Services for the public-private asset.
According to a report by Bloomberg, the Nigerian government received bids from McKinsey & Co., Boston Consulting Group, KPMG, and PricewaterhouseCoopers, but KPMG was reportedly the preferred bidder.
Although, the government and the Central Bank of Nigeria (CBN) have yet to make the appointment public. On Monday, February 15, 2021, the apex bank stated that the deadline for asset managers to submit their interest proposal for InfraCorp has been extended.
The CBN postponed the deadline by two weeks, from March 16, 2021, to March 30, this month. Submission of Expressions of Interest will now close at the end of March.
In a statement conveying the extension, the CBN, which is one of the promoters of InfraCorp, alongside Africa Finance Corporation, stated:
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"This communique is to convey an extension to the deadline for receipt of final proposals in response to the detailed Request for Proposals (RfP) from 12 noon Nigerian time on 16 March 2021 by 2 weeks to 12 noon Nigerian time on 30 March 2021.
"The process remains the same such that upon expression of interest through InfraCorp@cbn.gov.ng, the Promoters shall share a detailed RfP document providing potential asset managers with the necessary information to prepare appropriate proposals in line with the Promoters’ requirements."
The InfraCorp was established in February, following President Muhammadu Buhari's approval. The president also provided an initial seed of N1 trillion. InfraCorp is projected to grow into a N15 trillion project.
It is an investment vehicle that is expected to assist the development of infrastructure across the country, such as road, rail, power projects, The infrastructure investment company will raise capital from the CBN, Pension funds, Nigeria Sovereign Investment Authority.
Also, local and foreign investors in the private sector will also be patronised for fundraising. The raised capital will be used to operate InfraCorp.
Meanwhile, Legit.ng had earlier reported that Nigeria is seeking the assistance of WTO and Ngozi Okonjo-Iweala to realise its trade plans.
The CBN governor, Godwin Emefiele, had made the request during his meeting with Okonjo-Iweala. He said Nigeria needs the help of the international trade body in trade and medical activities.
Fakoyejo Olalekan is a Business and Financial Journalist with over three years of experience in covering finance and business activities within Nigeria and offshore. Prior to joining Legit.ng, he worked at Nairametrics where he wrote financial and investment analysis articles. Olalekan is a resourceful and result-driven journalist with a track record for conducting extensive research and interviews to produce articles that provide different perspectives to market activities.
Source: Legit.ng
