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.
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.