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Nigeria Hires KPMG for Multibillion Dollar Infrastructure Fund

Nigeria’s central bank hired KPMG LLP as transaction adviser for its newly created infrastructure fund, according to a person familiar with the matter.

The bank appointed KPMG after considering bids by firms including PricewaterhouseCoopers LLP, Boston Consulting Group and McKinsey & Co., said the person, asking not to be identified because the information isn’t public yet. KPMG didn’t answer two calls seeking comment on Tuesday.

President Muhammadu Buhari last month approved 1 trillion naira ($2.5 billion) of seed capital for the Infrastructure Corp. of Nigeria Ltd., which the central bank initiated last year. The fund has been established to raise as much as 15 trillion naira for power, road and railway projects in Africa’s largest economy.

 

Adopted from Bloomberg Africa

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