IL&FS crisis: ITNL Africa Projects made losses, no operational revenue

ITNL Africa had been working on a road project connecting three Nigerian states of Kwara, Niger and Kaduna

Beleaguered infrastructure company Infrastructure Leasing & Financial Services (IL&FS) Nigerian arm ITNL Africa Projects recorded no operational revenue in all the years since inception, while racking up losses. 

An analysis of its financial statements showed multiple delays from the government and due to other causes which resulted in difficulty in continuing as a going concern-symptomatic of the group’s issues in India as well. ITNL Africa Projects has been pursuing a road project for which the government of Nigeria is still considering the proposal, according to the company’s last financial report. The company was set up in 2012. It attributed the slow