InfraCredit, a ‘AAA’-rated infrastructure credit guarantee institution, has successfully completed an equity investment round, bolstered by the UK Government-backed MOBILIST programme and other institutional investors. This move significantly strengthens InfraCredit’s shareholder base and supports its commitment to enhancing local currency infrastructure financing in Nigeria.
The successful equity raise, amounting to N27 billion ($17.7 million), marks InfraCredit’s formal transition to a Public Limited Company (Plc) and its listing by introduction on the NASD OTC Securities Exchange. These milestones are part of InfraCredit’s ongoing efforts to increase transparency, foster market development, and attract long-term domestic capital for sustainable infrastructure projects.
InfraCredit noted that the funds from this investment will bolster its guarantee issuing capacity, enabling the institution to offer greater support for creditworthy infrastructure initiatives. The listing on the NASD is expected to enhance investor participation, improve price discovery, and provide greater financial flexibility, ensuring improved transparency across a broader pool of institutional investors.
InfraCredit’s CEO, Chinua Azubike, expressed excitement about the new chapter for the institution, stating that the support from new domestic institutional investors and the UK Government through MOBILIST affirms the institution’s mission to drive infrastructure development in Nigeria through local currency financing. The move is in line with InfraCredit’s goal of building a more inclusive capital market to accelerate infrastructure delivery.
British Deputy High Commissioner in Lagos, Jonny Baxter, highlighted the importance of long-term partnerships in InfraCredit’s growth, stressing that the UK Government’s support has been instrumental not only in the creation of InfraCredit but also in its continued success. He added that this transaction demonstrates the potential of public markets to mobilize domestic capital at scale, offering local institutional investors the opportunity to engage in sustainable infrastructure projects within their own market.
Eguarekhide Longe, CEO of NASD, noted the long-standing relationship between NASD and InfraCredit, referencing the 2022 Clean Energy Bond series as a landmark initiative. The partnership, he said, has had a transformational effect on Nigeria’s capital market, enabling institutional investors to participate in infrastructure financing through innovative debt instruments.
This strategic investment and listing represent a significant step forward for InfraCredit in its mission to foster sustainable infrastructure financing in Nigeria, positioning the company for continued growth and impact.
