General
InfraCredit Targets N1trn to Unlock Infrastructure Funding
By Adedapo Adesanya
Infrastructure Credit Guarantee Company (InfraCredit) is targeting about N1 trillion over the next four years to unlock long-term funding for infrastructure projects in Nigeria.
According to the Lagos-based credit-guarantee company’s chief executive, Mr Chinua Azubike, it expects to execute the target transactions from its existing pipeline.
He said the pipeline comprises contracted clients that have completed initial screening, signed mandate letters and entered due diligence, with loan approvals and financial close expected over the next four years, he said.
“We have seen moderation in interest rates and stability in the foreign-exchange environment, and so we see opportunities to actually do more in the capital market in Nigeria,” Azubike said, as per Bloomberg.
Infracredit will be betting on looser leverage rules and easing borrowing costs that has been carried out by the Securities and Exchange Commission (SEC) and the Central Bank of Nigeria (CBN).
SEC last year proposed rules permitting such firms to maintain leverage of as much as 10 times capital while the Monetary Policy Committee (MPC) of the central bank cut rates by 50 basis points to 27 per cent in September, easing for the first time in five years.
Although the CBN held the interest rate at 27 per cent in November 2025, there are expectations that there will be further reductions as inflation continues to ease.
Bloomberg reported that InfraCredit has used its roughly N328 billion capital base to provide credit guarantees for 27 projects spanning roads, housing and renewable energy.
Last week, it provided credit enhancement for a local currency debt issuance by First Electric Power and Automation Services Limited, backing a clean energy project under a co-financing arrangement with the Climate Finance Blending Facility. The transaction marks the facility’s first mesh-grid clean energy project and its sixth deal overall.
The firm is now seeking to capitalize on President Bola Tinubu’s push to expand public works, as Nigeria faces an infrastructure funding gap estimated at more than $3 trillion over the next three decades.
“The guarantees we issue are designed to derisk projects” and enable “infrastructure companies to issue long-term debt that pension funds and insurance companies can lend to,” Mr Azubike said.
The InfraCredit CEO said the company plans to accelerate credit mobilization by tapping its over-the-counter listing and taking advantage of the new regulations that allow credit-guarantee firms to assume more risk to back additional lending.
“Our leverage now is roughly close to one time, so there is still room to stretch the company’s balance sheet by issuing more guarantees against its capital,” Mr Azubike said.
Launched in 2017 and backed at inception by the Nigeria Sovereign Investment Authority (NSIA) and the UK’s Private Infrastructure Development Group, InfraCredit now counts domestic institutional investors, mainly pension funds, among its largest shareholders, which hold about 40 per cent of the company.
By Dipo Olowookere
The ex-depot prices of two major petroleum products, Premium Motor Spirit (PMS), otherwise known as petrol, and Automotive Gas Oil (AGO), also known as diesel, have been slashed by Dangote Petroleum Refinery and Petrochemicals.
The company announced the reduction in prices of the products in a statement on Saturday evening.
The Lagos-based private refinery said its latest action was to reinforce its commitment to making refined petroleum products more affordable and supporting economic activities across Nigeria.
The cut in the prices of petrol and diesel by Dangote refinery comes as the global crude oil prices continue to moderate, amid expectations that the United States of America and Iran will agree on a ceasefire very soon and reopen the Strait of Hormuz.
This narrow vessel passage accounts for 20 per cent of the world’s crude oil consumption. It has been closed for more than two months because of the Middle East crisis.
On February 28, 2026, America and Israel launched airstrikes in Iran, killing its Supreme Leader and other top government officials.
Iran fought back by attacking US bases in the Middle East, including in Saudi Arabia, Qatar, the United Arab Emirates and others. It also shut down the Strait of Hormuz, causing the price of oil to almost hit $120 per barrel.
The crisis faraway in the Middle East, rather than becoming a blessing to Nigeria, put citizens under untold hardship, as the price of petroleum products, especially PMS, jumped from around N800 per litre to almost N1,500 per litre.
On Friday, the price of Brent crude was about $94 per barrel, while the West Texas Intermediate (WTI) crude was about $89 per barrel.
Ostensibly in response to this, the Dangote refinery has reduced the ex-depot price of petrol to N1,250 per litre from N1,275 per litre, while the price of diesel has been cut to N1,700 per litre from N1,800 per litre.
Since commencing operations, the 650,000 barrels per day refinery has increasingly supplied the domestic market with refined products aimed at eliminating the country’s dependence on imported fuels.
The company claimed it decided to slash the price to improve supply efficiency, deepen domestic refining, and provide cost relief to consumers and businesses that depend heavily on petroleum products for transportation, power generation and industrial operations.
By Adedapo Adesanya
The National Council of Managing Directors of Licensed Customs Agents (NCMDLCA), the umbrella body of customs agents in Nigeria, has petitioned President Bola Tinubu to compel the Nigerian Shippers’ Council (NSC) to suspend the planned increase in shipping charges pending the review by the standing committee.
According to Mr Lucky Amiwero, the president of the body, in a letter to the President, the increase is a clear contravention of the Memorandum of Understanding (MOU) signed in respect of local shipping charges between providers and users of shipping/Port and related service approved by the federal government.
The MoU under Articles 2(b)&4 clearly states that any other charges shall require agreement between the Parties concerned through the Nigerian Shippers Council, which must be complied with.
“In line with the provisions of Articles 2 and 4 of the Memorandum of Understanding, there is a need to follow the prescribed procedure as contained in the MOU. First is by submitting the information of the increase to the standing committee, including the detailed information, why the increase, and the percentage, to the standing committee for consideration and review of any increase
“We hereby request the suspension of any Local Shipping Charges increase, pending the review by the standing committee, which entails the detailed information of the increase, the Percentage (%), and if the Increase is necessary, to be sent to the standing Committee as approved by the Federal Government,” he said.
The official said the NSC were supposed to forward all detailed information on the increase in the local shipping charges to the standing committee, who are signatory to the MOU, and then to review in line with the approved federal government directive.
“We refer the government to the usual procedure of initiating an increase in local shipping charges. Notification of increase as proposed is always forwarded to the standing committee, reference 2003 NSC/TOD/FPS/011/VOL.V/54 OF 20TH JUNE, and NSC/TOD/FPS/011/VOL.35 OF 14TH April 2003 in line with article 2(b)&4 of the MOU.
“In line with Article 2(b)&4 of the memorandum of understanding, the request made by Shipping Association of Nigeria (SAN), which was forwarded to the Shippers Council and the Shippers Council forwarded the same to the technical standing committee for review,” he added.
By Adedapo Adesanya
The presidency has raised alarm over what it described as a growing pattern of digitally manipulated content aimed at exploiting religious sentiments for political purposes.
In a public service announcement issued by the Office of Digital Engagement and Strategy, it was disclosed that “deliberate attempts” to mislead Nigerians through deep fake videos and false narratives across online platforms had been identified.
According to the statement, a manipulated video surfaced on Tuesday, featuring altered audio and false attributions designed to portray President Bola Tinubu in a negative light.
It noted that a similar attempt followed shortly after, involving a fabricated video linked to a religious leader, allegedly intended to incite Muslim communities against the President.
The presidency said the recurring pattern suggests a coordinated effort to inflame religious tensions and sow division, particularly as political activities begin to intensify ahead of future elections.
It warned that “desperate actors” are likely to continue deploying misinformation tactics, including distorting religious messages, manipulating context, and spreading provocative content through social media and messaging platforms.
The presidency urged Nigerians to exercise caution before sharing sensitive or inflammatory content, encouraging citizens to question the motives behind such materials and to verify information through credible sources.
Describing the trend as “coordinated manipulation at scale,” it stressed that such actions are neither patriotic nor reflective of genuine political engagement.
The statement further warned that individuals and groups involved in the creation and dissemination of false information would be held accountable under relevant Nigerian laws, including those relating to cybercrime, incitement, and threats to public peace and national security.
It concluded by calling on citizens to remain vigilant and united in safeguarding the country’s social cohesion against digital disinformation.
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