InfraCredit Gets N27bn Equity Investment from UK-backed Programme

By Adedapo Adesanya

Infrastructure Credit Guarantee Company Limited (InfraCredit) has announced the equity investment of N27 billion from a United Kingdom government-backed MOBILIST programme.

According to the company, the new equity investment will significantly strengthen InfraCredit’s guarantee issuing capacity, enabling greater support for creditworthy infrastructure projects.

InfraCredit is a AAA-rated specialised infrastructure credit guarantee institution backed by Nigeria’s sovereign wealth fund.

The equity raise involves InfraCredit’s formal transition to a Public Limited Company (Plc) and its listing by introduction on the NASD Over-the-Counter (OTC) Securities Exchange.

The raise came alongside other institutional investors, further strengthening its institutional shareholder base following the completion of its equity private placement.

The organisation also said the strategic investment marks a major milestone in its journey, reinforcing its commitment to unlocking long-term, local currency infrastructure financing in Nigeria and creating sustainable value for its stakeholders.

Commenting on this milestone, Mr Chinua Azubike, Chief Executive Officer of InfraCredit, stated this development marks a new chapter for the company as it help to accelerate infrastructure delivry in the country.

“This moment marks the beginning of a new chapter for InfraCredit. We are pleased with the confidence reposed in us by our new domestic institutional investor shareholders alongside the UK Government through MOBILIST, and our transition to a listed public company with access to equity capital markets. This reflects our ambition to build a deeper, more inclusive capital market for domestic resources that accelerates infrastructure delivery in Nigeria in line with our mission to unlock long-term local currency infrastructure finance,” he said.

On his part, Mr Jonny Baxter, British Deputy High Commissioner in Lagos, commented that “InfraCredit’s success highlights the power and impact of long-term partnerships, and the UK via the Foreign Commonwealth and Development Office (FCDO) is proud to have played a key role in not just the creation of InfraCredit but its continued growth.”

Speaking on the Listing, Mr Eguarekhide Longe, CEO, NASD said, “NASD PLC. and InfraCredit PLC have established a long-standing relationship initiated by the noting of the Multi-Issuer Clean Energy Bond series from 2022. The uniqueness of the Clean Energy Multi-Issuer Bond series underscores the transformational effect that InfraCredit has brought to the Nigerian Capital Market, providing guarantees as incentive to investors, mostly institutional, to participate in the infrastructure debt market.”