By Babajide Komolafe

InfraCredit, a ‘AAA’-rated specialised infrastructure credit guarantee institution, and MOBILIST, the UK Government’s flagship public markets programme, have completed the sale of InfraCredit’s shares to Nigerian Pension Fund Administrators (PFAs), marking a new milestone in deepening domestic participation in Nigeria’s infrastructure equity market.

The transaction follows MOBILIST’s April 2025 investment in InfraCredit’s N27 billion ($17.7 million) equity raise and listing on the NASD OTC Securities Exchange, which transitioned InfraCredit to a Public Limited Company (PLC). The latest sale brings in five domestic institutional investors, four of whom are new, strengthening local ownership and confidence in infrastructure investment.

Upon regulatory approval, Nigerian institutional investors will own up to 27 per cent of InfraCredit’s equity, reinforcing domestic control of a key financial institution. Rating agencies including Agusto & Co., GCR Ratings, and Fitch have reaffirmed InfraCredit’s ‘AAA’ rating, recognising its plan to increase local institutional ownership to 40–50 per cent over time.

The share sale exemplifies how development finance institutions can responsibly exit by transferring ownership to local investors, recycling capital, and deepening market liquidity. It also demonstrates the success of MOBILIST’s model, where early catalytic investments de-risk markets and encourage long-term domestic participation.

British Deputy High Commissioner (Lagos), Jonny Baxter, hailed InfraCredit’s impact, noting it has facilitated over ₦300 billion ($500 million) in infrastructure financing across Nigeria. InfraCredit CEO, Chinua Azubike, described the sale as “a proud milestone” that strengthens confidence in local investors’ role in financing Nigeria’s sustainable future.

MOBILIST Lead, Ross Ferguson, added that the transaction underscores the potential of public markets to mobilise private capital and build deeper, more liquid markets for sustainable growth.