MOBILIST mobilises Domestic Institutional Investors through Secondary Sale, deepening Nigeria’s Infrastructure Capital Markets
Lagos/London | November 3, 2025— InfraCredit, a ‘AAA’-rated specialised infrastructure credit guarantee institution, and MOBILIST, the UK Government’s flagship public markets programme, are pleased to announce the successful secondary sale of InfraCredit shares to Nigerian Pension Fund Administrators (PFAs), mobilising new domestic institutional investors into Nigeria’s infrastructure equity market.
The transaction marks a landmark development in Nigeria’s infrastructure investment landscape, underscoring the strength of InfraCredit’s governance and the growing confidence of domestic institutional investors in long-term infrastructure equity.
MOBILIST’s investment in April 2025 supported InfraCredit’s ₦27 billion (US$17.7 million) equity raise and listing by introduction on the NASD OTC Securities Exchange, marking its transition to a Public Limited Company (PLC) and expanding its domestic institutional investor base. This secondary share sale extends that developmental impact by introducing five domestic institutional investors, four of whom did not participate in the initial listing. Following regulatory approvals, Nigerian domestic institutional investors will collectively up to 27% of InfraCredit’s ordinary equity, reinforcing domestic institutional ownership of a strategically important financial institution and broadening its long-term capital base.
InfraCredit’s ownership framework was designed to evolve toward greater domestic institutional participation, a goal recognised by rating agencies including Agusto & Co., GCR Ratings, and Fitch Ratings in their 2025 assessments. Each reaffirmed InfraCredit’s ‘AAA’ national rating while noting that up to 40–50% of its equity is expected to be held by Nigerian pension funds, insurers, and other long-term institutional investors over time.
This transaction demonstrates the catalytic role of capital from development finance actors in supporting the evolution of a sustainable domestic investment ecosystem. With MOBILIST’s support, InfraCredit’s listing proved that infrastructure finance companies can attract institutional equity and achieve liquidity in public markets. The successful exit reflects the model championed by MOBILIST, where these actors invest early, de-risk the market, build investor confidence, and responsibly recycle capital once local investors crowd in.
This transition also sets an important precedent about the way development finance institutions (DFIs) can approach investment in emerging markets, demonstrating that responsible, well-sequenced exits can strengthen local financial markets by transferring ownership to domestic institutional investors. Capital recycling through exits ensures that catalytic public funds continue to unlock new private investments. Through its listing, InfraCredit’s strong governance standards, and transparency framework, provides a credible platform for such transitions, reinforcing confidence in the depth and resilience of emerging market capital structures.
British Deputy High Commissioner (Lagos), Mr Jonny Baxter, said: “The UK consistently prioritises transformational investments that unlock commercial markets. InfraCredit is one such example, an indigenous guarantee platform which is now attracting Nigerian institutional investors. To date, InfraCredit has facilitated over ₦300 billion in financing, valued at more than $500 million equivalent indexed at issuance, in support of infrastructure development across Nigeria. We’re excited to see this momentum continue to grow, driven increasingly by domestic capital and delivering strong returns to Nigerian investors. A win-win where more infrastructure is built to support Nigerian businesses, and more value returned to Nigerian stakeholders.”
Commenting on the transaction, Mr Chinua Azubike, CEO of InfraCredit, stated: This secondary transaction is a proud milestone for InfraCredit and for Nigeria’s financial markets. It reinforces our long-term ownership vision that catalytic foreign investment can pave the way for sustained domestic institutional participation at scale. We are delighted to welcome four new Nigerian pension funds to our ownership base, a reflection of deepened market confidence and the growing role of local investors in financing Nigeria’s sustainable future.
MOBILIST Programme Lead within FCDO, Mr Ross Ferguson said: “MOBILIST’s investment in InfraCredit proved the potential of using public markets to mobilise private – and importantly – local investment in sectors driving sustainable development and growth. The programme’s exit only reinforces this potential and highlights how innovative development finance can generate impact beyond an initial investment by contributing to the creation of deeper, more liquid capital markets while recycling capital for future investments.”
The transaction highlights the growing capacity of Nigeria’s pension and insurance sectors to take a leadership role in financing sustainable infrastructure. By creating liquidity for InfraCredit’s shares and attracting new domestic institutional investors, it broadens market participation and institutional ownership, enhancing price discovery and trading depth on the NASD platform, whilst strengthening confidence in infrastructure as a viable and investable asset class within Nigeria’s capital markets.
For further enquiries, please contact:
Infrastructure Credit Guarantee Company Plc
Media Enquiries: [email protected] /[email protected]
Guarantee Enquiries: [email protected]
Phone: +234 0201 631 2300 – 29
Note to the Editor
About InfraCredit
InfraCredit (www.infracredit.ng) was established in 2017 as a first-of-its-kind ‘AAA’(NG) rated specialised local currency infrastructure credit guarantee institution, created to support long-term local currency infrastructure financing in Nigeria. InfraCredit’s guarantees enhance the credit quality of local currency debt instruments issued to finance eligible infrastructure-related assets. Its guarantees serve as a catalyst to attract long-term domestic institutional capital from pension funds, insurance firms, and other investors, thereby deepening Nigeria’s debt capital markets. InfraCredit’s investors include the Nigeria Sovereign Investment Authority, UK Foreign, Commonwealth & Development Office (through PIDG and MOBILIST), KfW Development Bank, Africa Finance Corporation, and African Development Bank, alongside domestic pension funds and insurance firms. As at April 2025, InfraCredit was listed as a public company and admitted to trading on the NASD. It maintains the highest domestic financial strength ratings accorded to any financial institution by Agusto & Co., Global Credit Ratings, and international rating agency, Fitch Ratings.
About MOBILIST
MOBILIST is a flagship United Kingdom’s programme, managed by the UK Foreign, Commonwealth and Development Office (FCDO) that supports investment solutions that help deliver the climate transition and the United Nation’s Global Goals in developing economies. MOBILIST focuses on mobilising institutional capital to spur new scalable and replicable financial products. MOBILIST invests capital, delivers technical assistance, conducts research and builds partnerships to catalyse investment in new listed products. www.mobilistglobal.com
ABOUT THE FOREIGN COMMONWEALTH & DEVELOPMENT OFFICE
The Foreign, Commonwealth & Development Office (FCDO) pursues the UK’s national interests and projects the UK as a force for good in the world. We promote the interests of British citizens, safeguard the UK’s security, defend our values, reduce poverty and tackle global challenges with our international partners.
https://www.gov.uk/government/organisations/foreign-commonwealth-development-office
