AIICO Insurance Plc has invested in InfraCredit, a leading infrastructure credit guarantee institution, acquiring a 5% stake in InfraCredit’s total share capital.
This move, the second private domestic institutional investment alongside Leadway Assurance Plc, boosts InfraCredit’s paid-in capital to $175.14 million, increasing its aggregate guarantee issuing capacity to NGN742.77 billion (approximately $875.7 million).
AIICO’s Chief Executive Officer (CEO), Babatunde Fajemirokun, expressed confidence in the long-term partnership and highlighted AIICO’s commitment to bridging Nigeria’s infrastructure gap.
The CEO of InfraCredit, Chinua Azubike, emphasized the strategic importance of AIICO’s equity infusion in strengthening the core capital base and expanding guarantee capacity.
The collaboration aims to attract private sector capital for sustainable infrastructure financing, marking a significant milestone in InfraCredit’s journey and reinforcing confidence in its unique business model.
The partnership is expected to advance sustainable finance for impactful infrastructure projects in Nigeria, showcasing the commitment of both organizations to drive positive change in the country’s infrastructure landscape.
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