Infracredit, MOBILIST deepen infrastructure capital markets with share sales to PFAs

InfraCredit, a ‘AAA’-rated specialised infrastructure credit guarantee institution, and MOBILIST, the UK Government’s flagship public markets programme, have successfully sold InfraCredit’s shares to Nigerian Pension Fund Administrators (PFAs).

The transaction aligns with their commitment to mobilising new domestic institutional investors into Nigeria’s infrastructure equity market.

It marks a landmark milestone in the country’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.

Read Also: Aramco’s $21bn dividend puts NNPC under spotlight

This secondary share sale deepens 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 hold up to 27 per cent 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 40–50 per cent of its equity is expected to be held over time by Nigerian pension funds, insurers, and other long-term institutional investors.

The transaction demonstrates the catalytic role of development finance capital in helping to build 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 MOBILIST’s model, in which development 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 for how development finance institutions (DFIs) can approach investment in emerging markets, showing that responsible and well-sequenced exits can strengthen local financial markets by transferring ownership to domestic institutional investors. Capital recycling ensures that catalytic public funds continue to unlock new private investments. InfraCredit’s governance standards and transparency framework provide a credible platform for such transitions, reinforcing confidence in the depth and resilience of emerging market capital structures.

Jonny Baxter, British Deputy High Commissioner (Lagos), 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 US$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, 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.”

Ross Ferguson, MOBILIST Programme Lead within the FCDO, 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 increasing 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, enhances price discovery and trading depth on the NASD platform, and strengthens confidence in infrastructure as a viable and investable asset class within Nigeria’s capital markets.