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).

This aligned with their determination to mobilise new domestic institutional investors into Nigeria’s infrastructure equity market.

The transaction marked 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 N27 billion ($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 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 up to 40 per cent to 50 per cent of its equity is expected to be held by Nigerian pension funds, insurers, and other long-term institutional investors over time.

This transaction demonstrated 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.

Commenting on the transaction, CEO of InfraCredit, Chinua Azubike, 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, 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.”