InfraCredit was incorporated as a limited liability company in October 2016, under a collaborative arrangement between Nigeria Sovereign Investment Authority (“NSIA”) and GuarantCo, with the sole mandate of providing guarantees to enhance the credit quality of local currency debt instruments (mainly bonds) issued by corporate entities to finance eligible infrastructure projects in Nigeria. InfraCredit commenced operations in 2017 and has its operational office in Lagos, Nigeria.
InfraCredit was conceptualised to have a blend of Nigerian public or government institutions, international Development Financial Institutions (“DFIs”), and private institutional investor base. Currently, InfraCredit is owned by four institutions, one of which is Federal Government of Nigeria (“FGN”) related entity, NSIA, with 38.56% equity stake. The other shareholders are InfraCo Africa Investment Limited ("InfraCo”), Africa Finance Corporation ("AFC"), and Leadway Assurance Company Limited (“Leadway”) with 28.64%, 27.24% and 5.56% equity stakes respectively as of 31 December 2021. Per its business plan and subsisting Shareholders’ Agreement (“SA”), the public institution’s stake in InfraCredit is expected to moderate to 25% over the medium term. However, NSIA and InfraCo have equal voting rights in InfraCredit following the agreement that NSIA will defer the rights and liabilities on a portion of its shares. Thus, voting rights for NSIA and InfraCo equals 31.8% each, while AFC and Leadway have 30.2% and 6.2% voting rights respectively.
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