News
InfraCo Africa Invests $27m in InfraCredit to Finance Infrastructure
InfraCredit, a specialised local currency infrastructure credit guarantee institution, has announced the completion of a $27 million equity investment by InfraCo Africa, part of the Private Infrastructure Development Group (PIDG).
InfraCo Africa’s equity investment makes it an equivalent shareholder alongside the Nigeria Sovereign Investment Authority (NSIA) and Africa Finance Corporation.
On account of this investment, Gilles Vaes, Chief Executive Officer (CEO) of InfraCo Africa, and Chief Investment Officer of InfraCo Africa, Claire Jarratt, will join InfraCredit’s Board of Directors.
Commenting, Vaes, said: “Our equity investment in InfraCredit marks the first major transaction of our dedicated investment vehicle, InfraCo Africa Investments. The infrastructure financing gap in Africa is large and requires approaches that increase the scale and pace of infrastructure development and we are therefore pleased to support PIDG’s wider strategy of developing local capital markets to unlock vital infrastructure finance.”
According to him, InfraCredit’s innovative model promotes capital flows from Nigerian institutional investors into local infrastructure developments.
“We are confident that this partnership will leverage the unique skills, experience and expertise offered by InfraCo Africa to support InfraCredit in underpinning projects that will create jobs, reduce poverty and promote economic growth in Nigeria,” Vaes added.
Also commenting, the CEO of InfraCredit, Chinua Azubike said: “We are pleased to welcome InfraCo Africa, a respected and highly experienced infrastructure investor, as an equity investor and stakeholder of InfraCredit, in pursuit of our mission and strategic growth.
The timely completion of this equity issuance further bolsters our balance sheet and reinforces InfraCredit’s strong fundamentals and ability to deliver shareholder value.
We believe this equity investment marks a significant milestone and inflection point for InfraCredit in unlocking more infrastructure investments that will stimulate economic growth and market development.
“With the economic impact of COVID 19, our essentiality in deepening the domestic bond market and mobilising private capital for infrastructure investments has never been more timely and important than it is today, as the Nigerian economy shifts towards recovery.”
Pursuant to the new equity investment, InfraCredit’s total capital base (paid-in and callable capital) will increase to $173million (N 68.3 billion), translating to an aggregate guarantee issuing capacity of up to N342 Billion ($ 865 million) based on its current maximum capital leverage ratio of up to 5x allowable by its rating agencies.
It is believed that given the adverse impact of the COVID-19 pandemic on the Nigerian economy, InfraCo Africa’s investment will engender confidence in InfraCredit’s credit standing, enhancing its ability to continue to increase private sector financing for infrastructure projects in key sectors of the economy.
The Securities and Exchange Commission has revealed plans to commence investigation into the activities of an entity operating under FF Tiffany, allegedly running a fraudulent investment scheme that has defrauded citizens.
A statement by the SEC on Tuesday in Abuja said preliminary information revealed that the scheme, which promised investors unusually high and unrealistic returns, had resulted in the loss of several billions of naira.
The SEC said it viewed the activity as a threat to investor confidence and the overall integrity of the financial system.
The commission assured the public that it was working closely with law enforcement agencies and other relevant bodies to bring everyone involved in the unlawful operation to justice.
According to SEC, those found culpable will be prosecuted in accordance with the Investment and Securities Act and regulatory provisions.
SEC reiterated its earlier warnings to the general public to desist from engaging in Ponzi or unregistered investment schemes that promised guaranteed or exaggerated returns.
“These schemes are not registered with the SEC and do not offer investor protection under the law.
“The commission is currently investigating 79 schemes and will make a statement on its findings at the conclusion of the investigation,” the SEC said.
The commission encouraged investors to conduct due diligence and verify the registration status of any investment firm or product by visiting the SEC website or contacting the commission directly through official channels.
SEC said it remained committed to its mandate of protecting investors, ensuring fair practices, and maintaining confidence in Nigeria’s capital market.
The Ogun Tech Hub in Abeokuta, Nigeria received a significant step towards increasing digital access and empowering young people as US Embassy in Nigeria launched the ‘Window on America’ facility.
The newly opened centre will offer free high-speed internet, computer access, and targeted programs to help young Nigerians build essential skills in technology, entrepreneurship, and leadership.
In a post on X (previously Twitter), the US Embassy described the hub as a modern ICT and resource centre meant to promote digital inclusion and provide youths with skills.
“Hello Abeokuta! We’re thrilled to announce the opening of the Ogun Tech Hub Window on America. This dynamic space offers free high-speed internet, computers, and programs to help young people gain tech, leadership, and entrepreneurial skills,” the Embassy wrote.
The facility was established in collaboration with the Ogun State and GFA Technologies, a software solutions provider for startups and SMEs.
The Embassy said the facility is part of its wider network of 29 American hubs across Nigeria, designed to empower youth and broaden access to global knowledge and opportunities.
Speaking during the launch, Ogun State governor Dapo Abiodun urged young people to use the ICT industry for self-sufficiency and competitiveness globally.
He lauded the program as a public-private cooperation that connects Nigerian youngsters with global innovations.
The governor said: “The Ogun Tech Hub serves as a collaborative space for technologists, startups, and social entrepreneurs to develop tech-driven solutions for societal challenges. The partnership is aimed at positioning Ogun State as a leading tech hub in Africa, supporting creative problem-solving and commercial innovation.”
With the ‘Window on America’ program fully operational, Ogun State is well-positioned to boost youth empowerment and digital literacy.
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