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UK’S Mobilist Facilitates Secondary Sale of Listed Shares in InfraCredit

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The UK’s Mobilist programme has successfully traded its investment in Nigerian credit guarantee company InfraCredit to five Nigerian pension funds, thereby helping to mobilise more local institutional investment toward infrastructure development critical to the country’s growth.

MOBILIST’s exit represents the biggest trade in InfraCredit’s shares since its listing by introduction on Nigeria’s NASD OTC Exchange Plc (NASD) in April this year. The transaction enabled five domestic institutional investors – pension funds and insurers – to take up shareholding in InfraCredit. Four of these funds did not participate in the initial listing.

InfraCredit is Nigeria’s first and only domestic creditor guarantor, issuing Naira-denominated guarantees that help to mitigate risk for investors and improve the creditworthiness of Nigerian infrastructure debt instruments. These guarantees enable Nigerian institutional investors to invest in instruments used to finance infrastructure projects.

The UK’s Foreign, Commonwealth, & Development Office (FCDO), through MOBILIST, invested NGN9.5 billion ($6 million) in Infracredit’s listing, which saw the company raise a total of ₦27 billion (US$17.7 million) after attracting investment from two local pension funds.

The listing broadened InfraCredit’s domestic institutional shareholder base and gave the company access to new sources of capital, expanding its capacity to provide guarantees for new infrastructure projects. The secondary sale of MOBILIST’s shares extends this impact, offering liquidity to untapped buyers who are natural long-term private sector equity holders but who did not participate at the initial point of listing.

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Following the secondary sale, Nigerian pension funds will collectively own more than 27% of InfraCredit’s ordinary equity, reinforcing domestic institutional ownership and governance of a strategically important financial institution, alongside the public sector capital (including the UK) which remains invested in the company.

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

Mr Chinua Azubike, CEO of InfraCredit, said: “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.”

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MOBILIST Programme Lead within FCDO, Mr 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.”

InfraCredit has also benefited from technical assistance, and catalytic investments facilitated by MOBILIST, Financial Sector Deepening Africa (FSDA), British International Investments (BII), the Private Infrastructure Development Group (PIDG), and FCDO-Nigeria. These contributions have played a critical role in de-risking local investments and mobilising domestic institutional capital towards green infrastructure projects.

 

The UK remains committed to partnering with Nigeria to develop its local capital markets, including through MOBILIST’s continued partnership with the Nigerian Exchange (NGX) to enable greater investment toward sustainable development through listed products.

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The programme remains open to applications for technical assistance and catalytic equity investment toward initial public offerings (IPOs) and the development of new listed products.

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INTERPOL Report Shows AI Powers 55% of Cybercrimes in Africa Amid $484m Losses

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INTERPOL’s African Cyberthreat Assessment Report 2026 revealed that Artificial intelligence accounts for 55 per cent of reported cybercrimes across Africa and making attacks faster, more sophisticated and increasingly difficult to detect.

The report warns that the continent’s rapid digital transformation, marked by more than 1.1 billion mobile subscribers in 2025, is being matched by an equally rapid evolution in cybercrime, while fragmented legislation and limited AI readiness among law enforcement agencies continue to weaken responses.

The 40-page assessment, based on survey data from 36 African member countries, said cybercrime has shifted from isolated criminal activity to an industrialised, borderless ecosystem powered by AI.

According to the report, East Africa has become a hotspot for mobile money fraud and ransomware attacks targeting critical infrastructure, while business email compromise (BEC) and romance scams are widespread across Central and West Africa.

Southern Africa, it noted, has become an attractive target for international cybercriminals due to its high level of internet connectivity.

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The report also highlighted the growing financial impact of cybercrime across the continent, revealing that losses have more than doubled since 2024, rising from 192 million dollars to 484 million dollars.

It attributed the increase largely to AI-enabled scams, credential harvesting and automated social engineering attacks.

INTERPOL said online scams remained the most commonly reported form of cybercrime in 2025, with criminals exploiting mobile money platforms, social media and AI-generated content to deceive victims.

It added that 72 per cent of surveyed countries reported the existence of scam centres, with the highest concentration recorded in Southern and West Africa.

The report further identified digital sextortion and online harassment as persistent threats, driven increasingly by AI-generated deepfakes and synthetic media.

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According to data from TrendAI, one of INTERPOL’s partners, about 600,000 sextortion incidents were detected during the reporting period.

Business email compromise schemes have also become more sophisticated, with AI being used to generate highly convincing email communications.

The report said Africa-based threat actors are increasingly targeting victims in Europe and North America using cyber infrastructure spread across multiple jurisdictions.

INTERPOL warned that the absence of real-time information sharing between banks, telecommunications companies and law enforcement agencies has created significant vulnerabilities in tackling financial cybercrime.

It said cybercriminals are no longer relying solely on stolen credentials but are now creating AI-generated synthetic identities by combining genuine personal information with fabricated details.

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These synthetic identities, the report noted, have been used to bypass biometric verification systems, open bank accounts, obtain mobile loans and register SIM cards under false identities.

Neal Jetton, Director of INTERPOL’s Cybercrime Directorate, described cybercrime as one of the most significant criminal threats facing Africa.

“Cybercrime has emerged as one of the most significant criminal threats to the region. AI is automating every stage of a cyberattack from reconnaissance and phishing to extortion and evasion.

“However, we see that when countries work together, cybercriminal infrastructure can be identified, disrupted and dismantled,” he said.

Despite the growing threat, the report highlighted progress in strengthening cybersecurity across the continent.

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It disclosed that 17 African countries enacted or amended cybercrime legislation in 2025, while Senegal launched an online reporting platform to improve responses to online offences affecting children.

The report also noted that regional capacity-building initiatives are helping to improve long-term cyber resilience.

INTERPOL said four major cybercrime operations conducted in 2025, Operation Serengeti 2.0, Operation Contender 3.0, Operation Sentinel and Operation Red Card 2.0, resulted in more than 1,500 arrests, the seizure of hundreds of electronic devices and the recovery of over 100 million dollars.

To address the growing threat, the report recommended the adoption of standardised digital forensic capabilities, stronger cross-border collaboration, greater investment in AI literacy for law enforcement personnel and formal public-private partnerships to improve cybercrime prevention, detection and response.

The African Cyberthreat Assessment 2026 forms part of INTERPOL’s African Joint Operation against Cybercrime initiative, funded by the United Kingdom’s Foreign, Commonwealth and Development Office, with data contributions from Fortinet, Mastercard, the Shadowserver Foundation, S2W and TrendAI.

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Nigeria Expands Deep-tech Skills Pipeline

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Nigerian students will soon design, assemble, test and fly drones as part of their university education, following a partnership between Miva Open University and Abuja-based defence technology company Terra Industries.

The collaboration comes as Nigeria intensifies efforts to develop indigenous capabilities in advanced manufacturing and defence technology, with both organisations seeking to strengthen Africa’s pipeline of deep-tech talent.

The partnership will see students gain hands-on experience in drone engineering and related technologies through dedicated labs and industry collaboration.

The partners will establish robotics, drone and virtual reality laboratories across Miva’s study centres, beginning with a pilot facility in Abuja.

Students will also gain access to industry-led workshops, research opportunities, internships and mentorship in artificial intelligence, robotics, cybersecurity and autonomous systems.

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According to the partners, Terra’s engineering teams will work alongside Miva faculty to integrate hands-on hardware training into academic programmes, exposing students to real-world engineering challenges and building industry experience before graduation.

Nathan Nwachuku, co-founder and CEO of Terra Industries, said Africa’s technological future depends on developing engineers capable of building solutions for local challenges.

“The engineers who will build Africa’s future must learn by building. This partnership creates opportunities for students to work with the technologies shaping modern security, infrastructure and autonomous systems,” said Nwachuku.

Miva Open University said the initiative forms part of its commitment to experiential learning, adding that students will have the opportunity to “design, test and fly drones as part of their academic experience”.

The partnership builds on Terra’s expanding role in Nigeria’s defence technology sector. Earlier this year, the company signed a joint venture with the Defence Industries Corporation of Nigeria to localise the production of drones, robotics systems and cybersecurity infrastructure, supporting efforts to strengthen domestic manufacturing and reduce reliance on imports.

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Atte, Nigerian Develops AI Algorithm for Hair Transplants

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Atte Ayodeji, a Nigerian computer scientist,has developed an artificial intelligence algorithm capable of detecting, counting, grouping and generating healthy hair follicles during hair transplant procedures, an innovation that earned him the Best Innovative Technology award.

Atte, Nigerian Develops AI Algorithm for Hair Transplants

Atte Ayodeji

Ayodeji also graduated with a Distinction in his Master of Science (MSc) in Computer Science from Birmingham City University on Friday, adding another milestone to an impressive academic year.

Beyond his award-winning hair transplant innovation, the Nigerian researcher developed a system and framework on Explainable Artificial Intelligence (XAI) as a professional responsibility in the diagnosis of lung cancer.

His dissertation received a silver award at the PGXPO2026 Winter, further highlighting the impact of his research in applying artificial intelligence to healthcare.

Sunday Dare, special adviser on Media and Public Communication to President Tinubu,  celebrated Ayodeji’s achievements in a post on X, recalling how he first met him in 2019 during his National Youth Service.

“In 2019 when I became a Minister of the Republic, I met a young man of medium height, genteel with penetrating eyes: Atte Ayodeji. His words rarely come out and he could easily be passed by unnoticed. But I noticed him especially when my SA Kemi Areola brought him to me asking my approval for him to do his Youth Service in my office. I approved. From then on he was unstoppable. His brilliance shown and he developed skills beyond his frame.”

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Highlighting Ayodeji’s recent accomplishments, Dare congratulated him saying, “Congratulations Atte. I am proud of you!”

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