AIICO acquires 5% stake in InfraCredit
According to ambusinessng, AIICO Insurance Plc has become the second private domestic institutional investor in InfraCredit, securing a 5% stake in the institution. This move, revealed in a press release, follows Leadway Assurance Plc’s initial involvement. The investment contributes to InfraCredit’s paid-in capital, raising it to $175.14 million (₦148.55 billion), and significantly boosting its credit guarantee capacity to $875.7 million (₦742.77 billion).
AIICO Insurance’s CEO, Babatunde Fajemirokun, expressed the company’s previous engagement with InfraCredit through investments in guaranteed bonds and other financing arrangements. He emphasized AIICO’s commitment to supporting infrastructure investment in underserved areas.
Sanjeev Gupta, Chairman of InfraCredit’s Board of Directors, highlighted the transaction as part of efforts to increase private sector participation in InfraCredit’s ownership structure. The institution, with an AAA rating, serves as a catalyst for long-term investment in Nigerian infrastructure projects, attracting funds from various sources, including pension funds and insurance firms.
Chinua Azubike, CEO of InfraCredit, welcomed AIICO Insurance as an investor, noting that their equity investment strengthens the institution’s core capital base and expands guarantee capacity. InfraCredit continues to play a vital role in attracting domestic credit for credit-worthy infrastructure projects, fostering growth and development.
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