AIICO Joins Leadway Acquires 5% Stake In InfraCredit

After Leadway Assurance Plc’s original investment in InfraCredit, AIICO Insurance Plc has been accepted as the second private domestic institutional investor.

The announcement of the move’s press release states that AIICO’s investment amounts to 5% of the organization’s share capital.

This calculated action increased InfraCredit’s paid-in capital base to $175.14 million (N148.55 billion), which in turn increased the loan guarantee capability of the organization to an astounding $875.7 million (N742.77 billion).

The CEO of AIICO Insurance, Babatunde Fajemirokun, commented on the agreement and mentioned that the company had previously invested in bonds guaranteed by InfraCredit as well as other financing options supported by the organization.

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He said, “Over the past two years, AIICO Insurance has invested in InfraCredit guaranteed bonds, and participated in novel financing arrangements promoted by the company to bring infrastructure investment to areas that have been significantly underserved.”

Chairman of InfraCredit’s Board of Directors, Sanjeev Gupta, speaking on the deal, noted that the move was part of the drive to increase private sector involvement in InfraCredit’s ownership structure.

He noted, “This investment marks another significant turning point and a significant milestone for InfraCredit, as we aim to increase private sector involvement in the ownership structure.”