Close Menu
Innovation Village | Technology, Product Reviews, Business
    Facebook X (Twitter) Instagram
    Monday, June 16
    • About us
      • Authors
    • Contact us
    • Privacy policy
    • Terms of use
    • Advertise
    • Newsletter
    • Post a Job
    • Partners
    Facebook X (Twitter) LinkedIn YouTube WhatsApp
    Innovation Village | Technology, Product Reviews, Business
    • Home
    • Innovation
      • Products
      • Technology
      • Internet of Things
    • Business
      • Agritech
      • Fintech
      • Healthtech
      • Investments
        • Cryptocurrency
      • People
      • Startups
      • Women In Tech
    • Media
      • Entertainment
      • Gaming
    • Reviews
      • Gadgets
      • Apps
      • How To
    • Giveaways
    • Jobs
    Innovation Village | Technology, Product Reviews, Business
    You are at:Home»Investments»AIICO Insurance Invests in InfraCredit, Enhancing Infrastructure Financing
    InfraCredit

    AIICO Insurance Invests in InfraCredit, Enhancing Infrastructure Financing

    0
    By Staff Writer on December 20, 2023 Investments

    InfraCredit, a top-rated infrastructure credit guarantee institution, has secured a significant equity investment from AIICO Insurance Plc, representing a 5% stake in InfraCredit’s total share capital. This move makes AIICO the second private domestic institutional investor, alongside Leadway Assurance Plc.

    With AIICO’s equity investment, InfraCredit’s paid-in capital will see a boost to US$175.14 million, translating to an aggregate guarantee issuing capacity of up to NGN742.77 billion (approximately USD 875.7 million). This infusion of capital is integral to sustaining InfraCredit’s ‘AAA’ credit rating and broadening its ownership structure in alignment with its envisioned capital framework.

    Established in 1963, AIICO Insurance stands as one of Nigeria’s largest life insurers and a significant underwriter for general insurance based on premiums written.

    CEO of AIICO Insurance, Mr. Babatunde Fajemirokun, expressed confidence in the long-term partnership with InfraCredit. Highlighting AIICO’s commitment to bridging the infrastructure gap in Nigeria, Fajemirokun emphasized the company’s previous investments in InfraCredit guaranteed bonds and participation in innovative financing arrangements for underserved infrastructure areas.

    Welcoming AIICO as a new shareholder, Mr. Sanjeev Gupta, Chairman of the InfraCredit Board of Directors, emphasized the significance of private sector partnerships. He noted that this collaboration aims to attract private sector capital for sustainable infrastructure financing, marking a pivotal moment for InfraCredit’s journey.

    CEO of InfraCredit, Mr. Chinua Azubike, highlighted the significance of AIICO’s investment, emphasizing its alignment with the company’s vision. He stressed that AIICO’s equity infusion strengthens the core capital base and expands guarantee capacity. This strategic move allows InfraCredit to act as a catalyst for attracting domestic credit from various long-term institutional investors into credit-worthy infrastructure projects.

    The entry of AIICO Insurance as a shareholder signifies a major milestone for InfraCredit, reinforcing the confidence in its unique business model. The collaboration is expected to advance sustainable finance for impactful infrastructure projects in Nigeria, showcasing the commitment of both organizations to drive positive change in the country’s infrastructure landscape.

    Related

    AIICO Insurance InfraCredit
    Share. Facebook Twitter Pinterest LinkedIn Email
    Staff Writer
    • Website

    I am a staff at Innovation Village.

    Related Posts

    Glovo Bets Big on Kenya as Africa’s Digital Heartbeat with $123m (KSh 16 Billion) Platform Economy Play

    How Founders Are Learning to Say No to Bad Investor Money

    Scale Is Not a Straight Line: What African Founders Wish Investors Understood

    Leave A Reply Cancel Reply

    You must be logged in to post a comment.

    Copyright ©, 2013-2024 Innovation-Village.com. All Rights Reserved

    Type above and press Enter to search. Press Esc to cancel.