InfraCredit redeems AFC USD preference shares on final maturity date
Infrastructure Credit Guarantee Company Plc (InfraCredit) has fully redeemed the 7.246 per cent Redeemable Cumulative USD Preference Shares held by Africa Finance Corporation (AFC), settling the obligation on the instrument’s maturity date. A filing with the NASD OTC Securities Exchange shows the redemption was executed on November 25, 2025, in accordance with the Share Subscription […]
Infrastructure Credit Guarantee Company Plc (InfraCredit) has fully redeemed the 7.246 per cent Redeemable Cumulative USD Preference Shares held by Africa Finance Corporation (AFC), settling the obligation on the instrument’s maturity date.
A filing with the NASD OTC Securities Exchange shows the redemption was executed on November 25, 2025, in accordance with the Share Subscription Agreement dated July 4, 2018.
The preference shares were originally scheduled to mature on November 30, 2025.
Under the transaction, InfraCredit redeemed 9,952,067,699 units of the preference shares, paying a total of approximately $28.93 million. This amount included about $1.65 million in accrued and unpaid dividends up to the redemption date.
The transaction marks AFC’s exit from InfraCredit’s USD-denominated redeemable preference share instrument, simplifying the company’s capital structure and eliminating future fixed foreign-currency dividend obligations associated with the instrument.
It also highlights InfraCredit’s ability to meet sizable foreign-currency commitments as they fall due, reinforcing confidence in its liquidity position and overall balance sheet strength.
Despite the exit from the preference shares, AFC remains a significant shareholder through its holding of 4.36 billion ordinary shares, representing 11.45 per cent of InfraCredit’s issued share capital. These shares rank pari passu with other ordinary shares.
All rights, preferences, privileges and dividend entitlements attached to the redeemed preference shares ceased effective November 25, 2025.
The retired instrument carried a fixed 7.246 per cent cumulative USD dividend. Its redemption removes a layer of quasi-debt from InfraCredit’s balance sheet and is expected to enhance the company’s long-term financial flexibility, particularly as it continues supporting local-currency infrastructure bonds and credit enhancement transactions across Nigeria.
Post-redemption, InfraCredit’s ownership structure remains diversified and institutionally anchored, led by the Nigeria Sovereign Investment Authority (NSIA), Access-ARM Pension, AFC, CardinalStone and other domestic and international investors.
The move comes as InfraCredit continues to play a pivotal role in Nigeria’s infrastructure finance landscape by providing guarantees that deepen the domestic capital market and attract long-term institutional funding for infrastructure projects.
By fully retiring the USD preference shares ahead of final maturity, the company has further strengthened its capital profile, reduced foreign-currency exposure, and positioned itself for its next phase of growth.