UK cash out, Nigeria’s pension giants move in
Nigerian pension fund administrators have purchased substantial ownership stakes in InfraCredit through a secondary market deal involving MOBILIST, the United Kingdom government’s public markets initiative. The transaction occurred on the NASD exchange and transferred shares from the British development program to local institutional investors.
MOBILIST initially invested during April 2025 to support InfraCredit’s equity raising effort worth 27 billion naira, approximately $17.7 million, which accompanied the company’s introduction listing on the NASD OTC Securities Exchange. The recent secondary sale brought five domestic institutional investors into the ownership structure, with four representing completely new participants who had not joined during the earlier listing phase.
After receiving regulatory approval, Nigerian domestic institutional investors will control as much as 27 percent of InfraCredit’s ordinary equity. Rating agencies such as Agusto & Co., GCR Ratings and Fitch Ratings have maintained the company’s AAA national rating while projecting that pension funds, insurers and other long-term institutional investors from Nigeria may eventually hold 40 to 50 percent of total equity. InfraCredit has enabled more than 300 billion naira in financing for infrastructure development across Nigeria, with CEO Chinua Azubike describing the transaction as demonstrating how catalytic foreign capital can facilitate sustained domestic institutional participation.
