InfraCredit fully redeemed a $28.93 million USD preference share instrument held by Africa Finance Corporation (AFC), settling the obligation ahead of its maturity date and simplifying the company’s capital structure.
The Infrastructure Credit Guarantee Company Plc (InfraCredit) announced that it redeemed 9.952 billion units of its 7.246% Redeemable Cumulative USD Preference Shares, paying a total redemption amount of approximately $28.93 million, which included $1.65 million in accrued and unpaid dividends up to the redemption date.
The transaction effectively ended AFC’s participation in the USD-denominated preference share instrument, removing future fixed foreign-currency dividend obligations and reducing quasi-debt on InfraCredit’s balance sheet.
The redemption was executed on November 25, 2025, according to a filing with the NASD OTC Securities Exchange, consistent with the terms of the Share Subscription Agreement dated July 4, 2018. The preference shares were originally scheduled to mature on November 30, 2025.
With the redemption completed, all rights, preferences, privileges, and dividend entitlements attached to the instrument ceased from the redemption date.
The move highlights InfraCredit’s ability to meet significant USD obligations as they fall due, reinforcing confidence in the company’s balance sheet strength and liquidity position. It also positions the company for greater financial flexibility as it continues to support local-currency infrastructure bond issuances and credit enhancement transactions in Nigeria.
Following the redemption, AFC remains a shareholder in InfraCredit through its holding of 4.36 billion ordinary shares, representing 11.45% of the company’s issued share capital. These shares rank pari passu with other ordinary shares.
InfraCredit’s shareholding structure remains institutionally anchored and diversified, led by NSIA, Access-ARM Pension, AFC, CardinalStone, and other long-term domestic and international investors.
The retirement of the USD preference shares removes a layer of foreign-currency exposure, strengthening InfraCredit’s capital profile as it continues to deepen Nigeria’s infrastructure finance market through credit guarantees that mobilize long-term institutional capital.