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Chinua Azubike

Chief Executive Officer

InfraCredit, Nigeria

Biography

Chinua is the Chief Executive Officer of InfraCredit, a ‘AAA’ rated specialised local currency infrastructure credit enhancement facility in Nigeria established by the Nigeria Sovereign Investment Authority in collaboration with GuarantCo and the Private Infrastructure Development Group. He has garnered over 15 years’ experience in corporate/structured finance and debt capital market roles. Chinua has a strong and practical know-how of domestic debt capital markets with a firm interest in market development, and has acted as a lead adviser in the establishment of key development finance institutions in Nigeria. He was the project lead for the establishment of a Nigeria Infrastructure Credit Enhancement Facility (now InfraCredit) and prior to this role, the Managing Director of Dunn Loren Merrifield Advisory Partners, a corporate finance advisory firm. He holds an Msc in Finance & Financial Law from University of London and studied law at the University of Lagos. He is currently the chairperson of the Regulation Consolidation Sub-Committee of FMDQ Debt Capital Market Development Project.

InfraCredit is backed by the Nigeria Sovereign Investment Authority, GuarantCo, Africa Finance Corporation and KfW Development Bank to provide guarantees to enhance the credit quality of local currency debt instruments issued to finance creditworthy infrastructure projects in Nigeria that conform with its eligibility criteria. This entity is necessary because long-term capital required by infrastructure entities/projects to be commercially successful is not available from the domestic banking market. InfraCredit’s guarantees acts as a catalyst to attract the investment interest from pension funds, insurance firms and other long-term investors, thereby deepening the Nigerian debt capital markets. InfraCredit has been accorded an ‘AAA’ rating from both GCR and Agusto, a first for a local currency guarantor in sub-Saharan Africa.

Over the past 2 years of its initial operations InfraCredit has mobilised first-time access to local currency finance of up to 15- year tenor from the domestic bond market for two infrastructure companies totalling N18.5 billion which were oversubscribed by up to 60% from local pension fund investors, with participation by 14 of a total 28 pension fund administrators subscribing to the InfraCredit-guaranteed corporate infrastructure bonds. Whilst this represents 50% investor coverage, these 14 investor pension funds manage 75% of the assets under management of the pension industry, currently estimated at NGN 8.7 trillion as at January 2019, signifying strong investor appetite and confidence in the credit standing of InfraCredit’s guarantee.

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