Business News

LFZC gets N20.23 billion counter-guarantee for infrastructure development from GuarantCo 

GuarantCo, a member of the Private Infrastructure Development Group (PIDG), has provided a N20.23 billion (USD 25 million) counter-guarantee with a twenty-year tenor to Lagos Free Zone Company (LFZC). 

This was contained in a press release made available to Naijaonpoint. 

According to the statement, the counter-guarantee will support LFZC’s three guaranteed infrastructure bond issuances totalling N53 billion (USD 65.5 million). 

The counter-guarantee is part of a larger guarantee facility fronted by Infrastructure Credit Guarantee Company Limited (InfraCredit) Nigeria to support the bond program. 

The funds raised through the bond issuance will be used to finance the continued development of the Lagos Free Zone (the Zone), which is being as the largest integrated port-based economic zone in Nigeria.

The Zone is envisioned to serve as an industrial and maritime hub for Nigeria and West Africa. 

Speaking on the transaction, the Chief Finance Officer of Lagos Free Zone, Ashish Khemka, said: 

Layth Al-Falaki, CEO of GuarantCo, said: 

Chinua Azubike, CEO of InfraCredit, said: