In a landmark move for infrastructure financing in Nigeria, InfraCredit has announced its guarantee of ₦32.5 billion 20-year Senior Guaranteed Fixed Rate Infrastructure Bonds issued by Craneburg EKSG Motorway Company Plc. The bond will fund the construction and operation of a 68-kilometre ring road around Ado-Ekiti in Ekiti State.
Craneburg EKSG is a special purpose vehicle formed by Craneburg Construction Company Limited to execute the project under a Design, Build, Finance, Operate, Maintain and Transfer (DBFOM) concession model. The initiative, developed through a Public-Private Partnership (PPP), is the first successful corporate infrastructure bond issued for a sub-national PPP project backed by InfraCredit’s Annuity PPP Guarantee Product.
The Ekiti ring road is central to the state’s transportation master plan and is expected to enhance connectivity, reduce traffic congestion, and stimulate economic activities along key corridors. The project also aligns with broader state plans including the development of a cargo airport, an agro-industrial processing zone, and a knowledge hub.
The bond, which received a ‘AAA’ rating from Agusto & Co. and GCR, was subscribed by seven domestic pension funds and institutional investors. Proceeds will fund the first phase of the ring road, including a 17.84km stretch, tolling infrastructure, and smart operational systems. The project is projected to create over 250 direct jobs and support the UN Sustainable Development Goals (SDGs).
InfraCredit CEO Chinua Azubike described the deal as a breakthrough in mobilising long-term domestic capital for infrastructure, showcasing how PPPs can deliver sustainable, revenue-generating projects at the sub-national level.
Ekiti State Commissioner for Finance, Hon. Akintunde Oyebode, emphasized the project’s transformative potential:
“The Ado-Ekiti Ring Road is part of our broader infrastructure blueprint, linking critical assets across the state. This deal represents a new paradigm in how states can unlock private capital for inclusive development.”
Femi Edun, Chairman of Craneburg Construction Company, lauded the state’s vision and InfraCredit’s role in enabling the project:
“This initiative sets a new benchmark in infrastructure delivery at the sub-national level, and we are proud to lead its execution.”
The partnership exemplifies a growing shift towards blended finance mechanisms for infrastructure development in Nigeria, combining state ambition, private capital, and long-term vision.
