Chinua Azubike Ceo Of Infrastructure Credit Guarantee Company Ltd Infracredit 2846616

In early 2018, Chinua Azubike, CEO of Infrastructure Credit Guarantee Company, Ltd (InfraCredit) sat immersed in thought in his office on Victoria Island in Lagos, Nigeria. InfraCredit, a fledgling company established and sponsored by the Nigeria Sovereign Investment Authority (NSIA)a, in collaboration with GuarantCo,b was attracting plenty of interest for its innovative and potentially transformative credit enhancement product. But to grow as quickly as planned and have the impact the company’s board members and shareholders expected, Azubike would have to rapidly increase the size of InfraCredit’s balance sheet. Capital could come from new equity, additional debt, or increased credit guarantee commitments from third parties. All three choices were difficult routes and all three paths involved control and dilutive aspects. If Azubike selected well, InfraCredit could transform the face of power, roads, ports, water and more across Nigeria and sub-Saharan Africa. If he chose poorly, an elegant idea (and a lot of work and reputations) would come crashing down