TEMPLARS advised the Lagos Free Zone Company on the issuance of its 20-Year Senior Guaranteed Fixed Rate Landmark Infrastructure Bonds, backed by a USD 25 million counter-guarantee from Guarantco. These bonds, issued via a special purpose vehicle and secured by InfraCredit’s commercial guarantee, will finance the development of an industrial hub in Nigeria.

This issuance, notable for being (alongside the Series I and II Bonds) the longest-tenured corporate bond in Nigeria, demonstrates the confidence of the market in the Infrastructure Bond category and illustrates the significant potential for financing infrastructure projects through the debt capital markets.


The counter-guarantee by GuarantCo is instrumental for the Lagos Free Zone (Tolaram) Company. It enhances their capacity to underwrite larger infrastructure projects and attract participation in domestic credit transactions from a variety of local and international investors. This approach is expected to significantly impact infrastructure development in Nigeria, spurring job creation and economic growth.


The TEMPLARS team was led by Finance Partner Zelda Akindele and supported by Associate Elizabeth Toweh.