Kano–Lagos Railway Expansion
150km rail extension connecting major commercial hubs. Cuts travel time by 60%.
Invest in Kano–Lagos Railway
Join 1,250 investors funding this build. Minimum $50, KYC in under 5 minutes.
What you're funding
A 150km standard-gauge rail extension co-financed with the Nigerian Railway Corporation. Investors participate via a junior tranche of the project bond, with revenue from freight tariffs, passenger fares and station concessions. Rolling stock is leased from CRRC under a 12-year operating agreement.
Project highlights
- Co-financed with Nigerian Railway Corporation and AfDB
- Standard-gauge alignment with 120 km/h design speed
- Five new stations with retail and logistics concessions
- Freight throughput of 3.2M tons / year at steady state
Project timeline
- Phase 1Due diligence & SPV setupAug 2025
- Phase 2Capital raise openNow
- Phase 3Construction & deploymentQ3 2026
- Phase 4Commissioning & first payoutQ1 2027
Financial structure
- Total project size
- $210M
- Endeleo allocation
- $8.5M (junior tranche)
- Investor share
- 14% target IRR
- Payout cadence
- Semi-annual coupons + balloon
How we mitigate risk
- Ridership ramp-up risk mitigated by minimum revenue guarantee from NRC.
- Cost overrun shared with senior lenders via cross-default provisions.
- Political risk insurance procured through MIGA.
Who's involved
Project your returns
Based on a target return of 14% APR over a 60-month tenor. Returns are contractual coupons, not guaranteed yields.
Charts update live as you adjust the investment amount.
Illustrative only. Actual returns depend on project performance and the SPV's cash waterfall.
Where your slice sits
A breakdown of how this project is financed. Higher tranches are repaid first from project cash flows.
- Diaspora senior debt← your tranche55%
- Sponsor equity25%
- Grant / concessional20%
How the raise is deployed
Every dollar is allocated against a line item in the project budget, audited quarterly.
- Civil construction48%
- Rolling stock / tolling tech22%
- Stations / service plazas14%
- Land acquisition8%
- Contingency8%
The people running this project
Sponsor operators, the Endeleo trustee and the independent fiduciary safeguarding your capital.
20+ years structuring infrastructure SPVs across West Africa. Former AfDB project finance.
Operator with a 15-year track record delivering transport projects across Nigeria.
FRC-registered fiduciary overseeing cash waterfall, escrow controls and investor reporting.
Live from the deal team
Every milestone, audit and operational change is published here before anywhere else.
- 12 Mar 2026Milestone
Capital raise crosses 50% on schedule
1,250 investors have committed to Kano–Lagos Railway Expansion. Construction tender opens next week as planned.
- 21 Feb 2026Operations
EPC contractor selection complete
Three pre-qualified contractors submitted bids. Selection panel includes our independent trustee and an external technical advisor.
- 05 Feb 2026Compliance
Quarterly audit report published
Big-four review of the SPV's escrow account and project accounts is now available in your data room.
Got a question about Kano–Lagos Railway?
Send it directly to the trustee. We reply within one business day.
Documents & agreements
Review the full Information Memorandum and sign the Investment Agreement to confirm your subscription. All documents are reference VST-KANO-R-2026.
Information Memorandum
For reviewFull disclosure pack for Kano–Lagos Railway Expansion: structure, financials, risks, partners and impact reporting.
Investment Agreement
Sign to investSPV subscription agreement governing your investment, payouts and exit rights. Counter-signed by the trustee.
By signing the Investment Agreement you confirm you have read the Information Memorandum, understand the risks, and meet Endeleo's investor eligibility criteria. Electronic signatures are legally binding under the eIDAS Regulation and the US ESIGN Act.
Questions investors ask
Why is the return higher?+
Investors take a junior position in the capital stack, which carries higher yield in exchange for longer tenor and subordinated repayment.
What backs the minimum revenue guarantee?+
An NRC commitment ratified by the Federal Ministry of Transport, with annual budget allocations.
Ready to back this project?
Join 1,250 investors already participating in Kano–Lagos Railway Expansion.