FMDQ Securities Exchange Limited has approved for listing on its platform, the NBET Finance Company Plc N300 billion 7-Year 17.50 percent Series 1 Tranche A Fixed Rate Bond and N201.02 billion 7-Year 17.50 percent Series 1 Tranche B Fixed Rate Bond.
These bonds are under NBET Finance Company Plc N4 trillion Multi-Instrument Issuance Programme. With an aggregate issuance size of N501.02 billion, this landmark transaction ranks among the largest single bond listing on FMDQ Exchange, highlighting the depth and resilience of the Nigerian debt markets.
“This approval by the Exchange’s Board Listings and Markets Committee further reinforces FMDQ Exchange’s leadership position as Africa’s foremost platform for credible, transparent, and large-scale long-term debt capital market financing, while reflecting sustained investor confidence,” FMDQ Exchange said.
NBET Finance Company Plc, established by the Nigerian Bulk Electricity Trading Plc (NBET), serves as a dedicated special purpose vehicle for structured capital market financing for Nigeria’s power sector.
As a Federal Government entity operating under the supervision of the Federal Ministry of Power, NBET plays a pivotal role as the primary off-taker in Nigeria’s electricity market, purchasing power from generation companies and selling to distribution companies, thereby anchoring the commercial and financial flows within the Sector.
The proceeds from the Bond issuance, sponsored by CardinalStone Partners Limited, a Registration Member (Listings) of FMDQ Exchange, will address liquidity gaps across the power value chain and support ongoing reforms aimed at achieving a financially sustainable electricity market in Nigeria.
Johnson Akinnawo, acting managing director, NBET said, “This Programme was conceived as the first step in a broader series of sector-focused reforms aimed at restoring confidence in Nigeria’s power sector. By leveraging the strength of the Nigerian capital markets, we have established a transparent and sustainable framework for addressing legacy obligations within the sector.
“Our objective remains clear: to unlock liquidity, attract private capital, and support the delivery of more reliable electricity to households and businesses across the country. With the successful listing of the NBET Finance Company bond on the exchange, we have demonstrated a commitment to leverage depth of the capital markets to develop innovative and sustainable solutions to longstanding sector challenges,” he said.
Micheal Nzewi, group managing director, CardinalStone Partners Limited said: “The goal has always been clear: to design a holistic, sustainable, capital market-based solution that addresses the pain points of all stakeholders”.
“Today, through the successful listing of this bond on the exchange, we have created an avenue for banks to make markets and for a broader pool of investors to actively trade the instrument, further deepening liquidity within the Nigerian capital market. CardinalStone Partners is pleased to have supported the Government in structuring and delivering an innovative financing solution aimed at addressing critical challenges within Nigeria’s power sector and broader economy,” Nzewi said.
Tumi Sekoni, group chief operating officer, FMDQ Group Plc said: “The successful listing of NBET Finance Company Plc N501.02 billion Series 1 Fixed Rate Bonds on FMDQ Exchange represents a watershed moment for Nigeria’s debt markets. Transactions of this scale underscore the market’s capacity to mobilise long-term financing for critical national infrastructure”.
“With Nigeria’s power sector at the heart of the country’s economic growth agenda, this milestone listing reflects the continued confidence of market participants in FMDQ Exchange as the preferred platform for landmark capital market transactions. We remain steadfast in our commitment to facilitating access to long-term capital, advancing market transparency, and building a robust, globally competitive Nigerian financial markets,” she said.