Nigeria’s innovative ₦501.02 billion (USD$346.7 million) bond issuance by NBET Finance Company Plc, a Special Purpose Vehicle (SPV) sponsored by the Nigerian Bulk Electricity Trading Plc (NBET), to resolve the debt crisis in its power sector, on Wednesday in Brazzaville, Congo, clinched the African Banker Deal of the Year (Debt).
The ₦590bn Series 1 Power Sector Bond issued by the Federal Governments through NBET Finance Company Plc, an agency of the Federal Government.
The bond, in two tranches of cash and non-cash bonds is targeted at institutional investors, high net worth and retail investors, as well as the ENCOs respectively was an offer for subscription via book build and private placement at a price range of between 16.75 and 17 percent.
Net proceeds of the bond, under the government’s ₦4 Trillion Multi-Instrument Issuance Programme was primarily to settle lingering legacy debt due to the electricity generation companies (GenCos) for the period between February 2015 and March 2025.
The bond issuance programme sponsored by Cardinal Stone Partners, is guaranteed by the full faith and credit of the Federal Government of Nigeria to facilitate the issuance under the established Presidential Power Sector Debt Reduction Programme (PPSDRP).
The 20th edition of the awards, which were held on the sidelines of the African Development Bank Annual meetings, honoured banks and bankers from across the continent in a clear reflection of a financial sector that is healthy, resilient, maturing and contributing significantly to the continent’s economic development.
Attended by the Prime Minister of the Republic of Congo, who represented the President of the country, Denis Sassou Nguesso, as well as leading banking dignitaries including the President of the AfDB, Dr Sidi Ould Tah, 18 winners were announced on a night of recognition, celebration and acclamation which was enlivened with a rousing performance by Congolese legend, Koffi Olomide.
Speaking at the ceremony, Omar Ben Yedder, Chair of the Awards Committee, emphasised the importance of financial sovereignty for banks in Africa, as “nothing significant will move on this continent without strong banks and strong financial institutions at the centre. The coming decades will be defined by how courageous our business leaders are and by how willing our banks are to walk with them into new sectors, new markets and new models of collaboration.”
That strength and ability to structure and intermediate deals that impact on economic development and transformation were evident in the list of winners especially as deals around infrastructural development took home many awards.
Ecobank’s announcement as Bank of the Year, presented by former Lifetime Achievement winner, Felix Bikpo, chairman of the African Guarantee Fund, was in many ways validation and affirmation for the pan-African bank which has reported not just a return to growth and profitability but payment of dividends to its shareholders after several years.
Zambia’s Situmbeko Musokotwane won the coveted Minister of Finance of the Year, highlighting the country’s robust economic turnaround. DRC’s Central Bank Governor, André Wameso, was also recognised for supporting the growth of its banking sector as well as creating the conditions that supported its recent eurobond issuance, the last ‘big’ African country to tap international capital markets.
Two banks from DRC were also on the roster. TMB won Best Bank in Central Africa; and Rawbank won the The Affirmative Finance Action for Women in Africa (AFAWA) Bank of the Year Award. The AFAWA awards which is in its fourth year recognises and celebrates African financial institutions that are making significant strides in advancing access to finance for women-led businesses across the continent.
Investment banker and now President of the Banque Ouest-Africaine de Développement (BOAD), Serge Ekué, won the prestigious African Banker of the Year.
The 2026 edition of the African Banker Awards was organised by African Banker magazine and IC Events under the high patronage of the African Development Bank.
Supporters included The African Guarantee Fund, a fund created to share risks with commercial banks to encourage them to lend to the SME sector returned as the ceremony’s platinum sponsor, the African Trade and Investment Development Insurance (ATIDI), which provides facilities to ensure against country risks and other associated insurance services, was the exclusive cocktail sponsor while Afreximbank and the ECOWAS Bank for Investment and Development (EBID) supported as gold sponsors. The Nigerian giant, GTBank were the associate partner. Algest Investment Bank were the Main Partner for this year’s Awards.
