FMDQ Securities Exchange Limited, on Wednesday said it has list NBET Finance Company Plc’s ₦402.00 billion 7-Year Series 2 Tranche A Fixed Rate Bond and ₦326.98 billion 7-Year Series 2 Tranche B Fixed Rate Bond under its ₦4.00 trillion Multi-Instrument Issuance Programme on its platform.
Proceeds of the offer will be used to settle outstanding legacy debts owed to power generation companies (GenCos), improve liquidity across the electricity value chain, and support enhanced operational efficiency and a more reliable electricity supply nationwide.
The transaction, FMDQ said in a statement represents a significant milestone in the Nigerian debt capital market, signaling its capacity to facilitate large-scale financing that addresses critical infrastructure needs.
NBET Finance Company was established by the Nigerian Bulk Electricity Trading Plc as a special purpose vehicle for structured capital market financing for Nigeria’s power sector, while NBET Plc, under the Federal Ministry of Power, plays a pivotal role of off-taker in Nigeria’s electricity market, purchasing power from Generation Companies (GenCos) and selling to Distribution Companies, thereby supporting commercial transactions across the electricity value chain.
The FMDQ listing was sponsored by CardinalStone Partners Limited.
Reacting to the listing, Managing Director, NBET, Akinola Odeyemi, expressed satisfaction, noting that “the listing of the ₦728.97 billion Series 2 Power Sector Bond on FMDQ Exchange, representing another significant milestone in the ongoing efforts to restore liquidity and strengthen the financial sustainability of Nigeria’s power sector.
“Building on the successful listing of Series 1, this achievement underscores the Federal Government’s sustained commitment to addressing legacy obligations and advancing reforms in the power sector. We look forward to sustaining this momentum through subsequent phases of the programme and supporting the long-term development of Nigeria’s electricity market,” he stressed.
Also commenting, the Group Managing Director, CardinalStone Partners Limited, Michael Nzewi, assured that: “Building on the successful listing of Series 1, this milestone marks another significant achievement for CardinalStone and reflects the depth of expertise, disciplined execution and collaborative effort behind this landmark transaction.”
Beyond the listing, he said the issuance “underscores the transformative role of capital markets in mobilising long-term financing to address critical infrastructure needs and support sustainable economic development.”
CardinalStone, he further said, “remain committed to delivering innovative financing solutions, unlocking capital for strategic sectors and contributing to the continued growth and deepening of Nigeria’s capital markets.”
The statement also quoted Ms. Tumi Sekoni, Group Chief Operating Officer, FMDQ Group PLC as saying the listing “further demonstrates the capacity of Nigeria’s debt capital market to mobilise long-term financing for critical infrastructure development. By facilitating transactions of this scale, FMDQ Exchange continues to demonstrate its commitment to supporting innovative financing solutions that contribute to infrastructure development and economic growth.
“We remain focused on providing a credible and efficient marketplace that enables capital mobilisation, strengthens market confidence, and advances the development of Nigeria’s financial markets,” she added.
