FMDQ Securities Exchange Limited, on Tuesday said its Board Listings and Markets Committee has approved and listed NBET Finance Company Plc’s ₦300 billion 7-Year 17.50% Series 1 Tranche A Fixed Rate Bond and ₦201.02 billion 7-Year 17.50% Series 1 Tranche B Fixed Rate Bond under its ₦4 Trillion Multi-Instrument Issuance Programme on its platform.
The landmark transaction totaling ₦501.02 billion, FMDQ said in a statement, ranks among the largest single bond listing on its platform, and further showcases the depth and resilience of the Nigerian debt markets. This approval, the Exchange added, further reinforces its leadership position as Africa’s foremost platform for credible, transparent, and large-scale long-term debt capital market financing, while reflecting sustained investor confidence.
NBET Finance Company, established by the Nigerian Bulk Electricity Trading PLC is 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 this bond issuance, sponsored by CardinalStone Partners Limited, is expected to address liquidity gaps across the power value chain and support ongoing reforms aimed at achieving a financially sustainable electricity market in Nigeria.
Commenting on the listing, the Acting Managing Director, NBET, Johnson Akinnawo, said the “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.”
In line with this, the Group Managing Director, CardinalStone Partners Limited, Michael Nzewi, assured that “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,” he stressed.
Speaking on the successful listing, Ms. Tumi Sekoni, the Group Chief Operating Officer of FMDQ Group PLC, described it as a watershed moment for Nigeria’s debt markets, noting that “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,” Sekoni added.
