By Peace Udugba
NBET Finance Company PLC has listed ₦501.02 billion fixed rate bonds on the platform of FMDQ Securities Exchange Limited under its ₦4 trillion multi-instrument issuance programme.
The bonds comprise a ₦300 billion 7-Year 17.50 per cent Series 1 Tranche A Fixed Rate Bond and a ₦201.02 billion 7-Year 17.50 per cent Series 1 Tranche B Fixed Rate Bond.
According to FMDQ Exchange, the transaction ranks among the largest single bond listings on its platform, reflecting the depth and resilience of Nigeria’s debt capital market as well as sustained investor confidence.
The exchange said the approval by its Board Listings and Markets Committee further reinforces its position as a leading platform for transparent and large-scale long-term debt financing in Africa.
NBET Finance Company PLC, established by Nigerian Bulk Electricity Trading PLC, serves as a special purpose vehicle for structured capital market financing for Nigeria’s power sector.
Operating under the supervision of the Federal Ministry of Power, NBET functions as the primary off-taker in Nigeria’s electricity market by purchasing power from generation companies and selling to distribution companies.
The proceeds from the bond issuance, sponsored by CardinalStone Partners Limited�, are expected to address liquidity gaps across the power value chain and support ongoing reforms aimed at achieving a financially sustainable electricity market.
Speaking on the listing, the Acting Managing Director of NBET, Johnson Akinnawo, described the programme as the first step in broader reforms targeted at restoring confidence in Nigeria’s power sector.
He said the initiative was designed to leverage the Nigerian capital market to create a transparent and sustainable framework for addressing longstanding obligations within the sector.
Akinnawo added that the successful listing demonstrates NBET’s commitment to developing innovative and sustainable financing solutions capable of unlocking liquidity, attracting private capital, and improving electricity supply to homes and businesses nationwide.
Also commenting, the Group Managing Director of CardinalStone Partners Limited, Micheal Nzewi, said the transaction was structured to provide a holistic and sustainable solution that addresses the concerns of stakeholders across the power value chain.
According to him, the listing creates an avenue for banks and a broader pool of investors to actively trade the instrument, thereby deepening liquidity within the Nigerian capital market.
The Group Chief Operating Officer of FMDQ Group PLC, Tumi Sekoni, described the listing as a watershed moment for Nigeria’s debt market.
She said transactions of such scale demonstrate the market’s capacity to mobilise long-term financing for critical national infrastructure, particularly within the power sector, which remains central to Nigeria’s economic growth agenda.
Sekoni reaffirmed FMDQ Exchange’s commitment to facilitating access to long-term capital, promoting market transparency, and supporting the development of globally competitive financial markets in Nigeria.
FMDQ Group, regarded as Africa’s first vertically integrated financial market infrastructure group, provides listing, trading, clearing, settlement, depository, and information services across the debt, derivatives, and equity markets through its subsidiaries, including FMDQ Exchange, FMDQ Clear Limited, FMDQ Depository Limited, and FMDQ Private Markets Limited.
