NBET Finance Company lists landmark N728.98bn bonds on FMDQ Exchange – Businessday NG

FMDQ Securities Exchange Limited has approved the listing of NBET Finance Company Plc N402billion 7-Year Series 2 Tranche A Fixed Rate Bond and N326.98 billion 7-Year Series 2 Tranche B Fixed Rate Bond under its N4 trillion Multi-Instrument Issuance Programme on its platform.

With an aggregate issuance size of N728.98 billion, this transaction represents a significant milestone in the Nigerian debt capital market, highlighting its capacity to facilitate large-scale financing to address critical infrastructure needs. The listing, approved by the Exchange’s Board Listings and Markets Committee and sponsored by CardinalStone Partners Limited, a Registration Member (Listings) of FMDQ Exchange, further reinforces FMDQ Exchange’s role in supporting strategic financing initiatives and deepening Nigeria’s debt capital market.

NBET Finance Company Plc, established by the Nigerian Bulk Electricity Trading Plc, serves as a special purpose vehicle for structured capital market financing for Nigeria’s power sector. Nigerian Bulk Electricity Trading Plc, a Federal Government entity supervised by the Federal Ministry of Power, plays a pivotal role in Nigeria’s electricity market as the primary off-taker, purchasing power from Generation Companies (GenCos) and selling to Distribution Companies, thereby supporting commercial transactions across the electricity value chain.

Akinola Odeyemi, managing director, NBET said, “We are pleased to mark the listing of the N728.97 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. The proceeds will help settle outstanding legacy debts owed to GenCos, improve liquidity across the electricity value chain, and support enhanced operational efficiency and a more reliable electricity supply nationwide. 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.”

Michael Nzewi, group managing director, CardinalStone Partners Limited said, “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, it underscores the transformative role of capital markets in mobilising long-term financing to address critical infrastructure needs and support sustainable economic development. At CardinalStone, we 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.”

Tumi Sekoni, group chief operating officer, FMDQ Group Plc said, “The listing of NBET Finance Company Plc’s N728.98 billion Series 2 Fixed Rate Bonds 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.”

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Iheanyi Nwachukwu

Iheanyi Nwachukwu, is a creative content writer with over two decades journalism experience writing on banking, finance, capital markets, and tax. The multiple awards winning journalist is Deputy Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos.

Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA).

Other trainings Iheanyi attended include: Economic/Political Risk Analysis (By Thomson Reuters Foundation); International Financial Journalism (IFJ) (By PMA Media Training, UK); Effective Business Writing Skills (By Phillips Consulting); Reporting on Corporate Governance (By International Finance Corporation (IFC) & Thomson Reuters Foundation UK); etc. In addition, he has participated in high-level economy & markets events in Dubai, South Africa, Morocco, and other African countries like Zambia, Ghana and Gambia.

Source:

Businessday NG