FMDQ Securities Exchange Limited (“FMDQ Exchange” or the “Exchange”) is pleased to announce the approval and listing of NBET Finance Company PLC’s (“NBET” or the “Issuer”) ₦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 (together, the “Bonds”) under its ₦4.00 trillion Multi-Instrument Issuance Programme on its platform.
With an aggregate issuance size of ₦728.98 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 (the “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.
Commenting on the listing, the Managing Director, NBET, Mr. Akinola Odeyemi, stated: “We are pleased to mark 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. 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.”
Also commenting, the Group Managing Director, CardinalStone Partners Limited, Mr. Michael Nzewi, stated: “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.”
Commenting on the listing, Ms. Tumi Sekoni, Group Chief Operating Officer, FMDQ Group PLC, stated: “The listing of NBET Finance Company PLC’s ₦728.98 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.”
FMDQ Group PLC (“FMDQ Group” or the “Group”) is Africa’s first vertically integrated FMI group, strategically positioned to provide end-to-end services across the financial markets value chain. The Group offers registration, listing, quotation, and noting services; integrated trading platforms; clearing & central counterparty, and settlement services for financial markets transactions; securities depository services; and market data & information services, across the debt capital, foreign exchange, derivatives, and equity markets, through its wholly owned subsidiaries – FMDQ Exchange, FMDQ Clear Limited, FMDQ Depository Limited and FMDQ Private Markets Limited. As a sustainability-focused FMI group, FMDQ Group, through FMDQ Exchange, operates Africa’s premier Green Exchange – FMDQ Green Exchange – positioned to lead the transition towards a sustainable future.