The 728.98 billion naira Series 2 bonds of NBET Finance Company Plc have been listed on the Nigerian Exchange and the FMDQ Securities Exchange, CardinalStone Partners announced. CardinalStone acted as lead financial adviser and lead issuing house on the transaction, with the Africa Finance Corporation as co financial adviser.
The bonds were issued in September 2026 under the Presidential Power Sector Debt Reduction Programme, the federal government’s plan to settle verified legacy debts owed to electricity generation companies for power supplied between February 2015 and March 2025. The seven year, government guaranteed issue combines 402 billion naira of cash bonds raised from domestic investors with 326.979 billion naira of non cash bonds allotted to participating generation companies. The cash tranche was oversubscribed and priced at a clearing rate of 18 percent.
The Series 2 issue brings total issuance under the programme’s first phase to about 1.23 trillion naira, against a programme size of 4 trillion naira. Outstanding obligations to generators have been put at about 6 trillion naira, and the Nigerian Electricity Regulatory Commission put the government’s 2025 tariff subsidy obligation at 1.928 trillion naira.
Listing the bonds allows the generation companies that received non cash paper to sell it, converting a government promise into liquidity they can use for gas purchases and maintenance. Whether the programme restores investment depends on tariffs and collections, which officials themselves say remain unfinished reforms.