NBET Finance Company Plc has completed a ₦728.9 billion Series 2 bond transaction under the Federal Government of Nigeria’s Presidential Power Sector Financial Reforms Programme.
Africa Finance Corporation acted as Co-Financial Adviser. The Series 2 issuance follows a ₦501 billion inaugural Series 1 transaction completed in January 2026, taking cumulative issuance under the programme to approximately ₦1.23 trillion.
The wider programme is designed to address legacy debt obligations within Nigeria’s electricity supply industry and forms part of a ₦4 trillion Power Sector Multi-Instrument Issuance Programme.
The transaction is notable for the way it uses the capital market to address a balance-sheet problem in a strategically important sector. Rather than treating legacy obligations solely as a fiscal issue, the programme seeks to convert verified obligations into investable instruments and mobilise domestic long-term capital.
AFC said the Series 2 issuance was oversubscribed, with demand from pension fund administrators, banks, sovereign wealth funds and asset managers. The first series also made its first coupon and principal payment in July 2026.
For legal and financial advisers, the structure demonstrates the increasing importance of understanding the relationship between sovereign-sector reform, debt capital markets, investor protection and the underlying commercial obligations being refinanced.
Meridian view: The size of the issuance matters, but so does the architecture behind it. The programme is becoming a significant case study in how Nigeria can use capital markets to restructure legacy obligations in infrastructure sectors.
Source: Africa Finance Corporation, 23 September 2026.
ENR Advisory states that it acted as solicitor to the issuer on the programme. The Meridian’s transaction record for the Series 2 issue lists the parties and sources.
