NBET Finance Company’s N590bn series 1 Power Sector Bond issue closes

NBET Finance Company Plc N590 billion Series 1 Power Sector bond issue has closed.

The issue was offered under the Issuer’s N4 trillion Multi-Instrument Issuance Programme and provided investors with an opportunity to participate in a Federal Government–backed fixed-income instrument designed to strengthen Nigeria’s power sector.

NBET Finance Company Plc is a Special Purpose Vehicle sponsored by the Nigerian Bulk Electricity Trading (NBET) Plc, an agency of the Federal Government of Nigeria.

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The bonds were guaranteed by the full faith and credit of the Federal Government of Nigeria, issued pursuant to the Presidential Power Sector Debt Reduction Programme (PPSDRP) approved by the Federal Executive Council.

The Programme was established to address legacy debts owed to Generation Companies (GenCos) by NBET, improve liquidity within the power sector, restore investor confidence, and support sustainable electricity generation.

Proceeds from the issuance will be applied primarily towards the settlement of verified outstanding GenCos liabilities for the period February 2015 to March 2025.

Iheanyi Nwachukwu

Iheanyi Nwachukwu, is a creative content writer with almost two decades journalism experience writing on banking, finance, capital markets, and tax. The multiple awards winning journalist is Assistant 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.