Emerging Africa leads closure of N40.9b NEN Infrastructure bond

Toyin Sanni, Executive Vice Chairman/Group Chief Executive Officer of Emerging Africa Capital

The Emerging Africa Group, acting as financial adviser and lead issuing house, has led the completion of NEN Infrastructure Ltd’s 10-year private bond, which was oversubscribed at N40.9 billion.

The bond affected the full repayment of N36bn syndicated bridge finance provided jointly in 2023 by Emerging Africa Capital Limited, United Bank for Africa, Polaris Bank and WEMA Bank Plc, and raised additional funds.

The bond aims to finance a range of infrastructural projects in Bauchi State, with impact objectives spanning critical areas such as food security, road transportation, commerce and social cohesion.

Toyin Sanni, executive vice chair at Emerging Africa Capital, affirmed in a statement that the success of the bond demonstrates the confidence reposed in the administration of Bala Mohammed, governor of Bauchi State and the expertise of the financial advisers, Emerging Africa Capital Advisory Limited and the commitment and professional abilities of all parties to the transaction.

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The statement said the funds raised will be instrumental in driving numerous infrastructure projects in Bauchi State, addressing pressing needs within the state.

“Sponsored and guaranteed by the government of Bauchi State of Nigeria, the issuance is the first tranche in a N100 billion program approved by the Issuer.

The Emerging Africa Group stated its vision to raise and deploy up to N250 billion towards projects in Northern Nigeria between 2022 and 2027.

Folake Balogun

Folake Balogun is a technology journalist covering the evolving digital economy, with a focus on startup ecosystems, fintech innovation, artificial Intelligence, venture capital, and emerging technologies. Her work explores the intersection of technology, business, and society by highlighting how innovations such as artificial intelligence and next-generation connectivity are shaping everyday life and economic growth across the African continent and globally. She is a sixth cohort participant in the Technology and Digital Reporting training hosted by the Media Career Development Network in partnership with the U.S. Consulate General, Lagos. Folake is also a Fellow of the Tax Justice and Equity Project (2023 Cohort) by the International Centre for Investigative Reporting (ICIR) with the support of the International Budget Partnership. Through her reporting and analysis, she continues to spotlight the people, ideas, and technologies driving digital transformation.