Nigerian Bulk Electricity Trading (NBET) Finance Company Plc has listed N728.98 billion worth of Series 2 fixed-rate bonds on the FMDQ Securities Exchange to support the settlement of outstanding debts owed to electricity generation companies (GenCos).
Gatekeepers News reports that the listing, announced by FMDQ Exchange, comprises a N402 billion seven-year Series 2 Tranche A bond and a N326.98 billion seven-year Series 2 Tranche B bond.
The bonds were issued under the Federal Government’s N4 trillion Power Sector Multi-Instrument Issuance Programme, designed to address longstanding financial obligations in the electricity industry.
In a statement, Managing Director of NBET, Akinola Odeyemi, said the proceeds would help settle outstanding legacy debts owed to generation companies, improve liquidity across the electricity value chain and strengthen the financial sustainability of the power sector.
He said, “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.”
Odeyemi added that the latest listing builds on the successful Series 1 bond issuance, reflecting the Federal Government’s continued commitment to resolving historical debts and advancing reforms in the electricity industry.
The Series 2 issuance follows the N501 billion Series 1 bond completed in January 2026, bringing the total value raised under the programme to approximately N1.23 trillion.
The second issuance involves 11 electricity generation companies, compared with eight that participated in the first series.
NBET said the initiative was expected to improve the financial position of power producers, strengthen their capacity to maintain generation facilities and support more reliable electricity supply across the country.
Also commenting on the development, Group Managing Director of CardinalStone Partners Limited, Michael Nzewi, said the transaction demonstrated the capacity of Nigeria’s capital market to mobilise long-term financing for critical infrastructure.
Similarly, Group Chief Operating Officer of FMDQ Group, Tumi Sekoni, said the listing highlighted the role of the debt capital market in supporting large-scale infrastructure financing and economic development.
NBET, a Federal Government-owned institution supervised by the Federal Ministry of Power, serves as the principal intermediary between electricity generation and distribution companies in Nigeria.
