NBET Finance Company Plc — a special purpose vehicle backed by Nigerian Bulk Electricity Trading Plc — issued a combined NGN 501.02 billion Tranche A and Tranche B bond at 17.50% in H1 2026, advised by CardinalStone Partners (lead financial adviser and issuing house) and Africa Finance Corporation (co-financial adviser). Proceeds clear liquidity gaps across Nigeria’s power sector under the Presidential Power Sector Financial Reforms Programme. Named Deal of the Year (Debt) at the 2026 African Banker Awards.
Capital Details
Market Significance
Single largest bond listing in Nigeria in H1 2026. Named Deal of the Year (Debt) at the 2026 African Banker Awards. First major instrument under the Presidential Power Sector Financial Reforms Programme to reach market.
Risk / Considerations
NBET's underlying receivables depend on DisCo collection rates — which are currently below approved tariffs across most of Nigeria's 11 distribution companies. If collections remain weak, the SPV's ability to service the bond faces pressure.
What Happens Next
Bond proceeds deployment to GenCos — clearing payment backlogs that have constrained gas supply to power plants.
Commercial Opportunity
Establishes a template for using capital markets to monetise power sector receivables — a model that could be replicated for DisCo and GenCo debt clearance.
Commercial Opportunity Intelligence
Analyst Notes
Link to Policy records: Nigeria Electricity Act 2023 and NERC CapEx Order NERC/2026/062.