CardinalStone Partners Limited (“CardinalStone”) acted as Lead Financial Adviser and Lead Issuing House on the successful completion of the inaugural tranche under the ₦4 trillion Power Sector Multi-Instrument Issuance Programme, implemented as part of the Presidential Power Sector Debt Reduction Programme (PPSDRP).
The first tranche comprised a ₦501.021 billion, 7-year bond issuance, including a ₦300.0 billion offering placed with institutional and individual investors and a ₦201.0 billion bond allocation issued to eligible Power Generation Companies (GenCos) that have executed settlement agreements under the PPSDRP. The offering was fully subscribed.
The Programme, championed by President Bola Ahmed Tinubu, GCFR, is intended to address long-standing payment arrears owed to GenCos, which for over a decade have historically constrained liquidity, weakened balance sheets, and discouraged investment across the power sector value chain. The issuance forms part of broader reforms aimed at restoring financial sustainability and strengthening confidence in Nigeria’s power sector.
The bond is guaranteed by the full faith and credit of the Federal Government of Nigeria and sponsored by the Nigerian Bulk Electricity Trading Plc (NBET). The transaction represents a significant milestone for Nigeria’s domestic debt capital markets and reflects continued investor demand for credit-enhanced, well-structured public-sector instruments.
CardinalStone provided comprehensive advisory services across transaction structuring, regulatory and stakeholder coordination, investor engagement, and execution leadership. The transaction underscores the firm’s experience in delivering large-scale, complex capital-markets solutions and its established distribution capabilities.
The success of this issuance underscores the impact of strong collaboration between public and private sector institutions. CardinalStone expressed profound gratitude to the Special Adviser to the President on Energy, Mrs. Olu Verheijen and her team; the management of Nigerian Bulk Electricity Trading Plc led by Mr Johnson Akinnawo; and the Debt Management Office led by Ms Patience Oniha, for their collaboration and guidance in bringing this transaction to fruition under the leadership of the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun OFR, which ensured its successful structuring and execution. The firm also extended its appreciation to other government institutions that supported enhancements to the bond issuance, as well as all professional advisers and members of the investing public for their confidence and support.
Commenting on the transaction, Michael Nzewi, Group Managing Director, CardinalStone, said:
“The successful completion of the ₦501 billion Power Sector bond issuance reflects sustained investor confidence in well-structured public-sector credits and in Nigeria’s domestic capital markets. CardinalStone is pleased to have advised on this transaction, supporting the Government’s efforts to strengthen the financial foundations of the power sector and advance broader economic reforms.”
The transaction represents a meaningful step in the Federal Government’s ongoing reform agenda and supports efforts to unlock investment, strengthen confidence, and improve long-term sector viability. CardinalStone remains committed to advising on transactions that deepen Nigeria’s capital markets and support sustainable economic growth.
About CardinalStone
CardinalStone is an independent, multi-asset investment banking group in Nigeria, providing advisory, capital markets, asset management, securities trading, trust services, financing, registrar services, and pensions solutions to institutional, high-net-worth, and retail clients.
The firm has advised on over ₦5 trillion in capital markets and M&A transactions and was the first brokerage to surpass ₦2 trillion in transaction value on the Nigerian Exchange. It has ranked as the number-one securities firm on the Nigerian Exchange by value for four consecutive years (2022–2025). In recognition of its market leadership and execution excellence, CardinalStone was named Africa’s Best Broker by Euromoney in 2025.
