Landmark listing marks a defining milestone in the Presidential Power Sector Debt Reduction Programme
CardinalStone Partners Limited is pleased to announce the listing of the ₦501,021,000,000 Series 1 bonds (“Series 1 Bonds”) issued by NBET Finance Company Plc (the “Issuer”) on the Nigerian Exchange Limited (NGX) and FMDQ Securities Exchange Limited (FMDQ Exchange).
The admission of the Series 1 Bonds to trade on the NGX and FMDQ Exchange marks an important milestone for the Presidential Power Sector Debt Reduction Programme, supporting price discovery and enhancing secondary market liquidity for banks, asset managers, pension funds, insurance firms, and other institutional and individual investors.
The listing further strengthens liquidity in Nigeria’s domestic debt capital markets and reflects continued investor confidence in Federal Government-guaranteed, credit-enhanced securities.
CardinalStone acted as Lead Financial Adviser and Lead Issuing House on the transaction, which is intended to restore liquidity, strengthen investor confidence, and support sustainable investment across the power value chain.
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 Best Equities House and Africa’s Best Broker by Euromoney in 2024 and 2025, respectively.
