Landmark listing marks a defining milestone in the Presidential Power Sector Debt Reduction Programme
CardinalStone Partners Limited is pleased to announce the listing of NBET Finance Company Plc’s ₦402 billion Tranche A and ₦326.979 billion Tranche B Bonds (the “Series 2 Bonds”) on the Nigerian Exchange Limited (NGX) and FMDQ Securities Exchange Limited (FMDQ Exchange).
The listing represents another milestone in the implementation of the Presidential Power Sector Debt Reduction Programme. It facilitates secondary market trading in the Series 2 Bonds, supports price discovery and broadens access to Federal Government-guaranteed securities within Nigeria’s domestic debt capital markets.
Commenting on the listing, Michael Nzewi, Group Managing Director, CardinalStone, said: “The listing of the Series 2 Bonds marks an important step in addressing legacy obligations in Nigeria’s power sector. It facilitates secondary market trading while supporting the broader effort to restore liquidity and enable sustained investment across the power value chain. We are pleased to have contributed our advisory and capital markets expertise to this landmark transaction.”
CardinalStone acted as Lead Financial Adviser and Lead Issuing House on the transaction, supporting the Programme’s objectives of restoring liquidity, strengthening investor confidence and enabling sustainable investment across Nigeria’s power value chain.
About CardinalStone
CardinalStone is Nigeria’s leading independent investment and multi-asset management firm, providing integrated solutions across advisory, capital markets, asset management, securities trading, trust services, financing, registrar services, and pensions.
With over ₦7 trillion in capital markets and M&A transactions advised, CardinalStone has established itself as one of Africa’s premier financial institutions. The firm was the first securities house to surpass ₦2 trillion in transaction value on the Nigerian Exchange and has ranked as the Exchange’s number-one securities firm by value for four consecutive years (2022–2025).
CardinalStone’s market leadership has been recognised through numerous industry awards, including Euromoney’s Awards for Excellence (2026), Euromoney’s Market Awards (2024 and 2025), and multiple DealMakers Africa Awards (2026) for excellence in equity advisory and capital markets execution.
