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CardinalStone Partners Limited, a leading Nigerian investment banking firm, is pleased to announce the successful close of the N728.97 billion Series 2 Power Sector Bond, on which it served as Lead Financial Adviser and Lead Issuing House.
The landmark transaction represents a significant milestone for Nigeria’s capital markets and the power sector, while further strengthening CardinalStone’s position as a trusted partner in structuring and executing complex, high-value transactions that support strategic economic priorities.
The Series 2 Bond forms part of the Federal Government of Nigeria’s broader efforts to address verified legacy obligations in the power sector and strengthen liquidity across the electricity value chain. With the successful completion of the issuance, the first phase of the programme has reached N1.23 trillion.
The transaction comprised an oversubscribed N402 billion bond issue to domestic investors, including banks, pension funds, the Sovereign Wealth Fund, asset managers, high-net-worth individuals and retail investors, alongside N326.97 billion issued to participating Power Generation Companies (GenCos). The second series mirrored the first series as an amortizing instrument and was issued at a clearing price of 18.0%.
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The strong demand for the investor tranche underscores significant market confidence in the transaction and highlights the growing depth and capacity of Nigeria’s domestic capital market to mobilise long-term funding for critical sectors of the economy. The seven-year bonds, issued through a special purpose vehicle and fully guaranteed by the full faith and credit of the Federal Government of Nigeria, are expected to facilitate settlements to various Generation Companies and their suppliers, contributing to greater certainty and financial stability across the power and gas value chains.
As Lead Financial Adviser and Lead Issuing House, CardinalStone played a pivotal role in structuring and coordinating the transaction, bringing together key stakeholders, investors and professional advisers to ensure its successful execution. The successful close reflects CardinalStone’s deep capital markets expertise, strong institutional relationships and proven ability to navigate complex transactions and deliver outcomes at scale. It further demonstrates the firm’s capacity to serve as a strategic partner throughout the transaction lifecycle, from structuring and advisory through to capital mobilisation and execution.
Commenting on the transaction, Michael Nzewi, the Group Managing Director of CardinalStone Partners Limited said: “We are proud to have played a pivotal role in the successful execution of the N728.97 billion Series 2 Power Sector Bond. The strong investor response is a testament to the strength of the transaction and the confidence of the market in its underlying objectives. At CardinalStone, we are committed to helping our clients navigate complexity, unlock capital and achieve their strategic ambitions. This transaction reflects our ability to bring together innovative structuring, deep market insight and disciplined execution to deliver solutions of significant scale and impact.”
CardinalStone Partners extends its appreciation to the Federal Government of Nigeria, the Honourable Minister of Finance and Coordinating Minister of the Economy, the Special Advisers to the President on Oil & Gas and on Power, Nigerian Bulk Electricity Trading Plc (NBET) as Transaction Sponsor, the Debt Management Office (DMO), participating Generation Companies, investors and all government, industry and professional stakeholders whose collaboration contributed to the successful completion of the transaction. The Series 2 Bond adds to CardinalStone’s growing track record of landmark transactions and reinforces its commitment to unlocking capital, delivering innovative financial solutions and creating lasting value for clients and the wider Nigerian economy.
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.
