FMDQ, NSE list North South power company N8.50bn bond

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The FMDQ OTC Securities and Nigerian Stock Exchange (NSE) have listed the North South Power Company Limited (NSP-SPV PowerCorp Plc) N8.50 billion 15.60 per cent 15-year Fixed Rate Senior Green Infrastructure Bond under its N50 billion bond issuance programme.

Speaking on the listing, the Associate Executive Director, Capital Markets, FMDQ, Ms. Tumi Sekoni, expressed the pleasure at the listing of a green infrastructure bond on its platform, stating that this is yet another highly exemplary and indeed, positive step towards addressing some of the infrastructural and environmental challenges in the nation.

“FMDQ, being an exchange with a passion for infrastructure and sustainable development in Nigeria, has again demonstrated its unflinching commitment in this regard by providing due diligence and availing its credible and efficient platform for the listing and trading of the NSP-SPV PowerCorp Bond,” he said.

In his comments, the Chief Executive Officer, of North South Power Company Limited, Dr. Olubunmi Peters said the issuance of the first corporate green infrastructure bond in Nigeria was a significant milestone in the company’s long-term corporate strategy, demonstrating its market leadership, innovation and commitment to the highest standards of environmental, social and corporate governance.

“The success of the transaction further highlights the growing appetite for socially responsible investment in the Nigerian debt capital markets. This Series 1 N8.5 billion 15 Year 15.60 per cent Guaranteed Fixed Rate Senior Green Infrastructure Bond provides a new vista of opportunity not just for companies in the financial sector, but for other corporate companies in Nigeria,” he added.

Also speaking, the Group Chief Executive Officer of United Capital Plc, sponsor of the issue and the Registration Member (Listings) of FMDQ, Mr. Peter Ashade said to cater for sustainable environmental development in Nigeria, the need for financing cannot be understated.

“ United Capital Plc is delighted to have played the financial advisory and lead issuing house role in North South Power’s long-term strategy in issuing the first corporate green infrastructure bond in Nigeria. We remain committed to making significant contributions to the exchange and to the success of our esteemed clients through our expertise and innovation in the Nigerian DCM. We believe that listing this instrument will pave the way for other environmentally friendly instruments thereby establishing a robust domestic capital markets,” Ashade said.

Commenting at the NSE, Chairman, North South Power Company, Mr. Mallam Ibrahim Aliyu said:. “With the listing of the bond on NSE, the company has established a long-envisioned link with a more sustainable long-term, local currency financing, required to implement its ambitious strategic power generation expansion plan through the capital market.”

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