AFC Advises on ₦728.9 Billion Bond for Nigeria's Power Sector

The Africa Finance Corporation (AFC) announced its role as Co-Financial Adviser on the successful closure of the ₦728.9 billion Series 2 bond transaction by NBET Finance Company Plc, part of the Federal Government of Nigeria’s Presidential Power Sector Financial Reforms Programme (PPSFRP). This initiative aims to resolve over a decade of legacy debt in the Nigerian electricity supply industry.

Following the ₦501 billion Series 1 transaction completed in January 2026, the Series 2 issuance brings the total under the Programme to approximately ₦1.23 trillion. The proceeds will help settle overdue receivables owed to Power Generation Companies (GenCos) for electricity supplied from February 2015 to March 2025.

AFC provided extensive financial advisory services, including negotiating Settlement Agreements with GenCos and structuring the Series 2 cash and non-cash tranches. Banji Fehintola, Executive Board Member and Head of Financial Services at AFC, stated that the successful issuance reflects the Programme's effectiveness and the commitment of the Federal Government to honor its obligations.