NBET, Lagos State Top Bond Borrowers in H1 2026

In the first half of 2026, NBET Finance Company Plc emerged as the largest bond issuer, raising N501.02 billion through two bond tranches priced at 17.50%. The funds aim to alleviate liquidity challenges in Nigeria's electricity market via the Nigerian Bulk Electricity Trading Plc.

The Lagos State Government followed, securing a total of N244.82 billion, which included a N230 billion 10-year bond at 16.25% and a N14.82 billion five-year Green Bond at 16.00% to finance climate-resilient infrastructure and sustainable transport projects. Access Bank Plc issued a N193.83 billion Series 3 senior unsecured bond at 15.50%, reinforcing its status as the largest corporate issuer in the banking sector.

Other notable issuers included UAC of Nigeria Plc, which raised N54.03 billion at 17.35%, and Sunbeth Global Concepts Limited, which raised N150.41 billion through commercial paper series. The high coupon rates reflect the elevated cost of borrowing amid Nigeria's tight monetary policy and inflation.