Nigeria Launches N590bn Power Sector Bond to Clear GENCO, Gas Arrears

The Federal Government of Nigeria has issued its debut bond under the Presidential Power Sector Debt Reduction Programme, raising N590 billion to settle verified arrears owed to power generation companies and gas suppliers.

The bond, guaranteed by the full faith and credit of the Federal Government, is part of a larger N4 trillion government-backed bond programme aimed at addressing the sector’s legacy debt overhang.

Join our WhatsApp Channel

The Special Adviser to the President on Energy, Olu Arowolo Verheijen, described the initiative as a “strategic reset” rather than a bailout, emphasizing its potential to restore liquidity and confidence in the power sector.

The bond’s proceeds will be used to clear verified arrears, enabling power generation companies to stabilize operations and invest in new capacity.

The programme, approved by President Tinubu in August 2025, has attracted strong interest from institutional investors, with over 600 participants attending the inaugural investor forum. CardinalStone Partners Limited served as Lead Financial Adviser and Lead Issuing House.

Editor

+ posts

Latest from Business

WINGING INTO THE HOLIDAYS: Air Peace Launches Daily Ibadan-Abuja Flights, Fares from ₦95,000

Air Peace Limited is set to revolutionize travel between Ibadan and Abuja with the resumption of daily return flights starting December 24, 2025. This move reinforces the airline’s commitment to enhancing domestic connectivity and passenger convenience, just in time for the

Naira Ends Week With Marginal Gain Against Dollar

Naira Remains Stable Against Dollar In Black Market

Traders in the black market on Friday, December 19, saw no changes in the foreign exchange (FX) rate for the United States dollar (USD), as the naira neither depreciated nor appreciated. In a parallel market data provided by Naira Rates, the exchange

Femi Otedola Issues New Statement After Reports Of Transcorp Plc Acquisition

Otedola Buys 369.98m First HoldCo Shares — After Taking Out N14.8bn From Geregu Investment

Femi Otedola, the chairman and majority shareholder of First HoldCo, has increased his stake in the financial institution by buying 369.98 million shares on Thursday, December 18. According to First HoldCo’s notification of share dealing by an insider, Otedola paid N14,82 billion,

Five Best-Performing Banks In Q3 2025 — By Profit Growth

Sterling Financial Holdings Company, First City Monument Bank (FCMB), Stanbic IBTC, Wema Bank and Ecobank are the top five best-performing banks in Nigeria by pretax profit growth in the third quarter (Q3) of 2025. The five banks made it to the list

Naira Appreciates, Ends Week Positive Across Official, Black Markets

Exchange Rates For Dollar Increase Across Parallel, Official Markets

In the black market on Thursday, December 18, the naira depreciated against the United States dollar (USD) by 0.13 percent to N1,489.01/$1, from the N1,487.01/$1 reported on Wednesday, December 17. According to Naira Rates data, while the foreign exchange (FX) rate for

Cookie	Duration	Description
cookielawinfo-checbox-analytics	11 months	This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checbox-functional	11 months	The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checbox-others	11 months	This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-necessary	11 months	This cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-performance	11 months	This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy	11 months	The cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.

Nigeria Launches N590bn Power Sector Bond to Clear GENCO, Gas Arrears

Editor

Prime Business Africa

Leave a Reply Cancel reply

SAFE IN NIGERIA: Boris Johnson’s Claim and the outrage

Featured Stories