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Infrastructure Devt: FMDQ lists N8.50bn NSP green bond

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Lagos – FMDQ OTC Securities Exchange, has listed N8.50 billion North-South Power (NSP) Company Ltd., guaranteed green infrastructure bond on its platform targeted at infrastructure development.

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The listing of the NSP-SPV series 1 N8.50 billion 15-year fixed rate green infrastructure bond at 15.60 per cent was under its N50 billion bond issuance programme.

FMDQ said in a statement in Lagos on Thursday that NSP was a first-time issuer in the domestic bond market, saying that, the bond was guaranteed by
Infrastructure Credit Guarantee Company Ltd. (“InfraCredit”).

NSP is an Africa-focused electricity generation company with a diverse and emerging portfolio focused on the electricity value chain, with special emphasis on renewable energy systems such as solar, electric, thermal, wind and hydro power plants.

Ms Tumi Sekoni, Associate Executive Director, Capital Markets, FMDQ, was quoted by the statement as saying that, the listing was a positive step toward addressing some of the infrastructural and environmental challenges in the nation.

Sekoni said that FMDQ with a passion for infrastructure and sustainable development in Nigeria had provided due diligence and availing credible and efficient platform for the listing and trading of the bond.

Also speaking, Ms Kaodi Ugoji, Associate Executive Director, Corporate Development, FMDQ, applauded all the parties to the issue for their concerted efforts toward ensuring the success of the issuance.

Ugoji noted that infrastructure posed a major challenge to the realisation of the potential of the Nigerian economy, which had not only stagnated economic development but inhibited improvement in the standard of living of the Nigerian people.

“FMDQ, therefore, recognises the untapped potential of the DCM for infrastructural development and is actively championing initiatives to leverage on these opportunities, which will promote economic growth and development for the benefit of the citizenry,’’ she said.

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Dr Olubunmi Peters, NSP Executive Vice Chairman/ Chief Executive Officer, said that the issuance of the first corporate green infrastructure bond in Nigeria was a significant milestone in the company’s long-term corporate strategy.

Peters said that it demonstrated the company’s market leadership, innovation and commitment to the highest standards of environmental, social and corporate governance.

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“The success of the transaction further highlights the growing appetite for socially responsible investment in the Nigerian debt capital market.

“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 said.

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