Emerging Africa Capital leads N40bn NEN infrastructure private bond
CHIGOZIE AMADI
The Emerging Africa Group has acted as a financial adviser and the lead issuing house for the NEN Infrastructure Limited 10-year private bond.
A statement from Emerging Africa on Wednesday indicated that the bond was oversubscribed
The bond led to the full repayment of N36bn Syndicated Bridge Finance provided jointly in 2023 by Emerging Africa Capital Limited, United Bank for Africa, Polaris Bank and WEMA Bank.
It also raised additional funds to finance a range of infrastructural projects in Bauchi State, with impact objectives spanning critical areas such as food security, road transportation, commerce and social cohesion.
“The funds raised will be instrumental in driving numerous infrastructure projects in Bauchi State, addressing pressing needs within the State. Sponsored and guaranteed by the government of Bauchi State of Nigeria, this Issuance is the first tranche in a N100bn program approved by the Issuer,” the firm stated.
Commenting on the deal, Executive Vice Chair at Emerging Africa Capital, Dr Toyin Sanni, affirmed that the success of the bond demonstrated the confidence reposed in the administration of Governor Bala Mohammed and the expertise and tenacity of the financial advisers, Emerging Africa Capital Advisory Limited and the commitment and professional abilities of all parties to the transaction.
Emerging Africa is a leading investment banking and financial services group, dedicated to catalysing the growth of African businesses and communities through environmental, social, and governance-led solutions.
The firm disclosed its plans to raise and deploy up to N250bn towards projects in Northern Nigeria between 2022 and 2027.
