According to the Debt Management Office (DMO), the Eurobond offering comprised $1.25 billion maturing in 2036 (Long 10-year) and $1.10 billion maturing in 2046 (Long 20-year), priced at 8.6308% and 9.1297% respectively.

The transaction generated overwhelming investor interest, recording a peak order book of over $13 billion, the largest ever achieved by Nigeria in the Eurobond market.

The robust participation came from a diverse pool of investors spanning the United Kingdom, North America, Europe, Asia, the Middle East, and Nigeria, reflecting broad-based confidence in the country’s macroeconomic framework.

Investor participation was spread across multiple categories, including fund managers, insurance and pension funds, hedge funds, banks, and other financial institutions.

President Bola Ahmed Tinubu, GCFR, hailed the outcome as a clear demonstration of confidence in Nigeria’s reform trajectory.

“We are delighted by the strong investor confidence demonstrated in our country and our reform agenda. This development reaffirms Nigeria’s position as a recognised and credible participant in the global capital market,” the DMO said.

Mr. Wale Edun, the minister of Finance and Coordinating Minister of the Economy, described the successful market access as “a reflection of the international community’s continued confidence in Nigeria’s commitment to sustainable and inclusive growth.”

Patience Oniha, the director-general of the DMO, noted that the issuance reinforces Nigeria’s ability to access long-term international financing needed to support the growth agenda of President Tinubu’s administration.

“This is a major achievement for Nigeria and aligns with our goal of diversifying funding sources to drive development,” she said.

The Notes will be listed on the London Stock Exchange, the FMDQ Securities Exchange Limited, and the Nigerian Exchange Limited, ensuring transparency and liquidity in secondary trading.

Proceeds from the Eurobond will be channeled toward financing the 2025 fiscal deficit and other key government financing needs.

Nigeria appointed Chapel Hill Denham, Citigroup, Goldman Sachs, J.P. Morgan, and Standard Chartered Bank as Joint Bookrunners, while FSDH Merchant Bank Limited served as Financial Adviser to the transaction.

Facilitated by Chapel Hill Denham’s Nigeria Infrastructure Debt Fund (NIDF), this new financing mechanism will strengthen the expansion of d.light’s low-cost Pay-Go solar products tailored for low-income households across the country.

The financing structure, led and sponsored by African Frontier Capital, operates with the dual mandate of enhancing accessibility to affordable clean energy solutions while ensuring the sustainability and scalability of d.light’s business model.

Nick Imudia, CEO of d.light, celebrated the financing as an epic moment in the company’s mission to boost solar energy access in Nigeria. Imudia emphasized the impact of the financing, noting its potential to empower low-income families while driving sustainable business growth.

“d.light has a track record of success in using securitized finance in other Sub-Saharan African countries as a flexible, scalable financing model for raising equity for off-grid solar that is guaranteed against current and future customer sales.

We are now applying this experience in Nigeria as we scale up our operations there. In Chapel Hill Denham, we have a partner that is not only commercially astute but also equally dedicated to sustainable development,” stated Imudia.

Bolaji Balogun, CEO of Chapel Hill Denham, reiterated Imudia’s statement, highlighting the transaction’s importance in advancing sustainable infrastructure investments in Nigeria.

Balogun pointed to the unique nature of the securitized financing, stressing its role in enabling innovation and resilience within the renewable energy sector.

“The collaboration between d.light and Chapel Hill Denham underscores our shared commitment to sustainable development and community empowerment. By spearheading local currency securitization for solar home systems, we are propelling Nigeria towards a greener, more inclusive energy landscape,” commented Balogun.

Anshul Rai, Partner at Chapel Hill Denham emphasized the achievements through the NIDF’s pioneering financing model, emphasizing its potential to address Nigeria’s energy access challenges while mitigating environmental impact.

The urgency of the initiative is brought out by last year’s Energy Progress Report, which highlighted Nigeria’s unstable energy deficit, with approximately 86 million people lacking access to electricity.

The report noted the imperative of transitioning away from fossil fuel-dependent energy sources towards sustainable alternatives.

Through strategic partnerships and innovative financing mechanisms, d.light and Chapel Hill Denham will combine cutting-edge technology with financial ingenuity.

The collaboration aims to bridge the gap between energy demand and accessibility, bringing a more sustainable future for all Nigerians.

PAPSS is an initiative of the African Union and the AfCFTA Secretariat, designed to provide a secure and efficient payment platform for African businesses, promoting intra-African trade and economic integration by facilitating payments and settlements for cross-border transactions within Africa in local currencies.

The transaction, worth NGN5 million, was carried out on behalf of a key corporate client from Ghana Commercial Bank (GCB) on Friday, 03 March 2023, marking the first inbound commercial transaction on PAPSS for Stanbic IBTC and Nigeria.

Wole Adeniyi, Chief Executive of Stanbic IBTC Bank, said, “We are delighted to have successfully processed our first inbound commercial transaction on PAPSS. This deal underscores our pledge to provide our clients with efficient and secure payment and settlement solutions that support their growth and expansion across Africa. We look forward to leveraging our expertise and the capabilities of PAPSS to enable more African businesses to tap into the opportunities presented by intra-African trade.”

Jesuseun Fatoyinbo, Head of Transaction Banking at Stanbic IBTC Bank, also expressed confidence in the PAPSS platform, saying, “This is a testament to the effectiveness of PAPSS in facilitating cross-border payments and settlement in a fast, secure, and cost-effective manner. We are proud to be at the forefront of this initiative and commend the efforts of Afreximbank and the African Union in developing the PAPSS platform and promoting intra-African trade.”

Mike Ogbalu III, Chief Executive of PAPSS, said, “We are delighted that Stanbic IBTC has completed its first inbound commercial transaction on PAPSS. This is a significant step towards achieving our goal of promoting intra-African trade and facilitating cross-border payment and settlement of transactions in African currencies. We believe that PAPSS has the potential to revolutionize the way businesses trade and settle transactions in Africa.”

Chapel Hill Denham, the transaction recipient, expressed satisfaction with the seamless and efficient processing of the PAPSS platform, noting that it has the potential to unlock immense opportunities for African businesses.

Stanbic IBTC Bank has reiterated its commitment to supporting the growth of intra-African trade and will continue to leverage its expertise and innovative solutions to provide efficient and secure payment and settlement solutions that enable clients to unlock the full potential of the African market.

The raise included a $5 million equity and $10 million debt investment deal from Ventures Platform, Lofty Inc, Chapel Hill Denham, Chandaria Capital, and Musha Ventures.

On a mission to maximise retailers’ rate of interest, Omnibiz affirms to be working with over 90,000 retailers, has 1,500+ field agents across Nigeria, in over 135 local government areas covering Nigeria and Ghana.

The platform’s MyStore app, a bookkeeping tool for management of customers and inventory, enables retailers to purchase and restock goods seamlessly from over 200 product brands.

MyStore app also allows retailers to access credit, buy-now-pay-later options, and other financial services, bringing about a quicker and easier process when opening stores.

Omnibiz seeks to kick start its regional expansion this month and targets expanding to more Nigerian cities including Ilorin, Asaba, and Akure where it sees huge potential. Its goal is to become the go-to B2B operating system for informal retailers in new and current cities where it operates, enabling last-mile delivery, procurement, working capital, inventory management, and operational tools for tracking sales, cost, prices, and profit.

The startup operates an asset-light retail distribution model, through which retailers make orders on the Omnibiz platform and goods are requested from partner distributors who store goods on behalf of manufacturers. 

With Omnibiz, these distributors can focus solely on warehousing and pass on the responsibility of transporting goods to third-party logistics providers, who distribute orders to the retailers within 24 hours.

Added to its expansion, the fund raised will bolster the startup’s strive to win over loyal retail customers and drive their retention.