Emerging Africa Group Leads Successful NEN Infrastructure Bond
Emerging Africa Group has successfully acted as the financial adviser and lead issuing house for NEN Infrastructure Limited’s 10-year private bond, which saw significant oversubscription. This bond issuance enabled the full repayment of a N36bn Syndicated Bridge Finance provided by Emerging Africa Capital Limited, United Bank for Africa, Polaris Bank, and WEMA Bank in 2023.
The bond also raised additional funds for a variety of infrastructural projects in Bauchi State, aimed at enhancing food security, road transportation, commerce, and social cohesion. A statement from Emerging Africa on Wednesday highlighted that the funds raised will address pressing needs within the state. The issuance, sponsored and guaranteed by the government of Bauchi State, marks the first tranche in a N100bn program approved by the issuer.
“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 statement read.
Dr Toyin Sanni, Executive Vice Chair at Emerging Africa Capital, praised the success of the bond, noting it as a testament to the confidence in Governor Bala Mohammed’s administration and the expertise of the financial advisers. She emphasized the professional commitment and abilities of all parties involved in the transaction.
Emerging Africa is a prominent investment banking and financial services group committed to fostering the growth of African businesses and communities through solutions driven by environmental, social, and governance principles. The firm has disclosed plans to raise and deploy up to N250bn towards projects in Northern Nigeria between 2022 and 2027.
