FMDQ Admits NSP-SPV PowerCorp PLC Guaranteed Green Infrastructure Bond on Its Platform

Infrastructure development in the nation is taking progressive steps in the right direction, as another
corporate, North South Power Company Limited (“NSP” or “Company”) through NSP-SPV PowerCorp PLC,
taps the Nigerian debt capital markets (DCM) for funding targeted at green infrastructure development.

The
listing of the NSP-SPV PowerCorp PLC Series 1 ₦8.50bn 15.60% 15-year Fixed Rate Senior Green
Infrastructure Bond (the “NSP-SPV PowerCorp Bond”) under its ₦50.00bn Bond Issuance Programme,
guaranteed by Infrastructure Credit Guarantee Company Limited (“InfraCredit”), on FMDQ OTC Securities
Exchange (“FMDQ” or the “Securities Exchange”) is the latest of these laudable initiatives that are paving
the way for the infrastructure development via the Nigerian DCM. NSP, a first-time issuer in the domestic
bond market, 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.

To commemorate this remarkable achievement, FMDQ, in keeping with its tradition, held a prestigious
listing Ceremony at its business complex, Exchange Place, on Wednesday, May 8, 2018. Present to
celebrate the successful admission of NSP-SPV PowerCorp Bond on FMDQ were the issuer, NSP-SPV
PowerCorp PLC, represented by the Chairman, Mallam Ibrahim Aliyu, the Executive Vice Chairman/Chief
Executive Officer, Dr. Olubunmi Peters, and other representatives of North South Power Company
Limited.

Also present at the Ceremony were the sponsor of the issue and the Registration Member
(Listings) of FMDQ, United Capital PLC, represented by the Group Chief Executive Officer, Mr. Peter
Ashade, the guarantor to the bond, Infrastructure Credit Guarantee Company Limited, represented by the
Chief Executive Officer, Mr. Chinua Azubike and representatives from the Joint Issuing House, Stanbic IBTC
Capital Limited, Vetiva Capital Management Limited and Zenith Capital Limited, as well as the solicitor to
the listing, Banwo & Ighodalo and other parties to the issue.

Ms. Tumi Sekoni, Associate Executive Director, Capital Markets, FMDQ, whilst welcoming the guests,
congratulated the issuer, NSP-SPV PowerCorp PLC, and went on to express FMDQ’s pleasure at the listing
of a green infrastructure bond on its platform, stating that this is yet another highly exemplary and indeed,
positive step towards addressing some of the infrastructural and environmental challenges in the nation.
She commented, “FMDQ, being an Exchange with a passion for infrastructure and sustainable development
in Nigeria, has again demonstrated its unflinching commitment in this regard by providing due diligence and
availing its credible and efficient platform for the listing and trading of the NSP-SPV PowerCorp Bond”.

Dr. Olubunmi Peters, during the issuer’s special address, stated, “the issuance of the first corporate green
infrastructure bond in Nigeria is a significant milestone in the Company’s long-term corporate strategy,
demonstrating our market leadership, innovation, and commitment to the highest standards of
environmental, social and corporate governance. The success of the transaction further highlights the
growing appetite for socially responsible investment in the Nigerian DCM. This Series 1 N8.5 billion 15
Year 15.60% 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.”

Delivering the Registration Member (Listings) remarks, Mr. Peter Ashade, highlighted, “to cater for
sustainable environmental development in Nigeria, the need for financing cannot be understated. United
Capital PLC is delighted to have played the financial advisory and lead issuing house role in North South
Power’s long-term strategy in issuing the first corporate green infrastructure bond in Nigeria. We remain
committed to making significant contributions to the Exchange and to the success of our esteemed clients
through our expertise and innovation in the Nigerian DCM. We believe that listing this instrument will
pave the way for other environmentally friendly instruments thereby establishing a robust domestic
capital markets.”

According to Mr. Chinua Azubike, Chief Executive Officer of InfraCredit, guarantor to the bond,
“transitioning Nigeria’s economy to a sustainable development path has become an existential
imperative. As the largest source of long-term investment capital, the domestic bond market has an
especially important role to play as an effective investment tool to finance the country’s transition to a
low-carbon economy. We are pleased to have supported North South Power Company Limited with our
guarantee, in pioneering this sustainable path by issuing the first corporate green infrastructure bond with
the longest tenor in sub-saharan Africa.”

Closing the ceremony, Ms. Kaodi Ugoji, Associate Executive Director, Corporate Development, FMDQ, in
her remarks, applauded the issuer, the sponsor of the issue, the guarantor to the bond and other parties
to the issue, for their concerted efforts towards ensuring the success of the issuance, acknowledging that
infrastructure poses a major challenge to the realisation of the potential of the Nigerian economy, one
which has 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.

Photo Caption: From Left— Dr. Olubunmi Peters, Executive Vice Chairman/CEO, North South Power Company Limited; Mallam Ibrahim Aliyu, Chairman, North South Power Company Limited; Ms. Tumi Sekoni, Associate Executive Director, FMDQ OTC Securities Exchange, during the presentation of the mementos to the issuer at the Listing Ceremony for the N8.50bn NSP-SPV Powercorp PLC Guaranteed Green Infrastructure Bond atFMDQ’s Exchange Place, Lagos.

Post Author: Friday Ekeoba