November 8, 2025
The listing of the N4.64 billion infrastructure bond issued by Elektron Finance SPV Plc, in the Nigerian Exchange Limited (NGX) marked a significant surge in capital market activity.
Listed on Monday, November 3, 2025, the 22.00% Series 1 Senior Guaranteed Fixed Rate Infrastructure Bond, represented the first tranche under its N200 billion Bond Issuance Programme.
The 15-year bond, billed to mature in July 2040, carries a fixed coupon rate of 22% per annum, making it one of the most attractive long-term debt instruments currently traded on the NGX.
The issue was structured as a senior guaranteed bond, backed by the Infrastructure Credit Guarantee Company Plc (InfraCredit) and co-obligated by Victoria Island Power Limited.
The bond is suitable for institutional investors seeking stable returns amid volatile market conditions, because the strong credit enhancement from InfraCredit has positioned the instrument as a low-risk, high-yield asset.
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According to the NGX, the bonds listed at par value of N1,000 per unit will make semi-annual coupon payments on January 7 and July 7, commencing in July 2025.
Amortised redemption payments will begin 36 months after issuance, continuing until maturity in July 2040, ensuring disciplined repayment throughout the tenor.
The bond which reflected renewed investor confidence in Nigeria’s growing infrastructure-backed debt market, attracted strong institutional participation.
Vetiva Advisory Services Limited acted as the lead issuing house, supported by Anchoria Advisory Services, ARM Capital, CardinalStone Partners, FBNQuest Merchant Bank, and Iron Global Markets Limited as joint issuing houses.
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Anchoria Securities Limited, Vetiva Securities Limited, and ARM Securities Limited served as joint stockbrokers, while Custodian Trustees Limited and Veritas Registrars Limited acted as the bond trustee and registrar, respectively.
Market analysts note that the listing of Elektron Finance’s Series 1 bond underscores the increasing importance of long-tenor corporate instruments in bridging Nigeria’s infrastructure financing gap.
With a robust 22% annual yield and InfraCredit’s guarantee, the bond provides a safe and rewarding investment alternative for pension funds, insurance firms, and asset managers.
Infrastructure Credit Guarantee Company Plc, (InfraCredit) is a specialised credit enhancement institution backed by the Nigeria Sovereign Investment Authority (NSIA) and other international development finance partners.
It provides credit guarantees to infrastructure-related debt instruments. Its core mandate is to make long-term, local currency infrastructure financing more attractive to institutional investors by de-risking such instruments.
