Olaniwun Ajayi LP is pleased to have acted as Solicitor to the Transaction in connection with the establishment of the NGN4 trillion Power Sector Multi-Instrument Issuance Programme (the Programme), and the issuance of the NGN501 billion Series 1 Bonds under the Programme comprising Tranche A Cash Bonds of NGN300 billion and Tranche B Non-cash Settlement Bonds of NGN201 billion.
The Series 1 Bonds marks the first phase under the Programme, of a target NGN1.23 trillion capital raise, aimed at funding the repayment of verified arrears owed by the Nigerian Bulk Electricity Trading Company Plc (NBET) to Generation Companies (GenCos), for onward repayment of obligations owed by the GenCos to gas suppliers (GasCos) within the electricity generation and supply chain in Nigeria. The Programme, which represents the largest coordinated financial intervention in the history of the Nigerian power sector, is aimed at restoring liquidity and rebuilding investor confidence in the nation’s power sector.
Olaniwun Ajayi LP is pleased to have been part of this landmark transaction, which is set to reposition the Nigerian power sector and consequently transform the Nigerian economy.