By Bamidele Famoofo
WorldStage– FMDQ Group Plc, Africa’s first vertically integrated financial market infrastructure, facilitated the raise of N885.07 billion funding capital for Lagos State government and nine corporate entities between February and May 12, 2026.
The issuers which are both sovereign and non-sovereign entities were led by NBET Finance Company Plc with a dual issuance valued at N501.02 billion and followed by Lagos State, the biggest sovereign entity in Nigeria with N244.82 billion.
The other issuers that listed their bonds in the period between February and May 12, 2026 on the platform of the FMDQ OTC Exchange include Nigeria Mortgage Refinance Company Plc, N11.50 billion, Veritasi Homes & Properties Plc, N10.00 billion; Daraju Industries Limited, N22.68bn; Champion Breweries Plc, N30bn; DLM SPV Plc, N9.00bn; Accion Microfinance Bank, N2.02 billion; and UAC of Nigeria Plc, N54.03 billion .
How They Stand
Expanding Access to Capital: UAC of Nigeria PLC Lists N54.03 billion Bond
FMDQ Securities Exchange Limited approved the listing of UAC of Nigeria PLC’s N54.03 billion Series 1 7-Year 17.35 percent Fixed Rate Bond under its N150.00 billion issuance programme.
UACN, a diversified conglomerate with a century-long heritage, operates in key sectors of the Nigerian economy, including food and beverages, real estate, logistics, and quick-service restaurants. The proceeds from the bond issuance, sponsored by a consortium of reputable firms including Stanbic IBTC Capital Limited (Lead Sponsor), Chapel Hill Denham Advisory Limited, FCMB Capital Markets Limited, and Quantum Zenith Capital & Investments Limited (Co-Sponsors), all Registration Members (Listings) of FMDQ Exchange, will be strategically allocated to refinance existing obligations, fund capital expenditure programmes, and strengthen the Issuer’s working capital, thereby enhancing operational efficiency and expanding capacity across UACN’s diverse business verticals.
Reacting to the bond listing, the Group Finance Director, UACN, Mrs Funke Ijaiya-Oladipo stated “UACN is pleased to have successfully completed this landmark bond issuance in the Nigerian debt capital markets. The strong outcome of this transaction is a testament to our sound business fundamentals, the resilience of our brands, and the confidence the market continues to place in us. This issuance broadens our funding base and better positions the Company to advance its strategic initiatives, including the integration and growth of CHI Limited following our recent acquisition. We appreciate the unwavering support of the investor community and the dedication of our advisers throughout this process.”
Commenting on the transaction, the Sponsor of the bond listing on FMDQ Exchange, Stanbic IBTC Capital Limited, through its Chief Executive, Mr Oladele Sotubo, commented “Stanbic IBTC Capital is delighted to have served as Lead Issuing House to UACN on this successful bond issuance. As Nigeria’s foremost investment banking franchise, we remain steadfast in our commitment to enabling high‑quality issuers access the Nigerian debt capital markets. UACN’s distinguished heritage and ambitious strategic direction, including the acquisition of CHI Limited to further strengthen its FMCG portfolio, highlight the significance of this transaction. This issuance provides UACN with a valuable opportunity to diversify its funding mix, optimise its capital structure, and accelerate its growth trajectory. Together with the Joint Issuing Houses, we appreciate the trust and confidence reposed in us by the Board and Management of UACN to guide this transaction to a successful completion.”
Accion Microfinance Bank Limited
FMDQ approved the quotation of Accion Microfinance Bank Limited’s N2.02 billion Series 1 Commercial Paper (“CP”) under its N5.00 billion Commercial Paper Programme.
Accion Microfinance Bank Limited, is a leading microfinance institution that provides inclusive financial services to underserved individuals and small businesses across Nigeria, helping to bridge the financial access gap. The net proceeds from this CP issuance, sponsored by FBNQuest Merchant Bank Limited, a Registration Member (Quotations) of FMDQ Exchange, will strengthen the Issuer’s working capital position and expand its lending capacity. This will enable Accion MfB to increase access to credit and further contribute to grassroots economic development.
Commenting on this CP quotation, the Managing Director, Accion MfB, Mr. Taiwo Joda, stated “The N2.02 billion CP quotation launched is not just about raising funds; It is about reinforcing our capacity to provide working capital, expand lending to small businesses, deepen financial innovation, and accelerate our digital transformation.”.
Reacting to the CP quotation, the Sponsor on FMDQ Exchange, FBNQuest Merchant Bank Limited, through its Head, Investment Banking, Mrs. Yetunde Falore stated “At FBNQuest Merchant Bank, we are proud to have played a pivotal role in guiding this debut transaction. We successfully facilitated the launch of the Series 1 CP Issuance, which was oversubscribed. This demonstrates both the confidence of investors and the strength of our execution capabilities. This milestone reflects our ongoing commitment to supporting institutions like Accion MfB in accessing efficient and cost-effective funding solutions that enable them to scale their impact.”
Lagos State
Within the review period, Lagos State champions sustainability with N244.82 billion green and fixed rate bonds on FMDQ Platform.
The historic dual-series approval by the Exchange’s Board Listings and Markets Committee was one of the most significant sub-national debt capital market transactions in Nigeria’s financial history, further reinforcing FMDQ Exchange’s position as a reliable platform for sovereign and sub-sovereign entities seeking credible, transparent, and efficient access to long-term capital.
Recognised as Nigeria’s commercial hub and one of Africa’s largest subnational economies, Lagos State Government of Nigeria continues to lead in financing sustainable infrastructure, urban development, and public service delivery for its over twenty (20) million residents. Contributing approximately 30 percent of the nation’s gross domestic product and hosting the largest concentration of businesses and financial institutions in the country, Lagos State’s access to long-term capital is both a state priority and a national imperative. Proceeds from this dual-series issuance, sponsored by Chapel Hill Denham Advisory Limited, Registration Member (Listings) of FMDQ Exchange, will be deployed toward critical infrastructure development, sustainable projects, and strategic programmes designed to enhance the standard of living for all Lagos State residents and sustain the State’s trajectory as Africa’s premier commercial destination.
The Series 3 Fixed Rate Green Bond marks a milestone for Lagos State and Nigeria’s sustainable finance ecosystem. In alignment with global green bond standards, the Issuer has committed to applying the proceeds exclusively toward eligible green projects, including renewable energy, energy efficiency, clean transportation, sustainable water management, climate resilience, and environmentally responsible urban infrastructure. The Series 4 Fixed Rate Bond provides stable borrowing costs, enabling reliable financial planning and long-term budget management.
DLM SPV PLC
DLM SPV Plc listed N9.00bn AAA-Rated Medium-Term Notes on FMDQ Exchange, setting benchmark in corporate bond market.
DLM SPV Plc, a special purpose vehicle established to facilitate structured financing arrangements, represents an innovative approach to capital mobilisation within Nigeria’s evolving financial landscape. The dual-tranche issuance structure provides investors with differentiated risk-return profiles while enabling efficient capital deployment. The net proceeds from this Notes issuance, sponsored by DLM Advisory Services Limited, a Registration Member (Listings) of FMDQ Exchange, will be utilised in accordance with the terms of the underlying transaction structure to support productive economic activities aligned with the Issuer’s strategic objectives.
Commenting on this listing, Group Chief Executive Officer, DLM Capital Group, Dr. Sonnie Ayere, stated, “The listing and premium pricing of the DLM Series 1 Tranche A Bond at N112.14 making it the most valuable AAA corporate bond in Nigeria is a defining milestone, not just for DLM Capital Group, but for the evolution of Nigeria’s fixed income market. Achieving AAA/AAA credit ratings from Global Credit Rating and DataPro Limited, and commanding benchmark pricing, underscores the market’s recognition of its robust credit structure, disciplined risk framework, and sovereign-level credit protection underpinning the instrument. This transaction validates our strategy of engineering high-quality, de-risk investment products that attract deep domestic capital. It also sets a new reference point for how structured corporate issuances can be priced when backed by strong credit fundamentals and investor confidence. Building on this momentum, DLM is strategically positioned to expand its issuance, deepen liquidity across future Series and continue delivering innovative, high-quality instruments that strengthen the Nigerian capital markets while creating sustainable value for investors.”
Also commenting, Mr. Nwabu Okonkwo, Managing Director, Investment Banking, DLM Advisory Limited, stated, “DLM Advisory Limited is delighted to have acted as Financial Adviser, Transaction Structurer and Joint Issuing House on the N7.30billion Series 1 Tranche A 40.62 percent Hold-To-Maturity Returns and N1.70billion Tranche B 19.07 percent Plain Vanilla Returns Sovereign Bond-Backed Composite Notes issued by DLM Funding SPV PLC and promoted by DLM Capital Group. The promoter’s solid corporate profile and strong credit rating of the bond were evident in the pricing and subscription of the Series 1 issuance.”
Champion Breweries Plc
Champion Breweries Plc achieved a landmark bond listing of N30 billion under its N45.00 billion Bond Issuance Programme on its platform.
Champion Breweries is a leading Nigerian beverage manufacturing company producing high-quality alcoholic and non-alcoholic beverages for consumers nationwide. The net proceeds from the bond issuance, sponsored by Rand Merchant Bank Nigeria Limited, a Registration Member (Listings) of FMDQ Exchange, will be used to enhance operational efficiency, modernise production infrastructure, strengthen the company’s capital base, and fuel sustainable expansion growth, positioning Champion Breweries to deliver sustained value to its stakeholders and reinforce its position in the Nigerian market. A Senior Unsecured Fixed Rate Bond is a debt instrument that pays a fixed interest rate and is repaid over a set period, with priority over other unsecured obligations.
Commenting on this listing, the Group Chief Operating Officer of FMDQ Group PLC, Ms. Tumi Sekoni, stated: “We are delighted to welcome the listing of Champion Breweries PLC’s ₦30.00 Billion Senior Unsecured Fixed Rate Bond on FMDQ Exchange. This transaction reflects continued growth in the Nigerian breweries sub-sector and provides Champion Breweries with efficient access to long-term institutional capital. It also reinforces FMDQ Exchange’s role as the platform of choice for credible corporate issuers in Nigeria’s debt capital markets. We remain committed to supporting market development and enabling businesses to raise capital that drives sustainable economic growth.”
Daraju Industries Limited
Daraju Industries Limited strengthened market presence with N22.68billion commercial paper quotation on FMDQ Exchange.
Daraju Industries Limited, a leading Nigerian fast-moving consumer goods manufacturer with a diverse portfolio spanning personal care, home care, and oral hygiene products will strategically deploy the net proceeds from the CP issuance. The Programme, sponsored by FBNQuest Merchant Bank Limited, a Registration Member (Listings) of FMDQ Exchange, with support from co-sponsors CardinalStone Partners Limited, Cordros Advisory Services Limited, and Coronation Merchant Bank Limited, is a testament to the company’s strong credit profile and market confidence. The proceeds will be utilised to bolster Daraju Industries’ working capital requirements, optimise its funding structure, and enhance operational efficiency, thereby positioning the company to sustain its growth trajectory, expand its market footprint, and deliver increased value to stakeholders.
Commenting on the quotation, the Group Chief Operating Officer of FMDQ Group PLC, Ms. Tumi Sekoni, stated: “We are pleased to welcome the quotation of Daraju Industries Limited’s Commercial Paper on FMDQ Exchange. This transaction highlights the continued depth of the Nigerian commercial paper market in supporting corporate liquidity requirements and reinforces the Exchange’s role as a trusted platform for efficient capital mobilisation. We remain committed to fostering a resilient and transparent market that supports sustainable growth across key sectors of the economy.”
Veritasi Homes & Properties Plc
Expanding market presence, Veritasi Homes & Properties Plc listed N10.00 billion fixed rate bond on FMDQ Exchange.
Veritasi Homes & Properties Plc, is a leading real estate development company in Nigeria, with a proven track record of delivering high-quality residential and commercial properties across strategic locations. The proceeds from the Bond issuance, sponsored by Pathway Advisors Limited, Registration Member (Listings) of FMDQ Exchange, will be deployed towards financing ongoing and new real estate development projects, thereby expanding the Issuer’s footprint and contributing to efforts to bridge Nigeria’s housing deficit.
Reacting to the Bond listing, the Chief Executive Officer, Veritasi Homes & Properties PLC, Mr. Nola Adetola, stated: “This debut bond issuance is a defining moment for Veritasi Homes. It reflects our strategic transition from short-term commercial paper funding to longer-tenor capital, enabling us to deliver landmark projects such as Oyster Towers. The strong investor participation underscores confidence in our vision, governance, and execution capacity. We remain committed to building sustainable developments that meet the evolving needs of Nigeria’s real estate market.”
In the same vein, the Founder/Managing Director, Pathway Advisors Limited, Mr. Adekunle Alade, stated: “This bond issuance is among the pioneer long-term corporate bonds of its kind in the real estate sector, making Veritasi Homes a flagship issuer of long-term bonds in the space. It marks a new era for the real estate market. The successful execution of this debut bond issuance demonstrates our deep expertise in debt capital market transactions and reinforces investor confidence in well-structured, real estate-backed instruments. We are proud to have partnered with Veritasi Homes on this landmark deal. This achievement reflects the strength of Veritasi Homes’ vision, governance, and market positioning.”
Commenting on the Bond listing, Ms. Tumi Sekoni, the Group Chief Operating Officer, FMDQ Group PLC, stated: “The successful listing of Veritasi Homes & Properties PLC’s Series 1 Fixed Rate Bond highlights the resilience and growing sophistication of Nigeria’s debt capital markets, as well as the pivotal role of the Exchange in facilitating long-term financing for key sectors of the economy. This transaction not only reflects investor confidence in the real estate sector but also underscores FMDQ Exchange’s unwavering commitment to providing an efficient, transparent, and credible platform for capital mobilisation, ultimately supporting sustainable economic growth and development in Nigeria.”
Nigeria Mortgage Refinance Company Plc
Nigeria Mortgage Refinance Company Plc listed N11.50 billion Fixed Rate Bond on FMDQ Exchange in the review period.
The licensed mortgage refinancing institution, since its incorporation in 2013 and commencement of operations in 2014, serves as the apex liquidity facility for the Nigerian mortgage market, providing long-term funding to primary mortgage lenders and promoting affordable homeownership nationwide. Proceeds from the Bond issuance, sponsored by Stanbic IBTC Capital Limited, Registration Member (Listings) of FMDQ Exchange, will be used to expand NMRC’s refinancing operations, strengthen its lending capacity to primary mortgage lenders, and advance the Federal Government’s strategic agenda of improving housing accessibility and affordability for Nigerians across all income levels.
In reacting to the Bond listing, the Managing Director, Nigeria Mortgage Refinance Company Plc, Mr Kehinde Ogundimu, stated: “NMRC is pleased with the strong reception of our Series 1 Bond issuance, which reflects continued investor confidence in NMRC’s business model and the critical role we play in strengthening Nigeria’s housing finance ecosystem. The successful execution of this transaction enables us to further support mortgage lenders with long‑term funding and advance our objective of improving access to affordable housing finance.”
In the same vein, the Chief Executive, Stanbic IBTC Capital Limited, Mr Oladele Sotubo, stated: “Stanbic IBTC Capital is delighted to have acted as Sole Issuing House and Bookrunner to NMRC’s Series 1 Bond issuance. The strong level of oversubscription highlights the strength of investor appetite for well‑structured, high‑quality credit in the Nigerian debt capital markets. This successful issuance further underscores Stanbic IBTC Capital’s commitment to supporting issuers with innovative access to long‑term funding.”
NBET
NBET Finance Company Plc, established by the Nigerian Bulk Electricity Trading Plc, serves as a dedicated special purpose vehicle for structured capital market financing for Nigeria’s power sector. It listed N501.02 Billion Bonds on FMDQ Exchange.
The proceeds from the bond issuance, sponsored by CardinalStone Partners Limited, a Registration Member (Listings) of FMDQ Exchange, will address liquidity gaps across the power value chain and support ongoing reforms aimed at achieving a financially sustainable electricity market in Nigeria.
Commenting on the listing, the Acting Managing Director, NBET, Mr. Johnson Akinnawo, stated: “This Programme was conceived as the first step in a broader series of sector-focused reforms aimed at restoring confidence in Nigeria’s power sector. By leveraging the strength of the Nigerian capital markets, we have established a transparent and sustainable framework for addressing legacy obligations within the sector. Our objective remains clear: to unlock liquidity, attract private capital, and support the delivery of more reliable electricity to households and businesses across the country. With the successful listing of the NBET Finance Company bond on the exchange, we have demonstrated a commitment to leverage depth of the capital markets to develop innovative and sustainable solutions to longstanding sector challenges.”
In line with this, the Group Managing Director, CardinalStone Partners Limited, Mr. Micheal Nzewi, stated: “The goal has always been clear: to design a holistic, sustainable, capital market-based solution that addresses the pain points of all stakeholders. Today, through the successful listing of this bond on the exchange, we have created an avenue for banks to make markets and for a broader pool of investors to actively trade the instrument, further deepening liquidity within the Nigerian capital market. CardinalStone Partners is pleased to have supported the Government in structuring and delivering an innovative financing solution aimed at addressing critical challenges within Nigeria’s power sector and broader economy.”
Commenting on the listing, Ms. Tumi Sekoni, the Group Chief Operating Officer of FMDQ Group PLC, stated: “The successful listing of NBET Finance Company PLC’s N501.02 Billion Series 1 Fixed Rate Bonds on FMDQ Exchange represents a watershed moment for Nigeria’s debt markets. Transactions of this scale underscore the market’s capacity to mobilise long-term financing for critical national infrastructure. With Nigeria’s power sector at the heart of the country’s economic growth agenda, this milestone listing reflects the continued confidence of market participants in FMDQ Exchange as the preferred platform for landmark capital market transactions. We remain steadfast in our commitment to facilitating access to long-term capital, advancing market transparency, and building a robust, globally competitive Nigerian financial markets.”
