The Nigerian Exchange Limited (NGX) has kicked off November with renewed momentum in the capital markets, following the successful listing of a ₦4.64 billion infrastructure bond issued by Elektron Finance SPV Plc.
The 22.00% Series 1 Senior Guaranteed Fixed Rate Infrastructure Bond, listed on Monday, November 3, 2025, marks the first tranche under the company’s ambitious ₦200 billion Bond Issuance Programme.
This 15-year bond, which matures in July 2040, carries a fixed coupon rate of 22% per annum, positioning it among the most attractive long-term debt instruments currently traded on the NGX.
Strong Credit Enhancement and Institutional Backing
Structured as a senior guaranteed bond, the issue is backed by the Infrastructure Credit Guarantee Company Plc (InfraCredit) and co-obligated by Victoria Island Power Limited. This dual backing provides investors with robust protection and enhances the bond’s credit quality.
InfraCredit’s guarantee effectively transforms the Elektron Finance bond into a low-risk, investment-grade asset, while the co-obligation ensures both financial and operational discipline. Market analysts note that such structures have become increasingly important in deepening Nigeria’s infrastructure debt market.
Key Details of the Listing
According to the NGX, the bond was listed at ₦1,000 per unit and will make semi-annual coupon payments on January 7 and July 7, beginning in July 2025.
Amortised redemption payments will start 36 months after issuance and continue until maturity in July 2040, ensuring disciplined repayment throughout the tenor.
Strong Institutional Participation
The offering attracted significant institutional investor participation, underscoring growing confidence in infrastructure-backed corporate debt.
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Lead Issuing House: Vetiva Advisory Services Limited
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Joint Issuing Houses: Anchoria Advisory Services, ARM Capital, CardinalStone Partners, FBNQuest Merchant Bank, and Iron Global Markets Limited
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Joint Stockbrokers: Anchoria Securities Limited, Vetiva Securities Limited, and ARM Securities Limited
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Bond Trustee: Custodian Trustees Limited
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Registrar: Veritas Registrars Limited
Market observers say the success of the Elektron Finance Series 1 bond demonstrates the increasing appetite for long-term, high-yield instruments in Nigeria’s fixed-income market, particularly among pension funds, insurance firms, and asset managers.
Why It Matters
Nigeria continues to face a substantial infrastructure financing gap, estimated at over $100 billion annually. Instruments such as the Elektron Finance bond—supported by InfraCredit guarantees—are vital for attracting long-term domestic capital into critical sectors like power, transport, and industrial development.
About InfraCredit
InfraCredit is a specialised credit enhancement institution backed by the Nigeria Sovereign Investment Authority (NSIA) and international development finance partners. Its mandate is to de-risk infrastructure-related debt instruments and make long-term, naira-denominated financing more attractive to institutional investors.
By guaranteeing corporate infrastructure bonds, InfraCredit helps reduce default risk, improve liquidity, and promote sustainable investment in Nigeria’s economic backbone.
Bottom Line
The ₦4.64 billion Elektron Finance SPV Plc bond listing reinforces NGX’s position as a key platform for infrastructure finance and long-term capital mobilisation. With a 22% annual yield, strong guarantees, and disciplined repayment structure, the bond represents a compelling opportunity for investors seeking high returns with low credit risk—and a vital step forward in bridging Nigeria’s infrastructure gap.
Emmanuel Bassey is a Financial Expert that has worked in the Banking and Finance Industry for over 15+ years across different banks in Nigeria
