Emerging Africa said in a statement on Wednesday that the NEN bond was oversubscribed.
The Emerging Africa Group has acted as a financial adviser and lead issuing house for the NEN Infrastructure Limited 10-years private bond.
The bond facilitated the full repayment of the ₦36 billion Syndicated Bridge Finance provided jointly in 2023 by Emerging Africa Capital Limited, United Bank for Africa, Polaris Bank, and WEMA Bank.
“The funds raised will be instrumental in driving numerous infrastructure projects in Bauchi State, addressing pressing needs within the State. Sponsored and guaranteed by the government of Bauchi State of Nigeria, this Issuance is the first tranche in a ₦100bn program approved by the Issuer,” the firm stated.
Dr. Toyin Sanni, Executive Vice Chair at Emerging Africa Capital, said the bond’s success showed confidence in Governor Bala Mohammed’s administration and highlighted the expertise and commitment of all parties involved.
Emerging Africa is a leading investment banking and financial services group, dedicated to catalysing the growth of African businesses and communities through environmental, social, and governance-led solutions.
The firm announced plans to raise and invest up to ₦250 billion in projects in Northern Nigeria between 2022 and 2027.
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