NBET, Lagos lead biggest bond borrowers in H1

NBET Finance Company Plc, Lagos State Government, Access Bank Plc, and UAC of Nigeria Plc led the bond borrowers’ chart in the first half of 2026.

Other heavy bond borrowers in H1 are: Champion Breweries Plc, Paras Energy Funding SPV Plc, Veritasi Homes & Properties Plc, Nigeria Real Estate Investment Trust, Sunbeth Global Concepts Limited and Daraju Industries Limited.

TeleAfrica Communications Limited, Accion Microfinance Bank Limited, SKLD Integrated Services Limited, Sycamore Integrated Solutions Limited and Miskay Boutique International are also listed.

An analysis of bond and commercial paper listings on the FMDQ Securities Exchange and the Nigerian Exchange shows that issuers raised hundreds of billions of naira across sectors including banking, power, manufacturing, real estate and infrastructure, despite the high cost of capital.

Nigeria’s largest corporate borrowers and government‑backed issuers paid coupon rates of as much as 20 per cent to raise long‑term funds in the first half of 2026, highlighting the steep cost of borrowing as elevated interest rates continue to weigh on businesses and public sector financing.

The issuances, which were used to refinance existing obligations, finance expansion projects, fund infrastructure and strengthen working capital, carried coupon rates ranging from 15.50 per cent to 20.00 per cent. The pricing reflects investors’ demand for higher returns amid Nigeria’s tight monetary policy and stubborn inflation.

NBET Finance Company Plc emerged as the largest issuer after raising N501.02bn through two bond tranches priced at 17.50 per cent. The proceeds are expected to ease liquidity challenges in Nigeria’s electricity market through the Nigerian Bulk Electricity Trading Plc.

Lagos State Government followed with a combined N244.82bn, comprising a N230bn 10‑year bond priced at 16.25 per cent and a N14.82bn five‑year Green Bond carrying a 16.00 per cent coupon to finance climate‑resilient infrastructure and sustainable transport projects.

Among banks, Access Bank Plc led the market after issuing a N193.83bn Series 3 senior unsecured bond at 15.50 per cent, reinforcing its position as the largest corporate issuer in the banking sector during the period.

Sunbeth Global Concepts Limited raised N150.41bn through multiple commercial paper series. The notes were issued at discount rates of between 19 per cent and 19.30 per cent, translating to implied investor yields of 21 per cent to 23.50 per cent depending on tenor.

UAC of Nigeria Plc, on its part, issued a N54.03bn seven‑year bond at 17.35 per cent to refinance debt, fund capital expenditure and support the integration of CHI Limited after its acquisition.

Similarly, Nigeria Real Estate Investment Trust launched a N30.4bn Series 6 offer under its N400bn issuance.