CardinalStone Partners Limited has been honored with the 'Debt Deal of the Year' award at the 20th edition of the African Banker Awards 2026. The recognition is for its role as the lead financial adviser and lead issuing house on the landmark N501.021 billion Power Sector Bond Issuance, sponsored by Nigerian Bulk Electricity Trading Plc (NBET).
Landmark Transaction
The award acknowledges the inaugural tranche under the N4 trillion power sector multi-instrument issuance programme, executed as part of the Presidential Power Sector Debt Reduction Programme (PPSDRP). This transaction is one of the most significant domestic debt capital markets issuances in Nigeria's power sector and a major milestone in restoring financial sustainability across the electricity value chain.
The seven-year bond issuance, guaranteed by the full faith and credit of the Federal Government of Nigeria, was fully subscribed by institutional and individual investors. This underscores strong market confidence in the structure, credit quality, and long-term impact of the transaction.
About the African Banker Awards
The African Banker Awards, held annually on the sidelines of the African Development Bank Annual Meetings, celebrates excellence and best practices in African banking and finance. The 'Debt Deal of the Year' category recognizes transactions that demonstrate innovation, market significance, execution excellence, and measurable economic impact.
CardinalStone's Reaction
Commenting on the recognition, Group Managing Director of CardinalStone, Michael Nzewi, said: "We are honored to receive the 'Debt Deal of the Year' award at the African Banker Awards. This recognition reflects the strength of collaboration among all stakeholders and reinforces the critical role that innovative capital markets solutions can play in addressing structural challenges within key sectors of the economy. We remain committed to supporting transformative transactions that deepen Nigeria's financial markets and contribute to sustainable economic development."
Director and Head of Investment Banking at CardinalStone, Onyebuchim Obiyemi, noted: "This award reflects the depth of expertise, collaboration, and disciplined execution that went into delivering a transaction of this scale and significance. Beyond being a landmark capital markets issuance, the NBET bond transaction demonstrates how innovative financing structures can be leveraged to address systemic challenges, unlock liquidity, and support critical sectors of the economy. We are proud to have played a leading role in a transaction that advances both market development and power sector reforms in Nigeria."
Leadership and Impact
The recognition reinforces CardinalStone's leadership in Nigeria's capital markets and its track record of advising on landmark transactions across sectors. The firm provided end-to-end advisory services on the transaction, including structuring, regulatory coordination, stakeholder engagement, investor marketing, and execution leadership.
The company extended appreciation to the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele; Office of the Special Adviser to the President on Energy; Nigerian Bulk Electricity Trading Plc; the Debt Management Office; transaction advisers; investors; and other stakeholders whose support and collaboration contributed to the successful execution of the deal.
