Lagos, Nigeria – September 17, 2026
DDNewsOnline
Nigeria’s capital market is witnessing increased investor activity as the ongoing Dangote Refinery Initial Public Offering (IPO) coincides with the Federal Government’s latest intervention to settle debts owed to electricity generation companies.
The Federal Government issued a ₦728.98 billion Series 2 power-sector bond to settle verified legacy debts owed to 11 electricity generation companies. The transaction comprises ₦402 billion in cash bonds raised from the domestic capital market and ₦326.98 billion in non-cash bonds allocated to participating GenCos.
Speaking at the signing ceremony, the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, said the transaction was designed to address accumulated obligations that had weakened liquidity and constrained investment across the electricity value chain.
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“This transaction addresses an important challenge in Nigeria’s electricity market, which is accumulated legacy obligations that have weakened liquidity, constrained investments and affected confidence across the value chain,” Oyedele said.
He added that the success of the programme would depend on broader reforms, including improved revenue assurance, reduced technical and commercial losses and greater accountability in the electricity market.
Meanwhile, the Dangote Refinery IPO, which opened on September 14, has generated strong interest among retail investors. The offer involves 4.1 billion shares priced at ₦525 each, with investors able to subscribe for as few as 10 shares.
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The high level of interest has also put pressure on some digital investment platforms, with several experiencing service disruptions as investors attempted to access the offer.
The developments have increased activity around Nigeria’s capital market as investors continue to monitor the impact of the power-sector intervention and the Dangote Refinery IPO on market liquidity and participation.
By Onabanjo Boluwatife Ifeoluwa
boluwatifeonabanjo3@gmail.com