CardinalStone Partners Limited has been awarded Debt Deal of the Year at the 20th edition of the African Banker Awards 2026. The recognition is for its role as Lead Financial Adviser and Lead Issuing House on the ₦501.021 billion Power Sector Bond Issuance sponsored by Nigerian Bulk Electricity Trading Plc (NBET).
This award celebrates the inaugural tranche under the ₦4 trillion Power Sector Multi-Instrument Issuance Programme, which is part of the Presidential Power Sector Debt Reduction Programme (PPSDRP). The transaction marks a significant milestone in domestic debt capital markets for Nigeria's power sector and aims to restore financial sustainability across the electricity value chain.
The 7-year bond issuance, guaranteed by the Federal Government of Nigeria, saw full subscription from both institutional and individual investors. This underscores strong market confidence in the transaction's structure, credit quality, and anticipated long-term impact.
The African Banker Awards annually honor excellence in African banking and finance. The Debt Deal of the Year category specifically recognizes transactions that exhibit innovation, market significance, execution excellence, and a measurable economic impact.
Michael Nzewi, Group Managing Director of CardinalStone, expressed his honour, stating, “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.” He added that CardinalStone remains committed to supporting transformative transactions that deepen Nigeria’s financial markets and contribute to sustainable economic development.
Onyebuchim Obiyemi, Director and Head of Investment Banking at CardinalStone, highlighted the expertise and collaboration involved. “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,” she said.
The award further solidifies CardinalStone’s leadership in Nigeria’s capital markets and its history of advising on significant transactions. The firm provided comprehensive advisory services, including structuring, regulatory coordination, investor marketing, and execution leadership.
CardinalStone extended its gratitude to the Honourable Minister & Coordinating Minister of the Economy, the Office of the Special Adviser to the President on Energy, Nigerian Bulk Electricity Trading Plc, the Debt Management Office, transaction advisers, investors, and all stakeholders involved.
About CardinalStone
CardinalStone is an independent, multi-asset investment banking group in Nigeria. It offers advisory, capital markets, asset management, securities trading, trust services, financing, registrar services, and pensions solutions to a diverse client base.
The firm has advised on over ₦5 trillion in capital markets and M&A transactions. It was the first brokerage to surpass ₦2 trillion in transaction value on the Nigerian Exchange and has been the number-one securities firm on the exchange by value for four consecutive years (2022–2025). CardinalStone was also named Africa’s Best Broker by Euromoney in 2025.
