Axxela Completes N16.4bn 10-Year Series 1 Fixed Rate Bond

Axxela Funding 1 Plc’s (“the Issuer”), a funding vehicle incorporated by 

Axxela Limited, sub-Saharan Africa’s leading gas and power portfolio company, has achieved a significant milestone with the successful completion of its N16.4 billion Series 1 Fixed Rate Bonds due 2034 (the “Bond Issuance” or the “Transaction”). The Transaction was issued under its newly established N50 billion Multi-Instrument Issuance Programme. Acting as the Lead Issuing House for the Bond Issue, Stanbic IBTC Capital, the investment banking subsidiary of Stanbic IBTC Holdings, alongside seven Joint Issuing Houses, played a pivotal role in the transaction with Stanbic IBTC Bank and Ecobank Plc serving as the transaction banks.

Commenting on the bond issuance, Chief Executive Officer, Axxela Limited, Bolaji Osunsanya, said, “We extend our heartfelt gratitude to the investor community for their support and continued confidence in Axxela’s long-term vision and strategy. The success of the transaction underscores the trust placed in our management team and our commitment to driving sustainable growth in Nigeria’s energy sector. We are very proud of this transaction and the trust of investors in our business model and growth prospects.”

Chief Financial Officer, Axxela Limited, Timothy Ononiwu said, “We are grateful for the success of the Transaction which speaks to the investors’ recognition of Axxela’s operating and financial performance over the years and the significant growth prospects across our value chain. We will continue to explore opportunities to diversify our funding sources and optimise our funding structure towards achieving our financial objectives. We are also thankful for the support of our advisers who guided us through this process and the investors who continue to believe in our story.”

Dele Sotubo, Chief Executive of Stanbic IBTC Capital, highlighted the significance of the transaction in demonstrating the depth, liquidity, and resilience of the Nigerian debt capital market.

He added that, “Stanbic IBTC Capital is delighted to have played a key role as Lead Issuing House and adviser to Axxela Limited in facilitating this Transaction, At Stanbic IBTC, we are committed to the development of Nigeria’s energy sector and the broader economy.”