NBET Finance Company Plc, Lagos State Government, Access Bank Plc and UAC of Nigeria Plc emerged as the biggest bond borrowers in Nigeria during the first half of 2026, as companies and public sector issuers turned to the debt market to raise long-term funding despite elevated borrowing costs.
An analysis of bond and commercial paper listings on the FMDQ Securities Exchange and the Nigerian Exchange showed that issuers raised hundreds of billions of naira across sectors including banking, power, manufacturing, real estate and infrastructure.
Other major borrowers during the period included 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 also accessed the debt market.
The issuances underscored the high cost of capital, with coupon rates reaching as much as 20 per cent as businesses and government-backed entities sought to refinance existing obligations, fund expansion projects, finance infrastructure and strengthen working capital.
Coupon rates on the securities ranged between 15.50 per cent and 20.00 per cent, reflecting investors’ demand for higher returns amid the Central Bank of Nigeria’s tight monetary policy stance and persistent inflationary pressures.
NBET Finance Company Plc emerged as the largest issuer after raising N501.02 billion through two bond tranches priced at 17.50 per cent. The proceeds are expected to improve liquidity within Nigeria’s electricity market through the Nigerian Bulk Electricity Trading Plc.
The Lagos State Government followed with a combined N244.82 billion, comprising a N230 billion 10-year bond priced at 16.25 per cent and a N14.82 billion five-year Green Bond carrying a 16.00 per cent coupon to finance climate-resilient infrastructure and sustainable transport projects.
Among financial institutions, Access Bank Plc led the banking sector after issuing a N193.83 billion Series 3 senior unsecured bond at a coupon rate of 15.50 per cent, making it the largest corporate bond issuer among Nigerian banks during the period.
Sunbeth Global Concepts Limited raised N150.41 billion through multiple commercial paper issuances. The instruments were issued at discount rates of between 19.00 per cent and 19.30 per cent, translating to implied investor yields of between 21.00 per cent and 23.50 per cent, depending on the tenor.
UAC of Nigeria Plc also tapped the market, issuing a N54.03 billion seven-year bond at 17.35 per cent to refinance debt, fund capital expenditure and support the integration of CHI Limited following its acquisition.
Meanwhile, Nigeria Real Estate Investment Trust launched a N30.4 billion Series 6 offer under its N400 billion bond issuance programme, adding to the growing list of corporate issuers seeking long-term financing through the domestic capital market.
