UAC of Nigeria Plc has listed a N54.03 billion Series 1 bond on the Nigerian Exchange Limited (NGX), marking a key development in the company's N150 billion multi-instrument programme. The seven-year senior unsecured bond, admitted to trading on 17 April 2026, carries a fixed coupon rate of 17.35 per cent and will mature on 15 December 2032. It was issued at par value with 54.03 million units priced at N1,000 each, following the closure of the offer in December 2025. The bond features a four-year moratorium on principal repayment, after which amortisation begins, with an option for early redemption at the issuer's discretion. Coupon payments will be made semi-annually on 15 June and 15 December throughout the tenor. Highcap Securities Ltd Vice Chairman David Adonri noted the significance of UACN's access to long-term funding, attributing it to the depth of Nigeria's domestic debt market and NGX's growing credibility as a multi-asset platform. The transaction was jointly arranged by Stanbic IBTC Capital Limited, Chapel Hill Denham Advisory Limited, Quantum Zenith Capital & Investments Limited, and FCMB Capital Markets Limited. Chapel Hill Denham Securities Limited acted as stockbroker, Stanbic IBTC Trustees Limited served as trustee, and Africa Prudential Plc was appointed registrar. The listing reinforces NGX's expansion beyond equities into fixed income, highlighting its evolution into a diversified exchange.
UACN is securing long-term capital at 17.35 per cent interest while Nigerian businesses without access to bond markets struggle to obtain credit at half that rate. The same NGX platform enabling this corporate funding has remained out of reach for millions of small investors who cannot meet minimum bond purchase thresholds. This gap exposes how capital market growth can deepen without broadening financial inclusion for ordinary Nigerians. The bond's four-year moratorium on principal repayment further tilts benefits toward the issuer, far from the realities of SMEs repaying loans annually.
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