The Managing Director of First Independent Power Limited, Seyi Sobogun, has applauded the Federal Government for raising ₦501 billion through a bond issuance in January 2026, describing it as a strong signal of investor confidence in ongoing reforms within Nigeria’s power sector.
According to Sobogun, the successful and fully subscribed bond demonstrates that investors are optimistic about the government’s strategy to tackle long-standing challenges affecting electricity generation and distribution.
The reform effort is being driven through the Presidential Power Sector Financial Reforms Programme, a comprehensive initiative aimed at addressing key issues such as mounting unpaid debts, ageing infrastructure, inadequate investment, and persistent power shortages.
Over time, these challenges have significantly weakened power generation companies (GenCos) and gas suppliers, resulting in reduced electricity output and an unreliable power supply for households and businesses.
To reverse this trend, the Federal Government, under the leadership of Bola Ahmed Tinubu, introduced the Power Sector Bond Programme. The initiative is designed to settle legacy debts across the electricity value chain and create a more stable and efficient power sector.
As part of the programme, the government has already reached agreements with 15 power generation companies. These include Egbin Power Plc, Geregu Power Plc, Niger Delta Power Holding Company, Ibom Power Company, and First Independent Power Limited.
Sobogun described the progress as a significant milestone, noting that the power sector has struggled for years due to unresolved debts across the value chain.
He emphasised that addressing these financial challenges is essential for improving performance and ensuring more reliable electricity supply.
He also confirmed that power generation companies are actively participating in the programme and have signed the required agreements to support its implementation.
According to him, the success of the ₦501 billion bond issuance—being fully subscribed—underscores strong market confidence in the reform plan. He added that additional bond issuances are expected as the programme progresses.
Sobogun further assured that GenCos are committed to working with all relevant stakeholders to ensure the success of the initiative and to help deliver improved and more stable electricity supply across Nigeria.
