Lagos, Nigeria – 20 June 2025
Chapel Hill Denham is pleased to have acted as Financial Adviser and Issuing House on the Federal Government of Nigeria’s successful ₦50 billion Series III Sovereign Green Bond Issuance through the Debt Management Office Nigeria (DMO). The offer was oversubscribed by 183%, with total subscriptions reaching ₦91.42 billion. Investors were allotted ₦47.355 billion at a coupon rate of 18.95% per annum.
This landmark issuance is the third and largest Sovereign Green Bond following the successful debut offering in December 2017 and follow-on offering in June 2019, both led by Chapel Hill Denham. The offer, which opened on Monday, 16 June 2025 and closed on Wednesday, 18 June 2025, attracted broad participation from institutional and retail investors, including pension fund administrators, insurers, asset managers, corporates and individuals across Nigeria — underscoring the depth of interest in Nigeria’s green finance agenda.
Proceeds from the transaction will be deployed to eligible green projects captured in the 2024 Appropriation Act, aligned with Nigeria’s Nationally Determined Contributions (NDCs) and the country’s goal of net-zero emissions by 2060.
Commenting on the transaction, Ms. Patience Oniha, Director-General of the Debt Management Office Nigeria, said:
“The strong investor interest in this Green Bond demonstrates growing confidence in Nigeria’s commitment to sustainable financing. Green Bonds are becoming an increasingly important instrument for mobilising capital towards our climate objectives and sustainable development agenda.”
Bolaji Balogun, CEO of Chapel Hill Denham, Financial Adviser and Issuing House on the transaction, said:
“We are proud to have supported the Federal Government and the DMO in delivering another successful Green Bond issuance. The strong investor response is a clear signal of confidence in Nigeria’s sustainability agenda. This transaction reinforces Chapel Hill Denham’s long-standing commitment to sustainable finance and deepening the capital markets. We thank the Federal Government of Nigeria and the DMO for entrusting us with this important mandate.”
