Rand Merchant Bank acts as Lead Issuing House and Bookrunner on Paras Energy Funding SPV Plc’s Landmark ₦15.00 Billion 5-Year Bond Issuance under the ₦25.00 Billion Bond Issuance Programme

Paras Energy and Natural Resources Development Limited, through its funding vehicle Paras Energy Funding SPV Plc, has successfully completed its inaugural ₦15.00 billion ($20.5 million USD) five-year bond issuance. The bond carries a fixed rate of 18.00% per annum.

Rand Merchant Bank Nigeria Limited (RMB Nigeria) acted as the Lead Issuing House and Bookrunner for the transaction. The bond was issued under Paras Energy's ₦25.00 billion ($34.3 million USD) Bond Issuance Programme.

Paras Energy, a privately held entity operating across the power value chain, is part of the African Industries Group. This issuance marks the first time a privately held power sector company has issued an unwrapped bond for its debut offering. The funds raised will be used to expand Paras Energy's generating capacity and accelerate its growth as an independent power plant operator, aiming to deepen its client portfolio across West Africa.

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This successful issuance marks a defining moment for Paras Energy and the African Industries Group. As a pioneer private power supplier to the national grid, we are proud to further demonstrate our commitment to Nigeria’s energy security through innovative financing. The strong investor support affirms our strategy, operational track record, and mission to unlock productivity across the West African economy

The fully subscribed bond issue saw strong demand from a varied investor base, including Pension Fund Administrators, Asset Managers, and High Net-Worth Individuals. This success signals market confidence in Paras Energy's credit quality, governance, and strategic vision. The African Industries Group's participation underscores its commitment to diversifying funding sources and strengthening its capital structure for sustainable growth.

Munish Modi, Group Chief Financial Officer at African Industries Group, stated, "This successful issuance marks a defining moment for Paras Energy and the African Industries Group. As a pioneer private power supplier to the national grid, we are proud to further demonstrate our commitment to Nigeria’s energy security through innovative financing. The strong investor support affirms our strategy, operational track record, and mission to unlock productivity across the West African economy." Laju Atake, Head Debt Capital Markets Nigeria at RMB Nigeria, added, "We are delighted to have advised Paras Energy on its successful debut bond issuance, providing end-to-end guidance across structuring, regulatory engagements and distribution resulting in the best possible outcome for the Company. This Transaction demonstrates that well positioned private sector participants in the power value chain can access long-term funding without r

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We are delighted to have advised Paras Energy on its successful debut bond issuance, providing end-to-end guidance across structuring, regulatory engagements and distribution resulting in the best possible outcome for the Company. This Transaction demonstrates that well positioned private sector participants in the power value chain can access long-term funding without r