LAPO lists ₦4.46B microfinance bond on Nigeria's FMDQ Exchange

LAPO MFB SPV PLC has listed a ₦4.46 billion Series 1 five-year fixed rate bond on FMDQ Securities Exchange . The bond carries a 20.00% coupon and sits under a wider ₦30.00 billion issuance programme.

The issuer is a special purpose vehicle raising capital for LAPO Microfinance Bank Limited, one of Nigeria's leading microfinance institutions. FirstCap Limited acted as lead sponsor, with AVA Capital Partners Limited as co-sponsor.

Proceeds will expand financing for small and medium-sized enterprises, improve access to renewable energy solutions, and strengthen digital financial services for micro and small businesses across Nigeria.

The listing taps Nigeria's debt capital market for long-term funding, at a time when microfinance institutions face pressure to extend credit to individuals and small businesses excluded from mainstream banking.

The deal reflects a maturing debt market channelling capital into financial inclusion. As Oluwaseun Afolabi, senior vice president at FMDQ Exchange, put it, the listing shows the market's "capacity to support long-term funding needs across the financial inclusion space."