News & Events


Aluko & Oyebode (the “Firm”) is delighted to have acted as sole Nigerian legal counsel in connection with the successful issuance, by Africa Finance Corporation (“AFC” or the “Corporation”), of its inaugural CHF150 Million Regulation S Senior Unsecured Benchmark Green Bond (“the Bond”) due 2025 (the “Bond Issuance”) for which the Firm represented the Joint Lead Managers/Joint BookRunners (Credit Suisse AG and Renaissance Capital).

The Bond was issued under AFC’s US$5 Billion Global Medium-Term Note Programme and is the first Green CHF-denominated bond to be issued by a supranational organisation in the Central and Eastern Europe, Middle East and Africa Region. The Bond, which has a tenor of 5 years and a coupon of 1.205 percent, is rated A3 by Moody’s Investor Services and is listed on the SIX Swiss Exchange.

The proceeds of the Bond Issuance will be used to finance, refinance or invest in eligible green projects that meet the Eligibility Criteria, as defined in AFC’s Green Bond Framework and in alignment with the International Capital Market Association (ICMA) Green Bond Principles. Such eligible projects include the Djibouti Wind Farm and the Singrobo Hydro Dam in Côte d’Ivoire.

AFC is the first African development financial institution to secure accreditation with the Green Climate Fund and the Bond Issuance will enable the Corporation build on its previous green financing initiatives, thereby underpinning its commitment towards championing sustainability in Africa.

The Firm’s transaction team was led by Senior Partner, Olubunmi Fayokun, with associates, Diepiriye Anga, Abisola Akinyemi and Kareemat Ijaiya.