GLNG Funding SPV PLC has launched an offer of up to N7.5 billion under its N30 billion Commercial Paper Programme.
This marks the company’s third venture into Nigeria’s short-term debt market. Previously, its Series 1 issuance in July 2025 was oversubscribed by 3%, while the Series 2 and 3 issuances in December 2025 were oversubscribed by 11%.
The current offer opened on February 13, 2026, and will close on Friday, February 20, 2026.
Key Details of the Offer
- Issuer: GLNG Funding SPV PLC
- Co-Obligors: Green Liquefied Natural Gas Limited (GLNG) and Green Fuels Limited (GFL)
- Tenor: 364 days
- Discount Rate (per annum): 19.3651%
- Implied Yield (per annum): 24.0000%
- Settlement Date: Monday, February 23, 2026
- Maturity Date: Monday, February 22, 2027
- Minimum Subscription: N5,000,000 (with increments of N1,000 thereafter)
- Tax Consideration: Applicable taxes will apply unless exempted.
- Use of Proceeds: To support the Promoters’ short-term working capital and funding needs.
- Source of Repayment: Operating cash flows of the co-obligors.
- Quotation: FMDQ Securities Exchange Limited
About the Companies Behind the Offer
GLNG Funding SPV PLC
GLNG Funding SPV PLC is a special-purpose vehicle created to raise capital through debt instruments, such as bonds and commercial papers, on behalf of its sponsors: Green Fuels Limited (GFL) and Green Liquefied Natural Gas Limited (GLNG).
Green Fuels Limited (GFL)
Established in 2007, GFL is a leading player in Nigeria’s industrial energy sector. The company operates the largest compressed natural gas (CNG) compression and distribution facility in Nigeria, with a total installed capacity of 17.5 million standard cubic feet per day (mmscfd).
From its bases in Ota and Abeokuta, Ogun State, GFL serves a wide range of multinational and blue-chip clients, including:
- Nestlé Nigeria
- Nigerian Breweries (Heineken)
- Cadbury
- Guinness
- Nigerian Bottling Company
- Fan Milk Plc
- Comcraft Group
- Intercontinental Hotel
- Island Power Ltd
- Sumal Foods Ltd
- Crown Ceramics Ltd
- Tosett Agro, among others.
Green Liquefied Natural Gas Limited (GLNG)
Founded in 2018, GLNG focuses on providing power and clean energy solutions. The company has delivered 40 MW of off-grid power and offers captive power solutions to industrial clients.
GLNG is also planning to expand into LNG liquefaction with a proposed facility in Abeokuta, Ogun State. The project aims to produce 200,000 scm/day, with plans to scale up to 400,000 scm/day in phases.
Market Competition
Both GLNG and GFL operate in competitive segments of Nigeria’s gas market. Key competitors include:
- Powergas
- NIPCO Gas
- Greenville LNG
- Bridport Energy
- Axxela
- Tetracore
Despite the competition, GLNG and GFL continue to strengthen their positions in CNG distribution and broader gas supply services.
