JP Morgan, Citibank To Advise Nigerian Govt On $6.2bn Eurobonds

Nigeria's Total Debt Now N33tn, Says DMO

The Nigerian Government has engaged the services of JP Morgan, Citibank and other international institutions to act as transaction advisers for the issuance of Eurobonds in the international capital market.

The Debt Management Office (DMO) through its Head of Media, Chinenye Onu, made this known in Abuja on Wednesday.

The Eurobonds to be issued will be used to raise funds to bridge the N2.34 trillion (about USD6.2 billion) deficit in the 2021 budget.

In a statement entitled “Towards financing the 2021 Appropriation Act – FGN appoints transaction advisers for a Eurobond issuance”, the DMO said the institutions had been approved by the Federal Executive Council (FEC).

Other institutions include Joint Lead Managers (Standard Chartered Bank and Goldman Sachs), Nigerian Bookrunner (Chapel Hill Denham Advisory Services Ltd), Financial Adviser (FSDH Merchant Bank Ltd), International Legal Adviser (White & Case LLP), and Nigerian Legal Adviser (Banwo & Ighodalo).

READ ALSO: FEC Approves $11.1bn For Coastal Railway Project

The statement read, “Activities by Nigeria towards the issuance of Eurobonds in the International Capital Market inched forward today with the appointment of Transaction Advisers by the Federal Government.

“Typical of Eurobond issuance, transaction advisers of various categories are required to work with an issuer, in this case Nigeria, to ensure the success of the Transaction.”

The DMO said the transaction advisers were selected from an Open Competitive Bidding Process in line with the Public Procurement Act, 2007 (as amended).

About Author

Ife Ogunfuwa is an award-winning reporter who is versed in reporting business and economy, technology, gadgets reviews, telecoms, tax, and business policy review, among others. She loves telling stories behind the numbers. She has professional certifications in business and financial reporting. You can reach her via – [email protected]

Comment here

This site uses Akismet to reduce spam. Learn how your comment data is processed.