- FG Appoints Citi, Stanbic, SCB for $1bn Eurobond
The Federal Government has appointed Citigroup, Standard Chartered Bank and Stanbic IBTC Bank as advisers on its planned $1bn Eurobond, the Minister of Finance, Mrs. Kemi Adeosun, has said.
She said this followed her presentation of a memorandum on Wednesday at the Federal Executive Council meeting seeking approval for the issuance of the Eurobond in the International Capital Market and the appointment of transaction parties responsible for the execution of the programme.
The minister, in a statement issued by her Media Adviser, Mr. Fetus Akanbi, said that the $1bn Eurobond issuance would provide funds to support the implementation of capital projects in the 2016 budget.
Apart from Citigroup, Standard Chartered Bank and Stanbic IBTC Holdings Plc, she gave names of other appointed transaction parties for the execution of the bond as White & Case LLP, Banwo & Ighodalo and AfricaPractice.
She stated that the selection was based on an open and competitive bid process in line with the Public Procurement Act, 2007 and that a certificate of ‘No objection’ was received from the Bureau of Public Procurement to award contracts to the recommended parties.
The statement quoted her to have said, “We have so far received strong commitment from the international community. Investors believe in the long-term economic outlook for Nigeria as we continue with our structural reforms and increased focus on infrastructure development to diversify the economy and grow the non-oil sector.
“Stable oil prices and steadying foreign reserves will support our plans and we expect high demand for this issue to further push down yields. We are confident that this will be a successful outing in January 2017.”