Fec Approves Citigroup, Stanbic Ibtc, Others For $1b Eurobond

BEVERLY HILLS, December 07, (THEWILL) – The Federal Executive Council (FEC) has approved the appointment of Citigroup, Standard Charted bank, Standbic IBTC, Whiten case, Banwo and Igodalo and Africa Practices communications advisers as transaction parties for the one billion dollars Eurobond issue.

THEWILL had reported that the government was seeking partners in its bid to raise funds from Eurobonds.

The Minister of Finance, Kemi Adeosun, on Wednesday made this known as she briefed State House correspondents, in the company of Minister of Information, Lai Mohammed; and Minister of Environment, Amina Mohammed; at the end of the FEC meeting chaired by President Muhammadu Buhari.

“The one billion Eurobond program is part of the funding for 2016 budget and we hope to be able to commence the process in January,” she said.

“We obtained certificate of no objection from Bpp for the appointment of those parties having undertaken fully competitive open tender process.

“We are confident that we will be able to complete the transaction expediently with significant interest.

“The oil price stability obviously is helping us, currently there is quite a bit of demand for emerging markets papers.

“Angola came out in November with bench UAD I.56 and Gabon in June did 8.25 plus Ghana in September did 9.25.

“We are expecting to get quite a competitive pricing on the issuance program which I said is to be used for the purpose of funding capital projects in the 2017 budget within the month of January.

“The other thing to note is that these parties that have been appointed would run any Eurobond issuance program that we do for the next three years so that we don't have to keep on re tendering unless there is a major problem with any of them they will be our parties for the next three years.”

Story by Oputah David