Abuja, March 16, 2024: The Debt Management Office (DMO), says appointment of Transaction Advisers for issuance of Eurobond is subject to approval of the Federal Executive Council (FEC).
The Director-General of the DMO, Patience Oniha said on Saturday in Abuja on media reports that a company linked to the Minister of Finance, Mr Wale Edun, was appointed as one of the Transaction Advisers for a potential one billion dollars Eurobond.
She said said approval of the National Assembly (NASS) was also a prerequisite for such appointment.
According to her, the appointment of Transaction Advisers by the DMO is done in accordance with the provisions of the Public Procurement Act, 2007 and is subject to the approval of FEC.
She said that recent news reports suggesting the appointment of Transaction Advisers for a potential Eurobond issuance were inaccurate.
The director-general said that the debt office was yet to get approval from FEC or NASS for issuance of Eurobond.
“The Issuance of Eurobonds by the Federal Government of Nigeria in the
International capital market is subject to the approval of the FEC and receipt of the resolution of NASS.
“This is done in accordance with the provisions of the Fiscal Responsibility Act, 2007 and Debt Management Office (Establishment, Etc.) Act, 2003.
“Currently, the DMO has not received the requisite approvals from the FEC
and resolution of the NASS for any Eurobond issuance.
“We encourage the public to rely on official statements from the DMO for accurate updates on Nigeria’s debt management activities,” she said.
The company in question, Chapel Hill Denham, was one of the five issuing houses appointed in 2021 during former President Muhammadu Buhari led government as Transaction Advisers for Nigeria’s Eurobonds.
The other appointed companies were Citigroup Inc., JPMorgan Chase & Co., Goldman Sachs Group Inc., and Standard Chartered Bank.
With that set of Transaction Advisers, Nigeria issued a total of 5.25 billion dollars Eurobonds in 2021.
