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April 21, 2024
You are currently viewing Appointment of Eurobond transaction advisers subject to FEC, NASS approval – DMO
Director-General of DMO, Patience Oniha

Appointment of Eurobond transaction advisers subject to FEC, NASS approval – DMO

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By Kadiri Abdulrahman

The Debt Management Office (DMO) says the 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 this in an interview with the News Agency of Nigeria (NAN) on Saturday in Abuja.

Oniha spoke against the backdrop of 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 that approval of the National Assembly (NASS) was also a prerequisite for such an 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 it 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 the issuance of Eurobond.

“The Issuance of Eurobonds by the Federal Government of Nigeria in the International capital market is subject to the approval of 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 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.

NAN reports that 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. (NAN)(www.nannews.ng)

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Edited by Ese E. Eniola Williams

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