March 16, (THEWILL) – The Debt Management Office (DMO) has debunked media reports that the Federal Government contracted transactional Advisers ahead of a purported plan to raise about $1bn in external borrowing through Eurobond issuance.
According to the reports credited to Bloomberg, Nigeria contracted Citibank NA, JPMorgan Chase & Co, and Goldman Sachs Group Inc., as advisers, to guide and ensure the bond offer, which is expected before June, is well managed and achieves its targeted goal. It added that Standard Chartered Bank and the Lagos-based financial advisory firm, Chapel Hill Denham, were also contracted as consultants on the venture.
The statement read: “The Debt Management Office (DMO) would like to clarify that recent news reports suggesting the appointment of Transaction Advisers for a potential Eurobond issuance are inaccurate.
“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 the Federal Executive Council (FEC).
“Also, 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 the National Assembly (NASS) in accordance with the provisions of the Fiscal Responsibilities 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.”
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