Top Story

DMO: Wale Edun’s Chapel Hill’s “lucrative contract” to secure $1bln Eurobond for FG, false, inaccurate

Contrary to the report, the DMO said it has yet to receive the requisite approvals from the Federal Executive Council (FEC) and the resolution of the National Assembly for any Eurobond issuance.

896

The Debt Management Office (DMO) has clarified that recent news reports suggesting the appointment of transaction advisers for a potential Eurobond issuance are inaccurate.

Contrary to the report, the DMO said it has yet to receive the requisite approvals from the Federal Executive Council (FEC) and the resolution of the National Assembly for any Eurobond issuance.

The clarifications come on the heels of a media report alleging that “Wale Edun’s (the Minister of Finance and the Coordinating Minister of the Economy) Chapel Hill landed a lucrative contract to secure $1 billion in Eurobonds for President Bola Tinubu’s government.

An online news platform reported that Nigeria has hired investment banks including Citigroup Inc., JPMorgan Chase & Co., and Goldman Sachs Group Inc. to advise it on the West African nation’s first eurobond issue since 2022.

It said:“Bloomberg reported on Thursday that the size of the eurobond offer, which was expected before June, had yet to be determined. This is according to the people who asked not to be identified because they are not authorized to comment publicly on the matter.

“Africa’s largest oil producer may raise as much as $1 billion in external borrowing in 2024 to meet its spending needs, they said.

“The report also said Nigeria had hired Standard Chartered Bank and Lagos-based Chapel Hill Denham as advisers.’’

Edun is alleged to be the founder of Chapel Hill Denham Group, an investment banking, securities trading, and investment management firm that provides comprehensive advisory services to a diverse client base, including financial institutions, multinationals, and governments.

However, the DMO, in a statement titled and given to Persecondnews, “Clarifications on Nigeria’s Eurobond Issuance’’, said: “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 the 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.’’

The DMO urged the public to rely on official statements from the office for accurate updates on Nigeria’s debt management activities.

 

Leave a comment

Related Articles

Just in: FG withdraws treason charges against #Endbadgovernance protesters

The Federal High Court in Abuja has terminated the treason charges brought...

Breaking: Pres. Tinubu orders release of #EndBadGovernance underage protesters

President Bola Tinubu has ordered the immediate release of all minors arrested...

Just in: Seven new ministers take oaths of office

President Bola Tinubu has sworn in seven newly appointed ministers, directing them...

Just in: Appeal Court acquits ex-CJN, Onnoghen, orders FG to unfreeze his account

The Court of Appeal sitting in Abuja on Monday discharged and acquitted...

ECOWAS, Nigeria, Morocco, Mauritania Commit to $26bln African Atlantic Gas Pipeline Project

“The project, conceived in 2016 during King Mohammed VI of Morocco’s visit...

#EndBadGovernance protests: AGF to Police: Transfer casefiles of 72 defendants to my office

The Attorney General of the Federation (AGF) and Minister of Justice, Prince...

Updated: Abuja Court grants N1.1 bln bail to 114 #EndBadGovernance protesters

A Federal High Court in Abuja has granted a N10 million bail...

Just in: 76 #EndBadGovernance protesters arraigned in Abuja

The detained 76 #EndBadGovernance protesters just arrived at the Federal High Court...

Breaking: 10 fatalities confirmed as building collapses in Ibadan

A weehours building collapse in Ibadan, the Oyo State capital, on Thursday...

Breaking: After five hours of screening, Senate confirms Bianca Ojukwu, six others as ministers

The Senate on Wednesday screened and confirmed the nominations of Ambassador Bianca...

Senate begins screening of seven ministerial nominees

The Senate has started screening the seven ministerial nominees of President Bola...

Alleged homosexuality: RCCG suspends two pastors, launches investigation

For allegedly breaching the church’s doctrine and the Holy Bible, two pastors...

Helicopter crash: NNPC Ltd. spokesman Soneye cancels golden jubilee birthday celebration in honour of departed souls

Mr. Olufemi Soneye, the chief corporate communications officer of the Nigerian National...

Biden in 30-minute phone call with Tinubu, hails Binance executive release

President Bola Tinubu and US President Joe Biden held a 30-minute phone...

Tinubu Receives Briefing on Local Currency Oil Sales Amid Pricing Disputes

President Bola Tinubu has received a briefing from the Implementation Committee on...

Kcee and Flavour engage in heated exchange over Igbo music style

The Nigerian music industry is once again witnessing a brewing fiery clash...

In Lagos, 150 Ajegunle widows, vulnerable lifted with food items, cash gifts

As part of efforts to provide succor and the much-needed support to...

Economic hardship: I’m not T-pain, you are mischievous, Tinubu replies Atiku

Former Vice President Atiku Abubakar has come under fire from the Presidency...

Just in: Air Peace denies plan to hike Lagos-Abuja airfare

Air Peace, one of Nigeria’s leading airlines, has dismissed rumours about raising...

Updated: Copter Crash: Search Still Ongoing, No Other Additional Bodies Found – NNPC Ltd’s Spokesman Soneyea

The Nigerian National Petroleum Company Ltd. (NNPC Ltd) has said beyond the...