The Bureau of Public Procurement (BPP) has approved the
Federal Government recommended parties for the execution of Eurobond programme,
reports ITRealms.
Disclosing this, the Minister of Finance, Mrs. Kemi Adeosun,
said at the end of the Federal Executive Council (FEC) meeting where she sought
approval on a Memorandum for the issuance of United States Dollar 1.00 billion
Eurobond.
In addition, the Memo sought approval for this bond to be
presented to the International Capital Market and the appointment of
Transaction Parties responsible for the execution of the Programme.
She stated that the selection was based on an open and
competitive bid process in line with the Public Procurement Act, 2007 and a
certificate of “No Objection” was received from the Bureau of Public
Procurement (BPP) to award contracts to the recommended Parties.
The Minister noted that the USD1.00 Billion Eurobond
issuance was appropriated in the 2016 Budget and the funds will support the
implementation of capital projects in the 2016 budget.
The appointed Transaction Parties responsible for execution
of the transaction include: Citigroup, Standard Chartered Bank, Stanbic IBTC
Holdings PLC, White & Case LLP, Banwo & Ighodalo and AfricaPractice.
“We have so far, received strong commitment from the
international community. Investors
believe in the long-term economic outlook for Nigeria as we continue with our
structural reforms and increased focus on infrastructure development to
diversify the economy and grow the non-oil sector”, she stated.
“Stable oil prices and steadying foreign reserves will
support our plans and we expect high demand for this issue to further push down
yields. We are confident that this will be a successful outing in January, 2017.”
Oya Midele/GEE
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