Nigeria’s DMO says reports of appointment of Transaction Advisers for Eurobond issue inaccurate

Nigeria’s Debt Management Office (DMO) has reacted to reports that the country has hired a firm, Chapel Hill Denham Group, founded by Chief Wale Edu, its Minister of Finance and Coordinating Minister of the Economy, to serve as one of the advisers for an Eurobond issue expected to take place before June this year.

The DMO, in a statement titled Clarifications on Nigeria’s Eurobond Issuance, said that the “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.”