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Following viral reports that the Minister of Finance, Mr Wale Edun has been appointed as FG’s transaction adviser on the proposed $1 billion Euro bond issuance, the Debt Management Office (DMO) has debunked the claim, saying it was false and totally misleading.
The DMO, in a statement, explained that the appointment of transaction advisers by the DMO is done in accordance with the provisions of the Public Procurement Act, 2007 and 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”, it added.
At the weekend, reports emerged that Chapel Hill Denham Group, an investment bank founded by Wale Edun, has been appointed to advise the Bola Tinubu-led administration to secure a $1 billion Eurobond issuance.
Also listed was Standard Chartered Bank.
A report by Bloomberg, a UK-based business newspaper, made the disclosure, adding that the move feeds into President Tinubu’s plans to make the Nigerian economy attractive to investors.
The report said the advisers are expected to guide the incumbent administration on the best strategies to deploy to acquire the billion-dollar Eurobond, which had been paused since 2022 under former president Muhammadu Buhari.
President Tinubu, who inherited a deteriorating economy that was heavily exposed to offshore lenders has been racing against the tide to attract foreign investors to tow the economy out of the doldrums.
