Nigeria Reappoints Consortium of Banks to Handle $2.5bn Eurobond

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Enterprise Television- Nigeria Reappoints Consortium of Banks to Handle $2.5bn Eurobond

The Federal Executive Council has reappointed a consortium of banks to handle the nation’s $2.5bn Eurobond issuance.

The Minister of Finance, Mrs. Kemi Adeosun, disclosed this to State House correspondents at the end of the weekly FEC meeting presided over by President Muhammadu Buhari at the Presidential Villa, Abuja.

Adeosun listed the banks as Citi Group, Standard Chartered, Stanbic IBTC, Whitten-Case and African Practice.

She said the proceeds of the $500m bond issued in November 2017, which she put at about N162.50bn, were used to redeem Nigerian Treasury Bills, which matured in December 2017.

According to the Minister, the NTBs dropped from about 16 per cent to 13 per cent, while the bonds dropped from about 16 to 16.50 per cent to 13.50 per cent.

The Minister of State for Aviation, Hadi Sirika, said the council approved the substitution of Lufthansa Consulting with the Airline Management Group and Avia Solutions GE to join the other members of the consortium that would provide transaction advisory services for the establishment of a national carrier at the same cost of N341.2m.