Nigeria’s $1bn Eurobond Starts Trading on London Stock Exchange Obinna Chima One week after its issue, Nigeria’s $1 billion Eurobond started trading yesterday on the London Stock Exchange (LSE). The 15-year government bond, paying a coupon of 7.875 per cent, is the longest ever maturity for
an international Nigerian bond, the first international issuance for the country since 2013. The offer was nearly eight times oversubscribed, with the order book closing at approximately $7.7 billion.
The listing secured high quality investors' support from across the U.S. and Europe and will support Nigeria in financing its long-term infrastructure projects, a statement from the London Stock Exchange
Group (LSEG) said. “Today’s (yesterday) listing builds on the recent pipeline of several high profile sovereign, supranational, municipal and private company bond issuances on London Stock Exchange.
“In January 2017, Israel listed its largest ever Eurobond offering of €2.25 billion in London,” LSEG said. Also commenting, the Head of Middle East, Africa and South Asia, International
NNPC Reports N197bn Loss for 2016… Pa g e 1 1
Markets Unit of the LSE, Ibukun Adebayo, said: “Nigeria’s choice of London Stock Exchange for its first international bond offering since 2013 underlines London Stock Exchange’s position as a leading global venue for debt Continued on page 7
Friday 17 February, 2017 Vol 22. No 7974. Price: N250
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At NEC, Governors Stop Short of Calling for Devaluation Demand urgent review of foreign exchange policy Approve injection of $250m into SWF CBN directs banks to adopt uniform conversion exchange rate Manufacturers, others got $2.83bn in two months Tobi Soniyi in Abuja and Obinna Chima in Lagos The governors of the 36 states of the federation yesterday stopped short of calling for the devaluation of the naira, when they expressed concern over the continued free fall of the local currency against U.S. dollar on the parallel market and called
on the federal government to urgently review the foreign exchange policy, with a view to reducing the gap between the parallel and official market rates. However, the call by the governors can only be achieved by fully floating the currency and allowing it to Continued on page 7
…Await EFCC Probe on Alleged Diversion of Paris Club Refunds
Court orders permanent forfeiture of $153m Davidson Iriekpen in Lagos and Tobi Soniyi in Abuja The state governors have said that they are ready to take on the EFCC, which is investigating them over the alleged diversion of the refunds made to states arising
from the excess charges on Paris Club debt. After a meeting at the Presidential Villa in Abuja late Thursday night, the governors, under the aegis of the Nigerian Governors’ Continued on page 7
NPC to Include Religion, Ethnicity in 2018 National Census… Page 49
A BEFITTING FAREWELL… L-R: Former Edo State Governor, Mr. Adams Oshiomhole; acting President Yemi Osinbajo; and outgoing Ondo State Governor, Dr. Olusegun Mimiko, at the valedictory dinner held in honor of Oshiomhole and Mimiko at the banquet hall of the Presidential Villa, Abuja… yesterday godwin omoigui