Thursday 30th March 2017

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Nigeria Consolidates $500m Eurobond with $1bn Issue CBN approves operating licence for DBN Ndubuisi Francis in Abuja Nigeria disclosed yesterday that its $500 million notes under the $1.5 billion Global Medium Term Note programme will be consolidated to form a single

series with the existing $1 billion notes, which the country issued in February and will mature by 2032. The federal government therefore announced that it has priced its offering of the $500 million aggregate

principal amount of notes at a yield of 7.5 per cent under the $1.5 billion (increased from US$1 billion) Global Medium Term Note Programme. This, according to a statement by the Ministry of Finance, will be consolidated

and form a single series with the existing $1 billion 7.875 per cent notes due in 2032. The N1 billion notes (Original Notes) were issued on February 16. The terms and conditions of the $500 million notes, said the statement,

will be identical to those of the Original Notes, paying a coupon of 7.875 per cent per annum and maturing on February 16, 2032. They will be repayable by way of bullet repayment of the principal together with the

Original Notes, the statement added. “As with the Original Notes, the government intends to use the proceeds of the ($500 million) notes to fund Continued on page 12

Thursday 30 March, 2017 Vol 22. No 8015. Price: N250

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FG to Pay First Tranche of $5.1bn Cash Calls Debt to IOCs in April Advises oil multinationals to invest in refineries Chineme Okafor in Abuja

FGN SAVINGS BOND GETS LISTED...

L-R: Director, Portfolio Management Department, Debt Management Office (DMO), Mr. Oladele Afolabi; Chief Executive Officer, Nigerian Stock Exchange (NSE), Mr. Oscar N. Onyema; Director General, DMO, Dr. Abraham Nwankwo; Executive Director, Capital Markets, NSE, Mr. Haruna Jalo-Waziri; and Mr. Abubakar Sani Kolo of the Portfolio Management Department, DMO, at the listing of Series 1 of the FGN Savings Bond valued at N2,067,961,000 on the NSE, in Lagos… yesterday (See story on page 13 )

The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu has disclosed that the federal government would next month disburse the first tranche of the $5.1 billion Joint Venture (JV) cash calls debt it owes international oil companies (IOCs) operating in the country. The government last Continued on page 10

FG Constitutes Panel on Executive, Senate Row to Avert Inaction on Ministerial Nominees Osinbajo to head c’ttee as govt refuses to open up on Buhari’s medical bill Four ministers likely to be dropped from cabinet Ndume suspended for six months, Saraki, Melaye cleared Prof Sagay gets tongue lashing, says he will not honour Senate invitation

Omololu Ogunmade and Damilola Oyedele in Abuja Disturbed by the stand off between the executive and the Senate, the federal government yesterday constituted a committee to come up with

recommendations on how to resolve the row amicably. The executive, THISDAY learnt, was also keen on ensuring that the Senate does not mete out the same treatment to the two ministerial nominees – Prof. Steven Ikani

Ocheni and Mr. Suleiman Zarma Hassan – whose names were sent by President Muhammadu Buhari to the Senate on Tuesday night, as it did to the 27 Resident Electoral Commissioner-nominees of the Independent National Electoral

Commission (INEC). The Senate on Tuesday resolved to suspend the screening and confirmation of the 27 REC nominees for two weeks over the continued retention of Ibrahim Magu as the acting Chairman of

the Economic and Financial Crimes Commission (EFCC), despite his rejection twice by the Senate. In line with this resolve, there were indications yesterday that the Senate would also defer action on

the ministerial nominees over Magu. However, the Minister of Information and Culture, Alhaji Lai Mohammed while fielding questions from Continued on page 10


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