FG Appoints Eight Transaction Advisers for $6.2bn Eurobonds Ndubuisi Francis in Abuja Preparatory to the issuance of N2.343 trillion ($6.2 billion) Eurobonds in the International Capital Market (ICM) to partly finance its N5.2 trillion 2021 Budget deficit, the federal government has appointed
eight international and domestic transaction advisers. The Eurobonds to be issued are for the purpose of raising funds for the New External Borrowing of N2.343 trillion (about $6.2 billion) provided for in the 2021 Appropriation Act to part-finance the budget deficit. The eight transaction advisers
include international bookrunners/ joint lead managers--JP Morgan, Citigroup Global Markets Limited, Standard Chartered Bank and Goldman Sachs. The Nigerian bookrunners to the proposed issuance is Chapel Hill Denham Advisory Services Ltd and FSDH Merchant Ltd who will act as financial adviser.
White & Case LLP would act as the international Legal Adviser while the firm of Banwo & Ighodalo are the Nigerian Legal Advisers. The Debt Management Office (DMO) announced yesterday that the eight Transaction Advisers emerged following an open competitive bidding process as
outlined in the Public Procurement Act, 2007 (as amended). It disclosed that a total of 38 institutions responded to the Expression of Interest (EoI) and after rigorous evaluation to ascertain their technical capacities, eight institutions were selected. With the approval of the Transaction Advisers by Federal
Executive Council (FEC), the DMO said it would accelerate activities towards the issuance of the debt instrument. The resolutions of the Senate and the House of Representatives, in compliance with the DMO (Establishment, Etc.) Act, 2003 Continued on page 10
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FG: How Ransom Payments to Bandits is Escalating Insecurity Says rescue efforts on the way for kidnapped students Deji Elumoye in Abuja The federal government, Wednesday, declared that the reason it stopped negotiating
with kidnappers of students in some parts of the northern was because the bandits had been using parts of the ransom to equip and re-arm themselves
and by implication, fueling insecurity in the country. Minister of State for Education, Chukwuemeka Nwajiuba, made this known
while speaking with newsmen at the end of the weekly virtual Federal Executive Council (FEC) meeting presided over by Vice
President Yemi Osinbajo at the Presidential Villa, Abuja. Reacting to a recent viral video of some of the kidnapped students in Kaduna
State, who were being tortured by kidnappers, the Minister, who reassured Nigerians that efforts were being made to rescue the children, however, said, negotiations had to Continued on page 10
FEC Approves $11.174bn For Construction of Lagos-Calabar Coastal Rail Endorses acquisition of 20% stake in Dangote refinery Sylva: Rehabilitation of Warri, Kaduna refineries to gulp $1.484bn NNPC misses six-month revenue projection by N1.1trn Deji Elumoye and Emmanuel Addeh in Abuja The Federal Executive Council (FEC) has approved $11.174 billion for the construction of a standardgauge coastal railway from Lagos to Calabar. FEC also approved the award of two contracts to the tune of N6.2 billion and N2.31 billion, respectively, for the construction of two power substations in Jigawa and Akwa Ibom states. The council approved the acquisition of 20 per cent minority stake by the Nigerian National Petroleum Corporation (NNPC) in Dangote Petroleum and petrochemical refinery in the sum of $2.76 billion. This was as hope for the restoration of the country’s four refineries in less than eight years from now was
raised yesterday. Minister of State for Petroleum Resources, Chief Timipre Sylva, disclosed these at the end of the monthly FEC meeting in Abuja. Sylva also announced the federal government's approval of $1.484 billion for the rehabilitation of both Warri and Kaduna refineries. However, the Nigerian National Petroleum Corporation (NNPC) failed to meet its gross revenue projections in the first six months of 2021, hitting a huge deficit of N1.106 trillion during the period. Speaking to newsmen at the end of the weekly FEC meeting presided over by Vice President Yemi Osinbajo at the State House, Abuja, Minister of Information and Culture Lai Mohammed said the meeting approved Continued on page 10
AI: 115 Civilians, 21 Police Officers Killed in S’East in Four Months…Page 6
AT FEC MEETING… L–R: Secretary to the Government of the Federation, Mr. Boss Mustapha; Minister of State for Education, Chukwuemeka Nwajiuba ; Chief of Staff to the President, Ambassador Ibrahim Gambari and Attorney General of the Federation & Minister of Justice, Abubakar Malami, during PHOTO: GODWIN OMOIGUI a virtual meeting of the Federal Executive Council (FEC) at the Presidential Villa, Abuja…yesterday