The Federal Government of Nigeria has approved the appointment of Financial Managers for Nigeria’s five hundred million dollars bond issuance in the International Capital Market.
They are the Deutsche Bank AG and the CitiGroup Global Market Limited.
The Federal Executive Council (FEC) had, on September 1, 2010, ratified President Goodluck Jonathan’s anticipatory approval of the $500million and had appointed White and Case, London and Banwo/Ighodalo, Nigeria, as legal advisers while Barclays Capital, London and FBN Capital, Nigeria as financial advisers.
While briefing newsmen after the weekly FEC meeting, the Minister of Information and Communications, Dora Akunyili, said National Council gave the approval following an extensive consultation. “After deliberation, the Council approved that Deutsche Bank AG and CitiGroup Global Markets be appointed as joint book runners to the $500 million 10-year sovereign bond issuance, in the sum of $650,000.00 to the government,” she said.
She further disclosed that the Council “also approved that the Debt Management Office should execute the relevant engagement letters on behalf of the Federal Government with Deutsche Bank AG and CitiGroup Global Market”. Prof. Akunyili also said Council gave approval for the implementation of integrated payroll and personnel information system phase 11 at a cost of N2.1 billion.
In another development, the Federal Government has approved over fifty-three billion naira for the construction of roads in some parts of the country.
These were some of the key decisions taken by the Federal Executive Council at its meeting in Abuja.
Radio Nigeria Correspondent reports that some key Contracts in the Power Sector and the Nigerian Immigration Service were also approved.
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