Nigeria appoints transaction parties for $1bn Euro Bond

Timothy Choji, Abuja

Nigeria has appointed transaction parties for the one billion dollar Euro bond, to facilitate the funding of the 2016 budget.

Minister of Finance, Kemi Adeosun stated this while briefing newsmen at the end of Wednesday’s Federal Executive Council meeting presided over by President Muhammadu Buhari.

She said those appointed would be Nigeria’s parties for the next three years.

“Those transaction parties were City Group, Standard Chartered Bank, Stanbic IBTC and Africa Practices Communications advisers,” she announced.

The Eurobond is part of the country’s plans to borrow from abroad in order to locally fund an expected budget deficit of N2.2 trillion.

The Minister said the process would commence in January 2017 and a certificate of no objection has already been obtained from the Bureau for Public Procurement BPP for the appointment of all the parties.

“The one billion Euro Bond programme is part of the funding for the 2016 budget and we hope to be able to commence that process in January. We obtained a certificate of no objection from BPP for the appointment of those parties, having undertaken a fully competitive open tender process,” she said.

Ministers at Wednesday's meeting
Ministers at Wednesday’s meeting

Meanwhile, the Environment Minister, Amina Mohammed said the Council approved some amendments to Gazette for the establishment of the Hydrocarbon Pollution Restoration Project.

She said the move would give the needed legal backing for the cleanup exercise in the Niger-Delta region.

“The Memo I took to Council was to finalise the amendments to the Gazette for the establishment of the Hydrocarbon Pollution Restoration Project HYPREP, which is the vehicle that is supposed to house all the governing structures to allow us to do the cleanup in the Niger-Delta,” Mrs Mohammed stated.

fec-meeting3

She also said the move to amend the Gazette became necessary because the previous Gazette did not make provision for some of the governing structures like the Board of Trustees and the Governing Board that should be held accountable for any shortfall or mismanagement of funds earmarked for the cleanup exercise.

The Minister further added that the building of the centre of excellence and integrated soil treatment centre as well as training for women and the youth in the Niger-Delta would commence early next year.

Omolayo.A