$2.2bn Eurobond oversubscription by 300% pass mark for Tinubu’s reforms - Finance minister - Newstrends
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$2.2bn Eurobond oversubscription by 300% pass mark for Tinubu’s reforms – Finance minister

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Minister of Finance and Coordinating Minister of the Economy, Wale Edun
Minister of Finance and Coordinating Minister of the Economy, Mr. Olawale Edun

$2.2bn Eurobond oversubscription by 300% pass mark for Tinubu’s reforms – Finance minister

The diverse range of subscriptions from multiple investors (local and foreign) to Nigeria’s $2.2 billion Eurobonds is a testament of the confidence in President Bola Ahmed Tinubu’s economic reforms, Minister of Finance and Coordinating Minister of the Economy, Mr. Olawale Edun, said yesterday.

The Eurobond had been oversubscribed by 300 per cent by investors from the United Kingdom (UK), North America, Europe, Asia and Middle East as at yesterday.

According to the minister, the peak orderbook of $9.0 billion was an expression of continued investor confidence in Nigeria’s sound macro-economic policy framework and prudent fiscal and monetary management.

The demand for the bonds came from a combination of fund managers, insurance and pension funds, hedge funds, banks and other financial institutions.

Edun said: “The successful issuance signposts increasing confidence in ongoing efforts of President Bola Tinubu administration to stabilise the Nigerian economy and position it on the path of sustainable and inclusive growth for the benefit of all Nigerians.

“The broad range of investor appetite to invest in our Eurobonds is encouraging as we continue to diversify our funding sources and deepen our engagement with the international capital markets.”

Central Bank of Nigeria (CBN) Governor Olayemi Cardoso said the outcome underscored the growing confidence of investors and the resilience of the Nigerian credit.

He described the strong demand as Nigeria’s “improved liquidity position and continued access to international markets to support the financing needs of the government.”

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Director-General, Debt Management Office (DMO), Ms. Patience Oniha said with the successful pricing of the bond notes on intra-day basis, Nigeria has registered a landmark achievement in the international capital market.

According to her, the size of the orderbook at approximately more than four times of the offer amount, and the strong and diverse investor base helped in pricing the new bond notes.

“The DMO remains committed to maintaining transparency and open communication with investors and stakeholders and appreciates the continued confidence and support of the international and Nigerian investors who participated in the pricing.”

She added that the new notes would be admitted to the official list of the UK Listing Authority and they are available for trade on the London Stock Exchange’s regulated market, the FMDQ Securities Exchange Limited and the Nigerian Exchange (NGX)

“The proceeds from this Eurobond issuance will be used to finance the 2024 fiscal deficit and support the government budgetary needs,” Ms. Oniha said.

Nigeria mandated Chapel Hill Denham, Citigroup, Goldman Sachs, J.P. Morgan and Standard Chartered Bank as Joint Bookrunners.

FSDH Merchant Bank Limited acted as Financial Adviser on the issuance.

The Eurobond attracted about $9 billion subscriptions in overwhelming show of enthusiasm by the international capital market for long-term investments.

The Eurobond offer, launched yesterday by the Federal Government, is the first in more than two years.

It offers two tenors of a six and half years and 10 years Eurobonds. Both medium-tenor and long-tenor bonds were massively oversubscribed.

 

$2.2bn Eurobond oversubscription by 300% pass mark for Tinubu’s reforms – Finance minister

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Amnesty Int’l Condemns Canada for Abstaining from UN Slavery Reparations Vote

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Amnesty International

Amnesty Int’l Condemns Canada for Abstaining from UN Slavery Reparations Vote

Human rights organisation Amnesty International Canada has strongly criticized Canada for abstaining from a landmark United Nations vote on reparations for the harms caused by the transatlantic slave trade, describing the decision as a missed opportunity to uphold justice and defend the rights of people of African descent.

The UN General Assembly resolution, adopted on March 25, formally recognised the transatlantic trafficking and enslavement of African people over more than four centuries as the gravest crime against humanity. Spearheaded by Ghana, the resolution received 123 votes in favour, with three countries voting against—Argentina, Israel, and the United States—and 52 countries, including Canada, abstaining.

Amnesty International Canada and the Black Canadians Civil Society Coalition (BCCSC) welcomed the resolution as a long-overdue acknowledgment of historical truth and a necessary step toward reparatory justice. However, both organisations expressed disappointment that Canada chose not to support the resolution.

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Racial justice campaigner Melak Gebresilassie of Amnesty International Canada said, “Canada’s abstention is deeply discouraging. This was not a neutral act. It was a choice to step back from a moment of accountability, prioritising political comfort over moral clarity.” He stressed that the Canadian government must acknowledge historical wrongs, commit to reparatory justice, and stand in meaningful solidarity with Black communities to promote dignity, healing, and justice.

Hodan Ahmed, co-founder of the BCCSC, added that the resolution is “a powerful, necessary, and long-overdue acknowledgment of truth—one that survivors, descendants, scholars, and activists have demanded for centuries.” She emphasised that such recognition should serve as the foundation for concrete actions addressing the legacies of slavery, including systemic inequalities and discrimination that persist today.

The UN resolution also encourages participating states to explore reparations measures, including apologies, restitution, compensation, rehabilitation, and initiatives to tackle systemic racial inequalities. While non-binding, the resolution represents a critical step toward global acknowledgment of historical injustices and the promotion of international human rights.

Amnesty International Canada and its partners are urging the Canadian government to reconsider its abstention, actively support reparatory initiatives through the UN framework, and work domestically to address persistent anti-Black racism rooted in slavery and colonialism.

International observers have noted that Canada’s abstention risks undermining its moral authority on human rights issues and may signal hesitation to fully engage in the ongoing global dialogue on reparations and accountability.

Amnesty Int’l Condemns Canada for Abstaining from UN Slavery Reparations Vote

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EFCC Arrests Abuja House Agent Over ₦288 Million Property Fraud

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Economic and Financial Crimes Commission (EFCC)

EFCC Arrests Abuja House Agent Over ₦288 Million Property Fraud

The Economic and Financial Crimes Commission (EFCC) has arrested an Abuja-based real estate agent, Hajia Adama Ahmed Adamu, in connection with an alleged ₦288 million property fraud, the agency confirmed on Wednesday.

According to the EFCC, operatives of its Ilorin Zonal Directorate apprehended Adamu following a petition from a complainant, Alhaji Tanko Yawale, who alleged that the agent collected the funds under the pretext of facilitating the purchase of a property at House 31, Haile Selassie Street, Asokoro, Abuja.

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“Following the payment, Hajia Adamu allegedly failed to provide valid property documents and became evasive, raising suspicion and prompting a formal petition to the EFCC,” the commission stated on its official X handle.

Property-related fraud continues to be a recurring concern in Nigeria’s real estate sector, particularly in major cities like Abuja, where unsuspecting buyers often fall victim to agents posing as legitimate intermediaries. In response, the EFCC has intensified enforcement against land and housing scams, urging Nigerians to verify ownership and documentation before making payments.

The suspect is currently in EFCC custody as investigations continue. The commission also reiterated a warning to the public to remain vigilant against fraudulent property schemes and to report any suspected cases promptly.

EFCC Arrests Abuja House Agent Over ₦288 Million Property Fraud

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Alkali resigns as Transport minister to chase Gombe governor’s seat

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Alkali resigns as Transport minister to chase Gombe governor’s seat

 

The race for Gombe State’s Government House has officially claimed its latest heavyweight contender. Saidu Ahmed Alkali has stepped down from his role as the Minister of Transportation to focus entirely on his 2027 governorship bid.

Alkali’s exit follows a high-profile meeting with President Bola Tinubu at the Presidential Villa on Tuesday.

His departure was formalized via a circular from the Office of the Secretary to the Government of the Federation (SGF), Senator George Akume.

The move is not just about personal timing; it’s about legal compliance. Alkali is adhering to:

* Section 88(1) of the Electoral Act, 2026: Which mandates officials to vacate office before seeking elective posts.

* The INEC Timetable: With party primaries for the 2027 elections looming, the window for transition is closing.

* Presidential Directive: President Tinubu has been firm that any cabinet member eyeing an elective seat must resign before the primary process begins.

Alkali, a veteran politician and former Senator for Gombe North, is now the third member of the Federal Executive Council (FEC) to trade their ministerial portfolio for a campaign trail.

His resignation leaves a vacancy in the Ministry of Transportation at a critical time for the nation’s infrastructure projects, but signals a tightening of the political battlefield in Gombe.

The circular confirming the development was issued by the Permanent Secretary, General Services Office, Ibrahim Kana.

The circular stated that the directive “followed the provisions of Section 88(1) of the Electoral Act, 2026, as well as the timetable released by the Independent National Electoral Commission (INEC) for party primaries ahead of the 2027 election.”

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