News
$2.2bn Eurobond oversubscription by 300% pass mark for Tinubu’s reforms – Finance minister
$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.”
READ ALSO:
- Heavens won’t fall over passage of tax reform bills – Senator Dickson
- Kogi varsity student dumped by suspected ritualists found wandering in Ilorin – NSCDC
- US announces new $725m arms package for Ukraine
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
News
JUST IN: Tinubu arrives Abu Dhabi for sustainability week
JUST IN: Tinubu arrives Abu Dhabi for sustainability week
President Bola Ahmed Tinubu arrived in Abu Dhabi in the early hours of Sunday to participate in the 2025 edition of Abu Dhabi Sustainability Week (ADSW).
President Tinubu touched down at 2:14 a.m. local time and was received by Sheikh Shakhboot Nahyan Al Nahyan, UAE’s Minister of State in the Ministry of Foreign Affairs.
Themed “The Nexus of Next: Supercharging Sustainable Progress,” this year’s ADSW summit will see President Tinubu highlighting Nigeria’s achievements and reforms in energy sufficiency, transportation modernization, public health improvements, and economic development.
READ ALSO:
- Police worry over increasing number of missing persons in Ogun
- Killers of Uber, Bolt drivers nabbed in Lagos
- How female passenger narrowly escaped lynching after grounding Abuja-bound flight
His presence underscores Nigeria’s commitment to tackling global challenges through sustainable and cooperative strategies.
During the summit, the President is expected to hold bilateral discussions with UAE leaders, focusing on strengthening ties and exploring shared opportunities.
President Tinubu is accompanied by Minister of Foreign Affairs Ambassador Yusuf Tuggar and other senior officials.
He is slated to return to Nigeria on Thursday, January 16.
ADSW 2025, a globally recognized event for sustainability innovation, brings together business leaders and civil society representatives to advance sustainable development and foster economic progress.
Over its 15-year history, the summit has established itself as a key platform for forging partnerships and driving impactful initiatives in clean energy and global growth.
JUST IN: Tinubu arrives Abu Dhabi for sustainability week
News
Delta Gov Oborevweri sacks commissioner for information
Delta Gov Oborevweri sacks commissioner for information
Delta State Governor, Chief Sheriff Oborevweri, has sacked his Commissioner for Information, Dr Ifeanyi Osuoza.
The governor has reportedly directed the state Commissioner for Works (Rural roads), Charles Aniagwu, to take over the affairs of the ministry.
Director General, Delta State Bureau for Orientation and Communication, Dr. Fred Latimor Oghenesivbe, confirmed the development.
“Charles Aniagwu will take over the two ministries (Works and Information) for the meantime,” he stated.
It was learnt that Osuoza was sacked after a series of complaints of alleged incompetence.
Aniagwu had served as Chief Press Secretary (CPS) and Commissioner for Information during ex-Governor Ifeanyi Okowa’s eight year tenure.
News
Tinubu to Mahama: You can count on Nigeria’s support
Tinubu to Mahama: You can count on Nigeria’s support
President Bola Tinubu of Nigeria has assured Ghana’s newly inaugurated President, John Dramani Mahama, that he can count on Nigeria’s support.
The remark was made on Tuesday during Mahama’s inauguration ceremony at the Black Star Square in Accra.
He noted that Ghana has answered the question of whether Africa is capable of democratic and productive endeavors, and that it is time for Africa’s critics to stop asking the continent to prove itself.
The Nigerian president emphasized the importance of African unity and cooperation, adding that the legacy of Ghana’s first President, Osagyefo Dr. Kwame Nkrumah is a guiding spirit for African progress. Tinubu urged African nations to avoid conflict and choose peaceful dialogue to resolve differences while resisting external forces that seek to divide them.
Addressing Mahama, Tinubu said, “My dear brother, I am here to work with you. You know you can count on Nigeria’s support at any given time you call on me. We are your brothers and sisters. We shall always be there for you.”
Tinubu’s remarks read:
It is always good when a friend and brother can visit the home of a close neighbour to celebrate his success and progress with him.
READ ALSO:
- Container falls on tricycle in Ogbomoso, three die
- Police arrest ex-convict, two others plotting to burgle Minna shop
- Family of 4 perishes in Abuja car accident
We celebrate African Democracy today as Ghana and her beloved people mark the transition from one democratic government to another. This moment does more than symbolise another milestone in the evolution of Ghanaian democratic society. It lays to bed the question of whether Ghana and Africa are capable of democratic and productive endeavours. Ghana has answered that question resoundingly. It is time that Africa’s critics stop forgetting the strides your nation, Nigeria and others have made by continuing to ask us to prove ourselves. We have nothing to prove to anyone except ourselves. We have found the critical path to our success. We shall lift our nations out of poverty and build a resilient economy at our own pace.
Today, I am here not only as the President of Nigeria but also as an African in resolute support for Ghana and her people. This moment is a source of pride and honour for you, the entire Continent, and its Diaspora.
The sun is out, and the sky says daylight, but I see today a Black star rising high in the African sky. This black star shines over this nation, and its rays spread across this Continent with a sense of shared history, hope, compassion, unity, and devotion to our common welfare.
While others may seek to demean Africa and keep brother pitted against brother, that shining star reminds us of who we are. Better yet, it reminds us of who we can be. That star means that we shall always strive to work together. Even when we disagree, we shall dialogue and discuss until we reach an agreement. Never, never shall we harm others and never allow any outsider to hurt us or disrupt the unity for which so many of our heroes gave their sweat, blood, and very lives to achieve.
READ ALSO:
- Eyewitness claims student brought bomb in Abuja school explosion
- Bayelsa boat mishap: Navy rescues 9, recovers rifles
- NYSC DG tells Corps members to expect N77k monthly stipend soon
The spirit of Ghana’s first President, Osagyefo Dr. Kwame Nkrumah, is here today, lifting that star higher and higher. Just as Ghana draws inspiration and a well of strength from Kwame Nkrumah and many of its past leaders, Nigeria similarly draws inspiration from its founding leaders who not only fought for her independence but also cherished the close relationship between our two nations.
May we always walk in the way and the spirit of these enlightened leaders.
Ghana is in harmony with that spirit, and President John Mahama’s inauguration today reflects that.
Your new president is a man of patriotic vision and substance. He loves his nation and its people to the core. He believes that your nation has a mission and intends for you all to fulfil it. No one can ask more of a leader than that.
President John Mahama and I share a deep friendship. My dear brother, I am here to work with you. You know you can count on Nigeria’s support and goodwill whenever needed. We are your brothers and sisters. The bond is strong and cannot be broken.
May your administration be a profound success and progress for you, Ghanaians, and our entire region.
I am confident that the new government, under the leadership of President John Mahama, will work with Nigeria to strengthen this powerful bond, leading to greater shared prosperity for our people. I have no doubt that your administration will bring about positive change and progress.
Your ascension to power should also mark a new and invigorated momentum in pursuing subregional integration and progress. With laser focus, we can tackle our people’s most pressing concerns: poverty, youth unemployment, instability, insurgency, and many other problems hampering our desired progress.
May Ghana’s democracy continue to grow stronger. May progress and prosperity be your portion. Let us all look forward to a future filled with hope, opportunity, and prosperity.
God bless Ghana and its Beloved People.
God bless Nigeria and its Beloved People
God bless ECOWAS
God bless our Beloved Africa.
I thank you for your kind attention.
Tinubu to Mahama: You can count on Nigeria’s support
-
Politics19 hours ago
Just in: Lawmakers impeach Lagos Speaker Obasa
-
metro3 days ago
BREAKING: National grid records first collapse in 2025
-
metro15 hours ago
Gospel singer Temileyin caught with severed head of girlfriend in Abuja
-
Education2 days ago
Turkey offers scholarships for Int’l students without IELTS requirement (See details)
-
metro20 hours ago
Ibadan stampede: Finally, court grants Naomi, Oriyomi, principal bail
-
metro16 hours ago
5 things you need to know about 44-year-old Mojisola Meranda, 1st Lagos Assembly female speaker
-
metro2 days ago
Peter Obi makes u-turn over his comment on alleged national grid collapse
-
metro19 hours ago
Makinde presents staff of office to new Alaafin [Photos]