Dabiri-Erewa urges Nigerians to buy in to $300 million diaspora bond
Senior Special Assistant to the President on Foreign Affairs and Diaspora, Honourable Abike Dabiri-Erewa, has advised Nigerians to take advantage of the first ever Diaspora offer by buying into the bond.
Dabiri-Erewa in a statement issued yesterday by her Media Assistant, Abdurrahman Balogun, stated that the Diaspora bond, while providing opportunity for Nigerians in the Diaspora to participate in the development of the country, would serve to finance Capital Projects.
The Debt Management Office (DMO) had announced the commencement of a global offering of Nigeria’s first Diaspora Bond by filing a registration statement for the bonds with the U. S. Securities and Exchange Commission.
Dabiri-Erewa noted that her office as well as the Nigerians in the Diaspora were excited as the first ever Diaspora bond is being rolled out to the benefits of Nigerians.
She added that it was a unique way of boosting the interest of Nigerians in the Diaspora to participate in the developmental projects back home. The Minister of Finance, Mrs. Kemi Adeosun, had in February, assured that the Diaspora Bond would be rolled out by the DMO.
The DMO on its part, stated that application would be made for the bonds to be admitted to the official list of the UK Listing Authority and the London Stock Exchange Plc, to ensure that the bonds were admitted to trading on the London Stock Exchange’s regulated market.
It said: “The bonds will be direct general obligations of Nigeria and will be denominated in U.S. dollars. The international Joint Lead Managers are Bank of America Merrill Lynch and The Standard Bank of South Africa Limited.
“The Nigerian Joint Lead Managers are First Bank of Nigeria Limited and United Bank for Africa Plc,’’ it said. The DMO added that there would be a series of investor meetings in the UK, the U. S. and Switzerland from June 13, and that the pricing was expected to occur following the investor meetings and subject to market conditions.
As part of measures to fund Capital Expenditures, the Federal Government had in February, announced its offering of $1billion Euro Bond under its newly-established one billion dollars Global Medium Term Note programme.
Dabiri-Erewa , who was excited that the National Assembly approved the Diaspora Bond, believed that Nigerians abroad would want to support development in Nigeria.