DMO reacts as Edun’s Chapelhill reportedly gets $1 billion Eurobond deal

A report by Bloomberg on Thursday, March 14, 2024, said President Bola Tinubu plans to make the Nigerian economy attractive to investors by issuing Eurobonds after two years.

According to the report, the Nigerian government hired Chapel Hill Denham, an investment and securities trading company founded by Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun and Standard Chattered Bank to advise the government on best strategies to deploy the bond after two years hiatus.

DMO debunks report

However, quickly responding to the report, the Debt Management Office (DMO) debunked claims that Edun’s company has secured a Transaction Adviser deal for the next Eurobond.

The DMO said the media report Chape Hill had been chosen for the transaction was incorrect.

DMO statement said: The statement reads in full, “The Debt Management Office (DMO) would like to clarify that recent news reports suggesting the appointment of Transaction Advisers for a potential Eurobond issuance are inaccurate.

“The appointment of Transaction Advisers by the DMO is done following the provisions of the Public Procurement Act, 2007 and is subject to the approval of the Federal Executive Council (FEC).

“Also, the Issuance of Eurobonds by the Federal Government of Nigeria in the International Capital Market is subject to the approval of the FEC and receipt of the Resolution of the National Assembly (NASS) by the provisions of the Fiscal Responsibilities Act, 2007 and Debt Management Office (Establishment, Etc.) Act, 2003. Currently, the DMO has not received the requisite approvals from the FEC and Resolution of the NASS for any Eurobond Issuance.


“We encourage the public to rely on official statements from the DMO for accurate updates on Nigeria’s debt management activities.”

It was reported that Chapelhill would receive $1 billion as a fee for acting as Transaction Adviser in the deal.