Dabiri-Erewa urges Nigerians to buy in to $300 million Diaspora bond

Senior Special Assistant to the President on Foreign Affairs and Diaspora, 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 by her Media Assistant, Abdurrahman Balogun, said 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 the Diaspora bond is being rolled out to the benefits of Nigerians, adding that it was a unique way of boosting the interest of Nigerians living outside the country to participate in the developmental projects back home.

The Minister of Finance, Kemi Adeosun, had in February, assured that the Diaspora Bond would be rolled out by the DMO, which coordinates the management of Nigeria’s debt.

The DMO on its part, said application would be made for the bonds to be admitted to the official list of the U.K. Listing Authority, and the London Stock Exchange (LSE) Plc, to ensure that the bonds were admitted to trading on the 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 U.K., 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 the 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, believe that Nigerians abroad would want to support development in their homeland.