PENTALK360 
The federal government has successfully raised more than $900 million from its first domestic dollar-denominated bond issuance, significantly surpassing expectations.
Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, announced the results on Tuesday, noting that the bond was oversubscribed by over 180 percent. Initially, the government had offered a $500 million FGN bond for subscription at $1,000 per unit on August 20.
Edun described the successful issuance as a testament to investors’ confidence in Nigeria’s economic stability and future growth. He emphasized that the proceeds would be directed toward critical sectors of the economy, as approved by President Bola Tinubu.
“This demonstrates the government’s commitment to diversifying funding sources and promoting sustainable economic growth,” Edun said. He added that the positive response from investors further highlights the country’s promising economic outlook.
Patience Oniha, Director-General of the Debt Management Office (DMO), also expressed gratitude to the partners involved in the transaction. The Africa Finance Corporation acted as the global coordinator, while United Capital Plc served as the lead issuing house. Other partners included Meristem Capital Limited, Stanbic IBTC Capital Limited, and Vetiva Advisory Services Limited.
“We are thankful to our legal partners, Olaniwun Ajayi LP and G. Elias, and financial advisers, Constant Capital Markets and Securities Limited and Iron Global Markets Limited, for their expertise,” Oniha said. She further praised the participation of diverse investors, which she believes reflects the growing maturity of Nigeria’s domestic fixed-income market.
Oniha concluded by stating that the DMO was delighted with the results, which she described as a landmark achievement for Nigeria’s financial sector.
