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Nigeria floats $2.5 billion dual Eurobonds

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The Federal Government has floated 2.5 billion dollars aggregate Eurobonds under its Global Medium Term Note Programme.

A statement obtained from the website of Debt Management Office (DMO) on Friday in Abuja, said that the bonds comprised 1.25 billion dollars 12-year series and 1.25 billion dollars 20-year series.

The 12-year series has interest rate of 7.14 per cent, while the 20-year series has 7.69 per cent interest rate which will be repaid on maturity.

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According to the statement, the offering is expected to close on or about February 23 subject to the satisfaction of various customary closing conditions.

The statement said that the offering had attracted significant interest from leading global institutional investors with a peak order of over 11.5 billion dollars.

Ms Patience Oniha, the Director General of DMO, said the successful pricing of the fifth Eurobond had conferred on Nigeria the status of issuer of Eurobonds with a strong and diverse investor base.

“This time Nigeria has priced a new 12-year bond at a yield of 7.14 per cent and a 20-year bond at a yield of 7.69 per cent, both of which are consistent in price with our existing portfolio.

“I am particularly pleased that the issuance will enable us to refinance a portion of our existing domestic debt portfolio with external debt at considerably lower cost.

“Also, the impact of the process has already led to a reduction in the cost of domestic borrowing, and so a double benefit for the cost of our broader debt portfolio.

“Lower domestic rates will also benefit corporate borrowers,” she said.

Mrs Kemi Adeosun, the Minister of Finance, said the proceeds of the issuance would be used to re-finance domestic debt.

The notes represent Nigeria’s fifth Eurobond issuance, following issuances in 2011, 2013 and two in 2017.

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PM Abiy reiterates Ethiopia’s decision over latest clampdown.

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Ethiopian Prime Minister Abiy Ahmed has finally spoken on ongoing anti-corruption and rights abuse clampdown stating that there was not going to be any backing down let alone retreat.

A statement from the Abiy’s office issued in Amharic tasked citizens to rally behind the development as a means of ridding the country of lawlessness and criminal elements.

State-affiliated FBC reported that the statement titled, ‘Let’s Fight (the) Cancer,’ said the government was bent on bringing people behind injustices to book.



The statement said the underlying objective of recent arrests was to get rid of Ethiopia criminals. “… criminals do not care about ethnicity, country, or morality; they only care for themselves.

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“The key to justice is to create a system for innocent citizens to live in freedom and dignity while criminals are held accountable and punished in accordance with the law,” the statement read in part.

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Since early this week, authorities have announced the arrest of over sixty former military and intelligence officials arrested in connection with rights abuse in prisons and gross corruption in the military run business conglomerate, Metals and Engineering Corporation, MetEC.

A former head of MetEC, Kinfe Dagnew; and a former intelligence chiefs, Tekleberhan Woldearegay and Yared Zerihun have all been detained and put before courts in the capital, Addis Ababa.

Head of security at the state monopoly, Ethio Telecom, Gudeta Olana, has also been arrested as has head of the entity and brother of ex-MetEC boss, Essayas Dagnew.

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New Zealand denies refusing refugees with holiday visas entry.

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New Zealand’s Prime Minister, Jacinda Ardern, on Friday, rejected allegations that the country’s government was blocking refugees who wished to travel into the country from Nauru on visitor visas.

Nauru’s president, Baron Waqa, also claimed in an interview with Australian media that he had also personally brokered a deal for New Zealand to accept 80 refugees currently located on the island.



“It’s incorrect to say that there is some kind of agreement for 80 specific individuals to take residence or visit,’’ Ardern told media at the East Asia Summit in Singapore.

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“The request did not ask about whether refugees could visit New Zealand on holiday visas,’’ he added.

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The country assessed all applications for visitor visas on a case-by-case basis. This applies regardless of a person’s country of origin or nationality.

The country is under pressure to transfer the remaining 30 children from the island.

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