Controversy Erupts As Tinubu’s Finance Minister, Wale Edun’s Chapel Hill Denham, Others Secure Lucrative Contracts To Advise Nigeria On $1 Billion Eurobond To Meet Unnecessary Spending Needs

Controversy Erupts As Tinubu’s Finance Minister, Wale Edun’s Chapel Hill Denham, Others Secure Lucrative Contracts To Advise Nigeria On $1 Billion Eurobond To Meet Unnecessary Spending Needs....KINDLY READ THE FULL STORY HERE▶

Written By Oshiobugie John

In a move to address Nigeria’s spending requirements, the largest oil-producing nation in Africa is poised to explore external borrowing options, potentially raising up to $1 billion in 2024. READ THE FULL ARTICLE HERE

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According to sources familiar with the matter, Nigeria has enlisted the expertise of prominent investment banks such as Citigroup Inc., JPMorgan Chase & Co., and Goldman Sachs Group Inc. to provide counsel on its forthcoming eurobond issuance, marking the country’s first since 2022.

While the exact size of the eurobond issuance remains undetermined, Bloomberg reports that the offering is anticipated to materialize before June, as per undisclosed sources close to the negotiations.

Additionally, Nigeria has enlisted the services of Standard Chartered Bank and the Lagos-based Chapel Hill Denham as key advisors for the initiative.

Wale Edun, serving as Nigeria’s Minister of Finance and Coordinating Minister of the Economy, boasts a significant association with Chapel Hill Denham Group, a distinguished investment banking, securities trading, and investment management firm.

Described on its official platform, Chapel Hill Denham offers comprehensive advisory services to a diverse clientele, spanning financial institutions, multinationals, and governmental bodies.

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Notably, in June 2023, the establishment of the Energy Transition & Access Facility for Africa (ETAFA) was announced through a collaboration between the Global Energy Alliance for People and Planet (GEAPP) and Chapel Hill Denham. ETAFA, serving as an innovative financing vehicle, is earmarked to allocate US$50 million to support distributed renewable energy (DRE) projects in Nigeria.

With Nigeria’s fiscal landscape in focus, President Tinubu recently ratified a N28.7 trillion budget for the 2024 fiscal year, reflecting a deficit of N9.8 trillion. Consequently, financing through borrowing avenues becomes imperative to bridge the budgetary gap. Notably, the 2024 budget stands 26% larger than its 2023 counterpart, as presented during the tenure of former President Muhammadu Buhari.