. As Nigeria redeems $300m diaspora bond
President Muhammadu Buhari has reappointed Patience Oniha as the Director-General of the Debt Management Office (DMO). The renewal takes effect from July 1st.
In a statement yesterday, Senior Special Adviser to the President on Media and Publicity, Garba Shehu, said the reappointment was in accordance with Section IV (9-i) of the DMO (Establishment ETC) Act, 2003.
The statement reads: “Her appointment for a second term was based on the significant achievements recorded by the DMO in the last five years, under her leadership.
“Amongst the achievements are the introduction of Sukuk and Green Bonds to finance the development of infrastructure where there is a huge gap.
“Under her watch, as part of the initiatives to improve the sustainability of the public debt and opening up avenues for raising long-term funds for corporates, the DMO introduced long-term bonds with tenors of 30 years in the domestic and international markets.
“This is aside from attracting diverse investors including retail investors to the FGN bond market.
“Internally, Ms. Oniha introduced reforms to strengthen the DMO, as a critical agency in the public finance ecosystem of the country.”
Under her watch, as part of the initiatives to improve the sustainability of the public debt and opening up avenues for raising long-term funds for corporates, the DMO introduced long-term bonds with tenors of 30 years in the domestic and international markets.
Diaspora bond
As a sign of commitment to promptly honour its debt obligations always, Nigeria has redeemed its $300 million Diaspora Bond, which matured on June 27.
A statement posted on the DMO’s website on Tuesday, said the Diaspora Bond was issued on June 27, 2017, for a tenor of five years in the International Capital Market.
It said Nigeria had earlier redeemed a $500 million Eurobond in 2021, adding that proceeds from the Diaspora bond were used, partly, to finance the deficit in the 2017 budget.
The Diaspora bond also created an opportunity for Nigerians in the diaspora to invest in their home country.
“With the redemption of $500 million Eurobond in January 2021, and recently the $300 million Diaspora bond, the government has increased investors’ confidence.
“It shows the country’s commitment and ability to fulfil its debt obligations at maturity, thereby reinforcing its presence in the International Capital Market,” it said.
