Nigeria’s $3 Billion 144A Bond Offering

Banwo & Ighodalo and White & Case LLP advised the Federal Republic of Nigeria on the update of its US$4.5 billion Global Medium Term Note Programme and subsequent issuance of US$3 billion aggregate principal amount of dual series notes thereunder.

The Notes, which were issued on 28 November 2017, comprise a US$1.5 billion ten-year series (6.500% coupon) and a US$1.5 billion 30-year series (7.625% coupon), bringing the total amount issued in 2017 under the Republic’s Programme to US$4.5 billion.

The Notes were offered pursuant to Rule 144A and Regulation S and are listed on the London Stock Exchange. The transaction attracted significant interest from leading global institutional investors and was nearly four times oversubscribed, reflecting the continued confidence in credits from sub-Saharan Africa. The Notes constitute the Federal Republic of Nigeria’s fourth Eurobond issuance, following issuances in 2011, 2013 (two series) and earlier in 2017, on which White & Case also advised. Proceeds from the Notes will be used by Nigeria to fund its budgeted expenditures and refinance its domestic debt.

The White & Case team in London which advised on the transaction was led by partners Stuart Matty (Picture) and Melissa Butler and included associates Paul Gallup and Jessica Oliver. Banwo & Ighodalo advised the Republic on Nigerian law, with a team led by partners Asue Ighodalo and Azeezah Muse-Sadiq and supported by Oluwatoni Numa.


Involved fees earner: Asue Ighodalo – Banwo & Ighodalo; Azeezah Muse-Sadiq – Banwo & Ighodalo; Oluwatoni Numa – Banwo & Ighodalo; Stuart Matty – White & Case; Melissa Butler – White & Case; Paul Gallup – White & Case; Jessica Oliver – White & Case;

Law Firms: Banwo & Ighodalo; White & Case;

Clients: Republic of Nigeria;



Author: Andrea Canobbio