Short takes

Eurobond

$1 bn

Nigeria has appointed Citigroup, Standard Chartered Bank and Stanbic IBTC Bank as advisers on its planned $1 billion Eurobond, Finance Minister Kemi Adeosun said last week.

President Muhammadu Buhari’s cabinet approved the appointment of the advisers last Wednesday following the finance minister’s presentation. They also appointed legal advisers on the deal, Adeosun told reporters.

Mega Deal

$11 bn

Commodity trader Glencore Plc and Qatar’s sovereign wealth fund agreed to buy a 10.2-billion euro ($11 billion) stake in Russia’s largest oil producer from the state.

The surprise deal gives the buyers a 19.5 percent stake in Rosneft PJSC which pumps almost 5 million barrels a day.

The deal is the biggest foreign direct investments in the energy space globally, as QIA and Glencore, join BP which is already a shareholder.

Overdraft

+50%

In Full Year 2016, Central Bank of Nigeria (CBN) lending to the Federal Government of Nigeria (FGN) will exceed 50 percent of the previous fiscal year’s revenue, according to Renaissance Capital estimates.

This is higher than the cap of 5 percent stipulated in the CBN Act of 2007 (Section 38.2).