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Capital Markets

Deals of the year 2007: Nigeria clears the decks

Nigeria completed the clearing of its international private debt in March, ­leaving the way clear for new debt issuance on favourable terms across Africa.

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Name of issuer: Republic of Nigeria
Size of tender: offer to purchase up to $1.7 billion of oil warrants
When issued: March 2007
Lead manager/adviser: Citi

Technically, the resolution of Nigeria’s London Club debt, advised by Citi, started at the end of 2006, although it was completed in 2007. Events are never entirely straightforward in Nigeria, a country that moves to its own beat and timescale – just ask anyone who has been for a meeting in Lagos.

Moreover, you could argue that concluding a London Club deal was just the final part of a jigsaw that took nearly eight years to complete. According to Greg Makoff, managing director and head of emerging markets liability management at Citi in New York, there is no other way to look at it.

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