Chief Correspondent; Nigeria
Nick's Feed
Jan 21, 2011

Nigeria’s debut Eurobond seen oversubscribed -sources

LAGOS, Jan 21 (Reuters) – Nigeria’s $500 million debut
Eurobond is likely to be oversubscribed, with bids pointing to a
yield of 6.5-7.0 percent, sources close to the deal told Reuters
on Friday.

The final subscription for the 10-year bond will be known
once book building closes, with pricing due later on Friday.

Jan 18, 2011

Nigerian militants threaten attacks on oil sector

LAGOS, Jan 18 (Reuters) – A Nigerian militant group on
Tuesday threatened attacks on fuel depots, telling residents
and workers to move away and saying it would also hit vehicles
transporting petroleum products.

The Movement for the Emancipation of the Niger Delta (MEND)
warned in a statement emailed to news organisations of a
“ferocious attack” in response to “the handling of the arrest
and detention of our respected brothers”.

Jan 14, 2011

Q+A-Implications of Nigerian president’s primaries win

LAGOS, Jan 14 (Reuters) – Nigerian President Goodluck
Jonathan clinched victory in the ruling party primaries by a
wider margin than many expected on Friday, although he faced
resistance from some parts of the mostly Muslim north.

The win makes him the firm favourite for April elections,
which could see him become the first elected head of state from
the restive Niger Delta, home to Africa’s biggest oil and gas
industry and the nation’s economic powerhouse. [ID:nLDE70D00D]

Jan 9, 2011

Crux time for Nigeria as election cycle begins

LAGOS (Reuters) – Nigeria enters the most important three months of its recent political history this week, beginning elections which could chart its path for further reform or plunge its most volatile regions back into violence.

The build-up to presidential, parliamentary and state governorship elections in April risks exposing ethnic and religious fault lines in the African giant, whose more than 200 ethnic groups generally live peacefully side by side.

Jan 7, 2011

Nigeria sees Eurobond, wealth fund before polls

LAGOS, Jan 7 (Reuters) – Nigeria plans to go ahead with its
delayed $500 million debut Eurobond in two to three weeks and
expects a bill to create a sovereign wealth fund to pass under
the current administration, the finance minister said on Friday.

Africa’s top crude oil exporter first announced plans to
borrow in the international bond market in September 2008 but
has put the issue on hold several times, most recently in
December, citing adverse market conditions.

Jan 6, 2011

Nigerian election rivals lock horns over economy

LAGOS (Reuters) – The two main rivals in Nigeria’s ruling party have locked horns over the country’s dwindling oil savings and the state of its public finances, putting the economy back in the spotlight a week ahead of the primaries.

President Goodluck Jonathan’s administration had spent the past few weeks defending itself against accusations that it has not done enough to guarantee national security, after bomb blasts in the capital Abuja and the central city of Jos.

Jan 6, 2011

Nigeria’s Lagos governor endorsed for second term

LAGOS (Reuters) – Nigeria’s Lagos state governor has been endorsed to run for a second term by his party, ending speculation that rivals might try to force him from what is arguably the most important political job outside the capital.

Babatunde Fashola will be the sole candidate for the Action Congress of Nigeria (ACN) party at the state governorship polls on April 13, party spokesman Lai Mohammed said. The party has run the state since Nigeria’s return to democracy in 1999, and its official candidate is not expected to face a serious rival.

Jan 4, 2011

Key political risks to watch in Nigeria

LAGOS, Jan 4 (Reuters) – Nigerian President Goodluck
Jonathan is waging a tough battle ahead of the presidential
primaries in two weeks time, a contest whose outcome could shape
the political and economic landscape for the next few years.

A wave of violence over Christmas and New Year, including a
fatal bomb attack in the capital Abuja, will test the strength
of Jonathan’s resolve as his opponents look to exploit any sign
of weakness ahead of the primaries. [ID:nLDE70101O]

Dec 10, 2010

Nigeria to postpone debut Eurobond – sources

LAGOS, Dec 10 (Reuters) – Nigeria is likely to delay a debut
$500 million Eurobond originally planned for this year because
of volatility in global markets, sources familiar with the
transaction said on Friday.

Sub-Saharan Africa’s second-biggest economy had planned a
roadshow to the United States next week and aimed to complete
the issue by the end of the year, but the plans were put on hold
at the eleventh hour because of market volatility due partly to
the debt crisis in Europe, sources said.

Dec 9, 2010

Nigeria leader had doubts over poll bid: WikiLeaks

LAGOS (Reuters) – Nigerian President Goodluck Jonathan had doubts this year about whether he would stand in elections next April, saying his focus was organizing credible polls, according to a leaked U.S. diplomatic cable.

The cable, obtained by WikiLeaks and published by Britain’s Guardian newspaper, says Jonathan told then-U.S. Ambassador Robin Sanders in February that he would only consider running if and when those around him sought to persuade him to do so.

    • About Nick

      "Based in Lagos since early 2008, responsible for coverage of Africa's most populous nation. Previously based in Senegal for four years, covering West and Central Africa, and before that in Germany and Britain."
    • Follow Nick