Nigeria’s hybrid roadshow with investors on Thursday, held to discuss its $500 million domestic dollar bond, took an unexpected and shocking turn when the Zoom livestream was briefly interrupted by a man masturbating loudly during the question-and-answer session.
The incident caused immediate confusion and embarrassment, especially among online participants, leading to the abrupt termination of the livestream.
The video feed was restored shortly after, as the physical event, which was organised by the Debt Management Office (DMO), in Lagos continued. However, the incident raised serious concerns about the security and management of the virtual event.
TheWitness was unable to confirm whether the disturbing video was the result of an error by the individual managing the livestream or if it was the work of a hacker.
TheWitness earlier reported that the Federal Government of Nigeria launched its Series I Domestic USD Bond, as it hopes to raise at least $500 million from local and international investors.
According to the auction circular seen by TheWitness, the federal government hopes to double its offer amount as it targets $1 billion in subscriptions through this bond auction.
According to the circular, the bond program has a total size of up to $2.0 billion, which can be upsized depending on the issuer’s discretion.
The bond has a five-year tenor, offering a medium-term investment opportunity for investors looking for stable returns.
It was also stated that the bond’s coupon rate is benchmarked to comparable FGN Eurobonds yields, ensuring competitive returns that align with international market standards.
Interest payments will be made semi-annually, providing regular income streams to investors and enhancing the bond’s appeal.
The bond offers bullet repayment at maturity in US dollars, ensuring full repayment of the principal amount at the end of the five-year term.
The bond is open to Nigerians and non-Nigerians resident in Nigeria, Nigerians in the Diaspora, and Qualified Institutional Investors.
Also, it qualifies as an investment option for pension funds, broadening its investor base and ensuring widespread participation.
Investors can subscribe with a minimum amount of $10,000, with additional investments in multiples of $1,000 thereafter.
TheWitness further learnt that the offer opens on Monday, August 19, 2024. The bond is expected to be settled after 10 days.
The circular noted that the net proceeds from the bond will be ring-fenced and invested in critical sectors approved by the President on the recommendation of the Minister of Finance, subject to appropriation by the National Assembly (NASS).
The bond is exempt from income tax on the interest payable to bondholders. Additional exemptions are provided as specified in the exemption notice issued by the Federal Inland Revenue Services (FIRS).
The bond will be listed and admitted for trading on the Nigerian Exchange Limited (NGX) and the Financial Market Dealers Quotation (FMDQ), providing liquidity and accessibility to a broad range of investors.
