Nigerian Government Denies Bloomberg Report on Savings Bond Payment Delay

The Nigerian presidency is vehemently disputing a Bloomberg report claiming that the country had delayed coupon payments on its savings bonds.

Special Adviser to the President on Information and Strategy, Bayo Onanuga, refuted the report, stating that Nigeria has met all its financial obligations on schedule. He said the Finance Minister, Mr. Wale Edun, confirmed that Nigeria has sufficient liquidity to meet its obligations and there are no outstanding payments.

A statement from Patience Oniha, Director General of the Debt Management Office (DMO), corroborated the minister’s assertion. She claimed the Central Bank of Nigeria has processed all due payments as of September 19, and “the payment due today, September 20, is also being processed for payment.“

An earlier report from the respected financial analysis organization alleged that Nigerian authorities “were due to pay the first coupon on two- and three-year debt it sold in June on Sept. 12, according to investors. Nigeria raised 4.2 billion naira ($2.56 million) from the sales” but failed to make timely coupon payments on two savings bonds, citing “system and processing issues” as the cause for the delay.

This was the second such delay in two months, according to Bloomberg, involving coupon payments.

There has been no further comment from Bloomberg on the denials by the Nigerian government.

However, an online investment coach, @FloFinance Chinyere, corroborates the claims of the Bloomberg report and provides additional insights regarding the alleged irregularities with Nigeria’s savings bond coupon payouts. Her video can be seen above.

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