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ABUJA, NIGERIA — In a major financial move that spells a wonderful opportunity for top-tier financial institutions and legal practitioners, the Federal Government of Nigeria has officially commenced the hunt for transaction advisers to guide its prospective Eurobond issuance in the International Capital Market (ICM).
Through the Debt Management Office (DMO), the government has opened a competitive bidding process, inviting reputable local and international banks, as well as specialized law firms, to submit their Expressions of Interest (EOI).
For bankers and corporate lawyers looking to add a sovereign issuance to their portfolio, the window is officially open.
The Roles Up for Grabs
The DMO is casting a wide net to build a formidable advisory team for the upcoming Eurobond. The government is specifically looking to appoint transaction advisers in the following key categories:
- International Bookrunners / Lead Managers
- Nigerian Bookrunners
- Legal Advisers (both domestic and international)
Firms selected for these roles will play a pivotal part in structuring, pricing, and successfully marketing the Eurobonds to global investors.
Key Bidding Rules & Requirements
The DMO has set stringent guidelines to ensure that only firms with the requisite capacity and track record handle this high-stakes national assignment. If your firm is preparing to bid, here are the critical rules of engagement:
- No Joint Submissions: The DMO has strictly prohibited joint submissions by two or more banks or firms. However, a respondent who wishes to engage another firm strictly for technical support may do so, provided the nature of the support is fully disclosed with a supporting agreement at the point of submission.
- One Category Only: Interested respondents must apply for only one category. Submitting an Expression of Interest for more than one category will result in automatic disqualification.
- Bridge Financing Commitment: Banks applying as bookrunners or lead managers must provide a written undertaking to provide Bridge Financing to the Federal Government if and when required. This financing will eventually be paid out from the proceeds of the issued Eurobonds.
- Legal Credentials: Law firms looking to act as Legal Advisers must provide evidence of current membership in the Capital Market Solicitors’ Association of Nigeria, alongside a proven track record of advising on bond issuances in both the Nigerian and international capital markets.
- Holding Company Rules: A bank or firm belonging to a wider corporate group must apply solely in its own name. Utilizing the credentials or documents of a parent or sister company to satisfy the requirements is not allowed.
Submission Deadline
Time is of the essence for interested parties. The DMO has mandated that all documents must be prepared in English and submitted physically in eight copies (including one marked as the original). Electronic submissions will not be accepted.
All applications must be addressed and delivered to the Debt Management Office no later than 12:00 noon (Nigerian Time) on Monday, July 13, 2026.
Why This Matters
This prospective Eurobond issuance signals the Federal Government’s continued strategic engagement with the International Capital Market to fund critical national infrastructure and balance its fiscal deficits. For the banks and law firms that secure these advisory slots, it represents not just a highly lucrative mandate, but a chance to shape Nigeria’s macroeconomic footprint on the global stage.
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