Pricing Supplement (Supplementary Prospectus) to the Shelf Prospectus Dated 26 September, 2011
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PRICING SUPPLEMENT (SUPPLEMENTARY PROSPECTUS) TO THE SHELF PROSPECTUS DATED 26 SEPTEMBER, 2011. This document is important and should be read carefully. If you are in any doubt about its contents or the action to be taken, please consult your Banker, Stockbroker, Accountant, Solicitor or any other professional adviser for guidance immediately. For information concerning certain risk factors which should be considered by prospective Investors, see “risk factors” on page 20 of the Shelf Prospectus. This supplementary prospectus and the securities which it offers have been cleared and registered by the Securities & Exchange Commission. The Investments and Securities Act No. 29, 2007 provides for civil and criminal liabilities for the issue of a prospectus which contains false or misleading information. The registration of this prospectus and the securities which it offers does not relieve the parties of any liability arising under the act for false or misleading statements or for any omission of a material fact. NIGER STATE GOVERNMENT OF NIGERIA OFFER FOR SUBSCRIPTION OF N9,000,000,000 14% FIXED RATE DEVELOPMENT BOND DUE 2018 Issue Price: N1,000.00 per unit Payable in full on Application BEING FIRST TRANCHE UNDER THE NIGER STATE N30 BILLION BOND ISSUANCE PROGRAMME Application list Opens: October 4, 2011 Application list Closes: October 4, 2011 This Supplementary Prospectus, under which the Series 1 Bonds are issued, is supplemental to, and should be read in conjunction with the Shelf Prospectus dated 04-Oct-2011 (the “Shelf Prospectus”) issued in relation to the N30 Billion Debt Issuance Programme (the “Programme”) of the Niger State Government of Nigeria (the “NGSG”). Terms defined in the Shelf Prospectus have the same meanings in this Supplementary Prospectus unless the context otherwise requires. The Bonds will be issued on the terms of this Supplementary Prospectus read together with the Shelf Prospectus. The NGSG Executive Council accepts responsibility for the information contained in this Pricing Supplement which, when read together with the Shelf Prospectus, contains all information that is material in the context of the issue of the Series 1 Bonds. Investors should rely only on the information in the Shelf Prospectus and the particulars of the Series 1 Bonds issued under the Programme as disclosed in and represented by this Supplementary Prospectus. The delivery of this Pricing Supplement is restricted by law in certain jurisdictions. Persons into whose possession this Prospectus may come are required by the Issuer, the Lead Issuing House or the Joint Issuing House (collectively the “Issuing Houses”) to inform themselves about, and to observe, such restrictions. This Pricing Supplement may not be used for, or in connection with, any offer to, or solicitation by, anyone in any jurisdiction under any circumstances in which such offer or solicitation is not authorized or is unlawful. No dealer, broker, salesperson or any other person has been authorised by the Issuer and the Issuing Houses to give any information or make any representations with respect to the State or the Issue other than the parties named on Pages 3 of this document (collectively the “Parties”) and if given or made, such other information or representations must not be relied upon as having been authorized by the NGSG or the Parties. LEAD ISSUING HOUSE RC 223042 JOINT ISSUING HOUSE RC 261272 THIS PRICING SUPPLEMENT IS DATED 26-09-2011 CONTENTS ABRIDGED TIMETABLE .............................................................................................................................................. 2 PARTIES TO THE OFFER ............................................................................................................................................ 3 REPRESENTATIVES OF THE NIGER STATE EXECUTIVE COUNCIL .................................................................... 4 DEFINITIONS ................................................................................................................................................................ 5 DECLARATION BY THE ISSUER ................................................................................................................................. 7 TERMS OF THE OFFER ................................................................................................................................................ 8 CONDITIONS TO THE OFFER .................................................................................................................................. 10 USE OF PROCEEDS .................................................................................................................................................... 13 APPENDIX 1: REPORTING ACCOUNTANT’S REPORT (EXTRACT) ..................................................................... 16 Reporting Accountant’s Report ............................................................................................................................... 16 Statement of Cash Flow Projections ....................................................................................................................... 17 APPENDIX 2: BOND RATING (EXTRACTED FROM RATING REPORT) ............................................................. 18 APPENDIX 3: APPLICATION FORM ......................................................................................................................... 20 APPENDIX 4: INSTRUCTIONS FOR COMPLETING THE APPLICATION FORM .................................................. 21 APPENDIX 5: RECEIVING AGENTS ........................................................................................................................ 22 NIGER STATE DEBT ISSUANCE PROGRAMME – SUPPLEMENTARY PROSPECTUS 1 ABRIDGED TIMETABLE Date Activity Responsibility 4 Oct 2011 Application List opens Issuing Houses Application List closes/ Disburse Underwritten Amount 4 Oct 2011 Issuing Houses to NGSG Forward Allotment Proposal and draft newspaper 7 Oct 2011 Issuing Houses announcement to SEC for clearance 14 Oct 2011 Receive SEC clearance of Allotment Proposal Issuing Houses Publish Allotment Announcement in at least two (2) 21 Oct 2011 Issuing Houses national dailies 28 Oct 2011 Distribute Certificates/ Credit CSCS Accounts Registrars 2 Nov 2011 Forward Declaration of Compliance to The Exchange Registrars 7 Nov 2011 Listing of the Bonds Stockbrokers 8 Nov 2011 Submission of Summary Report to SEC Issuing Houses NIGER STATE DEBT ISSUANCE PROGRAMME – SUPPLEMENTARY PROSPECTUS 2 PARTIES TO THE OFFER S/N ROLE PARTY(IES) 1 Issuer Niger State Government Government Secretariat Minna Niger State 2 Issuing Houses BGL Plc Afrinvest (West Africa) Ltd 12A, Catholic Mission Street 27, Gerrard Road Lagos Island Ikoyi Lagos Lagos 3 Underwriter BGL Plc 12A, Catholic Mission Street Lagos Island Lagos 4 Stock Broker BGL Securities Limited 20 Catholic Mission Street Lagos Island Lagos 5 Trustees Skye Trustees Limited UBA Trustees Limited Skye Bank House (1st Floor) UBA House (4th Floor) Plot 5, Ikeja Commercial Scheme 57 Marina Alausa, Ikeja Lagos Lagos 6 Registrars Afribank Registrars Limited Union Registrars Limited 2A, Gbagada Expressway 2, Burma Road Anthony Village Apapa Lagos Lagos 7 Solicitors to the Trustees J. U. K. Igwe Chambers KB & Company Plot 1138 Opp. Institute for Peace Suite 135 Block A2-11 & Conflict Resolution Sura Complex, Simpson Street Central Business District Lagos Island FCT, Abuja Lagos 8 Solicitors to the Offer Suleyman Consulting 2 Bangui Street Off Adetokunbo Ademola Crescent Wuse II, Abuja 9 Solicitor to Issuer Attorney General and Commissioner for Justice Niger State Ministry of Justice Minna, Niger State 10 Auditor to the Issuer Auditor General Niger State Secretariat Complex Minna Niger State 11 Rating Agencies Agusto & Co. Limited Global Credit Rating Co. UBA House (5th floor) New Africa House (17th floor) 57 Marina 31 Marina Lagos Lagos 12 Reporting Accountant Sulaimon & Co. (Chartered Accountants) Ahmed Talib House 18/19 Ahmadu Bello Way Kaduna 13 Receiving Bank Skye Bank Plc 3 Akin Adesola Street Victoria Island Lagos 3 NIGER STATE DEBT ISSUANCE PROGRAMME – SHELF PROSPECTUS REPRESENTATIVES OF THE NIGER STATE EXECUTIVE COUNCIL The following persons are the representatives of the Niger State Executive Council: S/N Name Responsibility 1. Dr. Mu’azu Babangida Aliyu, OON Executive Governor 2. Dr. Ahmed Musa Ibeto Deputy Governor 3. Daniel C. Shashere Secretary to the State Government 4. Barr. Abdullahi Bawa Attorney General and Commissioner for Justice 5. Mu’azu Bawa Mohammed Commissioner for Finance 6. Victoria Jummai Jiya (Mrs.) Commissioner for Youth Affairs and Strategy 7. Abubakar Garba Mohammed Commissioner for Tourism & Culture 8. Nuhu Musa Commissioner for Lands & Housing 9. Dr. Isah Yahaya Vatsa Commissioner for Livestock & Fisheries Development 10. Danladi Umar Abdulhameed Commissioner for Information and Communication 11. Susan A. Gana (Mrs.) Commissioner for Agriculture & Rural Development 12. Yusuf Garba Tagwai Commissioner for Local Govt., Community Development & Chieftaincy Affairs 13. Yahaya Dan-Sallau Commissioner for Health & Hospital Services 14. Mustapha Ibrahim Lemu Commissioner for Tertiary Education, Science & Technology 15. Hassan Abdullahi Commissioner for Sports Development 16. Peter Saleh Sarki Commissioner for Education 17. Hajiya Hadiza Ladi Abdullahi Commissioner for Water Resources 18. Saidu Ndako Idris Commissioner for Land Transport, Aviation and Inland Water Ways 19. Mohammed Kabir Wushishi Commissioner