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 for Investments, Commerce and Co-operatives
20. Engr. Abubakar Baba Jibreel Commissioner for Environment and Forest Resources
21. Hassana Jummai Adamu (Mrs.) Commissioner for Gender Affairs and Social Development
22. Dr. Ibrahim B. Sule Commissioner for Works and Infrastructural Development
23. Mohammed Aminu Yusuf Commissioner for Budget and Economic Planning
4 NIGER STATE DEBT ISSUANCE PROGRAMME – SHELF PROSPECTUS
DEFINITIONS
Unless the context otherwise requires the following expressions shall have the meaning respectively assigned to them:
“Allotment Date” Date the basis of allotment of the Bond is approved /cleared by SEC
“Auditor” The Auditor General of the State
“Authorised The members of the Niger State Executive Council Representatives”
“Bond” The Series 1 Bonds issued by the State pursuant to the Programme and constituted by the Trust Deed or any other Supplementary Trust Deed
“Bondholder” Any person for the time being entered in the Register or the Central Securities Clearing System (CSCS) as a holder of a unit or units of the Bonds and includes persons so registered as joint holders
“CSCS” The Central Securities Clearing System
“Certificates” In relation to the Bonds, a certificate in or substantially in the form specified in the First Schedule to the Trust Deed and with respect to any Additional Bonds, a Certificate in or substantially in the form specified in a Supplementary Trust Deed to the particular Securities being issued or in such other form as may be agreed from time to time by the Trustee
“Deed” The Trust Deed and any amendment, notation or Supplemental Trust Deed issued or made pursuant to this Trust Deed
“Enabling Law” The Niger State Bonds Law, 2010 enforced on the 6th day of December, 2010.
“EXCO” The Executive Council of the Niger State Government of Nigeria
“FAAC” Federation Account Allocation Committee
“Grossing Up” All amounts payable under the Bond will be paid in full without set-off or counterclaim or other restrictions and fee and clear of and without deductions or withholding for or on account of any taxes or any charges or otherwise
“IGR” Internally Generated Revenue
“Interest” Coupon interest per annum payable semi-annually in arrears
“Investors” The registered holder(s) for the time being of the Securities issued hereunder
“Investments and The Investments and Securities Act No. 29 of 2007 Securities Act” or “ISA”
“ISPO” The Irrevocable Standing Payment Order dated June 3, 2011 issued by the Federal Ministry of Finance as a first line charge for the periodic deduction of monies from the State’s statutory allocation from the Federation Account and payment thereof into a Sinking Fund held by the Trustees by way of security for the Bonds
5 NIGER STATE DEBT ISSUANCE PROGRAMME – SUPPLEMENTARY PROSPECTUS
DEFINITIONS
“Issuing Houses” BGL Plc (“BGL”), and Afrinvest (West Africa) Limited (“Afrinvest”)
“Maturity Date” The 7th (seventh) anniversary of the allotment date
“Offer Documents” The Shelf Prospectus, the Supplementary Prospectus and any other document issued or to be issued by the State inviting the public to subscribe to the Securities on the terms and conditions specified in the offer documents
“Offer Period” The issuance and offering period hereunder of NGSG Bonds in the aggregate principal amount of N9,000,000,000 on the terms and conditions set out in this Prospectus and any Supplementary Prospectus
“Projects” The projects described on pages 13 – 15 of this Prospectus, to which the proceeds of the offer will be applied
“Receiving Bank” Skye Bank Plc.
“Register” The register kept by the Registrars containing the names, particulars and Securities held for the time being by each Investor
“Registrars” Afribank Registrars Limited and Union Registrars Limited
“Revenue” Monies to the credit of the Consolidated Revenue Fund/Account of the State plus the total income of the State from whatever source derived including the State’s internally generated revenue
“SEC” The Securities and Exchange Commission established under the Investments and Securities Act
“Shelf Prospectus” The Base Prospectus, which is issued in accordance with the Rules and Regulations of the Commission and which details the aggregate Bond size and the broad terms of the Programme
“Sinking Fund” The fund held by the Trustees for the purpose of repayment of the interests and principal of the Bonds in accordance with the provisions of the Trust Deed
“Stock Exchange” The Nigerian Stock Exchange, or such other securities exchange on which the or “NSE” or “the State may from time to time list the Securities Exchange”
“State” The Niger State Government of Nigeria and the Issuer of the Bonds
“Pricing Supplement” This document to be issued pursuant to the Shelf Prospectus which shall or “Supplementary provide final terms and conditions of a specific issue of Debt Securities under Prospectus” the Programme
“Trust Deed” The Trust Deed dated 26-09-2011 between the Issuer and the Trustees
“Trustees” Skye Trustees Limited and UBA Trustees Limited or any other trustee or trustees for the time being appointed under the Trust Deed or in replacement of any existing trustee
“Underwriting Means the agreement made on a firm basis, between the Issuer and the Agreement” Underwriter, to fully underwrite the Issue
“Underwriter” Means BGL Plc
6 NIGER STATE DEBT ISSUANCE PROGRAMME – SUPPLEMENTARY PROSPECTUS
DECLARATION BY THE ISSUER
Government House, P.M.B. 43, Minna ‐ Niger State, Nigeria. www.nigerstate.gov.ng; www.nigerstateonline.com 29th July, 2011 DECLARATION NIGER STATE GOVERNMENT N9 BILLION FIXED RATE DEVELOPMENT BOND ISSUE 2011/2018 This Prospectus has been prepared by the issuing houses on our behalf with a view to providing a description of the relevant aspects of the State in connection with the Bond issue. On behalf of the Niger State Executive Council, we hereby make the following declarations: 1. We confirm that the information contained in this Prospectus is, to the best of our knowledge, in accordance with facts and contains no omission likely to affect its import; 2. There has been no significant change in the financial condition, or material adverse change in the prospects, of the State since the date of this document; and 3. The State is not in breach of any terms and conditions in respect of borrowed monies which resulted in the occurrence of an event of default and an immediate recall of such borrowed monies during the 12(twelve) months preceding the date of this Prospectus. Signed for and on behalf of the NIGER STATE GOVERNMENT OF NIGERIA
DR. MU’AZU BABANGIDA ALIYU MU’AZU BAWA MOHAMMED EXECUTIVE GOVERNOR COMMISSIONER FOR FINANCE Niger State Government of Nigeria Niger State Government of Nigeria
DANIEL C. SHASHERE SECRETARY TO THE STATE GOVERNMENT Niger State Government of Nigeria ... shared vision, unlimited opportunities
7 NIGER STATE DEBT ISSUANCE PROGRAMME – SUPPLEMENTARY PROSPECTUS
TERMS OF THE OFFER
The terms of the Offer are summarised in the table below:
Issuer Niger State Government of Nigeria (“Niger State” or “the State”)
Instrument 9,000,000 fixed rate bonds to be issued at par (Series 1)
Method of Offer for Subscription Distribution
Issue Price N1,000.00 per unit
Offer Opens 4-Oct-2011
Offer Closes 4-Oct-2011
Currency The Bonds shall be denominated in Naira (N)
Tenor 7 years
Maturity date The seventh anniversary of the allotment date; which will be 2018
Coupon Rate 14% per annum payable semi-annually in arrears
Initial Coupon Six (6) months from date of allotment of the bond Payment
Tax Equivalent Yield The TEY is 20.59% at the maximum corporate income tax rate of 32% and 18.67% based on the personal income tax rate of 25%.
Day Count Actual/365 Convention
Units Of Sale Minimum of 50,000 units and multiples of 10,000 thereafter.
Security Security for the repayment and other obligations of the Issuer in relation to the Bonds shall be held by the Trustees and shall comprise the ISPO issued by the Federal Ministry of Finance as a first line charge upon and payable out of the Statutory Allocation of the State. Deductions from the State’s statutory allocations shall be made in an amount equal to the principal and interest payable by the Issuer into the Sinking Fund held by the Trustees as set out in the Trust Deed.
Sinking Fund A Sinking Fund has been created in accordance with the provisions of the Enabling Law and the ISA. The Sinking Fund shall be principally funded from the Pledged Revenues by way of the ISPO. The management of the Sinking Fund is the sole responsibility of the Trustees.
Repayment of The Bond is redeemable at par semi-annually on each payment date in Principal accordance with the provisions of the Trust Deed.
Grossing Up All amounts payable under the Bonds will be paid in full without set-off or counterclaim or other restrictions and free and clear of and without any deductions or withholding for or on account of any taxes or any charges or otherwise
Target Investors The Offer is restricted to qualified institutional investors and high net worth individuals as defined by the SEC rules and regulations 78(c)(2).
NIGER STATE DEBT ISSUANCE PROGRAMME – SUPPLEMENTARY PROSPECTUS 8 TERMS OF THE OFFER
Quotation An application has been filed with the Council of the Exchange for the admission of the Bonds to the Daily Official List of the Exchange.
Underwriting The Offer shall be 100% firmly underwritten as follows:
Name of Underwriter Amount to be Underwritten (N) % BGL Plc 9,000,000,000.00 100.0% Total 9,000,000,000.00 100.0%
Cost of Issue The estimated cost of issue is depicted in the table below:
Item Amount (N) Percentage Transaction cost of issue (Excluding. 352,418,300 3.9158% Underwriting Fee) Underwriting Fees 247,500,000 2.7500% Printing and Advertisement costs 5,000,000 0.0556% Total Cost of Issue 604,918,300 6.7213%
Use of Proceeds The estimated net proceeds of N8.395 billion after deduction of cost of issue of N352.4 million representing 3.92% of Offer size (excluding underwriting fees) and underwriting fees of N247.5 million representing 2.75% of Offer size will be utilized for the following:
Use of Proceeds Amount (N) % of Net Timeline Proceeds Construction of FUT Permanent Site Road – 1,250,000,000 14.90% 2 years 4.5km Construction of Shiroro 1,500,000,000 17.87% Bridge – 150m 2 years Dualization of Idi - Burial Ground – Bahago 1,600,000,000 19.06% 2½ years Roundabout Road – 3.4km Construction of Eastern Bye- Pass - Maikunkele Road – 1,779,630,000 21.20% 2 years 14km Construction of Kwakuti - Kaffi -Gwada Road – 1,154,620,092 13.75% 2½ years 66.58km (Part Finance)* Construction of Rijau - Dukku 1,110,832,908 13.23% Road – 28km (Part Finance)* 2 years Net Proceed 8,395,083,000 100% *To be financed partly by proceeds from the Bond Issue and partly from other sources to be determined by the State Please refer to Page 13 – 15 for description of the projects.
Form of Bonds/ The Bonds will be issued in registered form and be freely transferable in Transferability accordance with the provisions of the Trust Deed.
Issue Rating A- (Agusto & Co. Limited) A- (Global Credit Rating Co.)
Issuer Rating Bb+ (Agusto & Co. Limited) BBB (Global Credit Rating Co.)
Taxation All payments made to Bondholders shall be free and clear of Federal income and Capital Gains Taxes with no deduction made whatsoever at source.
9 NIGER STATE DEBT ISSUANCE PROGRAMME – SUPPLEMENTARY PROSPECTUS
CONDITIONS TO THE OFFER
The following overview has been extracted from the Trust Deed. It does not purport to be complete and is taken from, and is qualified in its entirety by, the remainder of this Supplementary Prospectus as well as the remainder of the Trust Deed and in relation to the terms and conditions of any particular issue of Bonds by the applicable Supplementary Prospectus:
1. Coupon and Principal Payment
The Bondholders will present to the Registrars proper identification/authorisation forms evidencing their beneficial ownership in the bonds. Upon the determination and verification of the beneficial ownership, the Issuer will pay the amortized principal and accrued coupon as specified in the bond amortization schedule shown in Condition 7 of this section. The proceeds of such redemption will be transferred to the account indicated by the Bondholder, by the Registrars acting on behalf of the Issuer and the Trustees.
2. Redemption Provisions
The principal amount of the bonds is repayable semi-annually at par in accordance with Condition 7 of this section. Payment of principal and Interest shall commence 6 months from the date of allotment and shall be paid subsequently every 6 months or on each such earlier date as the Trustees in accordance with the provisions of Condition 3 hereof declare the Bonds to have become immediately payable.
3. Acceleration of Bonds
The Bonds shall become immediately repayable if the Trustees in accordance with the provisions of the Trust Deed declare the Bonds to have become immediately repayable especially, if an event of default has occurred or is continuing
4. Cancellation of Bonds
All the Bonds which are redeemed in accordance with the provisions of this Deed will be cancelled and may not be reissued or resold. For so long as the Bonds are admitted to listing and/or trading on the Stock Exchange and the rules of such exchange so require, the Registrars shall promptly inform the Nigerian Stock Exchange of the cancellation of any Notes under this Condition 4 (Cancellation of Bonds).
5. Redemption
a. Whenever any parts of the Bonds are redeemed a proportionate part of each holding of the Bonds shall be repaid to the Bondholders.
b. Payments will be made to the person shown in the Register at the close of business on the Record Date (as defined below).
c. The Registrars shall give to the Bondholders not less than one month’s notice in writing of the time and mode for repayment of the Bonds to be redeemed and each such notice shall state the amount of the Bond for redemption.
10 NIGER STATE DEBT ISSUANCE PROGRAMME – SUPPLEMENTARY PROSPECTUS
CONDITIONS TO THE OFFER
d. At the time and place so fixed each Bondholder shall, where applicable, deliver to the Registrars the relevant Certificate(s) for his Bonds, if any (or other evidence of title issued by the CSCS) in order that the same may be cancelled together with a receipt for the redemption moneys payable in respect of the Bonds, and upon such delivery the Trustees shall pay to the Bondholder the amount payable to him in respect of such redemption together with all interest accrued thereon:
e. If, on any payment date, any Bondholder whose Bonds are liable to be redeemed shall fail or refuse to deliver up the Bond Certificate(s) (where applicable) held by him at the time and place fixed for their redemption or shall fail or refuse to accept payment of the redemption moneys payable in respect thereof the moneys payable to such Bondholder shall be paid to the Trustees and the Trustees shall hold such moneys in trust for such Bondholder and Interest on such Bonds shall cease to accrue as from the date fixed for redemption thereof and the State shall thereby be discharged from all obligations in connection with such Bonds. The Trustees shall place the moneys so paid to it on deposit at a commercial bank or invest them in the purchase of securities for the time being authorised by law for the investment of trust funds.
6. Purchase of Bond by the State
The State may at any time and from time to time purchase at prevailing price Bonds through the market or by tender (available to all Bondholders alike) but not otherwise. Any Bonds so purchased will be cancelled and will not be available for re-issue
7. Sinking Fund a) The State shall no later than before or immediately after the date of execution of these presents, open an account in favour of the Trustees titled the Sinking Fund. Every month, there shall be placed to the credit of such account a sum or sums from the allocation from the Federal Ministry of Finance to the reserves of the State, not below the sum of NGN 205,590,587.00 (hereinafter referred to as the “Minimum Sum”) and allowances for Interest payments for the same being applied towards the redemption, at par, of the Bonds PROVIDED THAT (subject to Condition 7(b) below) the minimum amount credited by the State to the Sinking Fund from time to time shall be such as to ensure that the balance standing to the credit of the Sinking Fund shall not be less than the amounts stated hereunder on the following dates:-
Semi Beginning Periodic Coupon Principal Total Bond Ending Balance Annual Balance Payment Repayment Payment Period 1 9,000,000,000.00 (630,000,000.00) (399,104,447.58) (1,029,104,447.58) 8,600,895,552.42 2 8,600,895,552.42 (602,062,688.67) (427,041,758.91) (1,029,104,447.58) 8,173,853,793.51 3 8,173,853,793.51 (572,169,765.55) (456,934,682.03) (1,029,104,447.58) 7,716,919,111.48 4 7,716,919,111.48 (540,184,337.80) (488,920,109.78) (1,029,104,447.58) 7,227,999,001.70 5 7,227,999,001.70 (505,959,930.12) (523,144,517.46) (1,029,104,447.58) 6,704,854,484.25 6 6,704,854,484.25 (469,339,813.90) (559,764,633.68) (1,029,104,447.58) 6,145,089,850.56 7 6,145,089,850.56 (430,156,289.54) (598,948,158.04) (1,029,104,447.58) 5,546,141,692.52 8 5,546,141,692.52 (388,229,918.48) (640,874,529.10) (1,029,104,447.58) 4,905,267,163.42 9 4,905,267,163.42 (343,368,701.44) (685,735,746.14) (1,029,104,447.58) 4,219,531,417.28 10 4,219,531,417.28 (295,367,199.21) (733,737,248.37) (1,029,104,447.58) 3,485,794,168.92 11 3,485,794,168.92 (244,005,591.82) (785,098,855.75) (1,029,104,447.58) 2,700,695,313.16 12 2,700,695,313.16 (189,048,671.92) (840,055,775.66) (1,029,104,447.58) 1,860,639,537.50 13 1,860,639,537.50 (130,244,767.63) (898,859,679.95) (1,029,104,447.58) 961,779,857.55 14 961,779,857.55 (67,324,590.03) (961,779,857.55) (1,029,104,447.58) (0.00)
11 NIGER STATE DEBT ISSUANCE PROGRAMME – SUPPLEMENTARY PROSPECTUS
CONDITIONS TO THE OFFER
The Interest payable as provided for above has been calculated at the fixed rate of 14% per annum on principal outstanding on semi-annual basis.
b) If at any time prior to the Maturity Date of the Series 1 Bonds the State redeems the Series 1 Bonds under the provisions of Condition 2 hereof or purchases any Series I Bonds under the provision of Condition 6 above the Trustees shall give notice to the State to stop further deductions and payments into the Sinking Fund.
8. Restructuring Provision
The Issuer in conjunction with the Trustees/ Bondholders may alter the terms and conditions of the Bond, subject to prior approval of the Securities and Exchange Commission.
NIGER STATE DEBT ISSUANCE PROGRAMME – SUPPLEMENTARY PROSPECTUS 12
USE OF PROCEEDS
The offer is being undertaken to enable the Niger State Government to proceed with its developmental projects at a faster pace.
The estimated net proceeds of N8.395 billion after deduction of cost of issue of N352.4 million representing 3.92% of Offer size (excluding underwriting fees) and underwriting fees of N247.5 million representing 2.75% of Offer size will be utilized for the following:
Estimated S/N Use of Proceeds Amount (N) Percentage Completion Period 1 Construction of FUT Permanent Site 1,250,000,000 14.90% 2 years Road – 4.5km 2 Construction of Shiroro Bridge – 1,500,000,000 17.87% 2 years 150m 3 Dualization of Idi - Burial Ground – Bahago Roundabout Road – 3.4km 1,600,000,000 19.06% 2½ years
4 Construction of Eastern Bye-Pass - 1,779,630,000 21.20% 2 years Maikunkele Road – 14km 5 Construction of Kwakuti - Kaffi - Gwada Road – 66.58km (Part 1,154,620,092 13.75% 2½ years Finance)* 6 Construction of Rijau - Dukku Road 1,110,832,908 13.23% 2 years – 28km (Part Finance)* Total 8,395,083,000 100% *To be financed partly by proceeds from the Bond Issue and partly from other sources to be determined by the State.
Description of Projects
Detail description of each project is contained in the projects feasibility study, bill of quantity reports and engineering designs. A summary description of each project is provided below:
FUT Permanent Site Road. The project comprises the construction of the Federal University of Technology (FUT) Permanent Site Road within Minna metropolis in Niger State. Construction for this contract is to commence in Lapai Gwari on the Birgi Gwari – FUT permanent Site on the Minna Bida Road, a total of 4.5km. The road, which is designed for a speed of 110 km/h, has an overall width of 12.8m. The existing footpath will be developed into single carriageway consisting of 7.30 travel way, and 2.75m verges on either side. The travel way is to be supplied with 2 layers of surface dressing and 1.55 grassed verges on either side, within the acquired right of way of 30.0m. The project will involve the provision of lined drains in built-up areas, and concrete cover slabs to access property and road junctions. The pavement will generally consist of 200mm naturally occurring laterite material as sub base course, and 150mm stone base course. Kerbs will be provided at fill areas. While concrete lined trapezoidal drains will be provided at cut areas
The construction of the bridge comprises of the construction of a 60mm long bridge across Barago River. The bridge which has clear headroom of about 2.7m
13 NIGER STATE DEBT ISSUANCE PROGRAMME – SUPPLEMENTARY PROSPECTUS
USE OF PROCEEDS
above the highest recorded flood level is about 500m above the present Railway Bridge crossing over the Barago River. The construction is of reinforced concrete deck, 11.6m wide comprising 8.0m carriageway, and 1.8m footpaths on either side. Service ducts and crash barriers are located on the footpaths. The deck is supported on a reinforced concrete beams, fixed and free end piles and Abutments.
Shiroro Bridge: The project comprises the construction of modular steel hot dip galvanised steel bridge of 150 metres length on the proposed Shiroro- Galadimakogu highway over the River Kaduna. This involves general provision of materials, labour, and plant, as well as removal and relocation of existing installations of electricity, telephone, water supplies and other utilities. Major structural bridge work comprises of demolition and site clearance, earthworks, concrete ancillaries, pipe work, water roofing, piling works and metal work.
Dualisation of Id – Burial Ground – Ahmadu Bahago Roundabout: The project comprises the re-construction of the existing Id - Burial Ground – Ahmadu Bahago Roundabout road into a dual carriage of about 3.4 kilometres, within Minna Metropolis in Niger State. The present width of 7.3m will be replaced with a carriageway of 8.0m wide, with a 2.0m median and 300mm concrete separations at the middle, giving a total travel way of 19.2m. 150mm kerbs are to be placed on either side of the road, with a 950mm open concrete lined drain, and a raised pedestrian walkway of 1.2m on either side. The width for reconstruction is 22.6m, within the acquired right of way of 30.0m. The project will involve the provision of concrete cover slabs to access property and road junctions.
The pavement will generally consist of 150mm naturally occurring laterite material as base course, and 150mm stone base course. The travel way will be supplied with 50mm hot rolled asphalt binder course, and 40mm asphalt as wearing course, the median and pedestrian walkways will be provided with interlocking pavement slabs of 75mm thickness
Eastern Bypass Roundabout At Maikunkele Road: The construction comprises of the design of a single carriage road from eastern bypass roundabout at Maitumbi to Maikunkele on Zungeru, Minna express road in Minna. The scope of road works consists of the construction of about 14km long road of 7.3m wide single carriageway and 2.0m wide surface dressed shoulders on either side of the carriageway. The pavement has a total thickness of 440mm consisting of 200mm lateritic sub-base, 150mm crushed stone base, 50mm asphalt concrete binder course and 40mm asphalt concrete binder course. The road works include demolition/site clearance, earthworks, construction of drainage structures 9box and ring culverts, side/toe drains and appurtenant structures), flexible pavement, installation of road signs, lane markings and kilometre posts installation.
Reinforced concrete Bridge of a single 15m span has been provided over the existing Rail Track as shown in the engineering drawings. The bridge is 11.0m wide deck made up of 8.0m traffic roadway and 1.50m raised walkway on both sides of the bridge. The abutments are founded on reinforced concrete bored piles of 900mm diameter. The abutments are conventional counter-fort with return walls. Adequate headroom clearance of not less than 5.5m has been provided from the rail track surface of the bridge.
NIGER STATE DEBT ISSUANCE PROGRAMME – SUPPLEMENTARY PROSPECTUS 14 USE OF PROCEEDS
Kwakuti - Kafinkoro - Gwada Road: The project comprises the construction of 66.58km road linking Kwakuti, Kafinkoro and Gwada Road. This involves general provision of materials, labour, and plant, as well as removal and relocation of existing installations of electricity, telephone, water supplies and other utilities. The construction work comprises excavation for all culverts and concrete side drains in materials to any depth including back filling to 100% BS compaction. It will also provide and lay pipe culverts inclusive of blinding and concrete surround in the range of 600mm to 1200mm single pipe culverts. Pavement and surfacing will provide, spread, shape and compact in layers now exceeding 150mm to 100% BS compaction naturally occurring material as sub base, base course and as specified.
Rijau - Dukku Road: The project is to construct Rijau – Dukku road national highway network. The length of the road is 28km. The main objective of the project and its subsequent implementation is to improve the level of services to road users by reducing high vehicle maintenance/ operational costs, thereby reducing transportation costs, savings in travel times and the reduction of highway accidents. The scope of works on the project will include clearing site; provision of new sub-base and base; provision and laying of asphaltic concrete binder course and wearing course provision of shoulders; backfilling and stone pitching embankments; provision of kilometre posts, road signs and markings; provision of steel railings to bridges; repair of bridge decks and approach slabs; and provision and replacement of culverts and side drains.
.
NIGER STATE DEBT ISSUANCE PROGRAMME – SUPPLEMENTARY PROSPECTUS 15
APPENDIX 1: REPORTING ACCOUNTANT’S REPORT (EXTRACT)
REPORTING ACCOUNTANT’S REPORT
11 July, 2011
The Executive Council The Directors The Directors Niger State Government BGL Plc Afrinvest (WA) Limited of Nigeria 12A Catholic Mission 27 Gerrard Road Minna Street Ikoyi Niger State Lagos Island Lagos. Lagos.
Gentlemen,
We have examined the audited financial statements of Niger State Government {" the State"} for the five years ended 31 December, 2010. The financial statements were prepared on modified cash basis according to historical cost convention. The Auditor-General of the State carried out the audit in respect of the accounting period under review.
No audited financial statements of Niger State Government have been made up in respect of any period subsequent to 31 December 2010.
The financial information set out on Pages 2 to 14 of this report is based on the audited five years financial statements and account of the State to December 31, 2010 after making such adjustments as we considered appropriate. The principal adjustments are stated in Note 6 of the financial information.
In our opinion, these summaries together with the notes thereon give, under the basis stated above, a true and fair view of the revenue and expenditure of the Niger State Government and of the cash flows for the period stated and of the state of affairs of the State at each of the assets and liabilities dates.
16 NIGER STATE DEBT ISSUANCE PROGRAMME – SUPPLEMENTARY PROSPECTUS
APPENDIX 1: REPORTING ACCOUNTANT’S REPORT (EXTRACT)
STATEMENT OF CASH FLOW PROJECTIONS
The State Executive Council are of the opinion that subject to unforeseen circumstances, and based on assumptions below, the State's recurrent revenue, recurrent expenditure, capital receipts and capital expenditure for each of the eight years ending 31 December 2018 will be approximately as detailed below:
CASH FLOW PROJECTIONS FOR EIGHT YEARS 2011 2012 2013 2014 2015 2016 2017 2018 =N=000 =N=000 =N=000 =N=000 =N=000 =N=000 =N=000 =N=000 INCOME Recurrent Revenue Statutory Allocation 40,488,355 42,998,633 45,664,548 48,495,750 51,502,487 54,695,641 58,086,771 61,688,150 Others: Taxes 3,317,875 3,872,623 4,520,126 5,275,891 6,158,020 7,187,641 8,389,414 9,792,124 Fines and Fees 22,867 22,867 22,867 22,867 22,867 22,867 22,867 22,867 Licenses 41,169 46,274 52,012 58,461 65,710 73,858 83,017 93,311 Earnings and Sales 45,860 46,869 47,900 48,954 50,031 51,132 52,257 53,406 Rent on Government Property 56,177 58,986 61,935 65,032 68,284 71,698 75,283 79,047 Miscellaneous 19,266 20,230 21,241 22,303 23,418 24,589 25,819 27,110 Interest and Dividends 163,908 180,298 198,328 218,161 239,977 263,975 290,372 319,410 Excess ISPO monies from Trustees 202,840 405,681 405,681 405,681 405,681 405,681 405,681 202,840 44,358,317 47,652,461 50,994,639 54,613,101 58,536,475 62,797,082 67,431,480 72,278,265 Capital Revenue Proceeds from Bond Issue 9,000,000 0 0 0 0 0 0 0 Grants 754,178 754,178 754,178 754,178 754,178 754,178 754,178 754,178 Value Added Tax 6,866,519 7,209,845 7,570,337 7,948,854 8,346,297 8,763,612 9,201,792 9,661,882 16,620,697 7,964,023 8,324,515 8,703,032 9,100,475 9,517,790 9,955,970 10,416,060
TOTAL REVENUE {A} 60,979,014 55,616,484 59,319,154 63,316,133 67,636,950 72,314,871 77,387,450 82,694,325 EXPENDITURE Recurrent Expenditure Personnel Cost 8,153,059 8,758,522 9,372,815 10,037,888 10,759,004 11,542,104 12,393,906 13,284,745 Gratuities and Pensions 2,679,242 2,878,209 3,080,076 3,298,631 3,535,603 3,792,944 4,072,861 4,365,607 Overhead Cost 12,943,757 13,904,988 14,880,236 15,936,103 17,080,943 18,324,188 19,676,506 21,090,798 Consolidated Revenue Fund Charges 2,080,405 2,234,900 2,391,649 2,561,354 2,745,361 2,945,183 3,162,536 3,389,851 Grants & Subvention 6,653,748 7,147,869 7,649,196 8,191,965 8,780,471 9,419,562 10,114,722 10,841,740 Other Recurrent Expenditure 909,345 976,875 1,045,390 1,119,569 1,199,998 1,287,340 1,382,345 1,481,704 Bond issue cost 634,500 0 0 0 0 0 0 0 ISPO deduction for N6bn Bond 1,708,530 1,708,530 1,708,530 0 0 0 0 0 ISPO deduction for N9bn Bond 1,850,315 2,467,087 2,467,087 2,467,087 2,467,087 2,467,087 2,467,087 616,772 37,612,901 40,076,981 42,594,978 43,612,597 46,568,467 49,778,408 53,269,964 55,071,217 Capital Expenditure Economic Sector 6,957,705 6,345,841 6,768,315 7,224,371 7,717,376 8,251,127 8,829,908 9,435,422 Science & Technology 48,173 43,937 46,862 50,020 53,433 57,129 61,136 65,329 Social Service Sector 3,201,398 2,919,865 3,114,256 3,324,097 3,550,940 3,796,531 4,062,841 4,341,452 Regional Development 1,945,231 1,774,166 1,892,281 2,019,785 2,157,619 2,306,844 2,468,660 2,637,949 Administration Sector 2,707,468 2,469,372 2,633,770 2,811,236 3,003,081 3,210,780 3,436,003 3,671,628 Specific Projects to be financed by N9bn Bond 1,045,688 2,091,375 2,091,375 2,091,375 1,045,688 - - - 15,905,663 15,644,556 16,546,860 17,520,883 17,528,136 17,622,411 18,858,548 20,151,780 TOTAL EXPENDITURE {B} 53,518,564 55,721,537 59,141,837 61,133,480 64,096,603 67,400,819 72,128,512 75,222,997 A-B 7,460,449 (105,053) 177,316 2,182,652 3,540,347 4,914,052 5,258,938 7,471,328 Opening Balance 5,213,513 12,673,963 12,568,910 12,746,226 14,928,878 18,469,225 23,383,277 28,642,216 Closing Balance 12,673,963 12,568,910 12,746,226 14,928,878 18,469,225 23,383,277 28,642,216 36,113,544
17 NIGER STATE DEBT ISSUANCE PROGRAMME – SUPPLEMENTARY PROSPECTUS
APPENDIX 2: BOND RATING (EXTRACTED FROM RATING REPORT)
18 NIGER STATE DEBT ISSUANCE PROGRAMME – SUPPLEMENTARY PROSPECTUS
APPENDIX 2: BOND RATING (EXTRACTED FROM RATING REPORT)
19 NIGER STATE DEBT ISSUANCE PROGRAMME – SUPPLEMENTARY PROSPECTUS
APPENDIX 3: APPLICATION FORM
Application List Opens Application List Closes ------October 4, 2011 ------October 4, 2011------
THE NIGER STATE GOVERNMENT OF NIGERIA
APPLICATION FORM N9,000,000,000 Niger State 14% Fixed Rate Redeemable Development Bond Issue 2011/2018 (Issued under the Niger State N30 Billion Debt Issuance Programme).
223042 Lead Issuing House Joint Issuing House Applications must be made in accordance with the instructions set out on the back of the Application Form. Care must be taken to follow these instructions as applications that do not comply shall be rejected. If you are in any doubt, please consult your Stockbroker, Accountant, Banker, Solicitor or any other professional adviser for guidance. DECLARATION o I/We am/are 18 years of age or over. o I/We agree to accept the same or any smaller number of units in respect of which allotment may be made upon the terms of the o I/We authorize you to send a bond certificate and/or cheque for any Prospectus of NIGER STATE BOND. amount overpaid by Registered post to the address given below and to procure registration in my/our name as the holder(s) of such o I/We declare that I/We have read a copy of the Prospectus for the number of units or such smaller number, as foresaid. bond dated by the Joint Issuing Houses on behalf of the NIGER STATE GOVERNMENT. o I/We attached the amount payable in full on application for the number of units in NIGER STATE GOVERNMENT BOND @ N1000 per unit
GUIDE TO APPLICATION Number of Units applied for: Amount Payable Date: DD/MM/YYYY Control No. (Registrars’ use only) 50,000 minimum N50,000.000.00 Subsequent multiples of N10,000,000.00
No. of Units Applied for: Value of Units Applied for/Amount Paid N . PLEASE COMPLETE IN CAPITAL LETTERS 1. INDIVIDUAL/CORPORATE APPLICANT Title: Mr. Mrs. Miss Chief Others Surname/Company’s Name
Other Names (Individual applicant only)
Full Postal Address
City/Town State
Land Phone Number Mobile (GSM) Phone Number
E-Mail Address
Next of Kin
CHN No. (Clearing House Number) Name of Stockbroker C 2. JOINT APPLICATION Surname Title: Mr. Mrs. Miss Chief
Other Names
3. BANK DETAILS (for E-Dividend/Interest) Name of Bank Branch Account Number
Company Seal & Incorporation Number (Corporate Applicant)
Signature/Thumbprint Signature/Thumbprint
NIGER STATE DEBT ISSUANCE PROGRAMME – SUPPLEMENTARY PROSPECTUS 20
APPENDIX 4: INSTRUCTIONS FOR COMPLETING THE APPLICATION FORM
1. All applications must be made on the official Application Form or photocopy, downloaded or scanned copy of the Application Form.
2. Applications must not be for less than the minimum number of Units and in the quantity stated on the Application Form. Applications for more than the minimum number of units must be in the multiples stated on the Application Form. The number of Units for which an application is made and the amount of the cheque or bank draft enclosed should be entered in the boxes provided.
3. The Application Form when completed should be lodged with any of the receiving agents listed on page 22. An application must be accompanied by a cheque or bank draft made payable to the receiving agent to whom the application is submitted, for the full amount payable on application. The cheque or draft must be drawn on a bank in the same town or city in which the receiving agent is located and crossed “NIGER STATE BOND” 2011/2018 with the name, address and day time telephone number of the applicant written on the back. All bank commissions and transfer charges must be pre- paid by the applicant. All cheques and drafts will be presented upon receipt and all applications in respect of which cheques are returned unpaid will be rejected and returned through the post.
4. The Applicant should make only one application, whether in his own name or in the name of a nominee. Multiple or suspected multiple applications will be rejected.
5. Joint Applicants must all sign the Application Form.
6. An application from a group of individuals should be made in the names of those individuals with no mention of the name of the group. An application by a firm that is not registered in compliance with the Companies and Allied Matters Act, Cap C20 LFN 2004 should be made either in the name of the proprietor or in the names of the individual partners. In neither case should the name of the firm be mentioned.
7. An Application Form submitted from a corporate entity must bear the seal and be completed under the hands of a duly authorized official.
8. Applications by illiterates should bear their right thumbprints on the Application Form and be witnessed by an official of the company or stockbroker with when the application is lodged who must firm have explained the meaning and effect of the application form to the illiterate. The witness must record in writing that he has given this explanation to the illiterate in a language understandable to them and that the illiterate appeared to have understood the same before affixing their thumbprint.
9. The Applicant should not print his signature. If he is unable to sign in the normal manner, he should be treated for the purpose of this Offer as an illiterate and his right thumb print should be clearly impressed on the Application Form.
Application Form
NIGER STATE GOVERNMENT ISPO BACKED BOND ISSUE
21 NIGER STATE DEBT ISSUANCE PROGRAMME – SUPPLEMENTARY PROSPECTUS
APPENDIX 5: RECEIVING AGENTS
Application Forms may be obtained free of charge from any of the following Receiving Agents registered as capital market operators by SEC.
The Issuing Houses cannot accept responsibility for the conduct of any of the Receiving Agents listed below. Prospective Investors are therefore advised to conduct their own independent enquiries before choosing an agent to act on their behalf. Evidence of lodgement of funds at any of the Receiving Agents listed below, in the absence of corresponding evidence of receipt by any of the Issuing Houses, cannot give rise to a liability on the part of any of any of the Joint Issuing Houses under any circumstances.
BANKS
Access Bank Nigeria Plc First Inland Bank Nigeria Plc Standard Chartered Bank Limited Diamond Bank Nigeria Plc Guaranty Trust Bank Plc Sterling Bank Plc Ecobank Nigeria Plc Intercontinental Bank Plc Skye Bank Plc Enterprise Bank Limited Keystone Bank Limited Union Bank of Nigeria Plc Equitorial Trust Bank Limited Mainstreet Bank Limited United Bank for Africa Plc Fidelity Bank Plc Nigeria International Bank Limited Unity Bank Plc First Bank of Nigeria Plc Oceanic Bank International Plc Wema Bank Plc First City Monument Bank Plc Stanbic IBTC Bank Plc Zenith Bank Plc
STOCKBROKERS AND OTHERS
2AS Amao Consult A.A.A Stockbrokers Limited Forte Asset Management Ltd Pivot Trust & Investment Company Ltd Adamawa Securities Ltd Fountain Securities Ltd Premium Securities Ltd Adonai Stockbrokers Ltd FutureView Securities Ltd Professional Stockbrokers Ltd Afrinvest (WA) Ltd Gidauniya Investment & Securities Ltd Profund Securities Ltd AIL Securities Ltd Global Assets Management (Nig) Ltd PSI Securities Ltd Allbond Investment Ltd Golden Securities Ltd Pyramid Securities Ltd Quantum Securities Ltd Alliance Capital Management Company Ltd GTI Capital Ltd Regency Assets Management Ltd Altrade Securities Ltd Guardian Express Trust Ltd Resano Securities Limited Anchoria Investment & Securities Ltd Heartbeat Investments Limited Resort Securities & Trusts Ltd APT Securities & Funds Ltd Hedge Securities & Investment Ltd Rivtrust Securities Limited Atlas Portfolio Ltd Horizon Stockbrokers Ltd Rolex Securities Ltd Belfry Investment & Securities Limited IBN Securities Ltd Rostrum Investment & Securities Ltd Best Link Investment Ltd ICMG Securities Limited Royal Crest Finance Ltd Best Worth Assets & Trust Ltd ICON Stockbrokers Ltd Santrust & Securities Ltd BFCL Assets & Securities Ltd Ideal Securities & Investments Ltd Securities Solutions Ltd BGL Securities Ltd Indemnity Finance Ltd Securities Transaction & Trust Company Ltd BSD Securities Ltd Independent Securities Ltd Security Swaps Ltd Calyx Securities Ltd Intercontinental Securities Ltd Shalom Investment & Securities Ltd Camry Securities Ltd International Standard Sec. Ltd Shelong Investment Ltd Capital Asset Ltd Integrated Trust & Investments Ltd Sigma Securities Ltd Capital Bancorp Ltd International Capital Securities Ltd Signet Investments Securities Limited Capital Express Securities Ltd Investment Masters & Trust Ltd SMADAC Securities Ltd Capital Trust Brokers Ltd Jamkol Investment Ltd Solid Rock Securities & Investment Ltd Cash Craft Securities Ltd Jenkins Investment Ltd Spring Trust & Securities Ltd Center-point Investment Ltd Kapital Care Trust & Securities Ltd Springboard Trust & Investment Ltd Century Securities Ltd Kinley Securities Ltd Stanbic IBTC Asset Management Ltd City-Code Trust & Investment Company Kundila Finance Services Ltd Stranwal Securities Ltd Clearview Investment Company Ltd Lambeth Trust & Investments Ltd Strategy & Arbitrage Ltd Consolidated Investment Ltd LB Securities Ltd Summa Guaranty & Trust Co. Cooper Fleming Stockbrokers Ltd Lead Capital Ltd Summit Finance Co. Ltd Counters Trust Securities LMB Stockbrokers Ltd Support Services Ltd Crossworld Securities Ltd Maclaize Trust & Securities Ltd The Investors Advisers Limited CSL Stockbrokers Ltd Magnartis Finance & Inv Ltd Three Stars Investment Ltd Davandy Finance & Securities Ltd Maninvest Asset Management Ltd Tiddo Securities Ltd De-Lords Securities Ltd Marimpex Finance & Investment Ltd Tomil Trust Ltd Denham Management Ltd Marina Securities Ltd Topmost Finance & Investment Ltd Dependable Securities Ltd Maxifund Investments & Securities Ltd Tower Assets Management Ltd Dynamic Portfolio Ltd Mayfield Investment Ltd Traders Trust & Investment Co. Ltd EBN Securities Ltd MBC Securities Ltd Trans Africa Financial Services Ltd Emerging Capital Ltd MBL Financial Services Ltd Tropics Securities Ltd EPIC Investment Trust Ltd Mega Equities Ltd Trust Yield Securities Ltd ESL Securities Ltd Meristem Securities Ltd Trusthouse Investments Ltd Eurocomm Securities Ltd Midas Stockbrokers Ltd TRW Stockbrokers Ltd Excel Securities Ltd Mission Securities Ltd UBA Stockbrokers Ltd Express Portfolio Services Ltd Molten Trust Ltd UNEX Securities & Investment Ltd F & C Securities Ltd Mountain Investment & Securities Ltd Union Capital Markets Ltd Falcon Securities Ltd Newdevco Finance Securities Ltd Valmon Securities Ltd Fidelity Finance Company Ltd Niche Securities Ltd Valueline Securities & Investment Ltd Fidelity Union Securities Ltd Nigerian International Securities Ltd Vision Trust & Investment Ltd Finmal Finance Services Ltd Nigerian Stockbrokers Ltd Vetiva Capital Management Ltd First Alstate Securities Ltd Omas Investment & Trust Ltd Wizetrade Capital Asset & Mgt Ltd First Stockbrokers Ltd OMF Securities & Finance Ltd Yobe Investment Company Ltd Folu Securities Ltd Options Securities Ltd Partnership Investment Co. Ltd Peninsula Assets Mgt & Investment Ltd Perfecta Investment Trust Ltd Pilot Securities Ltd Pinefields Investment Services Ltd
22 NIGER STATE DEBT ISSUANCE PROGRAMME – SUPPLEMENTARY PROSPECTUS