Nigeria’s dollar bonds maturing in 2025 have sunk for seven straight days, marking their longest losing streak since September. This slump, according to Bloomberg, reflects investor anxiety surrounding the ongoing saga between Dangote Group and the Economic and Financial Crimes Commission (EFCC).
Last week, EFCC officials raided the Dangote Group headquarters in Lagos as part of their investigation into foreign exchange allocations within the country. The company vehemently denied any wrongdoing and termed the raid “embarrassing.” Adding to the concerns, the Manufacturers Association of Nigeria criticized the raid’s handling.
These developments have dampened investor appetite for Nigerian bonds, pushing them to their lowest levels since November 28 according to Bloomberg data.
