Credit Ratings for sub National Governments in Nigeria, March 2009

On March 16-19th DMA ran the first Conference Credit Ratings for Sub-National Governments in Nigeria. Over three hundred delegates attended the enormously successful three day event. Supported by Urban Development Bank, DFID, Standard & Poor’s, Bank PHB and the Gombe State Government and run in conjunction with ALGON and Baltimore Tax & Finance, the purpose of the event was to engage sub-national governments on the process of applying for credit ratings with a view to access domestic and international capital markets.

Key presentations were also made by the World Bank, the Debt Management Office, the Securities and Exchange Commission, Transparency International, the African Development Bank, the Commonwealth, UN Habitat, the Governor of Rivers State, the Ratings Advisor for Lagos State and Nigeria’s Special Projects Minister. Further outcomes, presentations, photo gallery and the event programme will follow in these pages over the coming weeks.

GALLERY
To view the Credit Ratings for sub National Governments in Nigeria 09 gallery, please click here.

PROGRAMME
Tuesday 17, March, 2009
12.00 – 17.00
Arrival and Registration

18.00 – 19.30
VIP Reception
The Sheraton Hotel Abuja, 17-19 March 2009
Chair: Senator. Sahabi Alhaji Ya’u guests of Honour: Peter West, Deputy High Commissioner, British High Commission guest Speaker: Carl Wright, Secretary General, CLGF
WEDNESDAY 18, MARCH, 2009

10.00 – 11.00 Opening Ceremony
Welcome address:
Hon Ibrahim Dasuki Jalo, National President, ALGON
Introduction to Summit Theme by:
Konrad Reuss, Managing Director - Sub-Saharan Africa, Standard & Poor’s
Keynote address:
Professor Akin L. Mabogunje, Chairman, FDI & Ex Board Member, Cities Alliance
goodwill message:
HE Dr. Goodluck Jonathan, GCON Vice President, Federal Republic of Nigeria
Vote of Thanks:
Hon Zaphaniah Bitrus Jisalo, Chairman, Abuja Municipal Area Council 11.00 – 11.30 Tea & Coffee Break

11.30 – 13.30
SESSION 1: WHAT IS A CREDIT RATING?
The definition of credit ratings, the origin of credit ratings; why credit ratings are useful and who uses credit ratings; S&P credit rating scale; why credit ratings change and how rating agencies communicate ratings.
Chair:Carl Wright, Secretary General, CLGF
Speakers:
• Professor Akin L. Mabogunje, Chairman, FDI & Ex Board Member, Cities Alliance
• Benjamin Faulks, Sovereign/IPF Analyst Nigeria, Standard & Poor’s
• Hakeem O. Sanusi, Executive Chairman, Urban Development Bank of Nigeria Plc

13.30 – 15.00
Lunch

15.00 – 16.00
SESSION 2: CAN A CREDIT RATING MEET THE DEVELOPMENT NEEDS OF STATE AND LOCAL GOVERNMENT?
Chair: H.E. Peter Obi, Governor, Anambra State
Speakers:
• Professor Johnson Bade Falade, Programme Manager, UN-Habitat Nigeria
• Olayemi Cardoso, rating Advisor, Lagos State
• Steven Dimitriyev, Private Sector Development Specialist, World Bank

16.00 – 17.00
SESSION 3 & 4: METHODOLOGY OF RATING LOCAL AND REGIONAL GOVERNMENT IN NIGERIA & PRACTICAL RULES, FIRST PREPARATIONS AND SUBSEQUENT SURVEILLANCE
Public finance systems, and an assessment of how the system affects the creditworthiness of Nigerian states and local and regional governments (LRGs). Information and data requirements, how to present the data and the importance of ongoing surveillance.
Chair:Atam Sandhu, Managing Director, DMA Speakers:
Lorenzo Pareja, International Public Finance Analyst, Standard & Poor’s

19:30 – 21:00
Gala Evening Dinner

Thursday 19, March, 2009
10.00 – 11.30
SESSION 5: DEVELOPING THE LOCAL DEBT MARKET
Investment decisions and the use of ratings: benchmarking risks, independent opinion and market perception.
Chair: H.E Rotimi Amechi, Governor, Rivers State
Speakers:
• Senator Sahabi ya’u, Chairman Senate Committee on State & Local government
• Samir gadio, renaissance Capital

11.30 – 12.00
Tea & Coffee Break

12.30 – 14.00
SESSION 6: GOOD GOVERNANCE - THE KEY TO OBTAINING A GOOD CREDIT RATING AND HOW THE CREDIT RATING PROCESS CAN HELP IMPROVE GOVERNANCE
Chair: Kevin Quinlan, Team Leader – Economic Growth, DfID Nigeria
Speakers:
• Osita Nnamani Ogbu, Secretary general, transparency International Nigeria
• Herve Assah, resident representative, African Development Bank
• Olayemi Cardoso, Hermes Capital and ex-ratings Advisor to Lagos State

12.30 – 14.00
Lunch

14.00 – 15.30
SESSION 7: DEBT ISSUANCE FINANCE, DOMESTIC STANDARDS
Chair:H.E. Ibrahim Shekarau, Governor, Kano State
Speakers:
• Hakeem O. Sanusi, Executive Chairman, Urban Development Bank of Nigeria
• Chief Abraham Nwankwo, Director general, Debt Management Office
• Alhaji Musa Al-Faki, Director general, Securities & Exchange Commission
Closing Remarks.
• Chief C. Udensi – Secretary general, ALGON
• Tajudeen toyin-Oke, MD Baltimore tax and Financial