Nigeria Launches Oil Warrant Invitation

Abuja, Nigeria (ots/PRNewswire) -

The Central Bank of Nigeria (the "Central Bank") has launched
today an invitation addressed to the holders of its Payment
Adjustment Warrants issued in 1991 (the "Oil Warrants") and
representing the Central Bank's Payment Adjustment Rights (the
"Rights") to submit, in a modified Dutch auction, offers to sell the
Oil Warrants back to the Central Bank for cash. The invitation and
withdrawal rights will expire at 5:00 P.M., CET, on March 23, 2007
(unless extended by the Central Bank in its sole discretion).

Holders of Oil Warrants accepted for purchase will receive, for
each Right purchased, an amount in U.S. dollars equal to the clearing
price. If the Central Bank decides to accept offers, it intends to
select and announce the clearing price on March 29, 2007 (unless
extended by the Central Bank in its sole discretion), provided that
the clearing price may not be less than the minimum clearing price,
which is U.S.$220 per Right. The Central Bank may modify the minimum
clearing price at any time but no later than March 15, 2007.

Holders who submit (and do not withdraw) noncompetitive offers
prior to 5:00 P.M., CET, on March 9, 2007 (unless extended by the
Central Bank in its sole discretion) will receive, in addition to the
clearing price, U.S.$2.00 per Right accepted for purchase by the
Central Bank.

Holders of Oil Warrants may participate in the invitation by
submitting a letter of transmittal to Citibank, N.A., the depositary
for the invitation, by facsimile, by courier or by hand delivery and
by tendering their Oil Warrants at or before the expiration date in
accordance with the invitation procedures. Holders located in
Luxembourg may submit letters of transmittal to Dexia Banque
International a Luxembourg, societe anonyme, the Luxembourg special
agent for the Invitation, but must also submit a copy of the letter
of transmittal to Citibank, N.A.

Copies of the information memorandum describing the invitation and
the form of letter of transmittal may be obtained from the
information agent for the invitation, D.F. King and Co., Inc., at 48
Wall Street, New York, NY, 10005, tel: +1-212-269-5550 or 2 London
Wall Buildings, London, EC2M 5PP, tel: +44-20-7920-9700.

The Dealer Manager for the invitation is Citigroup Global Markets
Limited.

ots Originaltext: The Central Bank of Nigeria
Im Internet recherchierbar: http://www.presseportal.de

Contact:
D.F. King and Co., Inc., +44-20-7920-9700, +1-212-269-5550; or
Citigroup Global Markets Limited, +44-20-7986-9662