Nigeria’s military sent fighter jets and ground forces into neighboring Benin to support President Patrice Talon, after a group of soldiers attempted to seize control of the tiny West African nation.
The Nigerian Air Force helped dislodge the “coup plotters” from Benin’s national TV station and a military camp, President Bola Tinubu’s office said in a statement late on Sunday. Soldiers have been deployed for “missions approved” by Benin’s government, it said.
The Economic Community of West African States, a regional economic bloc, also sent its standby force to Benin — including troops from Ghana, Ivory Coast and Sierra Leone — to help support the security forces defending the country, according to a separate statement.
The response by neighboring states contrasts with Ecowas’s recent inaction in a region that’s been beset by coups over the past five years, including in Guinea-Bissau last month. Had it succeeded, the takeover would have been the 10th putsch in the region since 2020, adding to a wave of military power grabs stretching from the Atlantic Ocean to the Red Sea.
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While authorities quickly brought the attempted coup under control, the episode may signal risks for investors, potentially slowing economic momentum and reducing the country’s investment appeal, Léopold Adjakpa, Executive Director of the Private Investors Council in Benin, said by phone.
Benin has about $2.5 billion of foreign-currency bonds of various maturities outstanding, according to data compiled by Bloomberg. Its Cotonou port is an important transshipment hub for Nigeria.
The yield on Benin’s $750 million of eurobonds due 2038 jumped 26 basis point to 7.88% by 8:14 a.m. in London. The country in January issued $500 million of dollar bonds in the first sovereign issuance out of Africa this year, with demand for the issue at seven times the amount sought.
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Talon said the situation was “totally under control” with mop-up operations underway to “clean up the last pockets of resistance from the mutineers” and to locate any individuals still held by the fleeing insurgents.
At least 14 coup plotters have been arrested, according to a presidency spokesman.
— With assistance from Ray Ndlovu, Robert Brand, and Neil Munshi
