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Economy

DMO Announces October Bond Offers

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DMO Re-opens 4 FGN Bonds Valued At N360bn For Subscription

The Debt Management Office (DMO) on Tuesday released two Federal Government Savings Bond offers for October.

According to a statement by the DMO, the first one is a two-year bond due in Oct. 12, 2024, at an interest rate of 11.38 per cent per annum.

Also read: DMO takes FGN securities issuance awareness to Umuahia

The second offer is a three-year bond due in Oct. 12, 2025, at an interest rate of 12.38 per cent per annum.

The office announced that they are offered at N1,000 per unit subject to a maximum subscription of N5,000 and in multiples of N1, 000 thereafter, subject to a maximum subscription of N50 million.

“Opening date is Oct. 4; closing date is Oct. 7; settlement date, Oct. 12, while coupon payment dates are Jan. 12, April 12, July 12 and Oct. 12.

“Interest is payable quarterly and the bullet repayment (principal sum) is done on maturity.

“FGN Bond qualifies as securities in which trustees can invest under the Trustee Investment Act.

“It qualifies as government securities within the meaning of Company Income Tax Act (CITA) and Personal Income Tax Act (PITA) for Tax Exemption for Pension, amongst other Investors.

“It is listed on the Nigerian Stock Exchange, and qualifies as a liquid asset for liquidity ratio calculation for banks,’’ the DMO said.

It added that they are backed by the full faith and credit of the Federal Government, and charged upon the general assets of the country.

 

Economy

NOSDRA, Stakeholders Set To Tackle Oil Spillage – Emir of Keffi

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The National Oil Spill Detection and Response Agency (NOSDRA), has called on stakeholders in the petroleum industry to ensure the prevention of oil spillages in Nigeria.

The Emir of Keffi, Dr Shehu Yamusa III, who is the Chairman of, Governing Board, NOSDRA, made the call at a stakeholders’ meeting with oil companies in Nigeria on Thursday in Abuja.

Yamusa said that operators in the petroleum sector shared a common goal of ensuring an effective response to oil spills and sustainable management of the Nigerian environment for national development.

The Chairman was represented at the occasion by Mr. Idris Musa, the Director-General of, the National Oil Spill Detection and Response Agency (NOSDRA).

He added that the occurrence of oil spillage could be prevented through compliance with extant laws, regulations and guidelines on environmental management in the petroleum industry.

Yamusa, however, said that stakeholders would discuss action plans for the management of oil spills in 2023 with an emphasis on reviewing regulatory procedures regarding oil spill reporting.

Others, he said, included the conduct of Joint Investigation Visits (JIV), Clean-Up and remediation of oil spill-impacted sites, as well as the conduct of Post Spill Impact Assessment (PSIA), among others.

“The transparent conduct of these processes is very important, not just for the integrity and credibility of NOSDRA, but also for sustainable environment management, fair, just and amicable resolution of disputes that may arise therefrom.

Dr Shehu Yamusa III,

“The vision statement of the National Oil Spill Detection and Response Agency is to create, nurture and sustain a zero tolerance for oil spill incidents.

“This can only be achieved if players in the industry take measures to prevent oil spillages through compliance with extant laws, regulations, and guidelines on environmental management in the petroleum industry,” he said.

In a remark, the Director-General, of NOSDRA, Mr. Idris Musa, said that oil spill management “is of paramount importance to the agency and other stakeholders in the oil sector.

”We are actually aware of the devastating impacts that oil spills have on ecosystems, wildlife, local economies, the well-being and livelihoods of host communities.

“It is a collective responsibility that we must shoulder together, as stakeholders representing various sectors to tackle this pressing issue head-on and work towards effective and efficient solutions,” he said.

Meanwhile, Musa, while speaking to journalists at the event, said the agency had made an impact in cleaning oil spills in oil-producing areas through the Clean-Up and remediation of oil spill-impacted sites.

“As of today, I can tell you that NOSDRA as an agency, has certified about 40 cleaned-up impacted sites in Ogoni land and there are almost the same number in progress at different levels of operations.

“None is less than 50 percent completed. In another few months, we will be recording about 70 to 80 percent clean-up sites in Ogoni land,” he said.

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Economy

Subsidy Strike: NLC Condemns National Industrial Court Ruling As FG Secures Injunction 

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NLC mobilizes workers for industrial action in Rivers

The Nigeria Labour Congress (NLC) has rejected the ruling of the National Industrial Court (NIC) of favouring the Federal Government against the interest of the masses and workers in the country.

Mr Joe Ajaero, NLC President said this in a communique jointly signed with Mr Emmanuel Ugboaja, General Secretary of the Congress at the end of an emergency National Executive Council (NEC) meeting on Tuesday in Abuja.

It said that the NEC meeting was called to discuss the outcome of the dialogue between the NLC and the Federal Government on the petroleum product price hike.

The NLC had on June 3 ordered a nationwide strike that was supposed to commence on June 7 over the hike in fuel price.

It would also be recalled that the federal government had procured a Court injunction restraining Congress from proceeding with the proposed nationwide strike.

The NLC said NEC in session resolved that there was need to show government that it was important to comply with laid down laws and court rulings.

“Especially as it concerns obedience to the rulings of the Courts and their brazen disregard to the 2023 Appropriation Act.

“To therefore support and accept the decision of the leadership of Congress to suspend the proposed strike action in compliance with the flawed rulings of the NIC.

“Also to allow negotiations to flow freely and enable final agreement during or after the 19th June, 2023, negotiation round with the federal government.

“To however register in strongest terms its disgust and disapproval with the ruling of the NIC for its continuous weaponisation of the instrument of Exparte injunction in favour of government.

“That is against the interests of Nigerian workers in defiance of the position of the Supreme Court on the use of this instrument,” it said.

Congress further stated that all Affiliates and State Councils of Congress are hereby directed to suspend further action and mobilisation until the outcome of the final negotiations.

The communiqué commended all Affiliates and State Councils on their robust mobilaaisation towards a successful nationwide strike and to also remain vigilant in case there is a need to continue.

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Economy

Fuel Subsidy: Obaseki Reduces Edo Workers’ Days To 3

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Benin River Port Will Enhance Economic Diversification- Obaseki

Hikes Minimum Wage To N40,000***

Godwin Obaseki of Edo on Tuesday reduced the number of work days that civil and public servants would have to commute to their workplaces from five days to three days a week, amongst other measures.

In a statement made available to newsmen in Benin, Obaseki said the measure was part of efforts to ameliorate the sufferings currently faced by the people in the wake of the rise in prices of goods and services occasioned by the fuel subsidy removal.

“In the wake of fuel subsidy removal by the Federal Government, fuel prices have increased astronomically, leading to a rise in prices of goods and services and overall cost of living.

“The Edo State Government shares the pains of our people and wants to assure everyone that we are standing with them in these very challenging times.

“We want to reassure our people that we will do all within our powers as a sub-national government to reduce the pains and ameliorate the sufferings our people are currently facing due to the current realities.

“As a proactive government, we have since taken the step to increase the minimum wage paid to workers in Edo State from the approved N30,000 to N40,000.

“We hope to increase it even further if more allocation accrues to our state from the Federal Government in view of the expected savings from the removal of the fuel subsidy,” the governor said.

According to him, we know the hardship that has been caused by this policy which has increased the cost of transportation, eating deep into the wages of workers in the state.

465 returned migrants to benefit from IOM intervention project in Edo
*Gov. Godwin Obaseki of Edo

“Therefore, the Edo State Government is hereby reducing the number of work days that civil and public servants will have to commute to their workplaces from five days to three days a week till further notice.

“Workers will now work from home two days every week.

“Similarly, for teachers and parents, their commuting to school will be reduced as government is working on deepening the EdoBEST@Home initiative.

“To create more virtual classrooms, thereby, reducing the cost of commuting on parents, teachers and pupils.

“The Edo SUBEB will provide details on this initiative in the coming days,’’ Obaseki said.

He said that to lower the rising cost of energy on the people, the state government would continue to work with the electricity companies in the state to improve power supply to homes and businesses.

“Similarly, fiber optics connections are b4eing made available to help our people work remotely, thereby reducing their cost of transportation,” he said.

Obaseki called on all to remain calm and go about their daily businesses lawfully while government intensified effort to alleviate the burden of fuel price.

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