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FG offers 3 FGN bonds valued at N450bn for subscription

Published

2 months ago

on

President Bola Ahmed Tinubu

 

The Federal Government, through the Debt Management Office (DMO), has offered three FGN bonds for subscription by interested investors.

The DMO, in its offer circular on Monday, said that the first offer was an April 2029 FGN bond, valued at N100 billion at an interest rate of 19.30 per cent per annum. (5-year re-opening)

It listed the second offer as a February 2031 FGN bond valued at N150 billion, at interest rate of 18.50 per cent per annum. (7-year re-opening)

The third offer is a January 2035 FGN bond, valued at N200 billion. (10-year re-opening)

Auction date is Jan. 27, and settlement date is Jan. 29.

According to the DMO, the FGN bonds are offered at N1,000 per unit subject to a minimum subscription of N50 million, and in multiples of N1,000 thereafter.

“For re-openings of previously issued bonds, successful bidders will pay a price corresponding to the yield-to-maturity bid that clears the volume being auctioned, plus any accrued interest on the instrument.

“Interest is payable semi-annually, while bullet repayment (principa sum) is on the maturity date, ” the DMO said.

It said that the bonds were backed by the full faith and credit of the Federal Government, and were charged upon the general assets of Nigeria.

“They qualify as securities in which trustees can invest under the Trustee Investment Act.

“They qualify as government securities within the meaning of Company Income Tax Act and Personal income Tax Act for tax exemption for pension funds among others.

“They are listed on the Nigeria Exchange Limited, ” it said.

It said that they qualified as liquid assets for liquidity ratio calculations for banks,” it said.

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Business & Economy

CPUON Cries out  to FG, calls for Review of PENCON Act ….Seeks upward review of their pension ….As retirees die of hunger, harsh economic situation 

Published

13 hours ago

on

March 15, 2025

By

Disturbed by the prolonged neglect of retirees of the public sector, and the paltry amount being paid to Pensioners as pension, the Contributory Pensioners Union of Nigeria has pleaded with the Federal government to as a matter urgency review the PENCON Act.

National Assembly

In this exclusive interview with the Publisher of Daily Echoes Media, Ignatius Okorocha, National Secretary of Contributory Pensioners Union of Nigeria (CPUON), Comrade Eugene Emezue disclosed that the Federal government has not reviewed the PENCON  Act. According to the National Secretary the delay in amending the PENCON Act has resulted in Pensioners being neglected to the extent that their pension and not paid as and when due and even when it is paid, it is nothing to write home about in view of the hard economic situation in the country.
“First and foremost,the National Pension Commission otherwise known as PENCON is duly commissioned by the Federal government to be the regulator of all Contributory pension scheme in Nigeria of the Treasury funded at Federal, State and local government levels in this country.
“For almost 20 years now (2004) when most of the Civil Servants were assumed to have retired but for those who could migrate from the defined benefit scheme, migrated from the Contributory Pension Scheme in 2007 and from 2007 to date, government has not deemed it fit to review the Contributory Pension Scheme for retirees.
“That is the problem we are having. For that problem to be solved, the Federal government of Nigeria should listen to the National Pension of Nigeria. Whatever policy they have done, the Act stipulates according to section 173 and section 3 of 1999 constitution as amended,empowered the government and all Pensioners for their pension to be reviewed every five years or whenever there is an increase in salaries and wages of active workers.
“As pensioners today, we were formally active workers and according to section 91 of the Labour Act. It states that there two  contract agreement worker:
1. Active worker.When one works for 35 years or sixty years before retirement and after retirement he or she remains an employee of a federal government because he has the contractual passion of it which says that she of her will be receiving pension until death do her/she part.
 “Therefore in view of this, every CPS retiree who is alive must continue to receive pension until he or she dies,” he said.
He further noted that,”It is the responsibility of the employer either in private or public sector and those of us in public sector. So, the federal government of Nigeria owns all workers under CPS their pension review just as the defined benefits scheme are receiving their pension and it is being reviewed by the Federal government.
 He wondered why the Federal government should not review the pension of Contributory Pensioners even when there is salary review of workers at  both federal and state governments levels.
On when the last pension was paid Pensioners he said,” from all indications as of December 2024, people who retired as at February 2023 were not paid their pension almost two years since they retired. It was just by December that the PENCON managed to pay  about three to four months arrears ( that February, March and April) from my own record  PENCON has not paid any Pensioners his or her pension beyond May 2023.”
On the effect of this delay in  payment of pension to retirees, Mr Emezue said,” there has been records of Pensioners dying of sicknesses and starvation looking at the
 present economic situation in the country. Most of these retirees have their children  still in schools and some of them have lost their accommodations because they were unable  to pay their rents.”
He pleaded with the leadership of the House of Representatives and Senate committees to review PENCON Act for the larger interest of retirees welfare while calling for an upward review of their  pension  take home package in the light of the current hard economic situation in the country.
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Business & Economy

Pastor Reuben Initiative extols founder’s philanthropic gesture

Published

1 week ago

on

March 7, 2025

By

Pastor Reuben Wilson

 

By Idibhar Agadaga, Baylesa

The Director General Pastor Reuben Initiative for Good Leadership and Accountability (PRIFGLA), Eseimokumo Frank Soko has commended Pastor Reuben Wilson’s selfless contributions to the development of Bayelsa State and the Niger Delta region.

Speaking on an enlighment program on Royal FM, 95.5, Eseimokumo Frank Soko, highlighted Wilson’s commitment to education, noting that he has sponsored over 200 students across various universities in the region.

According to Soko, Wilson’s philanthropic efforts extend beyond education, as he has also provided monthly stipends to members of the Initiative ànd numerous individuals in need.

He particularly extolled Wilson’s selfless and sacrificial lifestyle which have positively impacted the lives of many Bayelsans.

He emphasized that Wilson’s charitable works is not limited to any particular political party or affiliation as beneficiaries come from diverse backgrounds including PDP, APC and Labour Party members.

On his part, PRIFGLA’s National Secretary and Special Adviser on Student Matters and Scholarships, Ogbomo Erepamowei, shared Wilson’s inspiring personal story, which has driven his passion for helping others.

Ogbomo noted that despite facing challenges in his own educational journey, Wilson has demonstrated remarkable resilience and generosity, supporting students in various institutions across the Niger Delta.

He added that over 200 students are under scholarship sponsored by Pastor Reuben Wilson in various universities across the Niger Delta region.

In a final statement, Soko expressed gratitude to Wilson, describing him as a “sacrificial leader” who has positively impacted the lives of those working with him.

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Business & Economy

Three Oil Coys admit owing FG over $5.5m  *As Reps Issue 2-Weeks Ultimatum For Payment

Published

2 weeks ago

on

March 5, 2025

By

By Our Reporter
Following the ongoing efforts by the National Assembly to generate revenue for the federal government, three major oil companies operating in Nigeria Chorus Energy, Dubril Oil company limited, and Belema Oil have all admitted to owing $5,543,491.45 to the Nigeria’s Federation Account.
This revelation came during Tuesday investigation by the House of Representatives Committee on Public Accounts prompted by the Auditor General’s annual report.
The committee heard detailed testimonies from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), presented by Mr. Balarabe Haruna, which outlined the outstanding debts of the companies.
According to NUPRC, the debts are as follows: Chorus Energy owes a total of $814,680.06 and N181,954,238.43, comprising $396,907.76 for crude oil by price and $417,772.13 for crude oil by production.
Dubri Oil owes $3,025,193.71, which includes $646,605.55 for crude oil by production and $2,378,588.15 for gas flare.
Eroton Exploration & Production owes $78,486,333.27, made up of $45,094,125.31 for crude oil by production, $33,392,207.96 for gas flare, and $916,027.00 for concession rentals.
Belema Oil owes $1,703,617.68, including $977,793.54 for crude oil by price, $511,870.14 for gas flare, and $213,954.00 for concession rentals.
In response, the Chief Financial Officer of Chorus Energy, Mr. Oluseyi Simon, explained that the company’s debt arose after an increase in the crude oil price rate from 0.5% to $3.5.
He noted that the company has consistently paid its liabilities and that it had already paid $5.3 million in 2024 alone.
Simon assured the committee that the remaining balance would be cleared before the end of the month.
Meanwhile, Mr. Clement, the Acting Managing Director of Dubri Oil, acknowledged the debt and explained that the company’s financial difficulties stemmed from a decline in production during the first quarter of 2024.
He emphasized that the company had been trying to mitigate the situation through workovers on its wells, but the efforts were unsuccessful.
However, Clement assured the committee that Dubri Oil planned to begin drilling new wells and, once production increased, would settle the outstanding debt.
He further revealed that Dubri Oil had been in discussions with the Economic and Financial Crimes Commission (EFCC) and had agreed to a payment schedule, with an expected resolution by the third quarter of 2025.
Belema Oil also confirmed the debt, citing operational challenges as the cause of the indebtedness.
According to the company’s Managing Director, Ahmad H. Sambk said Belema Oil had been unable to meet its production targets since August 2022 due to issues with the evacuation pipeline system, which had experienced significant leakages, leading to the loss of nearly 5 million barrels of crude oil.
These challenges had resulted in a complete shutdown of operations, preventing the company from fulfilling its financial obligations.
Chairman of the investigation sub-committee, Hon. Akinlade Isaq, expressed anger over the failure of oil companies to meet their financial obligations and stressed the urgency of retrieving the owed funds.
“Paying off these outstanding debts is not just a matter of financial responsibility, it is a critical step toward improving governance in Nigeria,” Isaq stated.
The committee then unanimously gave the oil companies a strict two-week ultimatum to settle their debts.
The committee also issued a warning to any oil companies that failed to respond to invitations for hearings, stressing that non-compliance would lead to severe repercussions.
In addition to the aforementioned companies, the committee also disclosed the indebtedness of other oil operators that failed to appear today as follows;
“For Conoil Producing, the company owes $3,884,308.56 for crude oil by production and $708,600.06 for Gas flare and $475,785.40, bringing the total to $4,592,908.62.
Continental Oil has a total debt of $57,053,842.22, which includes  $44,519,936.05 for crude oil by production, $12,533,906.17 for gas flare and $250,650.00 for concession rentals.
Enageed Resources owes a total of $15,001,089.91, consisting of $11,647,300.01 for crude oil by production, $3,353,789.90 for gas flare and $469,552.00 for concession rentals.
Energia limited owes a total of $19,260,982.13, made up of $6,675,524.25 for crude oil by price, $9,768,926.81 for crude oil by production,$10,208.89 for gas sales, $2,806,322.19 for Gas flare and $305,995.40 for concession rentals.
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