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Tinubu’s Government Invites Nigerians to Buy Bonds, Invest in Infrastructure With N1,000

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Tinubu's Government Invites Nigerians to Buy Bonds, Invest in Infrastructure With N1,000
  • The Nigerian government, via the Debt Management Office (DMO) has asked Nigerians to subscribe to FGN savings bonds
  • The DMO stated that the first is a two-year savings bond due on June 14, 2025, and the other is due on June 14, 2026.
  • It stated that the offer opened on June 3, 2023, and would be closing on June 9, 2023

The Debt Management Office (DMO) has announced two Federal Government of Nigeria (FGN) saving bonds for a subscription at N1,000 per unit. According to a statement by DMO, the offer opens on June 3, 2023, and closes by June 9, 2023.

Nigerians to invest with as low as N1,000

The DMO stated that the first offer is a two-year FGN savings bond due on June 14, 2025, at an interest rate of 11.301% per annum.
Per the DMO, the second offer is a three-year savings bond maturing on June 14, 2026, at an 11.301% interest rate per annum. TheCable reports that the DMO said the coupon dates are September 14, December 14, and June 14, respectively.

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DMO said:

They are offered at N1,000 per unit subject to a maximum subscription of N5,000 and in multiples of N1,000 after that, subject to a maximum subscription of N50 million,” the statement reads.

Interest is payable quarterly, and the bullet repayment (principal amount) is done on maturity.

Bonds guaranteed by the Nigerian government

The debt office also stated that the latest offers have a settlement date of June 14, 2023. The agency also noted that the FGN savings bonds were backed by the full faith and credit of the Nigerian government and charged upon the general assets of the country.

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“They qualify as government securities within the meaning of the company income tax act (CITA) and personal income tax act (PITA) for tax exemption, pension funds, amongst other investors.” The office said the savings bonds are also listed on the Nigerian Exchange Limited and qualify as liquid assets for bank liquidity ratio calculation.

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New Candidate Unveiled by Apapa’s LP Faction for Edo Governorship

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In a quick response to Barrister Olumide Akpata’s selection as the candidate by the Julius Abure-led national leadership of the Labour Party for the upcoming Edo State governorship election, the faction led by Alhaji Lamidi Apapa has introduced its own candidate for the race less than a day later.

As reported by NewsNow, Barrister Akpata was announced as the party’s candidate following a governorship primary held in Benin City on Friday, with the Deputy Governor of Abia State, Engr Ikechukwu Emetu, making the declaration. Barrister Akpata clinched the candidacy with 316 votes, surpassing other contenders.

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Meanwhile, the Apapa-led faction of the party submitted the names of its candidate and deputy governorship candidate to the National Chairman of the Independent National Electoral Commission (INEC) in a letter dated February 22, 2024, addressed to Abuja.

The letter, signed by Alhaji Lamidi Apapa as the Acting National Chairman and Alhaji Saleh Lawan as the Acting National Secretary, was seen on various social media platforms, including the Edo State Labour Party’s WhatsApp group.

The governorship candidate was identified as Barrister Anderson Uwadiae Asemota, paired with Barrister Monday Ojore Mawah as the running mate in the primary held in Benin City on February 22, 2024, as listed by Apapa.

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Confirmation of the letter was given by Apapa over a phone call, where he simply affirmed, “Yes, it is true. The letter is from us.”

The post New Candidate Unveiled by Apapa’s LP Faction for Edo Governorship appeared first on NewsNow Nigeria.

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The Katsina APC initiates investigation into alleged anti-party activities during rerun election

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Following the recently concluded rerun election in Sabuwa/Faskari/Kankara Federal Constituency, the Katsina State chapter of the All Progressives Congress (APC) has established a special committee to look into suspicions of anti-party conduct by some members.

The committee, led by former Deputy Governor Alhaji Tukur Jikamshi, aims to address grievances against party members suspected of acting against the party’s interests during the election. Its role involves conducting a comprehensive inquiry into the alleged anti-party activities, gathering evidence, and obtaining testimonials from concerned members.

At the inauguration of the committee at the Katsina Government House, the state’s party chairman, Alhaji Sani Aliyu, outlined the committee’s mandate, which includes reviewing the party’s performance in the rerun election, investigating allegations of anti-party activities, validating claims, and identifying individuals involved.

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Aliyu mentioned that the state governor, Malam Dikko Radda, has expressed confidence in the committee’s impartiality and pledged to adhere to its findings.

The committee, which has a two-week timeframe to submit its findings and recommendations to the state party leadership, consists of prominent members, including Alhaji Tukur Jikamshi, Senator Abdulaziz Yar’adua, Fadila Dikko, Alhaji Suleiman Mohammed Namadi, and Alhaji Kabir Maska, among others.

In his remarks, the committee chairman, Tukur Jikamshi, expressed gratitude for the confidence placed in the committee by the party leadership. He pledged the committee’s unwavering commitment to fulfilling its responsibilities with honesty and diligence, ensuring alignment with the party’s constitution.

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The post The Katsina APC initiates investigation into alleged anti-party activities during rerun election appeared first on NewsNow Nigeria.

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Yobe East Senatorial by-election: APC’s Mustapha emerges victorious [See Result]

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The victory in the Yobe East senatorial by-election has been clinched by Musa Mustapha, the candidate of the All Progressives Congress (APC), as announced by the Independent National Electoral Commission (INEC) on Sunday. The Returning Officer, Ibrahim Ahmed Jajere, disclosed that Mustapha secured the highest number of votes.

Mustapha, representing the APC, garnered 68,778 votes, defeating his closest competitor, Aji Kolomi of the Peoples Democratic Party (PDP), who obtained 18,878 votes. The total number of votes cast was 90,949, with 88,771 votes deemed valid and 2,178 votes rejected.

Associate Professor Ibrahim Ahmed Jajere, the Returning Officer, certified the results, declaring Mustapha as the winner and elected candidate. Mustapha, also known as Coolers, previously served as the Commissioner for Finance in Yobe State.

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He will fill the vacancy left by Senator Ibrahim Geidam, who currently holds the position of Minister of Police Affairs. The detailed breakdown of the election results by local government areas is as follows:

1) Bursari LG

*APC – 9,466

*PDP – 2,752

2) Damaturu LG

*APC – 11,941

*PDP – 6,693

3) Geidam LG

*APC – 6,621

*PDP – 2,310

4) Gujba LG

*APC – 11,529

*PDP – 3,037

5) Gulani LG

*APC – 12,516

*PDP – 2,198

6) Tarmuwa LG

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*APC – 5,557

*PDP – 1,054

7) Yunusari LG

*APC – 11,148

*PDP – 834

In a separate re-run election at Shoye Garin Abba, Balde Polling Unit 001, in Yika Local Government Area, for the Fune/Fika Federal Constituency, the Peoples Democratic Party (PDP) emerged victorious, polling 93 votes while the APC did not receive any votes.

The post Yobe East Senatorial by-election: APC’s Mustapha emerges victorious [See Result] appeared first on NewsNow Nigeria.

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