NEWS
FG Offers N150bn Bonds for Subscription
By Tony Obiechina, Abuja
The Federal Government, through the Debt Management Office (DMO), has offered three FGN bonds valued at N150 billion for subscription at N1,000 per unit.According to a statement by the DMO on Monday, the first offer is an April 2029 FGN bond valued at N70 billion at an interest rate of 19.
30 per cent per annum (five-year) re-opening. The second offer is a February 2031 FGN bond valued at N50 billion, at an interest rate of 18. 50 per cent per annum (seven-year re-opening)There is also the May 2033 FGN bond valued at N30 billion, at 19.89 interest rate per annum (nine-year re-opening)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.It said that 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.“Auction date is Sep. 23, while settlement date is Sept. 25.”Interest is payable semi-annually, and bullet repayment (principal sum) is done at maturity,” it said.It added that FGN bonds are backed by the full faith and credit of the Federal Government of Nigeria, and are charged upon the general assets of Nigeria.“They qualify as securities in which trustees can invest under the Trustee Investment Act.“Qualify as government securities within the meaning of Company Income Tax Act and Personal Income Tax Act for tax exemption for pension funds amongst other investors.“They are listed on the Nigerian Exchange Limited and FMDQ OTC securities Limited,” the DMO said.NEWS
NAICOM Boss Decries Impact of Inflation on Insurance Industry
The Commissioner For Insurance, Mr Olusegun Omosehin, on Friday decried the impact of inflation on the insurance industry.Omosehin, also the Chief Executive Officer(CEO), National Insurance Commission (NAICOM), raised the concern at the Insurance Meet Tech(IMT) 2024 conference held in Lagos.He said this had been a major concern for the insurance sector, adding that rising prices affect both insurers and policyholders.
The commissioner, represented by the Head, NAICOM Lagos Control Office, Mr Julius Odidi, noted that it could be difficult for insurance companies to operate profitably, especially if claims costs increase due to inflation. “To mitigate this, insurers must carefully manage their investment portfolios, adapt pricing strategies, and maintain adequate reserves.“It is critical to note that navigating the current macroeconomic realities successfully would be a natural precursor and building block for the revitalisation of theinsurance industry,” he said.Omosehin assured that NAICOM had prioritised prompt settlement of all genuine claims, fair treatment of policyholders and utmost transparency, as some of the ways to boost the insurance industry’s image and support economic growth.He noted that the commission resolved to give priority to settlement of genuine claims, as that was the fundamental reason of its existence as an industry.The commissioner stated that it was critical for insurers to embrace digitalisation.According to him, insurers must modernise their processes, enhance customer experiences through digitalchannels, and invest in technology to streamline operations.“Adapting to changing consumer behaviours and preferences is equally important, as offering online policy purchase, claims processing, and customer service can attract tech-savvy customers,” he said.(NAN)NEWS
EFCC Nabs ex-Taraba Gov. Ishaku over Alleged N27bn Fraud
The Economic and Financial Crimes Commission (EFCC) has arrested Darius Ishaku, a former governor of Taraba State, over alleged involvement in a N27 billion fraud scheme.Ishaku was taken into custody from his Abuja residence on Friday.A source from the commission revealed that Ishaku faces at least 15-count charges, including criminal breach of trust, misappropriation, and diversion of public funds.
“We have been gathering evidence for some time now, and his inability to account for certain financial activities during his administration raised major red flags. “The former governor is currently in our custody. He has been under investigation since leaving office, and there have been numerous instances of financial malfeasance attributed to him.”The EFCC spokesman, Dele Oyewale, confirmed the arrest but declined further comment.Ishaku, who served as governor from May 2015 to May 2023, will be arraigned in court soon.(NAN)NEWS
Interior Minister Condoles with Akwa Ibom gov. Over Wife’s Death
The Minister of Interior, Dr Olubunmi Tunji-Ojo, has condoled with the Governor of Akwa Ibom, Umo Eno, on the demise of his wife, Patience.This is contained in a statement by the Special Adviser to the Minister on Media and Publicity, Mr Babatunde Alao, on Friday in Abuja.The minister described the deceased as an exceptional philanthropist whose virtues and kindness touched countless lives.
He urged the governor to find solace in the divine will of God and the cherished memories of his late wife. Tunji-Ojo prayed that God almighty grant the bereaved family and the entire Akwa Ibom people the fortitude and resilience to bear the loss.He also prayed that the soul of the departed rest in perfect peace.(NAN)