The Debt Management Office, on Thursday, took its Federal Government of Nigeria (FGN) Securities Issuance Awareness Programme to Asaba, the Delta State capital.
The programme, which is a collaborative effort of the DMO and CSL Securities Limited, the stockbroking firm for the FG, witnessed a large turnout of industry stakeholders and prospective investors.
Director-General of the DMO, Patience Oniha, said the programme was designed to educate Nigerians about safe investment opportunities in FGN securities.
According to Oniha, who was represented by Mr Makaizu Nwankwo, Director, Debt Recovery and Settlement Department at the DMO, investing in FGN securities is the safest place for Nigerians to grow their investments.
“The safest place to grow your investment is through the FGN securities. They help to fastrack national development,” she said.
She said that the various FGN security instruments, which constituted the local component of country’s public debt, also contributed to developing the local financial market and deepening financial inclusion.
She listed the various investment platforms to include FGN bond, FGN savings bond, treasury bills, the green bond, and the Sukuk bond.
She said that the FGN savings bond was specifically designed for the retail investors to benefit, while supporting government to raise funds and also supporting development of the financial market.
“One function of these FGN securities is to raise capital to finance deficits in the budget, and also to raise funds to execute critical infrastructure projects.
“FGN securities also contribute to the development of the domestic capital market, and they serve as a benchmark for other private institutions to issue their own securities.
“They are backed by full faith and credit of the Federal Government of Nigeria, and are default risk-free,” she said.
Oniha said the objective was to ensure that many more Nigerians became aware of the huge investment opportunities so they could take advantage of them.
“The purpose of this gathering is to introduce DMO to the people. Some might have read one or two things about us in the newspapers, but the Nigerian people are a very important set of stakeholders we must engage.
“Also, we have to educate the general public about the various products that we offer. We are talking of investment products similar to shares, but this is the other side of shares.
“The needs of government are growing and becoming different, so, we need to get more stakeholders involved in what we are doing,” she said.
She said that the idea of getting more Nigerians to invest in government securities was to also promote and encourage financial inclusion.
“We do not want anybody outside of the banking system as much as possible. We want to encourage financial inclusion.
“It is good to keep bank accounts, but it is also good to get actively involved in the financial market, either by buying shares or bonds,” she said.
According to her, the various FGN securities constitute the local component of government borrowings which go into providing some critical needs of the citizens.
“As you know, government does borrow to execute projects. One of our objectives is to prove our ability to raise the funds that government will use to fund these projects that will benefit all of us.
“We will like you to support us by subscribing to our products so that we can transfer the funds to the government, “ she said.
According to Mr Abiodun Fagbulu, Managing Director, CSL Stockbrokers Limited, the stockbroking firm for the Federal Government, FGN securities are financial instruments issued by the DMO on behalf of the government.
Fagbulu, who was represented by Mr Richard Akinmoladun from CSL, said that FGN securities were designed to accommodate all categories of Nigerian investors.
He said that government securities also enhanced the saving and investment opportunities of the populace.
“They are mostly fixed-income securities under which the government is obliged to make payments of a fixed amount on a fixed schedule, once or twice a year, and repay the principal amount on maturity.
“Investors in fixed-income securities are, therefore, guaranteed a constant and secure return on their investments,” he said.
Fagbulu said that it had become increasingly necessary to create awareness about government securities among retail investors.
He said that ordinary Nigerians also deserved the opportunity to invest and benefit from the huge opportunities in FGN securities.
“FGN securities serve as a benchmark for other private institutions to be able to issue their own debt securities,” he said
NIMASA, MWUN dialogue on fate of disengaged NNSL seafarers
By Seun Ibiyemi
The Nigerian Maritime Administration and Safety Agency, NIMASA, and the Maritime Workers Union of Nigeria, MWUN have begun discussions on how to resolve the lingering issue of terminal benefits of Seafarers whose appointments were terminated due to the liquidation of the defunct Nigerian National Shipping Line, NNSL.
The Director General of NIMASA, Dr Bashir JamohOFR, and the Vice President of the Nigerian Labour Congress who is also the President General of the Maritime Workers Union of Nigeria, Comrade Adewale Adeyanju, jointly announced an agreement for physical verification of the affected seafarers/next of kin as the case may apply; the nature of appointment of all affected seafarers, and the exact amount due each beneficiary.
The NIMASA DG also assured the Union that their position will be communicated to the Ministry of Marine and Blue Economy, to ensure the Government takes all necessary actions to bring to a conclusion the issue of NNSL.
“The issue of industrial harmony in the maritime sector is of uttermost interest to our administration at NIMASA. We have been at this for a while. NIMASA had offered N100 million as settlement, which the Union declined.
“We have also discovered that some of those demanding settlement did not even have any employment letter. We will follow the lead from our supervising Ministry and ensure the physical verification exercise is brought to a logical conclusion. Our Honourable Minister will be duly updated by the Agency. I look forward to closing this issue in months to come,” the DG said.
On his part, the President General, Maritime Workers’ Union of Nigeria (MWUN) Comrade Adeyanju restated the commitment of the Union to peaceful resolution of disputes; to ensure the rights and privileges of workers are well protected, without disrupting productivity in the Maritime Sector. He commended the Jamoh led Management at NIMASA,urging others to follow suit.
“I would like to commend NIMASA under Dr Jamoh, for the unflinching commitment to industrial harmony. He is always a phone call away to resolve any issue. Yes, NIMASA offered N100 million to offset the terminal benefits.
“However, if others like Nigerian Ports Authority, Nigerian Shippers Council and the rest also add funds, there will be enough to go round the expected beneficiaries. As we did for dockworkers when a flat rate of two hundred thousand was paid during port concession; that is what we want, putting into consideration the realities on ground now.”
COP28: Airtel Africa calls for enabling policy environment, collaboration for climate action in Africa
The Group CEO of Airtel Africa plc, Segun Ogunsanya, has reiterated the importance of an enabling policy environment for sustainable development and climate action in partnership with Africa’s private sector at COP28.
Mr. Ogunsanya, a member of the United Nations Global Compact’s African Business Leaders Coalition (ABLC), addressed a distinguished audience at a COP28 side event co-hosted by Airtel Africa and the ABLC.
Guests included the President of Botswana, His Excellency Mokgweetsi Masisi; the Finance Minister of Nigeria, Mr. Wale Edun; the Minister of the Federal Capital Territory Nigeria, Mr. Nyesom Wike; Ms. Sanda Ojiambo, the Assistant Secretary-General of the United Nations Global Compact (UNGC); Chairman of BUA Group Nigeria limited, Abdul Samad Rabiu and several business leaders from across Africa.
The Group CEO of Airtel Africa urged African business leaders and governments to join forces to advance sustainable growth, development, and prosperity across the continent.
He said, “We stress the importance of an enabling policy environment for sustainable development and climate action in partnership with Africa’s private sector. Livelihood and living must go together.”
He also shared details of Airtel Africa’s environmental stewardship initiatives. These include ‘Project Green,’ launched in 2022, and focused on circular economy practices, especially in the responsible replacement of end-of-life equipment to minimise potential adverse environmental impacts.
Furthermore, in March 2023, Airtel Africa joined the multi-stakeholder partnership to eliminate open waste burning from Africa. This collaborative effort with local authorities, private companies, community groups, civil society and development partners targets a 60 percent reduction by 2030 and complete elimination of open waste burning by 2040.
Mr. Ogunsanya declared, “Airtel Africa’s corporate purpose, our driving force, is to ‘transform lives.’ This is not simply a slogan but a genuine passion that informs every aspect of our operations and every decision we take.”
He concluded, “It is our firm belief that African businesses, including Airtel Africa, stand ready to leverage global markets to accelerate the transition to a future-fit economy. We must deliver economic development, inclusive growth and GHG emissions reduction at the same time to enjoy the fruits of sustainability.”
The United Nations African Business Leaders Coalition (ABLC) is a collaborative initiative comprising African business CEOs committed to fostering sustainable growth, prosperity, and development throughout the African continent.
Members in the coalition, including Airtel Africa, committed to escalating the adoption of renewable energy, investing in climate-adaptation solutions, and ensuring an equitable transition. During COP28, the ABLC released a policy recommendation urging governments to establish conducive regulatory frameworks that facilitate collective climate action.
The recommendation further advocates for the setting of decarbonization targets and the acceleration of initiatives such as green minerals and climate adaptation programs and calls for increased access to climate financing to support these endeavors.
Non-Interest Financing critical to funding amidst high debt service levels — Wale Edun
By Matthew Denis
The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun has stated that the country needs Non-Interest Financing as a critical sector towards funding as the country is faced with high levels of debt servicing.
The Minister’s disclosure at the SEC Nigeria-Islamic Financial Service Board (IFSB) International Forum held in Abuja on Wednesday.
He said, “Non-interest financing is a critical part of funding and that is because as we all know, we are faced with three crises right now which are the climate, and biodiversity but there is also a debt crisis in major countries and of course, the available solution is non-debt, equity and financing mechanisms that will eliminate the pains of paying interest on loans. Rather, it is better to have a participatory opportunity that equity and non-interest finance gives.
“And so what we are saying here is a critical piece of the solution to the crises of the world currently, including the fact that for the rapid and inclusive growth this administration desires, we need to have green projects so we don’t only need to have projects funded by equity.
“As we all know, our debt service levels and revenue to debt service ratio are so high and currently constrained.”
The Minister stressed that there is fiscal exhaustion in many parts of the world and there is also a need to finance green projects.
“So the only way to grow our economy is not just relying on foreign direct investments, and domestic investments but tap into the world of non-interest financing.”
Nigeria committed to ensure security, peace in West Africa – Akpabio
Senate threatens to step down NCoS budget over insufficient information
Army Chief tasks NASS on funding
FG frees 178 inmates to decongest custodial centres in Jigawa
Two arrested for killing, dismembering 100-level OAU student in Ogun
Police to impound vehicles with shielded vehicle number plates in Katsina
He reminds me of Lampard – Evra hails Man Utd midfielder
Transforming Nigeria’s oil and gas industry: Overcoming challenges by employing advanced technologies for improved production efficiency, security as a driver for economic growth
Nigeria to resume production of 275,000 bpd, as NNPC resolves PENGASSAN-TotalEnergies rift
Premium on display: LG showcases world first wheel TV, other products at Korea national day
Oil theft: FG lauds Navy for rising crude oil production
Digitising agriculture will boost farmers productivity, GDP – DG NITDA
Construction of Ibadan internal roads to begin in weeks – Makinde
News6 years ago
NLC, NUT shock El-Rufai with massive protest
Politics4 years ago
Implementation of N30,000 minimum wage depends on each State’s capacity -Governor’s Forum
Energy6 years ago
Cost reflective tariff, our challenge – Ikeja Electric
News8 years ago
Wema Bank awarded two ISO Certifications
News8 years ago
10 dead, 4 rescued as shipping mall collapse in Ogun
News6 years ago
2019: OBJ lobbies Tinubu, Kwankwaso, Duke in new party
News7 years ago
Relocation to Ghana: Nigeria to lose $12bn foreign airlines investments
News7 years ago
Ekweremadu visits Fani Kayode, Abati, others in EFCC cell