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FGN securities most rewarding Naira denominated investment — DMO



The Debt Management Office (DMO) has assured Nigerians that Federal Government of Nigeria (FGN) Securities are the most rewarding naira denominated investment.

The Director-General of the DMO, Patience Oniha, gave the assurance on Thursday in Port-Harcourt, during the FGN Securities Issuance Awareness Programme in Port Harcourt.

Oniha, who was represented by  the  Deputy Director, Administration of the DMO, Mr ALfred Ekiye, called on residents of Rivers State to take advantage of the opportunity in the FGN Securities to invest and earn regular income.

The awareness programme was organised by the DMO in collaboration with CSL Stockbrokers Ltd., the stockbroking firm for the Federal Government.

Oniha said the risk-free nature of FGN securities made them an attractive and secure investment option for Nigerians.

She said that the different products provided by FGN Securities provided a rare opportunity for all Nigerians to invest based on their financial capacities.

According to her, the Federal Government had introduced additional products to make it more inclusive and to meet the aspirations and demands of investors.

She said that all Nigerians, irrespective of their financial status, were qualified to invest and get good and safe returns on their investments.

Oniha also mentioned that the FGN Securities were attractive because they provided citizens with the opportunity to contribute to national development.

According to him, it also helps to provide some of the funds needed by the government to address deficit in infrastructure.

“The purpose of this forum is to create more awareness on investment opportunities inherent in FGN Securities that the DMO offers to Nigerian investing public.

“It is particularly about the FGN Savings Bond, which is designed for retail investors.

“Investment in FGN Securities is one of the safest Naira investments that you can have; there is nothing to worry about in terms of security of the investment,” she said.

She assured that the awareness programme would be taken round the country to be of benefit to many more Nigerians.

Also speaking, the Managing Director of CSL Stockbrokers Ltd., Mr Abiodun Fagbulu said that the Federal Government issued various security instruments to raise funds to finance most of its projects.

Fagbulu, who was represented by Mr Richard Akinmoladun, from CSL said that FGN Securities were best suited for all categories of Nigerians, irrespective of status.

He urged Nigerians to invest in the various products available, as they would have no need to worry in view of the safety that comes with such investment.

He listed some of the products as FGN Bond, FGN Savings Bond, Nigerian Treasury Bills, FGN Sukuk and the Green Bond.

“With as little of N5,000 you can invest in the FGN Savings Bond,” he said.

The FGN Securities Issuance Awareness Programme, which commenced in Lagos in March, 2022, has earlier been taken to Enugu, Ibadan, Kano, Yola, Umiahia, Gombe and Osogbo.

It is scheduled to hold in Benin, Edo State on May 18.

In January, the DMO had also created an FGN Securities portal to make subscriptions to the various products seamless and to attract more investors, especially young Nigerians, to FGN Securities.


NIMASA DG calls for contributory pension for dockworkers



…As agency hosts maiden ‘day of the dockworker’ event

By Seun Ibiyemi

It was a milestone event for the local maritime industry as the Nigerian Maritime Administration and Safety Agency (NIMASA) hosted the maiden edition of the ‘Day of the Dockworker’ in Lagos recently.

With the theme of the event being “Healthy Dockworker, Better Productivity,” it was an opportunity for stakeholders gathered to not just appreciate the efforts of Nigerian dockworkers at the center of the nation’s import-dependent economy, but also to focus on ways of improving their health and general well-being.

Delivering his welcome address at the event, the NIMASA Director General, Dr. Bashir Jamoh OFR, charged employers of labor to ensure all dockworkers are enrolled on contributory pension schemes, while also emphasising the need for operators of Oil and Gas Terminals to allow only approved stevedores aboard their installations, to ensure compliance with relevant international guidelines and conventions.

According to Dr. Jamoh, “As we celebrate today, it is important to put in perspective the plight of dockworkers who spend the greater part of their working life at the ports, with little or nothing to show for it. As employers of labour, you must endeavour to put in place a Contributory Pension Scheme for dockworkers and ensure prompt remittances of both Employers and Employees contributions at the end of each month.”

Speaking on compliance with stevedore inspections, he stated, “This occasion presents me with an opportunity to express the need for operators in the private jetties and Oil & Gas Terminals to grant operational access to the Stevedoring Contractors appointed by the Honorable Minister of Transport, to carry out stevedoring activities in assigned operational areas.”

On his part, the President General of the Maritime Workers Union of Nigeria (MWUN), Comrade Adewale Adeyanju, in his address, thanked the NIMASA Management for organising the event to celebrate Nigerian dockworkers in recognition of the important role played by them.

In attendance at the event were representatives from the Federal Ministry of Labour and Productivity; Nigerian Ports Authority; Seaport Terminal Operators Association and the National Association of Stevedoring Operators (NASA).

Internationally, July 7th is marked as ‘The Global Day of Action’ and is organized by the International Dockworkers’ Council (IDC) and International Transport Workers’ Federation (ITF). It aims to raise awareness of port working conditions and emphasize the importance of collective bargaining rights.

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LCCI tasks govt on transparent FX regime, multinationals’ engagement



The Lagos Chamber of Commerce and Industry (LCCI) has implored the government to create a more flexible and transparent foreign exchange policy to address scarcity issues.

Its Director-General, Dr Chinyere Almona, gave the advice on Thursday in Lagos, in reaction to the recent announcement of Procter & Gamble to transition its Nigerian operations to an import-only model.

Recall that the Chief Financial Officer of Procter & Gamble, Andre Schulten, had said this move would effectively dissolve its on-ground presence in the country.

Almona noted that over the last few months, there had been a consistent increase in exit plans or a reduction in involvement in the Nigerian market by multinationals, saying the trend was worrisome.

She stated that the country’s lingering foreign exchange scarcity, poor power supply, port congestion, multiple taxation, insecurity, and poor infrastructure, among others, had taken a toll on many businesses in the country.

She recommended that the government should implement measures to stabilise and ensure the availability of foreign exchange for businesses, particularly those operating in dollar-denominated environments.

“Further, the chamber urges the government to engage multinational corporations and the business community to understand their challenges and gather input and feedback on policy decisions to collaboratively develop solutions that would forestall the exodus of businesses from Nigeria.

 ”The Central Bank of Nigeria (CBN) should prioritise the stability of the country’s currency and adopt the right policy mix to ensure price stability,” she said.

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Tinubu appoints Omatsola Ogbe as new ES of NCDMB



President Bola Tinubu has approved the appointment of Engr. Felix Omatsola Ogbe as Executive Secretary of Nigerian Content Development and Monitoring Board (NCDMB).

The President in a statement by his Special Adviser on Media and Publicity, Ajuri Ngelale appointed new board members for the NCDMB.

According to the Spokesperson to the President, the President in conformity with Sections 71(1), 72, and 73 of the Nigerian Oil and Gas Industry Content Development Act (2010) approved the appointment of qualified Nigerians to serve on the Governing Council and Management team of the Nigerian Content Development and Monitoring Board (NCDMB).

The newly appointed board members include:Sen. Heineken Lokpobiri — Chairman / HMS, Petroleum Resources, Engr. Felix Omatsola Ogbe — Executive Secretary, Oritsemyiwa Eyesan — Member / EVP Upstream, NNPC Ltd, Gbenga Komolafe — Member / CEO, NUPRC, Bekearedebo Augusta Warrens — Member, Nicolas Odinuwe — Member, Rapheal Samuel — Member, Sadiq Abubakar — Member, Olorundare Sunday Thomas — Member.

Ajuri noted that the President expects the new appointees to discharge their duties with his patriotic resolve to significantly enhance indigenous industry participation in the energy sector as part of the Renewed Hope Agenda’s mandate to achieve the goal of 70 percent indigenous content and participation in the nation’s energy industry during the lifespan of this administration.

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