LATEST ARTICLES

Politics

Fed Govt Eyes $1bn from Sales of Dollar-denominated Bonds
The Federal Government of Nigeria has introduced its Series I Domestic USD Bond, aiming to raise a minimum of $500m from both local and international investors.
In an auction circular released, the government said it aims to double its initial offer, targeting $1bn in subscriptions through this bond auction.
However, this auction comes at a time when five of Nigeria’s Eurobonds were ranked among the worst performers in a Bloomberg index of emerging and frontier sovereign debt.
Recall that the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, had earlier affirmed that it would issue $500m domestic foreign currency-denominated bonds in August.
Edun said the government needs to attract savings from Nigerians held abroad.

“We are using the Nigerian financial system, the Securities and Exchange Commission, the banking system, the investment bankers to issue $500m in the first instance that will be available and will attract foreign currency held by Nigerians abroad and anybody else who buys into the macroeconomic reform efforts of President Bola Tinubu,” he said in an interview.
The circular stated that the bond programme has a total size of up to $2.0bn, which can be upsized depending on the issuer’s discretion.
The bond has a five-year tenor, offering a medium-term investment opportunity for investors looking for stable returns.
It was also stated that the bond’s coupon rate is benchmarked to comparable FGN Eurobonds yields, ensuring competitive returns that align with international market standards.
Interest payments will be made semi-annually, providing regular income streams to investors and enhancing the bond’s appeal.
The bond offers bullet repayment at maturity in US dollars, ensuring full repayment of the principal amount at the end of the five-year term.
The bond is open to Nigerians and non-Nigerians resident in Nigeria, Nigerians in the Diaspora, and Qualified Institutional Investors

Read More

On February 18, 1947, the Daily Service newspaper published a story whose theme, like the ancient Secretarybird, has remained with Nigeria ever since. It is a story of the affinity between sex and corruption. Son of Alake of Egbaland and a no-nonsense judge,

Health

National Agency for Food and Drug Administration and Control (NAFDAC) has expressed concern over its staff shortage, which was limiting the agency’s effectiveness in its regulatory duties.

Lifestyle

Lagos State House of Assembly under the Speaker, Mudashiru Obasa, spent at least N200million on Friday evening to organise a lavish end-of-year party for its members amid the gruelling economic hardship being faced by most residents in Lagos and nationwide. 

News