Marketers fear PIB removes level playing field in petroleum products importation
In the new PIB passed by the national assembly, only owners of refinery licences would be allowed to import petrol into the country to meet any shortfall raising fears that lawmakers are removing a level playing field for everyone
Crypto market struggles for answers months after CBN’s ban
On a wall under the flyover bridge at Masha roundabout, a popular junction at Surulere Lagos is a message scribbled in white paint, ‘Bitcoin Exchange’. The writer has left a number for anyone interested to call.
Cleaner energy seen improving manufacturers’ productivity
Inadequate availability of power for Nigerian manufacturers have necessitated the use of alternative sources most of which are harmful to the environment, hence energy and environmental experts advise the need to adopt cleaner sources of energy to protect the environment…
Investors Lose N71.01bn as NSEASI Dips by -0.36% to Open the Week Negative
Equities market closed today on a negative note, as NSEASI depreciated by -0.36% to close at 37,857.89 basis points as against -1.24% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -5.99%.
SEC Proposes New Rule and Sundry Amendments to its Rules on Penalties Disclosure
The Securities and Exchange Commission (SEC) has proposed a new rules for Public Companies and Capital Market Operators to disclose penalties and sanctions imposed on them by SEC in their Audited Financial Statements.
Invest in FGN Monthly Bond Auction – July 2021
The Central Bank of Nigeria on the authority of The Debt Management Office on behalf of the Federal Government Of Nigeria Offers for Subscription by Auction and is authorized to receive applications for:
N50,000,000,000 – 13.98% FGN FEB 2028 (10-Yr Re-opening)*
N50,000,000,000 – 12.40% FGN MAR 2036 (20-Yr Re-opening)*
N50,000,000,000 – 12.98% FGN MAR 2050 (30-Yr Re-opening)*
Auction Date: July 19, 2021
Settlement Date: July 23, 2021
Summary Of The Offer
Issuer:
Federal Government of Nigeria (“FGN”)
Units Of Sale:
N1,000 per unit subject to a minimum subscription of N50,001,000 and in multiples of N1,000 thereafter
Interest rate:
For Re-openings of previously issued bonds, (where the coupon is already set), successful bidders will pay a price corresponding to the yield-to-maturity bid that clears the volume being auctioned, plus accrued interest from the original issue date.
Interest payment:
Payable semi-annually
Redemption:
Bullet repayment on the maturity date
Status:
- Qualifies as securities in which trustees can invest under the Trustee Investment Act
- Qualifies as Government securities within the meaning of Company Income Tax Act (“CITA”) and Personal Income Tax Act (“PITA”) for Tax Exemption for Pension Funds amongst other investors
- Listed on the Nigerian Stock Exchange and and FMDQ OTC Securities Exchange
- All FGN Bonds qualify as liquid assets for liquidity ratio calculation for banks
Security:
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
