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BIG STORY

FG To Auction N150bn Bonds In March

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The Debt Management Office on Wednesday disclosed that the Federal Government will offer N150bn bonds for subscription in March.

A circular by the DMO on its website showed that the breakdown of bonds comprised of three bonds worth N50bn each.

They are a 10-year re-opening bond to be offered at the rate of 16.888 percent and to mature in March 2027; a 15- year re-opening bond to be offered at 12.5 percent and mature in March 2035; and the third and longest bond which is a 25-year re-opening bond to be offered at 9.8 percent and mature in July 2045.

According to the DMO, the bonds which would be auctioned on March 24 have a settlement date of March 26.

The DMO had earlier disclosed that the Federal Government’s bonds for February worth N150bn were oversubscribed by N39.51bn.

The total subscription received from investors for the bonds was N189.51bn, comprising of N77.05bn for 16.2884 percent FGN March 2027 bonds; N72.33bn for 12.5 percent FGN March 2035 bonds; and N40.13bn for 9.8 percent GFN July 2045 bonds.

The auction result showed that out of the 78, 53, and 60 total bids for the tenures, 31, 20, and 30 bids were successful.

The DMO stated that a total of N80.55bn was allotted comprising of N33.62bn, N28.9bn, and N18.03bn.

It said, “Successful bids for the 16.2884 percent FGN March 2027, 12.5 percent FGN March 2035, and 9.8 percent FGN July 2045 were allotted at the marginal rates of 10.25 percent, 11.25 percent, and 11.8 percent respectively.

“However, the original coupon rates of 16.2884 percent for the 16.2884 percent FGN March 2027, 12.5 percent for the 12.5 percent FGN March 2035, and 9.8 percent for the 9.8 percent FGN July 2045 will be maintained.”

BIG STORY

President Tinubu Appoints Abiola’s Son Jamiu SSA On Linguistics, Foreign Matters

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President Bola Tinubu has approved the appointment of Jamiu Abiola as the Senior Special Assistant to the President on Linguistics and Foreign Matters.

Abiola is one of the children of the winner of the 1993 presidential election annulled by General Ibrahim Babangida, the late Chief Moshood Abiola.

He was previously appointed as the Special Assistant to the President on Special Duties in the Office of the Vice-President.

In a statement on Wednesday by the Director, Information and Public Relations, Office of the Secretary to the Government of the Federation, Segun Imohiosen, Abiola’s appointment takes effect from November 14, 2024.

Imohiosen stated that the appointment aligns with the provisions of the Certain Political and Judicial Office Holders (Salaries and Allowances, etc) Act 2008, as amended.

He said, “President Bola Ahmed Tinubu has approved the appointment of Jamiu Abiola as the Senior Special Assistant to the President on Linguistics and Foreign Matters.

“The appointment takes effect from 14th November, 2024. This is in line with the provisions of the Certain Political and Judicial Office Holders (Salaries and Allowances, etc) Act 2008, as amended.

“Until his appointment, Jamiu served as the Special Assistant to the President on Special Duties in the Office of the Vice President.

“President Tinubu tasks the appointee to work closely with the Federal Ministry of Foreign Affairs and bring his wealth of experience to bear in his new assignment.”

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BIG STORY

Senate Passes Bill For Ijebu State Creation For First Reading

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The Nigerian Senate on Tuesday passed a bill for the creation of Ijebu State, marking the first reading of the proposal during its plenary session.

The bill, which seeks to establish Ijebu as an independent state, was sponsored by Senator Gbenga Daniel, representing Ogun State.

Titled the “Constitution of the Federal Republic of Nigeria (Sixth 1 Alteration) Bill, 2024 (Creation of Ijebu State),” the proposed legislation aims to carve out Ijebu from the current Ogun State.

The bill was introduced by Senate Majority Leader Michael Bamidele of the All Progressives Congress as the “fourth order of the day” during the plenary.

After reading the title of the bill, Senate President Godswill Akpabio moved the proposal forward, passing it for its first reading and setting the stage for further legislative processes.

The bill will now undergo a series of discussions and evaluations before it can proceed to the next stages of approval.

The push for the creation of Ijebu State is part of a broader national discourse on the need for more state creation across Nigeria, particularly in regions where there are growing demands for administrative autonomy.

If the bill successfully progresses through the required legislative procedures, Ijebu, currently a part of Ogun State, could become a separate state with its own governance structures.

This development comes amid increasing calls for state creation in various parts of the country, with proponents arguing that new states could better address local needs, foster economic growth, and enhance political representation.

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BIG STORY

Alleged N110bn Fraud: Court Adjourns Yahaya Bello, Other’s Bail Ruling To December 10

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The Federal High Court in Abuja has adjourned to December 10 for a ruling on the bail application by the immediate past Governor of Kogi State, Yahaya Bello, and two others.

Bello had pleaded not guilty to the 16-count charges brought against them by the Economic and Financial Crimes Commission.

The former governor, along with Umar Oricha and Abdulsalami Hudu, are being prosecuted as the 1st to 3rd defendants, respectively, in a fresh N110bn 16-count charge instituted against them by the EFCC.

Bello, the 1st defendant, vehemently denied the allegations before Justice Maryanne Anenih as they were read out to them.

After taking their plea, the Defendant’s Counsel, Joseph Daudu, moved an application for bail.

However, the EFCC Counsel, Kemi Pinheiro, opposed the application, arguing that it had expired in October.

Clarifying the issue, the Defendant’s Counsel stated that the only relevant application before the Court was the motion for bail in respect of the first defendant, which was filed on November 22.

Relying on all the paragraphs of the affidavit, he added that the bail application was also supported with a written address.

Justice Anenih ordered that the defendants be remanded in the custody of the EFCC.

The EFCC had filed an N110bn alleged fraud suit against the former governor.

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