Business

DMO Lists N350bn Sukuk Bond On NGX, FMDQ

Published

2 years ago

March 8, 2024

Debt Management Office (DMO) has listed N350 billion Sukuk on the Nigeria Exchange and FMDQ.

This, according to a statement by the debt agency would give opportunity to many investors to participate in instrument.

The decision, DMO said, was to enable investors who could not invest in the N350 billion raised in October 2023 to now do so.

It had offered N150 billion which was heavily oversubscribed. The N150 billkon offering with a 10-year Ijarah Sukuk attracted a subscription of N652.827 billion, representing an oversubscription of N502.827 billion.

The DMO has raised N1.092 trillion through Sovereign Sukuk to enable the federal government to fund infrastructure development across the country.

The first Sukuk issued by the DMO was an N100 billion 7-year Ijarah Sukuk with a rental rate of 16.47% per annum issued in September 2017. Though the offer was oversubscribed, DMO allotted N100 billion.

The second Sukuk issued was an N100 billion 7-year Ijarah Sukuk with a rental rate of 15.43% per annum issued in December 2018. It was oversubscribed by N32 billion but N100 billion of the Sukuk was allotted by the DMO.

The third Sukuk issued was a N150 billion 7-year Ijarah Sukuk with a rental rate of 11.2% per annum issued in June 2020. DMO allotted N162.557 billion after recording a subscription of N669.124 billion.

The fourth Sukuk issued was a N250 billion 10-year Ijarah Sukuk with a rental rate of 12.8% per annum issued in December 2021. DMO recorded a subscription of N865 billion for this Sukuk, however, N250 billion was allotted.

In December 2022, DMO went to the market for the fifth N100 billion Sukuk with a 10-year Ijarah with a rental rate of 15.64% per annum issued in December 2022.

Business

Naira Records Second Consecutive Depreciation Against US Dollar

Published

3 days ago

November 12, 2025

Editor

The Naira recorded its second consecutive depreciation against the United States dollar at the foreign exchange market on Tuesday to continue the bearish trend this week.

The Central Bank of Nigeria’s data showed that the Naira further weakened on Tuesday to N1,438.71 against the dollar, down from N1,437.2933 exchanged on Monday.

This means that the Naira again dropped by N1.42 against the dollar on Tuesday on a day-to-day basis.

At the black market, the Naira remained flat at N1465 per dollar on Tuesday, the same rate traded on Monday.

This is the second consecutive decline of Nigerian currency at the official market since the commencement of this week.

Meanwhile, the country’s external reserves had continued to rise, standing at $43.37 billion as of Monday, 10th November 2025, up from $43.35 billion on November 7.

Business

Tinubu Approves 15% Import Duty On Petrol, Diesel

Published

2 weeks ago

October 30, 2025

Editor

President Bola Tinubu has approved a 15 percent ad-valorem import duty on diesel and premium motor spirit (PMS), also known as petrol.

This was announced in a letter dated October 21, 2025, where the private secretary to the president, Damilotun Aderemi, conveyed Tinubu’s approval to the Federal Inland Revenue Service (FIRS) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).

Tinubu gave his approval, following a request by the FIRS to apply the 15 percent duty on the cost, insurance and freight (CIF) to align import costs to domestic realities.

With the approval, the implementation of the import duty will increase a litre of petrol by an estimated N99.72 kobo.

The latest development has led to the Nigerian National Petroleum Company Limited (NNPCL) announcing that it has begun a detailed review of the country’s three petroleum refineries, with a view to bringing them back online.

NNPCL Group Chief Executive Officer (GCEO), Bayo Ojulari, made the announcement in a post on his official X handle on Wednesday night.

According to Ojulari, one of the options being explored by the NNPCL is to search for technical equity partners to ‘high-grade or repurpose’ the facilities.

Tagged: “Update on Our Refineries”, Ojulari said: “The NNPCL continues to remain optimistic that the refineries will operate efficiently, despite current setbacks.”

It can be recalled that despite spending about $3 billion on revamping the refineries, only the 60,000 barrels per day portion of the facility worked skeletally for just a few months before packing up.

The Warri refinery has remained ineffective weeks after it was gleefully announced to have returned to production, while the one situated in Kaduna State never took off at all.

Business

NNPCL Raises Fuel Price

Published

1 month ago

October 13, 2025

Editor

The Nigerian National Petroleum Company Limited (NNPCL) has increased the pump price of petrol from ₦865 to ₦992 per litre, marking a fresh hike that has sparked widespread concern among motorists and consumers .

As of the time of filing this report, the company has not released any official statement explaining the reason for the sudden adjustment.

During visits to several NNPC retail outlets, The Nation observed fuel attendants recalibrating their pumps to reflect the new price.

At NNPC filling station on Ogunusi road, Ojodu Berger, petrol attendants at the station said they were instructed to change the price to reflect the new rate N992 per litre.

However, checks at Ibafo along the Lagos /Ibadan expressway showed that NNPC outlets still displayed the old price of N875 per litre, although they were not selling to commuters.

Most of the NNPC stations were not dispensing fuel.