News

DMO Opens FG Savings Bond Subscription At 18.06%

Published

2 years ago

April 3, 2024

The Debt Management Office has opened subscriptions for two Federal Government’s savings bonds, each priced at N1,000 per unit at 17.06 and 18.046 per cent, respectively.

It disclosed this in a statement accessed on its website by PUNCH on Wednesday.

The DMO offered a two-year savings bond expected to mature on April 9, 2026, at 17.046 per cent per year.

This bond is designed for retail investors and offers guaranteed quarterly interest payments along with repayment of the principal at maturity.

The second is a three-year savings bond due to mature on April 9, 2027, at an interest rate of 18.046 per cent.

Similar to the two-year bond, this option also provides quarterly interest payments and principal repayment.

DMO is a government agency established to centrally coordinate the management of Nigeria’s debt.

Investor interest in the FGN Savings Bond has been on the rise, with a 19.3 per cent Year-on-year increase in subscription value, reaching N17.9bn by the end of December 2023, largely due to favorable interest rates.

These savings bonds, like all government securities, are backed by the full faith and credit of the federal government. They also qualify as securities under the Trustees Investment Act.

Additionally, they meet the criteria for tax exemption and are considered government securities according to the Company Income Tax Act and Personal Income Tax Act.

The bonds are listed on the Nigerian Exchange Limited and serve as liquid assets for banks’ liquidity ratio calculations.

The subscription period for these bonds began on April 1, 2024, and it will close by April 5, 2024.

The settlement date is April 9, 2024, while the coupon payment dates are as follows: Quarterly – July 9, October 9, January 9, and April 9.

The DMO noted that “the minimum subscription is N5,000, with multiples of N1,000 thereafter, up to a maximum of N50 million. Interest is paid quarterly, and the principal is repaid as a bullet payment upon maturity.”

Earlier, DMO initiated the subscription process for two-year and three-year Federal Government of Nigeria bonds for March 2024 with an interest rate of up to 16.097 per cent.

This announcement was made in a statement on the DMO’s official website. The subscription period is set to last for five days, running from March 4 to March 8, 2024.

News

Trump’s Airstrikes: Halt Military Cooperation With US Immediately – Sheikh Gumi Tells Tinubu Govt

Published

3 hours ago

December 26, 2025

Editor

Islamic cleric, Sheikh Ahmad Gumi has called on the Federal Government to immediately halt all military cooperation with the United States following reported US airstrikes.

Gumi warned that American involvement could worsen Nigeria’s security challenges and undermine national sovereignty.

Gumi made the call in a statement posted on his Facebook page on Friday.

He said while Islam permits the fight against terrorism, such actions should only be carried out by what he described as “clean hands,” arguing that the United States lacks the moral authority to lead such efforts because of its global military record.

According to the cleric, Nigeria made a mistake by allowing foreign powers to play a role in its counterterrorism operations, insisting that “terrorists do not truly fight terrorists” and that such interventions often result in civilian casualties and hidden political motives.

Gumi warned that allowing Nigeria to become a theatre of war would attract anti-US forces into the country, further destabilising it.

He also cautioned that US involvement, particularly under claims of protecting Christians, could polarise the country along religious lines.

The cleric further argued that airstrikes alone cannot defeat terrorism, stressing that effective counterterrorism requires strong ground operations, which he said Nigeria has enough personnel to carry out if properly organised.

“This is the mistake Nigeria has made. Terrorists don’t fight terrorists in truth; they may only kill innocent people and have ulterior motives behind the drama of fighting ‘terror’.

“As a principle, no nation should allow its land to be a theater of war. And no nation should allow its neighbors to be their enemies.

“If Nigeria wants military assistance, China, Turkey, and Pakistan can do the job effectively,” part of his statement reads.

News

Shehu Sani Reacts To Trump’s Military Strikes In Nigeria

Published

3 hours ago

December 26, 2025

Editor

Former lawmaker, senator Shehu Sani, has reacted to reports of United States military strikes on terrorist targets in Nigeria’s North-West, saying foreign powers cannot permanently handle the country’s security challenges.

Sani made the remarks on Friday via his X handle while responding to a post by the United States Africa Command, AFRICOM, which indicated that the strikes were carried out in coordination with Nigerian authorities.

According to him, if the reported strikes were indeed a joint operation with Nigerian security agencies, then such action was justifiable, given the threat posed by terrorist groups in the region.

He described terrorists operating in parts of northern Nigeria as “cancerous cells,” stressing that they survive through violence and should be confronted decisively.

Sani also dismissed narratives suggesting that terrorist attacks target only one religious group, describing such claims as false and misleading.

He said: “If actually, the military strikes against the terrorists targets in the North Western part of Nigeria were a joint operation with the ‘Nigerian Authorities’ as posted by the US AFRICOM on their verified X handle, then it’s a conscionable action.

“Terrorists have become cancerous cells in our part of the country.They live by the sword.The narrative that the evil terrorists only targets one faith, remains absolutely false and misleading.

“Again, the ultimate security and peace in our country lies with ourselves and not with the US or any foreign power. They can complimentarily or unilaterally strike, but they can’t eternally fight our battles.”