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DMO Opens FG Savings Bond Subscription At 18.06%

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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.

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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.

READ ALSO: Adeleke Lists New Retirement Age Conditions For Osun Teachers

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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.

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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.

READ ALSO: Top 10 Richest Women In The World 2024

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.

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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.

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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.”

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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.

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17-year-old Nigerian Named World Best In English At 2025 TeenEagle Finals In London

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…Outperforms over 20,000 participants from 69 countries

Nafisa Aminu, a 17-year-old student of Tulip International College, Yobe State, has emerged world’s best in English at the 2025 TeenEagle Global Finals.

The 17-year-old was named the World Best in English Language Skills at the 2025 TeenEagle Global Finals held in London, United Kingdom.

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The TeenEagle competition is an internationally recognised contest that tests English proficiency, critical thinking, and communication skills, attracting students from both English-speaking and non-English-speaking nations.

Nafisa’s triumph was confirmed in a statement by the head of her family, Hassan Salifu, who attributed her success to “dedication, discipline, and the enabling support of the state government.”

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Representing Nigeria, Nafisa outperformed over 20,000 participants from 69 countries, a historic feat that has thrust her into the global academic spotlight and brought honour to Nigeria.

 

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FG Promotes 30 Senior NCoS Officers To Assistant Controller General

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The Civil Defence, Correctional, Fire and Immigration Services Board has approved the promotion of 30 senior officers of the Nigerian Correctional Service to the rank of Assistant Controller General of Corrections.

The announcement was made in a press statement signed by the NCoS spokesperson Umar Abubakar, on Tuesday.

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“The Civil Defence, Correctional, Fire and Immigration Services Board has approved the promotion of 30 Controllers of Corrections to the prestigious rank of Assistant Controller General of Corrections,” the statement read.

Abubakar noted that the promotions were made in line with CDCFIB’s commitment to “merit-based advancement, professional excellence, and the continuous strengthening of leadership within the Nigerian Correctional Service.”

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“Among the newly promoted officers are twenty-seven general duty officers who have demonstrated exceptional dedication, leadership, and operational competence in various formations across the country.

“In addition, three professional officers have also been elevated in recognition of their outstanding service and specialized contributions in the areas of Medical Laboratory Science, Nursing, and Public Health,” the statement read.

According to the statement, the promotion exercise was said to align with the ongoing reforms in the Service, a key part of President Bola Tinubu’s Renewed Hope Agenda.

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The statement credited the reform momentum to the Minister of Interior, Dr. Olubunmi Tunji-Ojo, whose efforts were described as “unwavering” and “unprecedented.”

READ ALSO:Court Strips Transport Minister, CRFFN Regulatory Power Over Licensed Customs

Controller General of Corrections, Sylvester Nwakuche, congratulated the newly promoted officers, charging them to rise to the responsibilities of their new roles.

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“I urge them to redouble their effort to service delivery, strategic leadership, and the core mandates of reformation, rehabilitation, and reintegration of inmates,” he said.

He further stressed that the promotions are not merely rewards for past service but “a call to higher responsibility in line with global best practices in correctional management.”

“The Service remains committed to building a motivated, disciplined, and professional workforce capable of meeting the complex demands of modern corrections and public safety,” Nwakuche added.

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Adeleke Flies To US For Davido’s Wedding

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Governor Ademola Adeleke of Osun State has travelled to the United States to attend the wedding ceremony of his nephew and music star, David Adeleke, popularly known as Davido.

Recall, Davido confirmed that he and his wife, Chioma Avril Rowland, will have their white wedding in Miami, Florida, in August 2025.

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He made the announcement during an interview on The Breakfast Club, aired on Tuesday, April 8, 2025.

The governor’s spokesperson, Olawale Rasheed, confirmed Adeleke’s trip in a statement issued on Tuesday, in response to concerns raised by the opposition All Progressives Congress over the governor’s whereabouts.

READ ALSO:Davido Thrills In Toronto, Brooklyn As US Tour Heats Up

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Governor Adeleke left Nigeria for the United States via the family’s private jet a few days ago for the wedding of the global music icon, his beloved nephew, David Adeleke.

“His Excellency is extending an invitation to the opposition party to attend the event and share in the joy of the occasion with the Adeleke family.

“Those unable to attend may join virtually,” Rasheed stated.

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He noted that Adeleke had not taken any official vacation since assuming office in November 2022 and said the current trip would be short.

READ ALSO:Davido Withdraws From 50 Cent’s London Concert

Additionally, from the November 2022 date, the governor has not gone on official vacation.

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“For this current trip, the Governor has again chosen to make it a short one to continually attend to crucial state functions.

“Meanwhile, the Governor is in constant communication with his deputy, Prince Kola Adewusi, who is supervising activities of the government,” Rasheed added.

Earlier on Tuesday, the Osun APC had accused Adeleke of leaving the state without informing residents or formally transmitting power to his deputy. The party described the governor’s absence as “abnormal.”

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In a statement signed by its spokesperson, Kola Olabisi, the party said, “The question being asked in hushed tones in some public places, inside commercial buses and by motorcycle riders and their passengers in the state, is where could be the whereabouts of their governor for this long.

“As the governor of all and sundry, we as a party need to know the whereabouts of the governor and who has been holding fort for him during his absence from the state since two weeks ago.

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“Did the governor duly transmit power to his deputy who is constitutionally covered to temporarily step into the shoes of his principal in his absence?”

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