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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.

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

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

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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.

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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.

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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.”

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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Drama As US-based Model Accidentally Uploads ‘Cozy’ Photo With Davido

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A U.S-based model identified as Bonita Maria has caused a stir on social media after inadvertently sharing a ‘cozy’ photo of herself and Nigerian singer, Davido.

The photo which has sent the internet into a frenzy captured the model and Davido in what appeared to be an intimate pose.

The duo could be seen close together in a relaxed, comfortable pose, with Davido’s arm around her.

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Despite the photo’s swift retraction, it quickly made rounds across various social media platforms, with netizens speculating on the nature of their relationship.

Although as of press time, representatives of the singer are yet to comment on the trending photo.

READ ALSO: I’d Rather Go To Hell Than Sign Under Davido, Wizkid Or Burna Boy – Brymo

Davido, a prominent figure in the Afrobeats music scene, has been under the public eye for both his musical achievements and personal endeavors.

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With numerous awards and accolades to his name, including multiple MTV Africa Music Awards and BET Awards, Davido has established himself as a global ambassador for Afrobeats music.

The singer’s distinctive style, characterized by infectious rhythms and catchy melodies, has earned him a dedicated fan base worldwide.

 

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Nigeria May Adopt Chinese Water Transport System

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Nigerian maritime stakeholders and authorities have concluded plans to understudy the Chinese waterways transport model with a view to perfecting Nigeria’s waterways transportation system.

In a statement, the Head of Maritime Roundtable Breakfast Meeting, MBRBM, Mrs Tosan Edodo-Emore, said that China being the largest country with the largest inland waterways is apt to teach Nigeria on how best to manage and improve water transport system.

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She said that the Consul General of the People’s Republic of China, Madam Yan Yuqing, is expected to share the Chinese experience with the Sino-Nigeria Maritime Relationship and lessons to be learnt from China at the summit scheduled for April 18, 2024.

According to the Edodo-Emore, the Summit themed, “Security and New Technologies in Inland Waterways Transportation”, will have some heads of maritime institutions

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NAFDAC Alerts Nigerians On Banned Soap

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The National Agency for Food and Drugs Administration and Control (NAFDAC), has drawn Nigerians’ attention to the ban on Dex Luxury Bar Soap (No 6 Mystic Flower), by European Union (EU).

The notification is contained in a public alert with No. 012/2024, signed by NAFDAC Director-General, Prof Mojisola Adeyeye, and issued to newsmen in Abuja on Sunday.

The product does not comply with the cosmetic products regulation; it also contains Butyphenyl Methylpropional (BMHCA), which is prohibited in cosmetic products due to its risk of harming the reproductive system.

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“It also causes harm to the health of unborn children and may cause skin sensitisation.

“It is as a result of the defective nature of the product that the EU banned it.

“The products is not in NAFDAC database; importers, distributors, retailers and consumers are to exercise caution and vigilance within the supply chain,” she said.

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Adeyeye called on marketers and consumers to avoid the importation, distribution, sale and use of the product, saying that product’s authenticity and physical condition must be carefully checked.

She called on members of the public in possession of the product to discontinue sale or use, and submit stock to the nearest NAFDAC office.

The NAFDAC boss advised healthcare professionals and consumers to report any suspicion of adverse reaction or substandard and falsified regulated products to the nearest NAFDAC office on 0800-162-3322 or via email: sf.alert@nafdac.gov.ng.

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She also encouraged healthcare professionals and patients to report adverse events or side effects related to the use of the product, to the nearest NAFDAC office.

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