In a bid to attract retail investors and deepen domestic participation in government securities, the Debt Management Office (DMO) has announced the July 2025 issuance of the Federal Government of Nigeria (FGN) Savings Bond. The offering includes a 2-Year bond maturing on July 16, 2027, with an attractive annual interest rate of 15.762 percent, and a 3-Year bond maturing on July 16, 2028, with a higher yield of 16.762 percent per annum.

The FGN Savings Bond is specifically tailored for retail investors, offering an accessible and low-risk opportunity to earn fixed returns while supporting national development. The offer window is expected to remain open for a week, giving Nigerians across various income brackets the chance to participate.

Simultaneously, the Central Bank of Nigeria (CBN) is set to hold its first Treasury Bills (T-bills) Primary Market Auction (PMA) for the month today, July 9, 2025. The CBN aims to raise a total of N250 billion across the three standard maturities: N100 billion in 91-day bills, N20 billion in 182-day bills, and N130 billion in 364-day bills.

READ ALSO:DMO To Auction N350bn FGN Bonds At N1,000/Unit

T-bills remained a preferred short-term investment vehicle for institutional investors, banks, and corporates, offering liquidity and risk-free returns. This auction comes at a time when interest rates remain elevated, reflecting ongoing monetary tightening to curb inflation and stabilize the naira.

Together, the DMO and CBN offerings highlight the government’s strategy to manage public debt sustainably while providing diverse options for investors. Market analysts anticipate robust demand, especially for the longer-tenor instruments, as investors seek to lock in high yields amid economic uncertainties.

…Awards N50m damages in favour of NICON Investment Ltd

…Union Bank heads to Appeal Court

A High Court of Lagos State has slammed £1 million in damages against Union Bank Plc for negligence and breach of its fiduciary duties to NICON Investment Limited.

Delivering judgment on Wednesday in a suit marked LD/1074/2010 filed by NICON Investment Limited against Union Bank, Justice O. Abike Fadipe held that NICON Investment Limited (Claimant) is a duly registered and incorporated limited liability company operating a fixed deposit account with the Union Bank (Defendant) payable with interest on demand.

The court held in the judgment that the sum of £130,720,557.06 stands to the credit of NICON Investment Limited in its fixed deposit account domiciled with the Union Bank as of April 30, 2010.

Justice Abike-Fadipe further held in the judgment that the unilateral conversion of the claimant’s £130,720,557.06 to US dollars without the due authorization or mandate of the claimant is wrongful, null and void.

According to the judge, “The defendant bank’s unilateral act of converting the fixed deposit of the claimant from British Pounds Sterling to US Dollars and Dollars to Naira is unauthorized and is null and void.”

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The Judge agreed that the Pounds Sterling fixed deposit account of the Claimant is not tied to the indebtedness of Global Fleet Oil and Gas Limited or meant in any way or manner whatsoever to provide security for the said debt.

The court held that the bank’s unilateral use of part of the claimant’s £130,720,557.06 to liquidate Global Fleet Limited’s debt without the mandate of the Claimant is wrong, null and void.

Consequently, the court awarded the sum of N50 million to the Claimant against the defendant as damages for unlawful deduction and illegal penalties and charges made on the account of the Claimant by the bank.

It directed the bank to avail the claimant with its statement of account of the fixed deposit account as well as reconciliation of same from inception till date and that the bank should also render an account of all transactions on the claimant’s Pounds Sterling fixed deposit account together with all accrued interest thereon.

The court went ahead and made an order setting aside all acts of the bank pertaining to or connected with and affecting the claimant’s Pounds Sterling fixed deposit account, vis-à-vis its conversion to US Dollars, Naira and unilateral liquidation of the indebtedness of Global Fleet Limited and NICON Investment Limited from the said account.

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Justice Abike-Fadipe dismissed the defendant’s counterclaim in its entirety with a cost awarded to the claimant and the third defendant to the counterclaim severally in the sum of N10 million, respectively.

NICON Investment Limited had, in its case, asserted that it maintained a banker /customer relationship with the defendant, who operated a British Pound Sterling fixed deposit account with the Bank. The court also ordered an interest of 5 percent per annum from May 2010 that was used to fully liquidate the second defendant to the first counterclaimant’s debt (Global Fleet Oil and Gas Limited).

Meanwhile, Union Bank of Nigeria Plc has announced that it has instructed its legal team to immediately appeal a recent court ruling that could result in a liability exceeding N400 billion plus accrued interest.

The case involves NICON Investment Limited, Global Fleet, and business mogul, Senator Jimoh Ibrahim.

In a statement released on Wednesday, the bank acknowledged the judgment of Justice Abike Fadipe of the Ikeja High Court, which found the bank liable in a matter concerning the disputed deposit agreement.

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The statement, signed by Mrs Olufunmilola Aluko, Chief Brand and Marketing Officer of Union Bank, emphasised the institution’s commitment to professionalism, ethical conduct, and legal compliance.

“While we respect the authority of the court, we strongly disagree with the judgment delivered and have instructed our lawyers to file an appeal against it immediately,” the bank stated.

The bank expressed concerns over several aspects of the judgment, including the court’s findings on consolidation of indebtedness, locus standi, and third-party liability, which it says run at a conflict with established legal principles and its understanding of the facts.

“We are confident in our legal position and intend to vigorously pursue all lawful avenues to ensure justice is served. Union Bank had previously transferred the relevant debt obligations to the Asset Management Corporation of Nigeria (AMCON), and we maintain that all actions taken in this regard were in line with applicable laws and sound banking practice.”

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The bank also reaffirmed its commitment to safeguarding stakeholder interests and upholding the integrity it has built over its more than 100-year history.

The case took a dramatic turn when the Federal High Court in Lagos ordered Union Bank to refund £137 million (approximately N400 billion) to NICON Investment Limited, along with 5 percent annual interest accrued over 14 years.

The judgment was seen as a significant legal victory for Senator Ibrahim, who currently represents the Ondo South Senatorial District.

The court ruled that Union Bank had failed to honour the terms of the long-standing deposit agreement, leading to the monumental judgment.

The Joint Admissions and Matriculation Board (JAMB) has announced the top ten candidates in the 2025 Unified Tertiary Matriculation Examination (UTME), with the highest score recorded as 375 out of a possible 400.

Contents
1. Okeke Chinedu Christian – Score: 375
2. Ayuba Simon-Peter John – Score: 374
3. Abdulmalik Olayinka Jimoh – Score: 373
4. Roberts Ayibo Damiete – Score: 373
5. Ononugbo Chibueze Chigozirim – Score: 373
6. Olawepo Tunmise Gertrude – Score: 373
7. Afenitan Leslie Ofeoritse – Score: 373
8. Azoyenime Samuel Chukwuemeka – Score: 372
9. Oyebode Emmanuel Oluwapelumi – Score: 372
10 Omigie Cecil Osaigbovo– Score: 372

Tribune Online reports that while speaking at the 2025 Policy Meeting on Admissions held in Abuja on Tuesday, JAMB Registrar, Prof. Ishaq Oloyede, said the best-performing candidate, Okeke Chinedu Okeke from Anambra State, scored 375 and chose the University of Lagos (UNILAG) to study Mechanical Engineering.

Oloyede disclosed that the second highest scorer, Ayuba Simon-Peter John from Gombe State, secured 374 and selected Afe Babalola University, Ado-Ekiti (ABUAD), also opting for Mechanical Engineering.

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Abdulmalik Olayinka Jimoh from Kwara State followed closely with a score of 373. He also picked UNILAG and chose Mechanical Engineering.

The full list of the top ten scorers in the 2025 UTME as released by JAMB is as follows:

1. Okeke Chinedu Christian – Score: 375
State of Origin: Anambra

Gender: Male

Institution of Choice: University of Lagos (UNILAG)

Course of Choice: Mechanical Engineering

2. Ayuba Simon-Peter John – Score: 374
State of Origin: Gombe

Gender: Male

Institution of Choice: Afe Babalola University, Ado-Ekiti (ABUAD)

Course of Choice: Mechanical Engineering

3. Abdulmalik Olayinka Jimoh – Score: 373
State of Origin: Kwara

Gender: Male

Institution of Choice: University of Lagos (UNILAG)

Course of Choice: Mechanical Engineering

4. Roberts Ayibo Damiete – Score: 373
State of Origin: Rivers

Gender: Male

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Institution of Choice: University of Lagos (UNILAG)

Course of Choice: Electrical/Electronic Engineering

5. Ononugbo Chibueze Chigozirim – Score: 373
State of Origin: Enugu

Gender: Male

Institution of Choice: University of Ibadan (UI)

Course of Choice: Electrical/Electronic Engineering

6. Olawepo Tunmise Gertrude – Score: 373
State of Origin: Kwara

Gender: Female

Institution of Choice: University of Lagos (UNILAG)

Course of Choice: Computer Science

7. Afenitan Leslie Ofeoritse – Score: 373
State of Origin: Delta

Gender: Male

Institution of Choice: Covenant University (CU)

Course of Choice: Mechanical Engineering

READ ALSO: UTME Resit: 200,000 Score Above 200

8. Azoyenime Samuel Chukwuemeka – Score: 372
State of Origin: Delta

Gender: Male

Institution of Choice: Obafemi Awolowo University, Ile-Ife (OAU)

Course of Choice: Aerospace Engineering

9. Oyebode Emmanuel Oluwapelumi – Score: 372
State of Origin: Ogun

Gender: Male

Institution of Choice: University of Lagos (UNILAG)

Course of Choice: Petroleum & Gas Engineering

10 Omigie Cecil Osaigbovo– Score: 372
State of Origin: Edo

Gender: Male

Institution of Choice: University of Ibadan (UI)

Course of Choice: Mechanical Engineering
(Tribune)