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Bond Auction: FG Raises N724.9bn in February

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The Federal Government of Nigeria raised the sum of N724.9 billion through the instrument of bond auction in February 2023.

The Debt Management Office (DMO) volunteered this information on its website.

According to the DMO, the figure represents an upsurge of 100 percent in comparison with the same period of last year.

It clarified that the auction, held on February 13, 2023, and witnessed a total of 577 bids worth N724.9 billion, culminating in a total amount offered of N360 billion.

The statement revealed that the total amount allotted was N771.56 billion, with successful bids allotted at marginal rates of 13.99%, 14.90%, 15.90%, and 16.00%.

The original coupon rates for each bond will be maintained, with successful bids for the 13.98% FGN FEB 2028 (10-Year Bond), 12.50% FGN APR 2032 (10-Year Bond), 16.2499% FGN APR 2037 (20-Year Bond), and 14.80% FGN APR 2049 (30-Year Bond) being allotted at the marginal rates of 13.99%, 14.90%, 15.90%, and 16.00%, respectively.

The settlement date for the auction was February 15, 2023, with maturity dates set for February 23, 2028, April 27, 2032, April 18, 2037, and April 26, 2049, respectively.

The DMO explained on its website that the auction was part of its efforts to raise funds for the implementation of the Federal Government’s 2023 budget and to finance critical infrastructure projects across the country.

It stated, “The DMO has been actively promoting the issuance of FGN bonds as a means of diversifying the country’s funding sources and reducing its dependence on short-term borrowing.

“The FGN bond market has grown significantly in recent years, with a wide range of maturities and attractive yields for investors.

“Overall, the results of the February 2023 FGN bond auction highlight the continued strong demand for FGN bonds and the government’s commitment to meeting its funding needs through the capital markets.”

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Nigeria To Stop Fuel Imports By June – Dangote

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Alike Dangote, Africa’s wealthiest individual and Chairman of the Dangote Group, has disclosed that Nigeria will cease gasoline imports next month due to the strategic initiatives of the Dangote Refinery.

Speaking at the Africa CEO Forum Annual Summit in Kigali, Dangote expressed optimism about revolutionizing Africa’s energy landscape.

Dangote emphasized the refinery’s capability to meet not only Nigeria’s gasoline demands but also those of West Africa for petrol and diesel, along with the continent’s aviation fuel requirements.

He said, “Right now, Nigeria has no cause to import anything apart from gasoline and by sometime in June, within the next four or five weeks, Nigeria shouldn’t import anything like gasoline; not one drop of a litre.”

Additionally, Dangote outlined the progress made by the oil company to ensure that Africa achieves self-sufficiency in the energy sector.

He said, “We have enough gasoline to give to at least the entire West Africa, diesel to give to West Africa and Central Africa. We have enough aviation fuel to give to the entire continent and also export some to Brazil and Mexico.

“Today, our polypropylene and our polyethene will meet the entire demand of Africa and we are doing base oil, which is like engine oil, we are doing linear benzyl, which is raw material to produce detergent. We have 1.4 billion people in the population, nobody is producing that in Africa.

“So, all the raw materials for our detergents are imported. We are producing that raw material to make Africa self-sufficient. As I said, give us three or a maximum of four years and Africa will not, I repeat, not import any more fertilizer from anywhere.

“We will make Africa self-sufficient in potash, phosphate, and urea, we are at three million tonnes and in the next twenty months, we will be at six million tonnes of urea which is the entire capacity of Egypt. We are getting there.”

Dangote further elaborated on the achievements of the company since the commissioning of the refinery in February.

“For some of us, despite the boom of the capital market of the US, you know, Google, Microsoft and the rest, we didn’t participate, we took all our money and invested in Africa.

“We had this dream, just about five years ago and we said we want to move from five billion (dollars) revenue to thirty billion revenue and we made it happen. It is possible and now we have made it happen and now we have finished our refinery.

“Our refinery is quite big, it is something that we believe that Africa needs. If you look at the whole continent, there are only two countries that don’t import petroleum products which is a tragedy. They are only Algeria and Libya. The rest are all importers.

“So, we need to change and make sure that we don’t just go and produce raw materials, we should also produce finished products and create jobs.

“One of the things we also need to know as Africans is that we produce raw materials and export them when you export raw materials and somebody now keeps importing things into your continent and dumping goods. what you are importing is poverty and exporting jobs. So, we have to change that narrative.

“We just commissioned in February and now we are producing jet fuel, we are producing diesel and by next month, we will be producing gasoline.

“What that would do is that we would be taking most of the African crude that is being produced and also be able to supply not only Nigeria, because our capacity is too big for Nigeria, but it would also supply West Africa, Central Africa and also South Africa.

“We have 650,000 barrels per day, 1 million tonnes of polypropylene, we have 590,000 carbon black, that is the raw materials ink, dyes and co. We are expanding more. This is the first phase and we are going out to the next phase which will start early next year,” he said.

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Ulama, Lawyers Slam Minister Over Niger Mass Wedding Opposition

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The Ulama Forum in Nigeria, representing Islamic clerics, and the Muslim Lawyers Association of Nigeria (MULAN) have voiced their disapproval of Minister of Women Affairs, Uju Kennedy-Ohanenye’s decision to challenge a proposed mass wedding for orphaned girls in Niger State through legal means.

Both groups have thrown their support behind Abdulmalik Sarkin-Daji, the Speaker of the Niger State House of Assembly, who initiated the idea of conducting a mass wedding for girls who lost their parents to bandit attacks in the state.

In a statement issued jointly from Kano and signed by the forum’s Convener, Aminu Inuwa Muhammad, and Secretary, Engineer Bashir Adamu Aliyu, the Ulama Forum affirmed its backing of the planned weddings for victims of banditry and kidnapping in Niger State.

The forum criticized the minister for what they perceive as her attempt to garner media attention with what they described as “her Islamophobic rhetoric,” alleging that her actions demonstrate a lack of respect for Sharia law.

The forum characterized the minister’s actions as selective, amateurish, and tribalistic, asserting that the 1999 Constitution upholds religious freedom and acknowledges Sharia provisions allowing the marriage of the prospective brides.

Furthermore, they highlighted that, as a lawyer, the minister should be aware that the Child Rights Act does not extend beyond the Federal Capital Territory (FCT).

The forum cautioned the administration of President Bola Tinubu to be cautious of “such public officers and institutions that will set it against the people.”

Likewise, MULAN has declared its intent to confront the minister in a rigorous legal confrontation regarding her efforts to halt the mass wedding of 100 orphans.

In a statement endorsed by its President, Barrister Saeed Muhammad Tudun-Wada, MULAN asserted that the proposed wedding adhered to the principles and regulations of both Islamic and Nigerian laws, while criticizing the minister for her alleged lack of understanding.

“We understand that the proposed mass wedding scheduled for May 24, 2024, has been subjected to a needless controversy arising from the recent intrusion of the minister,” MULAN said.

“Incidentally, we understand that Mrs Ohanenye has instituted legal action to stop the noble course and further petitioned the Inspector General of Police, IGP Kayode Egbetokum, against the move of Niger State Speaker Rt. Hon. Abdulmalik Sarkin-Daji to sponsor the marriage of 100 girls.

“In the light of this, the Muslim lawyers have resolved to meet the minister at the court of competent jurisdiction. Already, we have assembled not less than five Senior Advocates of Nigeria (SAN) and 27 other members of the association to join in challenging the minister.

“MULAN regretted that the minister had decided to venture into a matter she lacked the right and competence to delve into. By so doing, she has overstretched her limit by interfering with the private and personal interests of the Niger girls. We are prepared to join issues with her.

“For the purpose of emphasis, the constitution of the Federal Republic of Nigeria is generous enough to allow every Nigerian to conduct marriage with whomever he or she so wishes, so long such an act did not violate any provision of the constitution.

“MULAN is fully behind the proposed mass wedding and the genuine interest of the Speaker to ease the burden of the marriage is well in line with Islamic principles.”

The Minister of Women Affairs on Friday, addressed her legal action against Speaker Sarkindaji, citing his proposal to marry off 100 orphans from his constituency.

During an appearance on Channels TV’s Politics Today, the minister emphasized her adherence to the constitution in her duties, stating: “When I’m doing my work, I focus on the constitution. What I stood for was the fundamental human rights of the children. I want an investigation carried out. Religion is not part of the work I am doing.”

She also mentioned collaborating with the Speaker and other stakeholders to empower the girls instead of arranging marriages for them.

She said “When I met with the speaker recently, he said to me that he never thought about it in the manner I was thinking about it, that he thought he was helping.

“But now that I have brought this up, we have partnered together to look into how we empower these children, take them to school, open businesses for them and make their lives better. He said he will partner with me.”

 

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Tinubu Appoints 555 To Education Councils, ASUU Strike Resolved

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President Bola Ahmed Tinubu has announced the appointment of 555 individuals to serve as chairpersons and members of the governing councils for tertiary institutions across Nigeria.

This significant move aims to enhance the governance and oversight of the country’s higher education sector.

The inauguration and orientation retreat for the newly appointed council members is scheduled for Thursday, May 30, and Friday, May 31, 2024.

In a related development, the government has successfully resolved the potential strike threat from the Academic Staff Union of Universities (ASUU).

 

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