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DMO Ties Diaspora Bond To Specific Project

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13 years ago

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The Debt Management Office (DMO) has said that the proposed Diaspora bond to be issued by the Federal Government will be tied to specific projects to enhance the economy.

Dr Abraham Nwankwo, DMO Director-General made this known in an interview with our correspondent on Sunday in Abuja.

“ On the issue of Diaspora bond, as you know, the Coordinating Minister for the Economy, Dr Ngozi Okonjo-Iweala, has some months ago, made a public statement that Nigeria is going to prospect, issuing a Diaspora bond.

“And she has given the DMO a mandate to work with this and she has set up a technical committee to make progress on this part and progress is being made in finalising the framework and the objective of issuing a Diaspora is still on focus.

“The only point I can make at this date is that whatever Diaspora bonds will be issued, will be tied to specific projects.’’

Nwankwo said the issuance of the Euro bond was to give Nigeria visibility in the international finance market.

He added that the specific projects to which proceeds of the bond would be deployed would be made public.

“Those who are investing in the bond will know that the proceeds are billed to develop specific projects that have been designed and that will be projects that are part of national priority either in terms of real sector or in terms of infrastructure.’’

Nwankwo noted that by the time the framework was ready, the coordinating minister would tell the public the next step forward.

He said that most global investors had positive outlook of the Nigerian economy and also expressed strong confidence in the way the economy was being managed.

This, he stressed, had contributed to the over-subscription of the bond in the market.

“The international community, the discerning investors, the global fund managers are keen on being part of the process of transformation in the economy.

“And that’s why they are keen to buy the Nigerian bond in the international capital market; that’s why they are making strong demands for additional bond issues in the international capital market.’’

He noted that the bond had been trading in the market at 5.7 per cent and 5.8 per cent premium per annum, lower than 6.75 per cent coupon at which it was issued.

He said that the price had been lower and had generated a great demand for the bond.

Nwankwo also noted that even with the challenge of insecurity in the country, the euro bond had traded positively at the international market.

“Even with the security challenges the international community appreciates the strategy government is employing to respond.

“What is important to them is what is being done to address the problem; they appreciate that government is doing something and using a package of measures to deal with this effectively.’’

We  recalled that the 500 million dollars Euro bond was issued in January 2011 and was oversubscribed by more than 200 per cent.

The investor distribution was widespread. Euro, Asia, North and South America participated effectively and global fund managers were also represented in the distribution.

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NPA Assures On Staff Welfare 

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7 days ago

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June 27, 2025

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The Managing Director, Nigerian Ports Authority (NPA), Dr. Abubakar Dantsoho, has said the management will continue to accompany its port infrastructure  and equipment  modernization drive  with the development of the welfare of its personnel.
Dantsoho made the disclosure recently while responding to the commendation by the Maritime Workers Union (MWUN) and the senior Staff Association of Statutory Corporations and Government-Owned Companies (SSASGOC) on the  clearing  of the age-long problem of employee stagnation, when the union paid him a courtesy visit at the Authority’s headquarters in Lagos.
A Statement by NPA’s General Manager Corporate & Strategic Communications, Mr. Ikechukwu Onyemekara, quoted Dantsoho as saying,  “our Port infrastructure and equipment modernization drive will go hand-in-hand with continuous staff welfare improvement”.
The NPA MD disclosed that human capital development constitutes the key strategy for creating and sustaining superior performance under his watch, adding that “talent development constitutes a critical success factor for the actualization of the big hairy audacious goals we have set for ourselves especially in the area of Port competitiveness.
“The only way we can meet and indeed exceed stakeholders’ expectations is to deepen the competencies of our human resources assets and boosting their morale.”
Speaking further, Dantsoho commended the Honourable Minister of Marine & Blue Economy, Adegboyega Oyetola, for approving the strategic proposal of the Dantsoho-led Management team that solved the over a decade-long problem of lack of promotion that had fuelled industrial disharmony.
“I must specially appreciate our amiable Minister for graciously approving the multi-pronged stratagem we deployed that cleared all outstanding cases of employee stagnation by conducting examinations in one fell swoop and instituted timelines to forestall a recurrence of such anomaly”, he sad.
Speaking on behalf of the joint maritime labour unions, the President  of Senior Staff Association of Statutory Corporations & Government-Owned Companies (SSASCGOC), Comrade Bodunde stated, “In addition to clearance of the backlog of stagnated promotions, we also wish to express our appreciation for the increase in productivity bonuses, provision of end-of-year welfare packages for staff, and the revision of the Financial Guide to the Condition of Service, which now addresses our members’ concerns about inflationary pressures.”
Nkpemenyie Mcdominic, Lagos
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ANLCA Chieftain Emerges FELCBA’s VP

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7 days ago

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June 27, 2025

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National Secretary of the Association of Nigerian Licensed Customs Agents (ANLCA), Elder Olumide Fakanlu, has been elected Vice President of the Federation of ECOWAS Licensed Customs Brokers Association (FELCBA).
The election took place during the FELCBA Congress, held from Tuesday, June 17th to Thursday, June 19th, 2025, in Freetown, Sierra Leone.
Fakanlu’s emergence as Vice President marks a significant achievement for Nigeria within the regional customs brokerage community.
Apart from Fakanlu, Secretary of the Seme Chapter of ANLCA, Austin Nwosu, was also elected, securing the role of Secretary of Relations with Institutions.
The Nigerian delegation played an active role in the congress, with Michael Ebeatu nominated as a member of the electoral officer team, ensuring a fair and transparent election process.
The three-day congress concluded with delegates undertaking a visit to the Sierra Leone Port, offering insights into the host nation’s maritime operations, followed by a recreational trip to the Tokeh Beach.
The newly elected executives are expected to lead FELCBA in its efforts to harmonize customs brokerage practices, promote trade facilitation, and advocate for the interests of licensed customs brokers across the ECOWAS sub-region.
Nkpemenyie Mcdominic, Lagos
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NSC, Police Boost Partnership On Port Enforcement 

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7 days ago

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June 27, 2025

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In a bid to enhance more enforcement in the nation’s Port, the Nigerian Shippers’ Council (NSC) has reaffirmed its commitment to stronger inter-agency collaboration with the Nigeria Police Force (NPF).
The Council said the collaboration is aimed at enhancing stronger enforcement, compliance and improve operational efficiency across Nigeria’s ports.
Executive Secretary/Chief Executive Officer of  NSC, Dr. Pius Akutah, made this known during a visit to the  Inspector-General of Police, Dr. Kayode Adeolu Egbetokun, at the Force Headquarters, Abuja.
The visit, which he said, focused on strengthening institutional synergy, comes in the wake of growing responsibilities for the NSC under the newly created Ministry of Marine and Blue Economy.
Akutah emphasized the critical role of security agencies in supporting port operations and ensuring regulatory compliance.
He called for the posting of police officers to assist the Council’s monitoring and enforcement teams at key port locations including Lagos, Warri, Onne, Port Harcourt, and Calabar.
“The posting will complement the activities of our revived task teams and enhance our ability to enforce standards across the maritime logistics chain”, he said.
Earlier, the Inspector-General of Police, Dr. Egbetokun, assured the Council of the Force’s readiness to continue supporting the growth of the maritime sector.
The IGP acknowledged that compliance enforcement is essential to the successful implementation of Nigeria’s Blue Economy objectives.
“The NSC and NPF are expected to deepen collaboration in the months ahead, with a shared focus on building a secure, efficient, and competitive port environment”, to the IGP emphasized.
Chinedu Wosu
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