Business

DMO Issues N54.10bn Sovereign Bonds

Published

14 years ago

December 21, 2011

The Debt Management Office (DMO) recently issued N64.10 billion worth of 10-year sovereign bonds with different maturity dates.

The DMO said that it auctioned N34.10 billion in the 10-year bond due to mature in 2018 and N30 billion worth of 10-year instrument maturing in 2019 at its last monthly debt auction of the year.

A statement from DMO website stated that the paper, with term to maturity of six years and five months, would be due in 2018.

It said that the paper was sold at a 15.93 per cent marginal rate compared to 16.50 per cent at the previous auction.

It also said that the bond, with a term to maturity of seven years and 10 months that would be due in 2019, was issued at a 15 per cent marginal rate against 16.50 per cent at the previous auction in November.

It said that the total subscription at Wednesday’s auction stood at N120.10 billion, lower than the N157.72 billion at the November auction.

“The original coupon rates of 10.70 per cent and seven per cent for May 2018 and October 2019 respectively will be maintained,” the statement said. DMO issues N54.10billion sovereign bonds.

Meanwhile, the Ministry of Niger Delta Affairs has signed an agreement with an investment company, Ostim Organised Industrial Region, on the establishment of an organised industrial park in the Niger Delta area.

A statement by the Deputy Director (Press) of the ministry, Mr. Fidelis Osammor, recently in Abuja said that the Minister of Niger Delta Affairs, Mr. Godsday Orubebe, signed the MoU on behalf of the Federal Government.

It added that Mr. Orhan Aydin, the chairman of Ostim Organised Industrial Region, signed the agreement on behalf of his organisation.

The statement said that the industrial park would foster a rapid socio-economic transformation of the region.

“In order to achieve the objectives of the MoU, the two parties have agreed to form two main committees. The committees will ensure the effectiveness and coordination of the project, while drawing up strategic plans for implementation.

“The MoU provides that the ministry shall be responsible for financing the project, while Ostim will provide support on investment,” it said.

The statement said that Ostim was expected to use its capabilities, strength and institutional powers to get financial support for the project from international financial institutions.

“The industrial park project is targeted at providing employment opportunities for unemployed youths and it will greatly boost the region’s economy.

“The Akwa Ibom State Government has signified its interest to collaborate with the ministry in the project implementation processes,” the statement said.

It said that Orubebe urged other states in the region to also support the project implementation processes.

Business

NPA Assures On Staff Welfare

Published

5 days ago

June 27, 2025

The Tide

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

Business

ANLCA Chieftain Emerges FELCBA’s VP

Published

5 days ago

June 27, 2025

The Tide

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

Business

NSC, Police Boost Partnership On Port Enforcement

Published

5 days ago

June 27, 2025

The Tide

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