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Experts Want Savings Bond Campaign In Rural Areas

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Some financial experts on Monday advised regulators of the Federal Government Savings Bond to create awareness in rural areas to promote savings culture among rural dwellers.
The experts told newsmen in an interview that the regulators needed more awareness campaign to ensure maximum participation of retail investors.
Reports say  that the bond opened for subscription on Monday on the Nigerian Stock Exchange (NSE).
Head of Banking and Finance Department, Nasarawa State University, Keffi, Dr Uche Uwaleke, urged the Debt Management Office  (DMO), Securities and Exchange Commission (SEC) and NSE to go beyond television adverts and flyers in the campaign.
Uwaleke said that the savings bond was a good initiative, adding that it would promote savings culture, especially among low income earners.
“With just N5,000, an individual can invest in the FGN savings bond, which pays interest every quarter and has no risk (except inflation risk) since it is backed by the Federal Government.
“Another attractive feature of the bond is that it is a medium-term (from two to three years) bond unlike treasury bills that are short-termed and do not really encourage long-term savings,” Uwaleke stated.
He said that the bond would be liquid since it would be quoted on the secondary capital market.
According to him, the new asset class will boost activities and size of the bond market as well as enhance the revenue of stockbroking firms that will participate in the processes.
Prof. Sheriffadeen Tella of the Department of Economics, Olabisi Onabanjo University, Ago-Iwoye, lauded the government for floating the bond.
Tella said that bond-floating by government to raise funds from domestic market often served as a test of confidence in the economy.
Tella said that it would be commendable if the Federal Government could raise the required funds.
“If the government is able to meet its target, it is a sign of confidence in the capital market and economy generally and vice versa.
“We need to note, however, that investment in bond by the public or corporate bodies will affect the quantum of available funds for private sector, which is called crowding out effects.
“If the fund raised by government is, however, used to fund small and medium scale enterprises rather than finance government consumption, the economy will be better, since they (enterprises) are part of the private sector,” Tella said.
Our source gathered that the FGN Savings Bond is being issued at 13.01 per cent interest rate to retail investors.
The DMO said that the bonds will be “good for savings towards retirement, marriage, school fees, housing projects”.
According to the debt office, new issues will be sold every month.
The minimum subscription will be N5,000 and the maximum N50 million.

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Western Marine Command Intensifies Anti-Smuggling Operations … Intercepts N8.75m Worth PMS

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For officers and men of the Western Marine Command of the Nigeria Customs Service (NCS), the battle is not over until smuggling is over.
In the wake of Wednesday May, 8, 2024, the ever vigilant officers, acting on a tip-off, intercepted 177 sacks and 61 kegs of 25 litres containing petroleum products, valued at about N8.750,000million.
The items were intercepted along Isalu Creek, Badagry Waterway en-route Benin Republic.
While briefing newsmen, the Command’s Customs Area Controller, Comptroller Paul Bamisaiye, said: “This seizure is most economically significant to the Command at this period of scarcity of Petroleum Products, especially Premium Motor Spirit (PMS) in our cities, and shows the anticipatory posture in our response to economic saboteurs.
“At about 2:330hrs on Wednesday 8th May 2024, while on joint patrol by teams in the Command, credible intelligence was received of the movement of 2 boats laden with what was suspected to be petroleum products concealed in sacks. Upon receipt of the information, the team moved into Isalu creeks, Badagry waterway.
“On sighting the approach of the Officers, the smugglers took to their heels through the shore of the Creek. The loaded boats were then towed to the station at Badagry where preliminary examination was conducted and transferred to Western Marine Command Headquarters, Ibafon, Apapa, Lagos.
“Careful examination at the Command Headquarters revealed that the arrest was found to contain One Hundred and Seventy Seven (177) Sacks and Sixty One (61) Kegs of 25 Litres Premium Motor Spirit (PMS) containing Twelve Thousand Five Hundred (12,500) Liters with a total Duty Paid Value standing at Eight Million Seven Hundred and Fifty Thousand Naira (N8,750,000) only”.
Bamisaiye noted that the action of the smugglers is a contravention of Section 245 & 254 of the Nigeria Customs Service Act 2023 which the service, through Western Marine Command, is responsible for enforcing.
“The Command, under the leadership of Compt. PK Bamisaiye, is poised more than ever to rid the waterways of all acts of smuggling and economy sabotage for the benefit of the growth of economy of Nigeria”, he said
Bamisaiye said so far, no suspect was arrested in the Command’s anti-smuggling operations.

Nkpemenyie Mcdominic, Lagos

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Illegal PMS Trading Booms In Lagos

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Petroleum products  being sought by motorists have disappeared from virtually all filling stations within Lagos and its environs, but are now booming in business in retail outlets.
Investigations by our correspondent revealed that while the product could not be got at some of the petrol service stations, activities are in top gear in the local retail outlets where the price has gone beyond the reach of users.
It was also gathered that in some filling stations supplied with the products, preference are often given to retail outlet operators by petrol attendants against the consuming public.
A source, directly involved in the business, said some petrol dealers are cashing on the irregular supply to divert the products to retail outlets where they could easily make their gains.
It was also gathered that some sales representatives in the service of major oil marketing firms indulged in the diversion exercise because of their personal interest.
At the retail outlets a liter goes for N950,00 against the normal N760,to N800 at some stations.

Nkpemenyie Mcdominic, Lagos

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Customs Board Appoints Five DCGs, Eight ACGs

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The Nigeria Customs Service Board (NCSB) has confirmed the appointment of five Deputy Comptroller-Generals (DCGs) and eight Assistant Comptrollers-General (ACGs) of Customs during its 59th regular meeting.
The meeting, chaired by the Honorable Minister of Finance and Coordinating Minister for the Economy, Mr. Wale Edun, was held at the Nigeria Customs Service Headquarters in Abuja last Tuesday.
National Public Relations Officer of the Service, Chief Superintendent of Customs, Abdullahi Maiwada, who disclosed this in a statement yesterday, gave details of the confirmed appointments as: O.O. Peters (DCG /Commander, Training and Doctrine Command (rtd); B.M. Jibo (DCG Enforcement Inspection & Investigation); and B.U. Nwanfor (DCG Excise, Free Trade Zone & Industrial Incentives).
Others are: S.A. Bomia (DCG, Commander Training and Doctrine Command); and C.K. Niagwan (DCG, Tariff & Trade).
The Assistant Comptrollers General (ACGs) are: B. Imam (ACG Board); A.A.S. Oloyede (ACG, Trade & Tariff); S.K. Dangaldima (ACG/Zonal Coordinator, Zone ‘B’); A. Abdul Azeez (ACG/Zonal Coordinator, Zone ‘D’); S.A. Yusuf (ACG, Human Resource Development); N.P. Umoh (ACG, Training and Doctrine Command); C.O. Obih (ACG/Zonal Coordinator, Zone ‘C’); and S. Chiroma (ACG, Strategic Research and Policy).
The new appointments, according to the statement, were made to fill the vacancies created by some senior officers who recently retired from the Service, noting that the principles of federal character, seniority and merit guided the appointments approved by the board.
“These appointments are a testament to the officers’ exemplary services and dedication to the Nigeria Customs Service. The NCSB remains committed to providing strategic leadership to ensure effective and efficient service delivery for optimum performance”, he said.
While thanking the retired members of the management for their meritorious services, the Comptroller General of Customs, Bashir Adewale Adeniyi, congratulated the newly confirmed officers and charged them to redouble their efforts to ensure the service attains greater heights in its mandates of revenue generation, suppression of smuggling, and trade facilitation amongst others.

Nkpemenyie Mcdominic, Lagos

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