Business

Inflation Rate Decline Affects FG Bonds

Published

14 years ago

April 4, 2012

Despite the resurgence of activities in the secondary market triggered by the drop in inflation rate for February released recently by the National Bureau of Statistics (NBS), the expected yield on the FGN Bonds was on the downside last week according to market reports.

Investors that invested in the market earlier in March in anticipation of the surge in inflation rates in February were disappointed as there was decline in most of the liquid bonds. Market analysts say the decline was due to the fact that inflation erodes the power of bond’s future cashflows.

The 7th series bond, for instance, depreciated to 15.25 per cent last Friday as against the 15.46 per cent it opened the week even as the yields on the 5th series 2 bond dropped to 15.19 per cent on Friday from 15.36 per cent that it opened the week.

Also, the yields on the 9th series decreased to 15.41 percent on the same day compared with the 15.44 per cent that it opened the week under review.

In volume terms, activities in the bond market was driven by the monthly auction which took place on Wednesday, 28 March during which two bonds were offered. They were the 7.00 October 23, 2019 (N20 billion ) and 16.39 January 27, 2022 (30 billion). They were re-opened at Marginal rates of 15.30 percent and 15.41 percent while their subscription levels 216.50 per cent and 127.00 percent respectively.

Also, there was an additional (N50 billion of 16.39 January 27,2022 allotted on a non-competitive basis. The marginal rates during auction was at a lower ebb against expectation as yields in the market dipped across several short-to-medium term maturities, the highest being the 12 month treasures that dropped 67 basis points according to market reports.

Transactions over-the-counter Bond Market recorded a total of 116 million units valued at N101.6 billion in 1,029 deals last week up from a total of 91.23 million units in 875 transactions in the week which ended March 22, 2012.

Specifically, the most traded bond which measured by volume was the 16.39 percent FGN January 2022 (9th FGN bond 2022 series 1) with a recorded volume of 23.25 million valued sold at N24.8 billion 311 transactions.

The 10.50 percent FGN March 2014 (eight FGN Bond 2014 series 1) followed with a traded volume of 22.56 million units at the value of N20.9 billion exchanged in 220 deals.

According to the Nigerian Stock Market report there was no transaction through the Stock Market in the federal government development stocks, State Government Bonds and Industrial Loans/Preference Stocks Sectors. The Equities sector of the market recorded a total transaction of 1.443 billion units of shares valued at N11.53 billion traded in 18,849 deals compared with a total of 1.212 billion units of shares traded at N15.7 billion exchanged in 17,979 deals the previous week.

The financial service sector the report said, accounted for 1.13 billion units of shares at the value of N7.03 billion recorded in 10,896 deals while the consumer Goods Sector followed with 74.34 million shares valued at N2.9 billion traded in 3,324 deals.

On the price movement chart, the NSE All-share Index shed 2.6 percent to close at 20,652.47 basis points while the market capitalisation of listed equities finished lower at N6.55 trillion.

The NSE-30 Index dipped by 3.5 per cent to close at 938.84 points. Only one out of the four sectorial indices appreciated during the week under review.

The NSE-Insurance Index appreciated by 3.4 per cent to end the week at 124.28 points even as the NSE-Consumer Goods Index dropped by 2.23 per cent to close at 1,708.04 points.

The NSE-Banking Index nose dived by 6.6 percent to finish at 283.04 points.

In the quarterly analysis of the nation’s stock market, the market dipped by 0.38 per cent for the first quarter as the index fell from 20,730.63 to close at 20,652.47 points while the market capitalisation of listed equities added N16 billion to close higher at N6.549 trillion.

Vivian-Peace Nwinaene

Business

Boat Mishap Kills Pastor, Wife And Church Members In Brass Water

Published

19 hours ago

May 18, 2026

The Tide

A boat accident in Bayelsa state has killed a serving Pastor, Wife and other church members along Brass waterways

The sad incident happened at Odioama in Brass local government area of Bayelsa State when the Pastor, wife and members of his church were in a programme.

?Tide confirmed that the lifeless body of the Pastor’s wife has been found and deposited in a mortuary while the remains of her husband ,the Pastor is yet to be recovered

as search party are still ongoing.

Although the real cause of the boat Mishap is not yet known as at the time of this report, our Correspondent gathered that the identities of the Pastor, wife and church members were not disclosed to the public.

The mishap, Tide gathered occurred on Friday morning when the church members were on a boat transit

The Bayelsa State government and the state police command are yet to issue official statement’s on the sad accident

By: CHINEDU WOSU

Business

Rivers Workers Seek Scrapping Of Contributory Pension Scheme

Published

19 hours ago

May 18, 2026

The Tide

The Rivers State Council of Nigeria Civil Service Union has called on the State Government to urgently scrap the contributory pension scheme, describing it as unfavourable to long-serving civil servants in the state.

Chairman of the union, Chukwuka Osuma, said this in an interview with newsmen in Port Harcourt, recently.

Osuma said the current pension structure has continued to worsen post-retirement hardship for workers.

He noted that the contributory pension scheme had failed to provide adequate retirement security for workers who had spent many years in service, especially those approaching retirement age.

According to him, civil servants who had served for more than 20 years were among the worst affected under the scheme, insisting that many retirees could no longer cope with prevailing economic realities.

He also informed that the Union has made moves to showcase their concerns, pleading with Governor Siminalayi Fubara to abolish the pension policy and introduce a more favourable arrangement for affected workers.

“The union was not opposed to pension reforms, the contributory scheme should only apply to newly employed workers or those with fewer years in service”, he said.

Osuma explained that workers who had already spent decades in the civil service ought to remain under a more secure pension structure capable of guaranteeing stability after retirement.

The labour leader further noted that inflation and the rising cost of living had continued to erode the value of retirement savings, thereby increasing the suffering of pensioners across the country.

He also appealed to the state government to consider extending the years of service in the civil service from 35 to 40 years and the retirement age from 60 to 65 years.

Osuma argued that such adjustment had become necessary in view of present-day economic realities and changing conditions in the workplace.

The unionist also reviewed that similar policies had already been adopted in some sectors and jurisdictions, expressing optimism that the State could also implement the reforms for the benefit of workers.

He however, commended Governor Fubara for approving an N85,000 minimum wage for workers in the state, noting that the amount was above the national benchmark of N70,000.

Osuma also acknowledged the government’s efforts in the area of workers’ promotions and bonuses, but insisted that pension reforms and extension of years of service remained critical to the long-term welfare and stability of civil servants in Rivers State.

By: King Onunwor

Business

FG Begins South-West Tour To Promote New Cooperative Bank

Published

6 days ago

May 13, 2026

The Tide

The Federal Government has launched the South-West zonal engagement and ministerial advocacy tour on the Cooperative Bank of Nigeria share capital mobilisation, sensitisation and cooperative sector digitalisation.

Reports say the initiative was launched through the Federal Ministry of Agriculture and Food Security.

According to reports, the advocacy tour, organised by the ministry’s Federal Department of Cooperatives, began on Monday in Lagos.

Speaking at the event, the Minister of State for Agriculture and Food Security and Supervising Minister of Cooperative Affairs, Dr Aliyu Abdullahi, said the initiative was part of President Bola Ahmed Tinubu’s Renewed Hope Agenda.

Abdullahi described the exercise as a strategic effort to reposition the cooperative sector as a key driver of inclusive economic growth, financial inclusion, enterprise development, food security and national prosperity.

“Today represents a defining moment in our collective determination to reposition the cooperative sector as a major driver of inclusive economic growth, financial inclusion, enterprise development, food security and national prosperity,” he said.

The minister noted the modern cooperative movement in Nigeria originated in the South-West following the 1934 Strickland Report, which led to the enactment of the Cooperative Societies Ordinance of 1935.

According to him, the decision to commence the sensitisation and share capital mobilisation tour in the region is symbolic, as it marks a return to the roots of cooperative development in the country.

Abdullahi said the advocacy tour was a direct outcome of resolutions reached at the 8th Regular Meeting of the National Council on Cooperative Affairs held in Abuja in March 2026.

He said the council approved the Renewed Hope Cooperative Reform and Revamp Programme, a comprehensive framework designed to strengthen the cooperative sector and align it with the administration’s goal of building a one-trillion-dollar economy.

“The reform programme focuses on seven strategic pillars, including governance reforms, cooperative financing and the establishment of the Cooperative Bank of Nigeria, digitalisation, capacity building, value chain development, inclusion of youths, women and persons with disabilities, and strategic partnerships,” he said.

He said the establishment of the Cooperative Bank of Nigeria and the digitalisation of the cooperative sector were the two major transformational initiatives under the programme.

“The Cooperative Bank of Nigeria is aimed at rebuilding a strong cooperative financial system capable of supporting cooperators, farmers, artisans, traders, SMEs, youths, women and persons with disabilities with accessible and affordable financial services,” he said.

Abdullahi emphasised that the proposed bank would be government-enabled but not government-funded.

“Government is not establishing the bank as an owner, nor will it rely on Treasury Single Account funds.

“The role of government through the FMAFS is to provide policy support, stakeholder coordination, regulatory facilitation and an enabling environment under the Renewed Hope Cooperative Reform and Revamp Programme,” he said.

Also speaking, the Lagos State Commissioner for Commerce, Cooperatives, Trade and Investment, Mrs Folashade Ambrose-Medebem, reaffirmed the state government’s commitment to cooperative sector transformation.

She described cooperatives as critical tools for promoting inclusive growth, grassroots productivity, food security, financial inclusion and community wealth creation.

Ambrose-Medebem said Lagos State would continue to support reforms and collaborate with stakeholders to ensure the successful implementation of the Renewed Hope Cooperative Reform and Revamp Programme (2025–2030).

“Together, let us build a cooperative ecosystem that is modern, transparent, digitally enabled, financially inclusive and globally competitive.

“Let us build cooperatives that not only mobilise savings, but also mobilise prosperity,” she said.