A reception was held last weekend at the Newton Parks Resort, Abuja to honour Mohammed’s 35 years working for the government.
Browsing: Debt Management Office
FGN savings bonds: DMO DG says about 7,000 investors subscribed in five months
Patience Oniha, the Director-General, Debt Management Office, says about 7,000 investors have subscribed to the Federal Government of Nigeria’s savings bonds since its introduction in March.
Oniha told the News Agency of Nigeria on Monday in Abuja that one of the primary reasons for introducing the savings bond was to encourage a savings culture among the populace.
She said that considering that the subscribers are largely retail investors, it meant that the savings bond had provided a vehicle for mobilising savings.
The DMO boss said it would continue to support the product and attract more subscriptions through investor enlightenment.
The bond allotment results obtained from the DMO website showed that in March, N2.068 billion was allotted to 2,575 investors, while in April, N1.2 billion was allotted to 1,798 subscribers.
In May, N790.85 million was allotted to 1,233 subscribers, while in June N607.26 million was allotted to 921 subscribers.
In July, N400.5 million was allotted to 779 investors, while in August there was an upward improvement to N738.14 million allotted to 761 subscribers.
The bond issuance is part of the Federal Government’s programme targeted at the lower income earners to encourage them to save and earn more income (interest), compared to their savings accounts with banks.
It was introduced to enable all citizens participate in and benefit from the favourable returns available in the capital market, and is also to help finance the nation’s budget deficit.
The bonds are debt securities (liabilities) of the Federal Government backed by its ‘full faith and credit’ with interests to be paid at regular periods and principal repaid at maturity.
It has a tenor of between two to three years and a minimum size of investment of N5,000 and maximum of N50 million.
The bond is aimed at deepening the national savings culture; diversifying government’s funding sources and providing opportunity to all citizens, irrespective of income level to contribute to national development.
It is issued through stock broking firms accredited by the DMO to market and distribute it.
The issuance, which began in March, has been carried out monthly and will continue till December.
The allotment results derived from its website on Wednesday showed that N215.64 million was allotted at 13.53 per cent with 328 successful subscriptions to mature in August 2019.
The offering circular obtained from the DMO’s website on Tuesday in Abuja indicated that it would sell N35 billion of a bond, to mature in July, 2021, at 14.50 per cent.
Its Director General, Patience Oniha, told newsmen on Friday in Lagos that the office would focus more on loan repayment, utilisation and proper implementation of annual budgets.
Nigerians want to know how the deductions were initially made. They want to know at what time the Paris Club realised that there were excess deductions. They want to know when their government realised that the deductions were in excess. They would like to know who supervised the deductions. They want to know how much exactly was over-drawn and how much, in all, including interest is due to Nigeria. Information in this regard is not handy; and there is suspicion that this is deliberate to keep prying eyes of the Nigerian away from the details.
A statement from the Debt Management Office said the two-year bond will be due in August 2019, while the three-year bond has a maturity date of August 2020.
The Director General of the Debt Management Office, Patience Oniha, said this when she received in audience the Edo State Governor, Godwin Obaseki, in her office on Thursday
The Debt Management Office said this in its 2016 Annual Report and Statement of Accounts obtained by the News Agency of Nigeria on Friday in Abuja.
Oniha began her career at Icon Limited Merchant Bankers in 1986, during which time she rose to the position of a Manager, before joining First Securities Discount House Limited (now FSDH Merchant Bank Ltd.) as a pioneer staff in 1992. She rose to the position of General Manager/Director before joining Ecobank Nigeria Limited in 2000. Between 2004 – 2008, Oniha was in Standard Chartered Bank Nigeria Limited as a General Manager.
The offer circular, which was obtained from its website on Wednesday in Abuja, said it would sell N35 billion of bonds
The Minister of Finance, Kemi Adeosun, announced the appointment in Abuja on Friday
Abike Dabiri-Erewa, the Senior Special Assistant to the President on Foreign Affairs and Diaspora, has also urged all Nigerians to take advantage of the first ever Diaspora offer by buying into the bond
The Debt Management Office had announced the commencement of a global offering of Nigeria’s first Diaspora Bond by filing a registration statement for the bonds with the US Securities and Exchange Commission
The DMO made this known in a statement obtained by the News Agency of Nigeria from its website
The World Bank recently expressed concern over the debt servicing to revenue ratio, saying that reduced earnings might render the country’s debt unsustainable
According to DMO’s auction result obtained from its website on Thursday, fewer bonds were sold at the auction than the N140 billion anticipated
According to the offer circular derived from the DMO website, the two-year bond will be due in May 2019, while the three-year bond will be due in May 2020
A document posted on the Website of DMO disclosed that total local debts of the 36 states and the Federal Capital Territory was N2.958 trillion as at December 31, 2016
The savings bond is government’s way of affirming its faith in the capital market, and at the same time widening access to the market, while deepening the savings culture of all Nigerians