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Business News

DMO suspends April 2020 FGN savings bond offer

The Debt Management Office (DMO) has announced the suspension of the FGN Savings Bond Offer which was slated for the month of April 2020. 

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FGN Bonds, bond, DMO set to auction N150 billion in FGN Bonds to investors , FGN Bond for February 2020 oversubscribed by investors, DMO suspends April 2020 FGN savings bond offer
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The Debt Management Office (DMO) has announced the suspension of the FGN Savings Bond Offer, which was slated for the month of April 2020.

This was disclosed in a press statement that was released by the DMO on Monday, March 30, 2020 and seen by Nairametrics.

Recall that President Muhammadu Buhari, during a nationwide broadcast on the Coronavirus disease (COVID-19), yesterday announced restriction of movement and shut down of public and private institutions in the Federal Capital Territory (FCT), Lagos and Ogun States. The restriction of movement was based on the need to keep Nigerians safe and contain the spread of the coronavirus disease.

Part of the statement read, “The Debt Management Office (DMO) wishes to inform the general public that the FGN Savings Bond Offer for the month of April 2020, which was scheduled for April 6 – 10, 2020 has been suspended’’. ‘The DMO wishes to assure the general public that the FGN Savings Bond Offers will resume when the conditions change.”

[READ MORE: DMO backs Buhari’s lending policy, seeks increased revenue to service loans)

However, the DMO noted that the suspension of the April 2020 Offer would not affect Coupon Payments due to investors for already issued FGN Securities, as arrangements had been made to ensure that all Coupon Payments for and redemptions of FGN Securities were made as and when due to investors’ designated accounts.

DMO suspends April 2020 FGN savings bond offer

Director-General, DMO, Ms. Patience Oniha

The DMO also said that it wished to use the opportunity to call on the general public to adhere strictly to Mr President’s directives and cooperate with relevant Government Agencies that are working assiduously to contain the spread of the Covid-19.

About FGN Savings Bonds: They are debt securities of the Federal Government and issued by the Debt Management office for and on behalf of the Federal Government. They have no default risk, which means that the repayment of the principal and interest is assured.

SSKOHN

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Chike Olisah is a graduate of accountancy with over 15 years working experience in the financial service sector. He has worked in research and marketing departments of three top commercial banks. Chike is a senior member of the Nairametrics Editorial Team. You may contact him via his email- [email protected]

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    Business

    Hyundai and Kia to set up an assembly plants in Ghana by 2022

    The automobile giants will join Toyota-Suzuki, Nissan, Kantanka, Volkswagen, and Sinotruck who already have plants in Ghana.

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    Hyundai to invest $87 billion into producing 44 new electric vehicles, Hyundai partners Kia to invest €100m in electric vehicles 
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    Few weeks after Twitter announced its plans to open its first African office in Ghana, Hyundai and Kia have also concluded plans to set up an assembly plants in Ghana by 2022. The automobile giants will join Toyota-Suzuki, Nissan, Kantanka, Volkswagen, and Sinotruck who already have plants.

    Ghana’s Minister for Trade and Industry, Alan Kyerematen announced this on Twitter.

    READ: This is the New Tarrif Structure For Importing Tokunbo & Brand New Cars

    Pleased to announce that Hyundai & KIA are set to establish assembly plants in Ghana by the end of 2022 to join Toyota-Suzuki, Nissan, Kantanka, Volkswagen & Sinotruck. The Ghana Auto Development program = 3,600 assemblies & 6,600 manufacturing parts jobs in Ghana.

    The local assembly of vehicles, 3,600 direct and indirect jobs would be created in Ghana, and the addition of components and parts manufacturing will also add about 6,600 direct and indirect jobs.”

    READ: Toyota snubs Nigeria as it moves to establish assembly plants in Ghana, Ivory Coast 

    Why this matters

    More foreign companies are shunning Nigeria in favour of Ghana. Recently, Nairametrics reported that Amazon is set to situate its African Headquarters in South Africa, a multi-billion dollar investment that is projected to create over 20,000 jobs both directly and indirectly.

    Following its move to Ghana, Twitter CEO, Jack Dorsey cited a number of human rights-related reasons for the choice of Ghana over Nigeria. Added to this are rising insecurity, stifling government regulations and the gapping infrastructural deficit bedevilling Nigeria. Consequently, our nation is steadily losing opportunities to attract foreign companies that could be very instrumental in bridging its unemployment gap which is currently over 30%.

    SSKOHN

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    Business

    Passports: Backlog of undelievered passports to be fixed before May 31st – Minister

    The government also announced the launch of a new passport application system, which would be aided by fast track services nationwide.

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    The Federal Government disclosed that all backlogs of undelivered passport requests would be fixed before May 31st, and announced the launch of a new passport application system, which would be aided by fast track services nationwide.

    This was disclosed by Minister of Interior, Rauf Aregbesola, in a press briefing with newsmen on Thursday.

    What the Minister said

    “On or before May 31st, all backlogs of undelivered requests for passports will be totally met, unless such applications have a problem,” he said.

    “But before the deadline, the problematic application would be contacted, so that we know what’s wrong with the applications. Assuming there would be no problem, every successful application for a passport would be given a passport on or before May 31st,” he added.

    READ: Canada invites 3,900 new PR candidates, introduces new programme to attract Nigerians

    The new passport process

    The Minister disclosed that the FG will launch a new passport application process which would come into effect soon.

    “When you finish your application process, there would be a waiting period of six weeks to collect your passport, however, if you want an express service, there would be fast track centres nationwide, to meet requests for express passport users,” he said.

    What you should know 

    • Recall Nairametrics reported last month that the Federal Government inaugurated the Nigeria Immigration Service Passport Express Centre, which is a partnership with the private sector to enable the government offer passport services to Nigerians and make passports available in a maximum of 72 hours of a successful application.
    • The FG also launched the Electronic Temporary Passport to cater for Nigerians desirous of returning home but whose national passport is not available.

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