Investors Oversubscribe FGN N100bn Bond

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Ndubuisi Francis in Abuja

The February 2020 FGN Bond Auction by the Debt Management Office (DMO) which took place yesterday, was significantly oversubscribed.

The DMO offered N140 billion across three Instruments to investors at the Auction (five-year tenor–N45 billion; 10-year tenor–N45.00 and 30-year tenor–N50.00 billion).

The subscription received through competitive bids for the three instruments was N398.20 billion, indicating a total subscription level of 284.43 per cent. Non-Competitive bid for the sum of N60 billion was also received, bringing the total subscriptions from Competitive and Non-competitive bid to the sum of N458.20 billion.

A breakdown of the Competitive subscriptions shows that the sum of N78.43 billion or 174.30% was received for the 5-year Bond; the sum N95.70 billion or 212.67 per cent for the 10-year Bond and the sum of N224.07 billion or 223.15 per cent for the 30-year Bond.

Successful bids were allotted at the rate of 8.7500 per cent for the five-year, 10.7000 per cent for the 10-year and 12.15 per cent for the 30-Year bond, which indicate a decline from the allotment rates of 9.8500 per cent, 11.1250 per cent and 12.5600 per cent for the five-year, 10-year and 30-year bonds, respectively, at the January 2020 FGN Bond Auction.

The total amount allotted for Competitive Bids was N100.00 billion across the three tenors, while a total sum of N60.00 billion was allotted through Non-Competitive Bid for the five-year and 10-year tenors, at same rates with the Competitive Bids, which made the total allotment from Competitive and Non-Competitive bids to N160.00 billion.

Amotekun Bill Scales First, Second Reading at Ondo Assembly

The bill for a law to establish the Ondo State Security Network Agency and Amotekun’ Corps 2020 was yesterday committed to the state House of Assembly Committee on Security.

This followed a robust debate on the benefits of the bill when passed into law.

The Clerk of the House, Mr. Bode Adeyelu had earlier read a letter from the executive on the need to establish the security agency in order to assist in maintaining law and order across the state.

The Speaker of the assembly, Hon. Bamidele Oleyelogun, who commended other lawmakers for cutting short their recess for the second time, to attend to state matters, urged them to give the bill the desired attention in view of its benefits to the people.

The Majority Leader of the assembly, Hon. Jamiu Sulaimon Maito noted that the bill when passed into law would assist in reducing social vices in the state.

He then moved a motion for a debate on the bill in view of its enormous importance to the welfare of the people.

All the lawmakers who spoke appreciated the proactiveness of the South-west governors, which culminated in the emergence of the Amotekun security network.

They noted that the dwindling security situation across the country called for a localised security network that is familiar with the terrain and people in the mandate area.

The lawmakers stressed the need to extend the security network to the riverine area of the state through the purchase of speedboats to facilitate surveillance by Amotekun corps.

Oleyelogun noted that the worsening security situation over the years in the country, particularly the South-west prompted the emergence of the Amotekun security network.

He said: “Our region which was once admired for peace and safety is gradually being eroded by bandits who wasted innocent lives an property daily.”

He hailed governors of the South-west states led by Oluwarotimi Akeredolu for rising to the challenges of securing the lives and property of the people.

The Speaker noted that Speakers of the six Houses of Assembly in the South-west states agreed to give expeditious consideration to the Amotekun bill without abandoning all necessary legislative rules and procedure.

The bill was then committed to the House Committee on Security for proper scrutiny.

Meanwhile public hearings will be held in the six states of the South-west on Monday next week to draw contributions from the public and notable stakeholders on the operations of the Amotekun security network.