The Debt Management Office (DMO) has offered two Federal Government of Nigeria (FGN) bonds for subscription in October at N1,000 per unit.

According to a statement issued by DMO, the first offer is a two-year FGN savings bond due on Oct. 16, 2026, at an interest rate of 17.084 per cent per annum.

The News Agency of Nigeria (NAN) reports that the second offer is a three-year FGN savings bond due in Oct. 16, 2027, at an interest rate of 18.084 per cent per annum.

The opening date for the offers is Oct. 7, with the closing date set for Oct. 11, the settlement date Oct. 16, while coupon payment dates are Jan. 16, April 16, July 16 and Oct. 16.

“They are offered at N1,000 per unit subject to a minimum subscription of N5,000 and in multiples of N1,000 thereafter, subject to a maximum subscription of N50 million.

“Interest is payable quarterly, while bullet repayment (principal sum) is on the maturity date,” DMO said.

The DMO also said that the savings bonds, like all other FGN securities were backed by the full faith and credit of the Federal Government.

“They qualify as securities in which trustees can invest under the Trustees Investment Act.

“They qualify as government securities within the meaning of the company Income Tax Act and Personal Income Tax Act for tax exemption for pension funds among other investors.

“They are listed on the Nigerian Exchange Limited, and qualify as liquid assets for liquidity ratio calculation for banks,’’ it said.

The Nigerian National Petroleum Company Limited (NNPC) has reportedly terminated its exclusive purchase agreement with Dangote Refinery.

The termination, according to PREMIUM TIMES, will open up the market for other marketers to buy petrol directly from the refinery and allow other marketers to purchase petrol from the refinery at prevailing market prices.

The development came after NNPC claimed in September that it was buying petrol from Dangote Refiner at N898.78 per litre and selling it to marketers at N765.99 per litre, resulting in a subsidy of nearly N133 per litre.

NNPC lifted about 103 million litres of petrol from Dangote Refinery between September 15 and 30. The refinery was able to load 2,207 of the 3,621 trucks sent to it within the period under review.

The vehicles carried just 102,973,025 litres of the planned 400,000,000 litres of petrol earmarked to be lifted from the refinery at 25 million litres per day.

However, an anonymous senior NNPC official who spoke to PREMIUM TIMES on Monday, confirmed the termination, saying, “Yes, it is true. We can no longer continue to bear that burden.”

The termination comes after Devakumar Edwin, vice president of Dangote Industries Limited, announced in September that the 650,000 barrels per day Dangote Refinery has begun processing petrol and that NNPC Limited will buy its product exclusively.

But NNPC’s spokesperson, while reacting to a statement that the Dangote Refinery is being undermined by actions of the company at the time, said it was not the sole off-taker of all products from the Dangote Refinery.

NNPC said that the Dangote Refinery and any other domestic refinery were free to sell directly to any marketer on a willing buyer, willing seller basis, which is the current practice for all fully deregulated products such as diesel, aviation fuel, and kerosene.

The statement stated, “The attention of the NNPC Ltd has been drawn to a press release by the Muslim Rights Concern, MURIC, which claims that the Dangote Refinery Limited (DRL) is being undermined by actions of the Nigerian National Petroleum Company Limited (NNPC Ltd).”

“The pricing of petroleum products from any refinery, including the Dangote Refinery Ltd. (DRL), is determined by global market forces. The recent changes in PMS prices have no impact on the DRL or any other domestic refinery’s access to the Nigerian market.”

“Furthermore, we emphasise that there is no guarantee of lower prices associated with domestic refining compared to any global parity pricing framework, as confirmed by the DRL. The NNPC Ltd. will only fully offtake PMS from the DRL if the market prices of PMS are higher than the pump prices in Nigeria.”

“The DRL and any other domestic refinery are free to sell directly to any marketer on a willing buyer, willing seller basis, which is the current practice for all fully deregulated products.”

Mr Okechukwu Unegbu, a former president, Chattered Institute of Bankers of Nigeria (CIBN), has urged bank customers to approach the courts if they observe irregular deductions from their accounts.

Unegbu, who is also a former managing director of the defunct Citizens International Bank, gave the advice in an interview with the News Agency of Nigeria (NAN) on Sunday in Abuja.

He spoke against the backdrop of complaints by bank customers on unexplained, multiple deductions from their accounts.

According to him, the best thing is for customers to initiate court cases against such banks, even while accepting that the justice system is slow.

“That bothers them a lot. In one instance, I won a case against First Bank and and they paid damages.

”The only problem is that the judiciary is slow,” he said.

Unegbu said that the best way to sort such issues out would have been through the bank customers association, which was not active.

According to him, the banks can charge five Naira or N10 per transaction; people see it as small, so they just ignore.

“But when you consider that they have millions of customers that they take such charges from, you will know that it is a lot of money for them,” he said.

He said that there were Central Bank of Nigeria (CBN) guidelines on bank charges.

Unuegbu urged customers to take cognisance of the document and seek redress when they got charges outside the guidelines.

“That document explicitly states the legal charges that banks are entitled to from their customers.

“But most Nigerian banks charge much more than what is recommended, which is against all principles of banking.

”Such things do not happen abroad. And the problem is that most customers do not complain.

“If customers get such charges, they should start by writing to the banks to complain. Going to the bank physically might not yield any positive result.

“If customers can develop the habit of complaining, the banks will start learning,” he said.

He said that the CBN had a complaint desk for such issues, adding that the desk appears not to be very effective.

Meanwhile, findings from the NAN revealed that there are charges approved by the apex bank across all banks in Nigeria.

According to the CBN guidelines, transactions below N5,000 will incur a maximum fee of N10; transfers between N5,000 and N50,000 will attract a charge of N25; and transfers beyond N50,000 will receive a charge of N50.

The guidelines state that account card maintenance costs have been eliminated because the accounts already have maintenance fees.

“Savings accounts will be charged a card maintenance cost of N50 every quarter rather than N50 every month.

“The annual card maintenance cost for cards denominated in foreign currency (FCY) has been reduced from 20 dollars to 10 dollars.

“There is no charge for Naira debit or credit cards linked to the current account.

“The fee for issuing a credit card is N1,000 (one-off charge), regardless of the type of card issued, whether premium or regular,” it said.

It said that the fee for reissuing lost or damaged cards (at the customer’s request) is N1,000 (one-off charge), while renewal fee when existing cards expire, was N1,000 (one-off charge).

“Monthly statements of account for current and savings accounts are required and are free of charge. Special statement of account request is a maximum N20 per page.

“SMS alert is mandatory. If a customer chooses not to receive SMS alerts, the consumer must provide the bank with an indemnity (for any damages that may occur as a result).

“There is no cost for receiving an email notification,” it said.

The CBN announced that any financial institution that violated any of the terms in the guidelines would be fined two million Naira per violation, or as the CBN may determine from time to time.

The bank advised customers to give deposit money banks at least two weeks to resolve any issues, failure of which it would intervene.

“If after lodging your complaint your bank still fails to engage you and resolve the complaint within two weeks, you have the right to escalate your complaint to the Consumer Protection Department (CPD) .

“Customers can contact the CPD by sending an email to cpd@cbn.gov.ng, contactcbn@cbn.gov.ng or call +234 7002255226. Customers can lodge a complaint directly on the CBN website,” it said.

The German government has slashed its forecast and now expects Europe’s largest economy to shrink for a second year running as hopes for a consumption-driven recovery fizzle out, media reported Sunday.

The economy ministry sees the German economy contracting by 0.2 per cent this year, a dramatic downgrade from its prior estimate of 0.3 per cent growth, according to the Sueddeutsche newspaper.

Economy Minister Robert Habeck will officially unveil the latest forecasts on Wednesday.

Germany was the only major advanced economy to contract in 2023, hit hard by an industrial slowdown, cooling export demand and surging energy prices following Russia’s invasion of Ukraine.

Expectations that easing inflation and the first interest rate cuts by the European Central Bank would drive a recovery this year have however seemed increasingly out of reach in recent months, as demand at home and abroad remained weak.

Germany’s leading economic institutes have also recently downgraded their forecasts, and now expect the economy to either stagnate or shrink by 0.1 percent this year.

“Instead of gaining momentum, the economy continues to be characterised by a general reluctance by consumers to spend,” the Sueddeutsche said.

The economic headwinds come as Germany also faces structural challenges including increased competition from China, a shortage of skilled workers and a complex green transition.

Nevertheless, the German government was optimistic in its outlook for 2025, the newspaper reported.

Habeck’s economy ministry will on Wednesday say it now expects 1.1-percent growth next year, according to Sueddeutsche, up from one percent in the previous forecast.

By 2026, the economy is expected to expand 1.6 percent.

The government’s proposed “growth initiative” has a key role to play in the recovery, Habeck told the Sueddeutsche.

The measures include tax relief, permanently reduced energy prices for industry, less red tape and incentives to keep older people in the workforce as well as attract foreign skilled workers.

“The German economy can grow significantly stronger in the next two years if the measures are fully implemented,” Habeck was quoted as saying.

The Federal Government, on Sunday, set an ambitious target of creating 10 million jobs by 2027 through a combination of skills development programmes.

It said the initiative aligns with President Bola Tinubu’s Renewed Hope Agenda, aiming to reduce youth unemployment from 35% to 15% within three years.

The Minister of Youth Development, Dr. Jamila Bio Ibrahim, disclosed this in a statement after her participation at the Harvard Ministerial Leadership Forum in Cambridge, Massachusetts.

Dr. Ibrahim outlined key strategies to improve the socio-economic and political inclusion of Nigerian youth.

She stressed the importance of implementing a 30% youth quota in government positions and providing targeted support for youth-led businesses through the National Youth Development Fund.

Ibrahim said: “The government aims to create 10 million jobs by 2027 through a combination of skills development and strategic partnerships.

“This forum provides an unparalleled opportunity to exchange transformative ideas and solidify actionable solutions that align with Nigeria’s national goals for youth empowerment, job creation, and leadership inclusion.”

She stressed the importance of such global platforms in enhancing Nigeria’s strategic goals for youth development.

Dr. Ibrahim also highlighted the government’s focus on public-private partnerships and the restructured National Youth Investment Fund (NYIF), as well as the Presidential Initiative of Youth Enterprise Clusters (PIYEC), as vital tools in reducing youth unemployment.

At the Harvard Forum, she said, it is a significant milestone in furthering these efforts, providing key insights and partnerships to drive youth inclusion and empowerment in Nigeria.

The Federal Government has commenced the sale of crude oil and refined petroleum products in naira, effective October 1, 2024, the Ministry of Finance announced in a statement on X on Saturday.

The decision was made following a directive from the Federal Executive Council and a subsequent review by an implementation committee chaired by the Minister of Finance.

“The Minister of Finance and Coordinating Minister of the Economy announced that, in line with the Federal Executive Council directive, the sale of crude oil and refined petroleum products in naira has officially commenced as of October 1, 2024,” the ministry’s statement read.

It was further disclosed that a review meeting, chaired by the Minister of Finance, Wale Edun, on October 3, affirmed the commencement of this “Crude Oil and Refined Products Sales in Naira” initiative, with key stakeholders confirming its launch.

Last month, the Technical Sub-Committee on Domestic Sales of Crude Oil in Local Currency announced that the Federal Executive Council had approved the sale of crude to local refineries in naira and the corresponding purchase of petroleum products in naira. The plan includes the sale of 385,000 barrels per day (kbpd) of crude oil to the Dangote refinery, to be paid for in naira.

The government explained that the naira-for-crude initiative would help reduce pressure on the naira, eliminate unnecessary transaction costs, and improve the availability of petroleum products in the country.

The Special Adviser on Media to the Chairman of the Federal Inland Revenue Service (FIRS), Mr. Dare Adekanbi, confirmed last Sunday that the plan for the crude oil supply to the $20 billion Lekki-based Dangote refinery was still in place.

Despite this confirmation, some officials from the Dangote refinery and other refineries stated on Thursday that they were not aware if the naira-for-crude deal had been activated.

Officials from the Nigerian Upstream Petroleum Regulatory Commission, the Federal Ministry of Finance, and the Nigerian National Petroleum Company (NNPC) also declined to comment on the deal’s status.

In September, the government explained that the naira-for-crude initiative would help alleviate pressure on the naira, eliminate unnecessary transaction costs, and enhance the availability of petroleum products nationwide.

“Since then, the implementation committee chaired by the Minister of Finance and we, the technical committee, have worked intensely with NNPC and the Dangote refinery to finalise the modalities for the FEC approval,” stated Zaccheus Adedeji, the Special Adviser to the President on Revenue.

Adedeji further clarified that the Dangote refinery will supply petrol (PMS) and diesel to the domestic market in exchange for crude oil paid in naira. Diesel will be sold in naira to any interested buyers, while PMS will only be sold to NNPC, which will then distribute it to various marketers.

“All associated regulatory costs (NPA, NIMASA, etc.) will also be paid in naira,” Adedeji added. He also highlighted the creation of a one-stop shop to coordinate services from regulatory and security agencies for the smooth implementation of the initiative.

Key officials present at the October 3 meeting included Minister of State for Petroleum, Heineken Lokpobiri; Special Adviser to the President on Energy, Olu Verheijen; NNPC’s Group Chief Executive Officer, Mele Kyari; Dangote Group’s Vice President, and several other key figures in the petroleum and finance sectors.