FG to issue N20bn 30-year bond on April 24 | Nairalaw

The Debt Management Office (DMO) says the Federal Government
will on April 24, issue a 30-year bond for the first time.

The DMO said in a circular on its website on Wednesday in Abuja,
that the N20 billion 30-year paper would mature in April 2049.

Other bonds on offer are a 10-year new issue of N40 billion to
mature in April 2029 and a five-year re-opening of N40 billion to
mature in April 2023, which was offered at 12.75 per cent.

The circular, however, did not indicate the interest rates for
the new issues.

Ms Patience Oniha, the Director-General, DMO had at a news
conference on April 4, revealed plans by the Federal Government to
issue the 30-year paper.

She said that the bonds were considered, given the relatively
low interest rates compared to 2017 levels of more than 18 per
cent.

“The issuance of the bond will meet the needs of annuity funds
and other long term investors while also developing the domestic
capital market and reducing the re-financing risk of the Federal
Government.

“Another area of focus will be the management of risks
associated with the debt stock to mitigate debt service costs.”

She added that the 30-year issue would enable government raise
long-term capital for infrastructure, serve as benchmark for
private sector raising of long-term investment capital.

It would also reduce short-term debt and deepen the Life
Insurance sector in particular.

According to DMO, units of sale is N1, 000 per unit subject to a
minimum subscription of N50 million and in multiples of N1,000
thereafter.

The bonds are backed by the full faith and credit of the
Nigerian Government, with interest payable semi-annually to
bondholders, while bullet repayment will be made on maturity
date.

Nigeria issues sovereign bonds monthly to support the local bond
market, create a benchmark for corporate issuance and fund its
budget deficit.

Air Force War College Produces 18 Graduates of Course
4

The Hounourable Minister of Defence (HMOD), Mansur Dan Ali, has
charged the newly graduated participants of the Air Force War
College (AFWC) Course 4/2018 to continue to strive for excellence
and professionalism in the discharge of their constitutional
roles.

The HMOD, who was represented by the Chief of Defence Staff
(CDS), General Abayomi Olonisakin, stated this during the
Graduation Ceremony of the Course, which held at the Nigerian Air
Force (NAF) Base Markurdi.

The 6-month Course, which was inaugurated on 10 October 2018,
had 18 participants, comprising 2 Group Captains and 14 Wing
Commanders from the NAF, one Lieutenant Colonel from the Nigerian
Army and one Commander from the Nigerian Navy.

The programme was tailored to equip participants with general
knowledge on warfare with emphasis on air power, as well as the
fundamentals of Operational Art and Air Campaign Planning.

Speaking further, the HMOD, whilst noting that the NAF and its
personnel had displayed commendable professionalism, stated that
the Service must sustain its operations to deal decisively with the
security challenges facing the Nation.

The Minister added that air power, being a critical element of
the military component of national power, has remained a formidable
force in the preservation of the nation’s territorial
integrity.

He therefore commended the gallantry of officers and
airmen/airwomen of the NAF in the ongoing counter-insurgency
operations in the country, noting that the Service has played
crucial roles in the successes recorded so far in the operations.
The HMOD also assured the Service of the current administration’s
continued support to the Armed Forces and other security
agencies.

In his remarks, the Chief of the Air Staff (CAS), Air Marshal
Sadique Abubakar, expressed his delight at how the AFWC training
had positively impacted the professional performance and service
delivery capacity of successive sets of graduates.

“These improved performances have vindicated our belief in
establishing the College to help bridge the observed gaps in
quality of officers transiting from tactical to operational and
strategic levels in the NAF”, he added. He said he was delighted
that most of these graduates had gone on to excel in subsequent
courses, including the National Defence Course. He noted that this
had reinforced his belief that the Service would benefit positively
from establishing the College through better strategic planning and
implementation of doctrines in the nearest future.

The CAS reiterated that the Service had adopted some measures
geared towards building capacity and developing the competences and
skills of personnel of all specialties. According to him,
operational capability had received a boost through the increased
turnout of pilots and other support personnel.

He observed that in 2018 alone, a total of 3,930 personnel,
including 130 pilots on rotary and fixed wing platforms, have
undergone various training programmes. This, he said, was to ensure
that the NAF fulfils its mission as well as attains its objectives
of securing the lives and properties of Nigerians in concert with
sister Services and other security agencies. Air Marshal Abubakar
therefore appreciated the Commander-in-Chief of the Armed Forces,
President Muhammadu Buhari, whose support and exemplary leadership
in the face of compelling economic challenges made the
establishment of the College a reality.

Making some brief remarks during the ceremony, the Executive
Governor of Benue State, Chief Samuel Ortom, who was represented by
the State Deputy Governor, Engineer Benson Abonu, appreciated the
NAF for its immense contributions towards ensuring security in the
State.

He also lauded the bold initiative taken by the current NAF
leadership to establish the AFWC as well as the many other
pacesetting, landmark innovations, which he said, had enhanced the
stature of the Service and improved its operational effectiveness.
He urged the graduating participants to uphold the high standards
of professionalism for which the NAF was known in order to make
valuable contributions to national development.

Earlier in his welcome address, the Commandant AFWC, Air Vice
Marshal Charles Oghomwen, appreciated the Federal Government and
NAF Leadership for the encouragement and support that had enabled
the College to continue to broaden the knowledge and enhance the
capacity of successive sets of participants in air operations while
also providing impetus for improved inter-Service coordination
during joint operations. He advised the graduands to continue to
build their capacities even after graduation, as knowledge
acquisition was a continuous process.

One of the highlights of the ceremony was the presentation of
prizes to participants who had distinguished themselves during the
course. In this regard, Wing Commander Uchechukwu Ajaero won the
Best all Round Award for emerging first in order of merit on the
course and also won the Best in Air Power Award, while Lieutenant
Colonel Mohammed Grema bagged the CAS’ Best Sister Services
Participant Award and Group Captain Abraham Sule won the Award for
the Best Individual Research Paper.

Other dignitaries at the event included the representatives of
the Chiefs of Army and Naval Staff, members of the diplomatic
corps, representatives of the Tor Tiv and Ochi Idoma, the Vice
Chancellor Benue State University as well as several senior
military officers, both serving and retired.

IBIKUNLE DARAMOLA
Air Commodore
Director of Public Relations and Information
Nigerian Air Force