The Federal Government of Nigeria has announced its plans to issue a Eurobond, marking its return to the international bond market since its last issuance in March 2022.

For this venture, the government has enlisted the services of leading global investment banks, including Citibank NA, JPMorgan Chase & Co, and Goldman Sachs Group Inc., along with Standard Chartered Bank and the Lagos-based Chapel Hill Denham, as advisors.

According to Punch, the upcoming Eurobond issuance, expected to occur before June, represents a pivotal moment for Africa’s largest oil-producing nation as it seeks to re-engage with global financial markets.

This initiative is part of a broader strategy to finance the significant budget deficit outlined in President Bola Tinubu‘s N28.8 trillion ($18 billion) spending plan for 2024, which projects a fiscal shortfall of N9.8 trillion, or 3.8 percent of the GDP.

The exact size of the Eurobond offer has yet to be determined.

However, sources close to the transaction, who preferred to remain anonymous, told the platform that Nigeria could aim to secure up to $1 billion in international loans throughout 2024.

This external financing is deemed critical for the country to manage its ambitious fiscal deficit. The shortfall is expected to be covered through a mix of local and international borrowings, alongside support from global financial institutions.

In a related development, Minister of Finance and Coordinating Minister of the Economy, Wale Edun, revealed that the decision to issue Eurobonds was influenced by the potential for lower interest rates and ongoing economic reforms.

Since taking office in May 2023, President Tinubu has introduced several policies to attract foreign investment and revitalise the economy.

These include two devaluations of the naira to establish a more flexible exchange rate regime and the controversial removal of fuel subsidies.

Furthermore, the Federal Government has disclosed plans to borrow N450 billion from its third FGN bond auction of 2024, a significant reduction from the N2.5 trillion target of the previous month.

According to the Debt Management Office (DMO), this auction will feature a new 3-year bond and the reopening of existing bonds, with the collective aim of financing the 2024 budget deficit.

With the DMO’s recent circular announcing the auction details, including the offer of three different bonds, each with an allocation of N150 billion, the government’s N450 billion borrowing target for March 2024 is set.

A baker, Tina Ileogben, has been killed and her heart reportedly ripped out of her chest and stolen at her residence on Olowo Street, in the Alhaja Shifiwa area of Dopemu, Agege, Lagos State.

PUNCH Metro gathered that the victim, who was said to be working at a bakery, did not report for duty on Wednesday when one of her colleagues was instructed to check her at home.

On getting to the premises, it was learnt that the colleague met the door leading into her flat open and upon gaining entry, met her lifeless body on her bed.

A resident in the area, who gave his name simply as Segun, said the colleague quickly raised the alarm, adding that neighbours who rushed into Ileogben’s flat observed that her throat had been slit and her heart removed from her chest.

He said, “The incident has thrown people including her neighbours into confusion. People got to know what happened to Ileogben when her colleague came to her flat.

“Ileogben’s colleagues did not see her at work and one of her colleagues came to check her at home when they could not reach her on the phone. It was when the colleague got to her flat, met the door open and entered that he saw her lifeless remains on the bed.

“The person who perpetrated the crime slit her throat, put a hand into her neck to access her chest and removed her heart. People saw some of her intestines around her neck and a doctor who was also at the crime scene confirmed that her heart had been taken away.”

Speaking with our correspondent, Ileogben’s elder sister, Justina, said her sister was raped before she was killed, adding that her sister’s blood was visible in her flat.

She said, “I am dead already. I was at home when I received a call informing me that my sister had fallen and they needed my presence. I quickly rushed to her house and saw a lot of people there.

“I suspected something bad had happened, started crying and rushed to my shop. I later summoned the courage to go into her flat to find out what happened to her and saw her corpse.

“Blood stains were on the floor, wall, and her bed. When I looked closer at her corpse, I saw that the person raped her before killing her. The person used a knife to slit her throat and her heart was also removed from her chest.”

Justina, while demanding justice, urged men of the state police command to track down the suspect responsible for her sister’s death.

Contacted, the state Police Public Relations Officer, SP Benjamin Hundeyin, confirmed the incident, noting that officials of the Lagos State Environmental Health Monitoring Unit had evacuated the deceased’s remains to the Mainland General Hospital, Yaba, for post-mortem examination.

He said, “One Akeem, a coworker of the deceased, and her landlord reported the case at the Dopemu Division. The deceased, Tina Ileogben, was supposed to report on duty but when was not seen, and the senior staff on duty instructed him to go and check up on her since she lived close to the company.

“On getting there, Akeem met her room open, he entered the room with two neighbours and discovered the lifeless body of the deceased naked in a pool of her blood with her neck slit. An investigation into the case is ongoing. Regarding the missing heart, nothing of such happened.”

The Federal Competition & Consumer Protection Commission (FCCPC) has accused Mikano International Limited of obstructing its investigation into the operations of the company.

The FCCPC is empowered by the Federal Competition and Consumer Protection Act 2018 (FCCPA) to, among other things, promote fair business practices and safeguard the interest of

consumers.

According to a statement by Dr. Adamu Abdullahi, Acting Executive Vice Chairman/ Chief Executive Officer of the Commission, the commission obtained a search warrant on December 16th, 2022 from the Federal High Court in Abuja to execute a search on multiple generator companies.

“The Court, being satisfied that there was adequate information to show untoward behavior and business practices by certain companies requiring further investigation, issued the order.

“The Commission proceeded in the investigation and investigatory efforts including securing the order because of a high prioritization of the electricity power industry both from a primary/substantive production, and alternative power sources standpoints. Power, and the cost thereof being vital and critical to businesses, and households, particularly small businesses and vulnerable households is a major concern, and any practices in that sector that exploits or negatively affects consumers is of grave concern.

“That investigation is currently at various stages. Extensive briefings with topmost officials in government, and evidence gathering from relevant targets have also occurred.

“As part of the investigation, and to ensure compliance with the law, the Commission on March 8th, 2024  filed criminal charges against one of the targets (Mikano International Limited and Others) of investigation,”the statement read in part.

The Commission however lamented that Mikano was failing to comply with the court order and frustrating the investigation.

“The Charges allege violations of Sections 28(5), 33, 110 and 111 of the Federal Competition & Consumer Protection Act (FCCPA) which provide and mandate companies to comply and be transparent in investigative procedures.

“The Commission is strongly committed to ensuring compliance and transparency in enforcement of the law. The Commission recognises the prevailing hardship in consumers, and business operations, and as such reiterates that compliance with the law, and lawful requests under the law are vital to economic and market stability and protection of consumers.

“The Commission will continue to enforce the law in a fair and humane manner for both consumers and businesses, but will not tolerate any action by any that weakens the regulatory framework or encourages others to violate the law as that leads to exploitation of consumers,” the statement concluded.

The Federal Government has filed a Charge, bordering on terrorism, against the President of the Miyetti Allah Kautal Hore, Bello Bodejo.

Bodejo has been in the custody of the Defence Intelligence Agency since his arrest on January 23.

The Miyetti Allah leader was arrested in Nasarawa State days after the organisation launched a vigilante group named, Kungiya Zaman Lafiya.

At the inauguration of the 1,144-man Fulani outfit on January 17, 2024, Bodejo said the move was to tackle banditry, cattle rustling and all forms of insecurity in Nasarawa State.

Following his arrest, the Miyetti Allah leader filed a fundamental rights suit before the Federal High Court in Abuja to challenge his prolonged detention.

In response, the Attorney General of the Federation, Lateef Fagbemi(SAN), on February 5 filed a motion ex parte, seeking to remand Bodejo pending the conclusion of the investigation and arraignment in court.

Justice Inyang Ekwo, who is hearing Bodejo’s suit, granted the Federal Government permission to detain him for 15 days in the custody of the Defence Intelligence Agency.

Subsequently, the judge ordered the Federal Government to either file charges against the Miyetti Allah leader or release him.

At the resumed proceedings on Wednesday, the judge asked the counsel for the prosecution, Y.A. Imana, if charges had been filed against Bodejo.

“The court made an order that you should charge the defendant before a court of competent jurisdiction. Where is the evidence that you filed before this court?” The judge demanded.

In response, the lawyer told the judge, “It was filed yesterday.”

The judge, however, said the charge was not before him.

Our correspondent also observed that the DIA did not bring Bodejo to court.

However, in the charge sheet sighted by the correspondent, the Federal Government accused Bodejo of establishing an ethnic militia group without authorisation.

The Federal Government stated that Bodejo’s action was “prejudicial to national security and public safety and punishable under Section 29 of the Terrorism (Prevention and Prohibition) Act 2022.”

Bodejo’s lawyer, Mohammed Sheriff, subsequently urged the court to hear his bail application pending his client’s arraignment.

The prosecution counsel, however, opposed the prayer for bail.

“We pray this court will dismiss the application of the defendant because it is a matter that touches on national security,” the Federal Government’s lawyer said.

Justice Ekwo adjourned till March 22 for ruling on Bodejo’s bail application.

Meanwhile, some members of Miyetti Allah Kautal Hore, in their numbers, stormed the Federal High Court in Abuja, on Wednesday, to demand Bodejo’s unconditional.

They held a big banner bearing a large picture of Bodejo and the inscription “Free Bello Bodejo”. Others, mostly women, lined along the road with placards in hand.

Speaking on behalf of the protesters, Kabir Matazu, decried the DIA’s disobedience to court orders directing that Bodejo be tried or released.

He said, “We are in a democratic society and in a democratic society, respect for the rule of law is the building block for democracy to thrive. You cannot arbitrarily arrest and detain an individual without a charge against him.

“That’s why we have gathered our members from across the country to come here to agitate and also make our voice heard that the Nigerian security agencies should, without further delay, free and release him unconditionally.”

Matazu lamented that Bodejo’s family and friends had yet to see him since he was arrested.

Matazu said, “It is sad that up till now, his family members were not granted access to see him.

“He is not a criminal. He has no criminal record. He will not run away and leave this country. So, if not because of the failure of our security agencies, there are bandits in the forest who they should have gone after.”

A civic-tech non-profit organisation, BudgIT, has accused the National Assembly of inserting 7,447 constituency projects worth N2.24 trillion in the 2024 project.

The organisation said this in a report released on Wednesday in its reaction to the allegation of budget padding made by the suspended Senator Abdul Ningi representing Bauchi Central.

In its report, BudgIT said most of the projects inserted into the budget by the National Assembly are of personal interests and have no national significance.

According to the organisation, a breakdown of the 2024 budget shows that N25.4 trillion was earmarked for Ministries, Departments, and Agencies (MSAs).

It said the N3.32 trillion allocation earmarked for government-owned enterprises (GOEs), the national assembly, the National Judicial Commission (NJC), the Public Complaints Commission (PCC), the Independent National Electoral Commission (INEC), and the Tertiary Education Trust Fund (TETFUND), was excluded from the budget passed and published.

The report reads: “However, our findings show that a budget breakdown totalling N25.4tn was provided for the budgets of the Ministries, Departments, and Agencies (MDAs) and some other agencies receiving a statutory allocation from the federal government.

“The comprehensive budget breakdown of government-owned enterprises, the National Assembly, the National Judicial Commission, the Public Complaints Commission, INEC, and TETFUND totalling N3.32tn was excluded from the budget that was passed and published.

“This does not mean the country operates two separate budgets and that there’s only one final budget known to us.”

In the report, the organisation said the 10th National Assembly continued the “ugly trend” of indiscriminate insertion of projects in the budget.

BudgIT said the members of the national assembly target some agencies and organisations for the insertion of projects.

The organisation said the federal ministry of agriculture and food security has the highest number of inserted projects, with 2,470 projects worth N632.31 billion.

It added: “A total of 7,447 projects culminating in N2.24tn were inserted in the 2024 budget by the National Assembly, an ugly trend that was accelerated in the 9th National Assembly.

“Fifty-five of the projects range with a value of N580.7bn are greater than N5bn in value. We also noticed that 281 projects worth N491bn, and 3,706 projects within the range of N100–500m, worth 759bn, as inserted into the budget.

“The National Assembly has indiscriminately added projects to the budget, with most projects having no national significance but narrowed to personal interests.”

Recall that Senator Ningi stirred controversy when he alleged during an interview last Saturday that the 2024 budget was padded by N3 trillion and that the country is operating two budgets concurrently.

During plenary on Tuesday, the allegations were debated on the floor of the Red Chamber, amid a rowdy session.

Subsequently, the Bauchi senator was suspended for three months from all legislative duties over the allegations.

The Group Managing Director of the Nigerian National Petroleum Corporation Limited (NNPCL), Mele Kyari, has decried the country’s high crude oil theft rate.

Kyari, who spoke during the oversight function conducted by the House of Representatives Special Committee on Oil Theft at the NNPCL headquarters in Abuja, on Wednesday (today), revealed that the company documented 9000 infractions on its pipelines within a single year.

According to him, from 2022 to the present, the company has shut down 6,465 illegal refineries.

Kyari noted further that out of the 5,570 illegal connections discovered, 4,876 have been removed from the pipelines.

The NNPCL boss expressed uncertainty regarding whether this was the actual number of illegal connections.

He said, “Some of the scale of the infraction that we see is unbelievable; we are not able to deal with it. When you remove one connection, the next day in the same location, someone will replace it.

“Crude oil theft is almost an end-to-end issue in Nigeria; it is very obvious that everyone is involved.

“In most of these locations, they are less than a hundred meters from the settlement; some are even less than a hundred meters from the local government headquarters.”

Kyari said that notwithstanding the distance, “these evils are being perpetrated unabated, adding that this makes it impossible to guarantee the production that would happen the next day.”

He mentioned that the primary concern was security, and highlighted that the NNPCL took steps to address the problem of pipeline vandalism by uniting all security agencies under one platform, which also included private security firms.

Kyari said: “It is very obvious that despite all the integrity issues with our pipeline and our facilities, we have capacity beyond 2 million barrels per day without doing anything.

“But today, we are struggling to meet the budget estimate of 1.6 million barrels per day. This by no means is related to crude oil theft.

“In 2022, it became so obvious that if something dramatic is not done, we are going to run into trouble. On a specific date, our production came down to as low as 1.1 million barrels per day. And on a particular date, we have gone below a million barrels,” Daily Trust quoted Kyari saying.

On his part, the Chairman of the Special Committee, Rep. Alhassan Ado-Doguwa, emphasized the significant difficulties faced in operating oil and gas pipelines in Nigeria.

He highlighted the frequent occurrences of infractions and damages to these pipelines on a weekly basis.

Additionally, he expressed concern over the continuous breaches at oil well heads, flow stations, loading, and export terminals.

Ado-Doguwa also raised an alarm regarding the lack of transparency in regulatory activities at Nigeria’s crude oil export terminals.

He said, “We are compiling the facts and figures. Instances, where approvals are hastily granted to vessels involved in crude theft just to cover official complicity, are reported.

“Incidences of undeclared liftings are noted, and all these and several other infractions, particularly in our offshore marine environment, contribute to the huge volume of crude oil theft being reported.”

In his opinion, there is no denying the fact that Nigeria has been plagued by extensive crude oil theft and pipeline vandalism, with a significant portion of these incidents taking place in the Niger Delta region.

President Bola Ahmed Tinubu has lifted the ban on trade relations with the Republic of Niger and Republic of Guinea.

This was made known in a statement by the spokesperson to the President.

According to the statement, President Bola Tinubu also directed the opening of Nigeria’s land and air borders with Niger with immediate effect.

The directive is in compliance with the decisions of the ECOWAS Authority of Heads of State and Government at its extraordinary summit on February 24, 2024, in Abuja.

ECOWAS leaders had agreed to lift economic sanctions against the Republic of Niger, Mali, Burkina Faso, and Guinea.

“The President has directed that the following sanctions imposed on the Republic of Niger be lifted immediately:

“Closure of land and air borders between Nigeria and Niger Republic, as well as ECOWAS no-fly zone on all commercial flights to and from Niger Republic.

“Suspension of all commercial and financial transactions between Nigeria and Niger, as well as freeze of all service transactions, including utility services and electricity to Niger Republic.

“Freeze of assets of the Republic of Niger in ECOWAS Central Banks and freeze of assets of the Republic of Niger, state enterprises, and parastatals in commercial banks.

“Suspension of Niger from all financial assistance and transactions with all financial institutions, particularly EBID and BOAD.

“Travel bans on government officials and their family members,” the statement read in part.

Tinubu also approved the lifting of financial and economic sanctions against the Republic of Guinea.

The Minister of Power, Adebayo Adelabu says the Federal Government, FG is addressing power deficit by using alternative energy sources, such as windfall, solar and mini-grids.

Adelabu, represented by Mr Abdulrasheed Lawal, Director Procurement, Ministry of Power said this in Abuja on Wednesday at the presentation of the proposed 30 Megawatts (MW) Windfall And Solar Hybrid Project at Lekki, Lagos.

The News Agency of Nigeria (NAN) reports that project after necessary appraisal would be executed by Crown Resources Development Company Limited (CREDCO) in collaboration with Vergnet a French Wind Turbine Company, based in France.

He said, “We are aware that presently there is energy deficit in the country, so we are doing everything possible to address the issue by investing in alternative sources.

”We have to think out of the box to achieve energy sufficiency; we have to look at using mini-grids, solar and wind to achieve this.

”We are already doing 10MW using Windfall in Katsina and we are trying to replicate same in Lagos in order to ensure reliable and steady power supply in the country,” he said.

On his part, Mr Barney Ojiah, Chief Executive Officer of CREDCO, said that they were in the ministry of power to make a presentation on the project and to discuss how to further improve power supply for Nigerians.

He emphasised that power was important in the lives of all Nigerians no matter how it comes.

”This is a collaborative effort between the ministry of power and CREDCO on how to achieve reliable and steady power supply,”he said.

Also, Mr Frederic Cheve, Subsidiaries Manager, Africa, Vergnet while making his presentation said that the project was a renewable and innovative solution to Lagos energy need.

According to him, the project aims to harness the abundant wind and solar resources to generate clean and reliable power while mitigating the risks associated with relying on a single source of energy.

He said that the proposed capacity of the project was 20/30 megawatts wind and solar hybridised system.

Cheve, who said the project would be developed in phases, added it would have a number of significant benefits for Lagos and the country.

He listed the benefits to include improved energy security and grid stability.

”It will create green jobs and boost the local economy, reduce the reliance on fossil fuels and curtail greenhouse gas emissions.

”This project will contribute to achieving Nigeria’s national energy goals,”he said.

Cheve further said the project aligned with President Bola Tinubu’s Presidential Power initiative (PPI) which aimed to add 12,000 MW of electricity to the national grid and to provide 24 hours electricity for Nigerians.

”The project is in line with the renewable energy plan that is based on Nigeria’s commitment to carbon neutrality by 2060,”he said.

The Presidential team on communications has given clarifications on the suspended student loan scheme noting that it was suspended partly to put finishing touches to ensure that the less privileged in the society actually get to benefit.

Recall that the Executive Secretary of the Nigerian Education Loan Fund, Akintunde Sawyer, had announced the indefinite postponement of the scheme during a TV interview on Tuesday.

President Tinubu had on June 12, 2023, signed the Access to Higher Education Act, 2023 into law to enable indigent students to access interest-free loans for their educational pursuits in any Nigerian tertiary institution.

The Act established the Nigerian Education Loan Fund, which is expected to handle all loan requests, grants, disbursement, and recovery.

The legislation provides for the establishment of the Nigerian Education Loan Fund, which will have the power to administer, supervise, coordinate, and monitor the management of student loans in the country.

Based on the provisions of the legislation, the fund is expected to receive and screen applications for student loans through higher institutions on behalf of the applicants.

Fielding questions from State House correspondents after the Federal Executive Council, FEC, meeting presided over by President Tinubu at the Council Chamber, Presidential Villa, Abuja, the Minister of Information and National Orientation, Mohammed Idris, said: “In addition to that, you know that the President has also introduced the issue of social security and consumer credit. We mentioned that in the last press briefing we had.”

“So all these are being taken together and Mr. President is not stopping or suspending the students’ loan. Indeed, he’s ensuring that it comes about strongly so that Nigerians and especially the families of the less privileged, take advantage of that so that they can get education.”

Similarly, the Special Adviser to the President on Information and Strategy, Mr Bayo Onanuga, stated that final touches are being put in place to enable proper launch of the scheme which he described as the President’s flagship programme.

Onanuga disclosed that there will be a new date to launch the student loan scheme, it’s not forgotten.

“There are some things that need to be rearranged so that it can be launched properly. I think that’s what’s happening.

“So the President is committed to it, you know it’s one of his flagship programmes and he wants to get it done as quickly as possible,” he said.

Senator Abdul Ningi says the can of worms he opened in the Senate cannot be controlled.

The Senate slammed a 3-month suspension on Ningi, lawmaker representing Bauchi Central, over the allegations that N3.7 trillion was not traceable to any project in the 2024 budget.

The lawmaker made the claim in an interview he granted to BBC Hausa over the weekend.

Based on the wide interest generated by the issue, Ningi had addressed the media ahead of the next plenary sitting, saying although he was misrepresented in some quarters, he stood by what he said and was ready for any consequence.

Expectedly, when the upper legislative chamber sat on Tuesday, the issue was discussed as some of Ningi’s colleagues called for his suspension.

After Senator Olamilekan Adeola from Ogun West moved a motion for the issue to be discussed, the senate descended into chaos as Jarigbe Jarigbe, senator representing Cross River north, claimed that some “senior senators” got N500 million in the budget for constituency projects.

“Let us wash our dirty linen in public. If we want to go into those issues, all of us are culpable. Some senators here… so called ‘senior senators’… got N500 million each. I am a ranking senator, so I didn’t get. Did I go to the press?”

The discussion has dominated the media as many Nigerians have been asking their representatives at the senate to comment on the amount they got.

Speaking on the development when he featured as a guest on Arise TV after the suspension, Ningi claimed that members of the Senate were determined to get him silenced or arrested.

He said: “That is why I said I know this parliament very well, I have come a long way. And that is why we are speaking. Let’s speak. Have they ever asked me since the beginning of this so-called crisis, where are your findings? Where are the documents? I’m not using my head to come up with figures.

“Nobody has talked to me about evidence. Nobody has suggested even listening to me. All they are trying to do is to ensure that ‘how do we make sure that Ningi is silenced or arrested so that he doesn’t do anything?’. I have opened this can of worms. Neither they nor I will be able to control it.”