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FG Raises N88.1 Billion from Local Bond Market

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Debt Management Office
  • FG Raises N88.1 Billion from Local Bond Market

The Federal Government on Wednesday raised N88.08 billion from the local bond market, according to the Debt Management Office (DMO).

The DMO said bonds were auctioned in three tenors of 5, 7 and 10 years to give investors an opportunity to choose preferred tenors.

The results posted on the Debt Management Office website on Thursday showed N115 billion worth of shares were offered but only N88.08 billion was allotted, despite bids reaching N143.48 billion.

This, was because investors were mainly interested in the 10-year re-opening bond with a total subscription of N102.08 billion, compared to the N45 billion that was offered.

Still, N55.29 billion was allotted.

The bonds were allotted at 12.75 percent for the 5-year bond, 13.53 percent for the 7-year bond and 13.98 percent for the 10-year bond.

According to the DMO, out of the N35 billion offered for the 5-year bond, N16.50 billion subscriptions were received, in which N12.65 billion was allotted.

For the 7-year bond, subscriptions valued at N24.90 billion were received for the N35 billion on offer, however, only N20.14 billion was allotted.

Out of the three, only the 10-year bond had allotments more than it was originally offered.

The Federal Government issues sovereign bonds monthly to support the local bond market.

However, experts believe the auction will help curb the rising inflation rate, especially after two consecutive increase ahead of projected election spending.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Delta Air Lines Flight Diverts to Togo After Passenger Dies Midair

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Delta Air Lines

A Delta Air Lines flight from Atlanta to Lagos was diverted to Togo following the midair death of a yet-to-be-identified passenger.

The unfortunate incident occurred approximately three hours before the flight’s scheduled arrival in Lagos, prompting the crew to address a health emergency onboard.

Despite initial intentions to proceed to Lagos, adverse weather conditions, including heavy thunderstorms, forced the pilots to divert the plane to Lome, Togo.

The flight, Delta Air Lines’ A330-200 aircraft, was carrying 215 passengers at the time. Upon landing in Lome, the aircraft underwent refueling procedures and awaited clearance amidst the inclement weather.

Subsequently, after an additional delay in Togo, the flight resumed its journey and safely landed in Lagos, albeit approximately eight and a half hours behind schedule.

Passengers onboard expressed their concerns and frustrations, particularly regarding the handling of the medical emergency and the subsequent diversion.

Social media platforms buzzed with accounts of the ordeal, with one passenger recounting the unfortunate sequence of events, including the midair death and the necessity of an emergency landing due to fuel depletion.

Meanwhile, an airplane operated by Dana Airline veered off the runway at Murtala Muhammed International Airport.

The affected MD-83 aircraft, registration 5N-BKI, carried 83 passengers. Dana Air spokesman Mr. Kingsley Ezenwa confirmed all passengers and crew disembarked safely without injuries.

Ezenwa, in a statement, said: “Dana Air regrets to inform the public of a runway incursion involving one of our aircraft, registration number 5N BKI, which was flying from Abuja to Lagos today, 23/04/24.

“We are relieved to confirm that all 83 passengers and crew onboard the flight disembarked safely without injuries or scare as the crew handled the situation with utmost professionalism.

“We have also updated the Accident Investigation Bureau, AIB, and Nigerian Civil Aviation Authority (NCAA) on the incident, and the aircraft involved has been grounded by our maintenance team for further investigation.

“We wish to thank the airport authorities, our crew for their very swift response in ensuring the safe disembarkation of all passengers following the incident, and our sincere apologies and appreciation to the passengers on the affected flight for their patience and understanding.”

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ARISE News Channel Goes Global: Launches in Nine Southern African Countries

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Arise News

ARISE News Channel, a prominent Nigerian cable news network, has reached another significant milestone in its journey to become a global media powerhouse.

The channel has officially gone live in nine Southern African countries, including South Africa, Angola, and Botswana.

This expansion was made possible through a partnership with Multichoice/DSTV, with ARISE News Channel now available on Channel 416.

Alongside South Africa, Angola, and Botswana, the channel is now accessible to viewers in Lesotho, Malawi, Mozambique, Namibia, Swaziland, Zambia, and Zimbabwe.

In a statement released by the Chief of Staff to Chairman/Editor-in-Chief of ARISE News Channel, Fauziya Ali Mohammed, it was revealed that the channel’s presence now spans 54 African countries.

Mohammed explained that ARISE News Channel is committed to delivering high-quality news coverage across the continent, showcasing various facets of African life, including business, politics, technology, commerce, science, sports, show business, and fashion.

ARISE News Channel, which celebrated its 11th anniversary earlier this year, has earned acclaim for its Emmy-winning programming.

It has become a leading broadcaster in Africa, offering audiences a diverse range of content while projecting the best of Africa’s culture and people to the world.

Chairman/Editor-in-Chief of ARISE News Channel, Nduka Obaigbena, expressed his excitement about the channel’s expansion into Southern Africa, emphasizing its commitment to promoting African narratives globally.

Obaigbena highlighted ARISE News Channel’s dedication to showcasing the continent’s potential and celebrating its achievements on the global stage.

The channel operates around the clock from studios located in Lagos, Abuja, Johannesburg, Cape Town, London, and New York.

Its coverage extends beyond traditional broadcasting platforms, reaching viewers across Europe, North Africa, the Middle East, and the United States through various channels and streaming services.

With its latest expansion into Southern Africa, ARISE News Channel continues to solidify its position as a leading voice in African media, shaping narratives and fostering dialogue on issues of regional and global significance.

As the channel continues to grow its global footprint, it remains dedicated to providing audiences with insightful and impactful journalism that reflects the dynamism and diversity of the African continent.

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Air Peace Flight Delayed, Passengers Stranded After Failed Promise of Hotel Stay

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Passengers aboard an Air Peace flight from Abuja to Owerri found themselves in a state of disarray and frustration after a series of delays and unmet promises left them stranded without accommodations.

What was supposed to be a routine flight scheduled to depart Abuja at 4:30 PM and arrive in Owerri at 5:30 PM turned into a nightmare as the flight was delayed until 6:18 PM due to a reported lack of a pilot.

However, midway through the journey, passengers were informed that the flight couldn’t proceed to Owerri because the airport there would close by 6:40 PM.

The flight was forced to return to Abuja, where passengers endured further uncertainty as they waited for over 20 minutes to receive any communication from the airline. Eventually, they were informed of plans to provide a bus to transport them to a hotel for accommodation.

However, this promise was not fulfilled, leaving passengers stranded and scattered around the airport.

One passenger, who had already experienced delays with another airline earlier in the day, expressed frustration at the lack of accountability and protection for travelers.

The incident highlights the ongoing challenges faced by passengers in Nigeria’s domestic aviation sector and raises questions about the adequacy of regulations to safeguard passengers’ rights.

Attempts to reach Air Peace for comment on the situation were unsuccessful at the time of reporting.

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