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Federal Government Introduces $500 Million Bond to Stimulate Economic Growth

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The Nigerian government, through the Debt Management Office (DMO), has launched a $500 million bond targeting both local and international investors. Announced in Lagos by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, the bond is designed to enhance the inflow of U.S. dollars into the Nigerian economy.

The bond, which has a minimum investment requirement of $10,000, with additional investments in $1,000 increments, aims to attract a diverse group of investors, including those in Nigeria and the diaspora. Edun described the bond issuance as a “transformational transaction,” emphasizing its role in stabilizing the exchange rate and bolstering the economy.

“The introduction of this bond is crucial for dollar funding, a key factor in maintaining economic stability,” Edun remarked. He highlighted the Central Bank’s adoption of a ‘willing buyer, willing seller’ model, which has facilitated the entry of additional dollars into the market. This bond is expected to further this trend by attracting portfolio investors, foreign direct investors, and support from multilateral organizations aligned with President Bola Tinubu’s economic policies.

The issuance is more than just a financial tool; it represents a strategic effort to direct funds into sectors that can drive economic growth. Edun expressed optimism that the bond would increase foreign exchange liquidity, support reserves, stabilize the exchange rate, manage inflation, and eventually lower interest rates, creating a favorable environment for both domestic and foreign investors.

Temi Popoola, CEO of the Nigerian Exchange (NGX), echoed Edun’s sentiments, noting that the bond is expected to improve dollar liquidity in the short term, boost confidence in the Nigerian economy, and have a positive impact on financial and capital markets.

Additionally, Gbadebo Adenrele, Managing Director of United Capital, highlighted that the bond will be listed on platforms like the Nigerian Exchange and FMDQ, making it accessible to a wide range of investors. The bond’s structured repayment plan, with principal repayment after five years and interest payments every six months, is designed to provide reassurance to investors.

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Woodhall Capital Launches UAE-Nigeria Investors Forum to Boost Business Collaboration

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Woodhall Capital, in partnership with the UAE Consulate General in Lagos, hosted the “UAE-Nigeria: Investors’ 1st Meeting” at the Lagos Continental Hotel, aimed at fostering business ties between Nigeria and the UAE. The exclusive forum provided a platform for top Nigerian business leaders to engage with UAE government officials and explore new investment opportunities.

Woodhall Capital founder, Moji Hunponu-Wusu, emphasized the UAE’s commitment to supporting Africa, noting the firm’s success in raising nearly half a billion dollars in funding from Middle Eastern banks. She also announced plans to open an office in Abu Dhabi, further strengthening UAE-Nigeria relations.

The UAE Consul General in Lagos, Dr. Abdulla Al Mandoos, highlighted Nigeria’s strategic importance and the UAE’s focus on fostering economic partnerships. He praised the potential for mutual growth and outlined the UAE’s favorable investment environment, citing strong infrastructure, access to global markets, and a stable economy.

The forum also provided a space for Nigerian industry leaders to discuss their business needs and collaborate on energy, trade, and development initiatives, signaling a bright future for UAE-Nigeria business relations.

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NGE, Imo Government, UNICEF Host Workshop on South-East/South-South Challenges

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The Nigerian Guild of Editors (NGE), in collaboration with UNICEF and the Imo State Government, is organizing a two-day workshop aimed at strengthening the media’s role in addressing development challenges in Nigeria’s South-East and South-South regions. The event, scheduled for October 23-24 in Owerri, will gather senior editors and media executives from across the country.

According to a joint statement by NGE President Eze Anaba and General Secretary Dr. Iyobosa Uwugiaren, the workshop will focus on how the media can help tackle socio-economic, political, and environmental issues in these regions. The 50 participants, drawn from print, electronic, and online platforms, will explore ways to raise public awareness, amplify marginalized voices, and hold power holders accountable.

The workshop, themed “The Media as Partners in Regional Development,” will feature expert presentations and focus on strategies like collaborative reporting and investigative journalism. Governor Hope Uzodimma is set to open the event, with NGE President and UNICEF Nigeria’s Head, Cristian Munduate, as co-hosts.

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Governor Fubara Urges Judges to Uphold Justice, Warns of Divine Judgment

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Rivers State Governor, Siminalayi Fubara, has called out certain legal professionals for distorting the law to serve their paymasters. Speaking at the opening of the 2024/2025 Legal Year at St. Paul’s Anglican Cathedral, Port Harcourt, Fubara emphasized the judiciary’s role as a sacred institution that must uphold justice without bias.

Fubara warned judges that their decisions have serious implications and urged them to stand firm in delivering justice. He stated, “Judges are seen as God on earth, and if you fail to administer justice rightly, you will face divine judgment.”

The governor also praised the Rivers State Judiciary for supporting his administration despite various threats and pressures. He assured that he would never interfere with their duties, urging them to remain steadfast in the face of adversity.

In his sermon, Bishop Rt. Rev. Wisdom Budu Ihunwo warned against conflicting court rulings, which harm the country’s unity and governance. He reminded the judiciary of their divine responsibility to uphold justice, cautioning that those who misuse their power will eventually face God’s punishment.

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