Buhari can’t ignore corrupt practices under Jonathan

The Presidency last night hinted why the administration of President Muhammadu Buhari won’t turn a blind eye on the corrupt practices carried out under former President Goodluck Jonathan.

The brazen theft of public assets and an almost empty treasury nearly stalled the new administration.

The Presidency asked the Association of Ex-Jonathan ministers, to do  self-reflection on the sort of government they handed over to President Muhammadu Buhari.

By doing this, the Presidency said they should be able to determine for themselves if it would have been right for any incoming government to ignore the brazen theft of public assets, which is perhaps the first of its kind ever witnessed in Nigeria.

A statement by Mallam Garba Shehu, Senior Special Assistant to the the President on Media and Publicity, said the earlier statements made that there was no witch hunt or malice against anyone in the pursuit of the county’s stolen assets still stand.

According to him, the ongoing war against corruption knows no friend nor foe.

He said: “There is no intention to deny anyone of their good name where they are entitled to it and that President Buhari reserves the highest regards for the country’s former leaders,  including Dr Jonathan Goodluck who he continues to praise to the high heavens for the way and manner in which he accepted defeat in the last election.

“That singular action remains a feat that has earned the former president and Nigeria befitting commendations all over the world, the latest coming from Mr Ban Ki-Moon, the Secretary-General of the United Nations who visited a week ago.”

But he pointed out that the issue of fighting corruption by Buhari is non negotiable.

He said: “It is sine qua non to the overall reconstruction of the economy and social systems  which suffered destruction and severe denigration under the last administration.

“President Buhari will not be deterred or blackmailed into retreat and surrender. No one in the PDP can accuse President Buhari of undermining the economy when all they handed over to him, at best,was  a tottering economy hobbled by corruption and the absence of due process.

“Things have become worsened by the continuing fall of oil prices, which is expected to fall even further with the imminent full return of Iran to the market. All he has been doing while around is to put things together, organising to defeat Boko Haram, paying outstanding salaries, cleaning up the mess left behind, improving security and restoring our relationships with neighbours and the world.”

Wondering what the former ministers are afraid of, he queried if they have become a new trade union overnight.

He said: “Let this collection of ex-VIPs allow the President the peace he needs to handle the reconstruction of the economy and the nation in a manner that most serves Nigeria’s best interests.

“President Buhari does not need these types of distraction presented by the so-called association of former ministers.”

Source link

APC: PDP mess must be cleared for better life

The All Progressives Congress (APC) has listed new instances of the alleged looting of the treasury by some officials of the Dr Goodluck Jonathan administration.

The party, in a statement in Abuja yesterday by its National Publicity Secretary, Alhaji Lai Mohammed, said: ‘’Those who would rather give comfort to the looters by dismissing the media exposure of looting cases as mere hell-raising should realise that no sane person can be silent in the face of what is unfolding as the worst cases of brazen stealing of public funds in Nigeria’s history.’’

The party’s statement reads: ‘’On August 16, 2015, we listed some instances of the breath-taking looting of the treasury by some officials of the immediate past administration. Today, we bring three more heart-rendering cases to the attention of Nigerians. We will not relent until closure has been brought to this issue,’’ it said, listing the new cases as:

• A mind-shattering $2.2 billion-arms scandal.


• A $6.9 million-fraud by the Chief Security Officer (CSO) to President Jonathan, committed under the guise of buying three mobile stages for the ex-President.


• A N2.5 billion-scam involving the renting of house boats.

‘’While those charged with handling these cases are finalising the details of bringing the suspects to justice, our immediate concern is the attempt by the PDP, under whose umbrella the looting took place, to blame the Buhari administration for the mess and then infer that things have been worse in Nigeria in the past three months under the APC-led Federal Government than in the 16 years under the PDP. This is totally provocative, shameless and uncharitable.

‘’They say we are yet to fulfil our campaign promises to Nigeria, but they have forgotten that if only the PDP/Jonathan administration had not stolen Nigeria blind, there would have been more than enough money to give school children in Nigeria not just one but three meals a day and even pay N5,000 to 50 million most vulnerable Nigerians, not just the 25 million we promised in our manifesto,’’ APC said

“Despite the almost daily discovery of cases of corruption under the Jonathan administration, the party assured Nigerians of better days ahead, as all its campaign promises will be kept because of the commitment and determination of President Buhari not only to cleaning the Augean Stable but also ensuring purposeful governance for the benefit of Nigerians.

‘’It is clear to Nigerians that the debilitating impact of 16 years of PDP’s misrule cannot be reversed in just three months. It is an obvious truth that it is always easier to destroy than to construct, but nothing will stand in the way of the Buhari administration’s commitment to improving the quality of life of Nigerians and making our country to function again,’’ it said.

It said a major cog in the wheel of faster progress for the new Nigeria under President Buhari has been the discovery that the pot housing the commonwealth has been licked dry by the looters of yesterday, hence the need to work meticulously to recover the looted funds and facilitate the delivery of good governance that will manifest in abundant jobs, strong economy and improved welfare and security for Nigerians.

APC said while the PDP, ever steeped in the pursuit of lies, presents the recently released data on job creation and economic growth as ‘clear signals’ that President Muhammadu Buhari was failing Nigerians, the disgraced party mischievously omitted the fact that those numbers were basically a manifestation of the disastrous final days of ex-President Jonathan’s failed economic policies.

‘’The PDP omitted the fact that these numbers measure job creation and economic growth for the second quarter of 2015, which covers April to June 2015, a period in which ex-President Jonathan was in office for two months while President Buhari was only just settling in to discover even more of the mess left for him to clear. No one in his or her right mind will hold someone more accountable for actions in just one month and exonerate another who was in the same office for two months.

‘’Since the PDP has become insular to global events, the APC will also like to educate the party that every country in the world is struggling to adjust to the effects of a global downturn at the moment. Only very few countries, if any, are growing as fast as they did, in say two years ago. From China, India, Russia, South Africa, to Ghana, Malaysia and Brazil, every country is feeling the effects of a sustained slowdown in global growth.

‘’The APC will also like to categorically say that it supports the policies of the CBN in its quest to ensure greater transparency in the forex market and eliminate currency substitution in our economy. The CBN’s policy to stop cash deposits of foreign currency is in line with global best practices and has led to a drastic reduction in BDC exchange rate for the Dollar.”

Source link

Corruption: Ex-ministers defend ex-president

Some former ministers in the immediate past administration yesterday protested against President Muhammadu Buhari’s style, following plans to probe the  Goodluck Jonathan administration.

They accused Buhari’s administration of trying to discredit Jonathan’s government by labelling it as “corrupt” and “irresponsible”.

They said Jonathan’s administration did not encourage corruption, but fought it vigorously within the context of the rule of law and due process.

They urged the President to press on with the anti-corruption fight, but in a fair and non-partisan manner.

They said the Buhari administration should be fair to acknowledge Jonathan administration’s good deeds.

They challenged the administration and the APC to publish the details of the hand over notes they received.

The former cabinet members made their feelings known in a statement signed on their behalf by the ex-National Planning minister Dr Abubakar Suleiman.

The statement reads: “We, the ministers who served under the President Goodluck Ebele Jonathan administration, have watched with increasing alarm and concern the concerted effort by the Buhari administration and members of the All Progressives Congress (APC) to condemn, ridicule and undermine the efforts of that administration, in addition to impugning the integrity of its individual members.

“While we concede that every administration has the right to chart its own path as it deems fit, we nevertheless consider the vilification of the Jonathan administration to be ill-intentioned, unduly partisan and in bad faith.

“The effort that has been made to portray each and every member of the Jonathan administration as corrupt and irresponsible, in an orchestrated and vicious trial by media, has created a lynch mentality that discredits our honest contributions to the growth and development of our beloved nation.

“We are proud to have served Nigeria and we boldly affirm that we did so diligently and to the best of our abilities.

“The improvements that have been noticed today in the power sector, in national security, and in social services and other sectors did not occur overnight. They are products of solid foundations laid by the same Jonathan administration.”

The former ministers faulted Buhari administration and the APC for rating the Jonathan administration as corrupt.

The statement added: “Contrary to what the APC and its agents would rather have the public believe, the Jonathan administration did not encourage corruption, rather it fought corruption vigorously, within the context of the rule of law and due process.

“For the benefit of those who may have forgotten so soon, it was the Jonathan administration that got rid of the fraud in fertiliser subsidies, which had plagued the country for decades. This helped to unleash a revolution in agricultural production and productivity.

“It was also the Jonathan administration that supported the institutional development of strong systems and mechanisms to curb corruption in the public service and plug revenue leakages. These included the development of the Government Integrated Financial Management Platform, The Single Treasury Account (TSA), and the Integrated Personnel and Payroll Management Systems (IPPIS), in addition to the biometric registration of civil servants and pensioners which saved the country over N100 billion paid to ghost workers and ghost pensioners.”

They also listed the cleansing of the oil sector , the tarring of 25, 000 kilometres of roads and alleged robust  multinational response to Boko Haram insurgency as the highpoints of  Jonathan’s achievements in office.

The statement said: “To ensure greater transparency and integrity in the oil and gas sector, the Jonathan administration ordered investigations and put mechanisms in place to check the theft of Nigeria’s crude oil.

“It was also under the Jonathan administration that a Nigerian Content policy was introduced, which opened up that sector to Nigerians in a manner that was not previously the case.

“ It was also the Jonathan administration that mobilised and secured the support of our neighbouring countries to ensure a robust multinational response to the menace of terrorism and insurgency, resulting in notable advancements in the fight against terror. President Jonathan personally initiated the collaboration that led to these advancements and ensured that Nigeria provided the needed financial support for the Multinational Joint Task Force.

“It was the Jonathan administration that repaired and rehabilitated over 25, 000 kilometres of our nation’s roads. Nigeria also became a profitable and preferred investment-friendly destination. It was under President Jonathan, for example, that Nigeria’s electric power sector became more competitive and attractive to local and foreign investments.

“The same administration promoted the rule of law, free speech, fundamental human rights, and a robust freedom of information regime. Women’s rights to participate in public life and the Federal Character principle as well as other Constitutional principles were also respected.

“In every respect, our administration promoted inclusive governance and encouraged all stakeholders, including the private sector to play key roles in the transformation of Nigeria.”

On electoral process, the former ministers said the “chief beneficiaries of Jonathan’s reforms are the most vociferous today.”

The statement said: “It should also not be forgotten that the Jonathan administration strengthened electoral institutions and created a peaceful environment for democracy to thrive. On this score, it is sad and ironic that the chief beneficiaries of that same legacy are the most vociferous today in condemning President Jonathan and his team.

“Perhaps the new administration and the APC would be sincere enough to publish the details of the handover notes they received.

“In addition, the Buhari administration should be fair enough to acknowledge the good works of the Jonathan administration. No administration can be either completely bad or completely good. President Jonathan’s achievements in moving this country to greater heights deserve to be duly acknowledged. We urge President Muhammadu Buhari to build on these achievements.

“We also urge him to press on with the anti-corruption fight, but in a fair and non-partisan manner, in line with due process, and not as a political witch-hunt.”

Although they asked the President to continue with the ongoing probe of the administration of Jonathan, they said  it must be in strict accordance with his oath of office to treat all Nigerians equally and with the fear of God.

The statement said: “The various lies and fabrications being peddled by some self-appointed spokespersons of the administration may entertain the unwary, but such sensationalism may achieve the unintended effect of de-marketing our country within the international community.

“ All such persons playing to the gallery for whatever gains should be called to order. The name-calling of members of the Jonathan administration and the trial by news media should also stop.

“We encourage President Buhari to continue with the probes, but this must be in strict accordance with his oath of office to treat all Nigerians equally and with the fear of God.

“We have reserved our comment until now, in the fervent hope that once the euphoria that may have inspired the various attacks on the past administration wears off, reason will prevail.

“But we are constrained to speak up in defence of the legacy of the Jonathan administration, and shall do so again, for as long as those who are determined to rubbish that legacy, are unrelenting in their usual deployment of blackmail, persecution, and similar tactics. “

Source link

Probe: Jonathan holds meeting with ex-ministers

Former President Goodluck Jonathan has met with some members of his cabinet in a bid to defend his integrity.

He was said to have told the former ministers that he was “not a thief in office as being portrayed”.

He explained how he met President Muhammadu Buhari for 20 minutes on two issues.

They are:

• advising Buhari against subjecting his person and former cabinet members to “media trial” on alleged corruption and;


• why the Election Petition Tribunals in Rivers and Akwa Ibom should be allowed to work unhindered.

He deplored what he called the involvement of the Department of State Security Service(DSS) on election-related matters in the two states.

According to sources, the meeting was held at Jonathan’s Abuja home  a few days  ago.

It was gathered that about 15 former ministers (including two who were recalled from London) and some former security chiefs attended.

One of the former media aides in the Presidency attended the “strictly private” session to put issues in the correct perspective at the right time.

But the Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke, who is central to the allegations against Jonathan, was absent.

A source, who spoke in confidence, said the session was “a frank and fact-finding” against the backdrop of plans by the Buhari administration to probe Jonathan’s tenure.

The source said: “The ex-President confided in the meeting that he was worried that the gains of his administration were being washed away daily by the allegations of corruption being reeled out by the government.

“He said he called the session to set the records straight and get facts because his administration was not enjoying any benefit of doubt among Nigerians, especially the media.

“At a point, Jonathan, in an emotional manner told the meeting that ‘I am not a thief in office as being portrayed.”

Another source said the former President asked all the ex-ministers to “brace for the probe ahead and keep their records intact to reply Buhari’s administration on issues being raised.

“The ex-ministers unanimously agreed that there were better sides of Jonathan’s administration than being painted as a tenure of graft.

“The key ministries, such as Works, Finance, Health, Aviation, Education and even Petroleum Resources were mandated to produce lists of achievements.

“Some of the ex-ministers lamented that the Permanent Secretaries proving to Buhari as holier-than-thou were part of the Jonathan administration and they even made input into the handover notes.”

Responding to a question, the source said: “Jonathan and the ex-ministers admitted that the administration might have some issues to clear in the management of the Ministry of Petroleum Resources.

“But they said the situation was not as bad in the oil sector as being alleged.”

A third source said: “I think we should expect some fireworks in the next few days. The meeting resolved to reach out to the public in the same equal weight the allegations of corruption will be  released by the Buhari administration.

“But there was a word of caution that any response must not be abusive. The President personally appointed a former Minister of National Planning, Dr. Abubakar Suleiman, to sign any statement on cabinet issues.

It was learnt that some of the ex-Ministers asked Jonathan what he actually discussed with Buhari.

“The President said he raised two issues with President Buhari within 20 minutes. This border on the need to avoid media trial on any allegation of corruption being looked into. He said he told Buhari that his image and members of his cabinet were being dragged in the mud. He said even in law, an accused person is deemed innocent until proven guilty.

“Jonathan also said he asked Buhari to leave the Election Petition Tribunals in Rivers and Akwa Ibom states to do their work instead of the hounding of some INEC officials and politicians by DSS.”

Source link

Air Force names crash victims

•Govt condole with families

The victims of the Nigerian Air Force plane which crashed on Saturday into a residential quarter at Ribadu Cantonment in Kaduna,have been named.

They are: Squadron Leader Adekunle Suara (pilot), wife of Wing Commander N. Hassan, wife of Wing Commander I. B. Musa, Warrant Officer Etim and Air Craft Woman Naomi Adekunle.

The ill-fated aircraft was Abuja-bound.

Squadron Leader Suara is survived by a young wife, who got married to him last year.

According to a statement by the Director of Defence Information, Col. Rabe Abubakar, President  Muhammadu Buhari  described the crash as colossal loss not only to the families but to the nation

“The President spoke through the Permanent Secretary Ministry of Defence, Alhaji Aliyu Ismaila, who was also the head of Federal Government delegation that visited the site of the crash and the families of the victims.

“The President extends his condolences on behalf of the Federal Government and the good people of Nigeria over the unfortunate loss of the officers and men whom he described as gentlemen and intelligent personnel whose loss could not be quantified especially now that their services are much-needed.

“The President prayed for the repose of their souls and also prayed Almighty God to grant the families the fortitude to bear the irreplaceable loss.

” Chief of Defence Staff (CDS), General Abayomi Gabriel Olonisakin, who was also in the Presidential entourage, condoled with the families on behalf of the Armed Forces and described the late officers as fine, loyal and patriotic gentlemen who died gallantly while serving their fatherland.

He said: “Though you are gone, your memories will be with us for a very long time to come”.

A Nigerian Air Force (NAF) Dornier-228 aircraft, with call sign NAF030, crashed into a house at Ribadu Cantonment, Kaduna shortly after take-off.

The highlight of the condolence visit was the observance of a one-minute silence in honour of the departed colleagues and visits to the individual families of the victims.

Some of those on the entourage were the GOC 1 Division, Maj Gen Adeniyi Oyebade, Air Officer Commanding, Training Command, Kaduna, AVM Alkali Mamu, Commandant, Nigerian Defence Academy, Maj Gen MT Ibrahim, Chief of Defence Communications, Defence Headquarters and other senior officers on the entourage of the Federal Government delegation.

The owner of the house on which the chopper crashed, Lt. Col. Grema, narrated how he escaped death.

He told the delegation that: “I came out of my house few minutes before the aircraft fell on my bore hole.  I had not quite shut the door to my house when I heard the noise arising from the crash.”

As at the time of the visit, condolence registers had been opened in the victim’s houses, while some family members were still in shock. The young wife of the deceased pilot, thanked the delegation.

Wing Commander Musa and Hassan said the visit by the top brass team had given them encouragement and courage to raise the children their wives left. They pledged  their unrelenting effort to move the NAF and the Nigeria military forward.

Speaking with reporters after inspecting the scene of the crash, the Permanent Secretary said: “We have lost very able officers and their families and we want to on behalf of the Federal Government extend our condolences to all of them and pray for the repose of their souls.

“With the passion and zeal the president came in with, you will appreciate that he is doing everything possible to address some of these challenges of security in the country. The Nigerian Army, Air force and Navy are all one and he is doing all his best to reposition them to meet global standards.”

He appealed to Nigerians to give Buhari the needed support to move the country forward, saying: “This incident is something that is from God and we should accept it as such, all we can do is pray that when our time come, we die in peace.”

Wife of Wing Commander Hassan left behind four young kids, the eldest is not up to 10. As at the time of the visit, the children were busy playing around the compound.

Source link

DSS nabs Boko Haram suspects in Lagos, others

Operatives vow to frustrate sect’s activities

Detectives have arrested 19 suspected Boko Haram terrorists in Lagos, Enugu, Plateau, Kano and Gombe states.

The suspects were some of the commanders and frontline members of the sect who had played active roles in its bloody campaign, particularly in the Northeastern.

The suspects, who were arrested between July 8 and August 24, included those that coordinated and executed suicide attacks in Potiskum, Kano, Zaria and Jos.

The Department of State Service (DSS) broke the news yesterday in a statement signed by its spokesman Tony Opiuyo.

One of the suspects, Usman Shuaibu (a.k.a Money), revealed that he coordinated the attacks with N500,000 which was provided by his Amir, Isa Ali, the DSS said.

“Shuaibu claimed that the said Isa Ali has links to the leader of the Boko Haram sect, Abubakar Shekau, from where he collects monies to fund operations undertaken by their Markaz.

“Also, he revealed that he has participated in several Boko Haram attacks, including the attacks at Gwoza Divisional Police Station in 2014.

“Shuabu also admitted being the leader of the team of nine sect members that was dispatched from Sambisa Forest to carry out the attacks. He disclosed that four out of the nine of them were used as suicide bombers in executing all the suicide attacks,” the statement added.

Another suspect, Ahmed Mohammed (a.k.a Abubakar) who the Service described as an Improvised Explosive Device (IED) expert, confessed to having prepared the IEDs used for most of the suicide attacks in the Northeast.

He was also quoted by the DSS to have confessed that he prepared the IED strapped to the vests worn by a suicide bomber and his wives which they used in the recent Jos attacks.

Also in the net is Adamu Abdullahi (aka Babpa) who was said to have confessed that Usman Shuaibu motivated him to work closely with Ahmed Mohammed (aka Abubakar) in the preparation of the IEDs used in the said attacks.

Another of the suspects, Ibrahim Isa, reportedly confessed that he carried out reconnaissance on the targets in Jos ahead of the attacks.

Muttaqa Yusuf (aka Mohammed Sani/Mudtaka) was said to have named Aliyu, who is believed to be the notorious Aliyu Gombe of Sambisa forest, as the one who ordered the serial attacks which the syndicate carried out at various locations in the Northeastern part of the country.

He was said to have confessed that he assisted Shuabu in planning and executing the said attacks.

Other suspects arrested in various parts of Lagos include: Bakura Modu, Mustapha Alli Jamneri, Abuyi Sherriff, Babangida Ali, Babangida Koloye, Abba  Modu Sagma and Grema Abubakar, Tijani Bagudu, Baba Alhaji and Abbas Ibrahim, Adam Wakil Abdul Jilbe and Mohammed Usman.

Ibrahim Audu was arrested in Enugu; Ibrahim Haruna was arrested in Gombe, Mal Ali Mohamodu was arrested in Kano.

The DSS said the terrorists have decided to spread to other parts of the country as a result of the pressure being put on them in their core areas of strength in the Northeast.

“Nigerians and indeed the general public have to note that the arrest of Usman Shuaibu (Money) and the core members of his cell, stemmed the spate of bombings by the extremist sect.

“Money and his group were arrested on their way to Bauchi State where they had planned to execute another heart-rending bomb attack and this was frustrated by the arrest.

“Furthermore, the sudden influx of Boko Haram members into Lagos State points to the determination of the sect to extend its nefarious terrorist activities to the state and, in fact, other parts of the country.

“The arrest of these confessed terrorist elements has, however, helped in no small measure to avert devastating attacks in the area. However, the Service is making efforts to conclude its investigations and commence prosecution of the suspects.”

“Drawing from the above, the DSS reiterates its avowed determination to work with other stakeholders in the fight against terror and other forms of criminality in our country.

“Citizens and residents are, therefore, called upon to rise to the occasion by volunteering useful information to the Service and other relevant security agencies,” the DSS stated.

Source link

N338b loans for Ekiti, Oyo, Kwara, Ondo, Osun, others

CBN-backed cash ready for 27 states to pay workers

Cash-strapped workers who are being owed salaries are set to smile again, with the disbursement of the Central Bank of Nigeria (CBN) – backed bailout loans for states.

Fourteen banks are disbursing N338 billion “to stimulate the economy”.

Kwara and Zamfara have received their loans and have begun the payment of salary arrears to workers.

A CBN source confirmed that the other states will get the cash this week.

A breakdown of the loans repayable at an interest rate of nine per cent over 20 years is as follows:

Abia- N14.152b; Adamawa- N2.378b; Bauchi- N8.60b; Bayelsa – N1.285b; Benue – N28.013b;

Borno – N7.680b; Cross River – N7.856b; Delta – N10.036b; Ebonyi – N4.063b; Edo – N3.167b; Ekiti – N9.604b; Enugu – 4.207b; Gombe – N16.459b; Imo – N26.806b; Katsina – N3.304b; Kebbi – N0.690b; Kogi – N50.842b; Kwara – N4.320b; Nasarawa – N8.317b; Niger – N4.306b; Ogun – N20.00b; Ondo – N14.686b; Osun – N34.988b; Oyo – N26.606b; Plateau – N5.357b; Sokoto – N10.093b and Zamfara – N10.020b.

The CBN last week announced that it had approved that Deposit Money Banks (DMBs) lend money to requesting states to pay salary arrears owed their workers.

Some of the conditions for accessing the loan include:

• resolutions of the State Executive Council authorising the borrowing;


• State House of Assembly consenting to the loan package; and


• issuance of Irrevocable Standing Payment Order (ISPO) to ensure timely repayment.

With the signing of the  ISPO, “it is clear that the facility is not free as the states’ financial exposure to the banks becomes first line charges deducted from their monthly allocation”.

The CBN official explained that specific figures were attached to the facilities to be disbursed to the states is because “every state is to come up with its specific needs in order to access the facility from the commercial banks. They’re (states) working out what they need from the banks according to the conditions they reached with the banks”.

The decision to borrow money from commercial banks is sequel to the decision by the National Executive Council (NEC) at its June 29 meeting, requesting the CBN “in collaboration with other stakeholders to appraise and consider ways of liquidating the outstanding staff salaries owed by state and local governments.”

The Buhari administration announced a bailout package for states to take care of the backlog of workers’ salaries and access funds for development through the rescheduling of their debts by banks with the CBN’s guarantee.

Eleven states have had their commercial debts to DMBs restructured with a proviso to pay 14.83 per cent of the value of their bonds which their commercial debts were converted to. Eleven others are also to have theirs restructured.

Debt Management Office (DMO) Director-General Abraham Nwankwo said “the restructuring was effected using a re-opening of the FGN-Bond issued on July 18, 2015 and maturing on July 18, 2034. The pricing was based on the yield to date of the bond at a 30-day average, resulting in a transaction yield of 14.83 per cent.”The impact of the restructured states’ commercial debts to domestic bonds, he said, is that “management operations will include: monthly debt service burden will drop by a minimum of 55 per cent and a maximum of 97 per cent, among the 11; and interest rate savings for the 11 states ranging from 3 per cent to 9 per cent per annum.”

Source link