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The Debt Management Office has listed four Federal Government of Nigeria bonds valued at N360 billion for subscription at N1,000 per unit.

The first offer is a February 2028 FGN Bond, valued at N90 billion, at an interest rate of 13.98 per cent per annum (10-year re-opening).

The second offer is an April 2032 FGN Bond, valued at N90 billion, with an interest rate of 12.50 per cent per annum (10-year re-opening).

There is also the Jan 2042 FGN Bond valued at N90 billion, with an interest rate of 13.00 per cent per annum (20-year re-opening).

The fourth offer is the March 2042 FGN Bond, also valued at N90 billion, at an interest rate of 12.98 per cent per annum.

The auction date is April 17, and the settlement date is April 19.

“For re-openings of previously issued bonds, successful bidders will pay a price corresponding to the yield-to-maturity bid that clears the volume being auctioned plus any accrued interest on the instrument.

“Interest is payable semi-annually, while bullet payment is made on maturity,” the DMO said.

It said that FGN Bonds were backed by the full faith and credit of Nigeria.

“They qualify as securities in which trustees can invest under the Trustee Investment Act.

“They qualify as government securities within the meaning of Company Income Tax Act and Personal Income Tax Act for tax exemption for pension funds among other investors,” it said.

According to DMO, the bonds are listed on the Nigerian Stock Exchange Limited and FMDQ Securities Exchange Limited.

The Nigerian Exchange Regulation Limited has said eight companies failed to issue an explanation on why they are yet to file their annual audited reports.

In a statement on Wednesday, the NGX RegCo listed the defaulting companies as Champion Breweries Plc; International Energy Insurance Plc; Wema Bank Plc; Conoil Plc; Presco Plc; GlaxoSmithKline Consumer Nigeria Plc; Pharmadeko Plc; and Universal Insurance Plc.

The companies were accused of failing to comply with the directive to issue a press release as set forth in the deficiency filing notices issued to them.

It said the companies’ audited financial statements for the year ended 31 December 2022 became due on 31 March 2023, being the due date for filing the 2022 AFS.

Due to non-filing of the 2022 AFS by the due date, the companies have violated Rule 1.1.4, rules for filing of accounts and treatment of default filing, rulebook of the Nigerian Exchange Limited issuers’ rules (Default filing rules), which provides that, “Audited annual accounts shall be filed with the Exchange not later than 90 calendar days after the relevant year end, and published in at least two national daily newspapers not later than 21 calendar days before the date of the annual general meeting, and posted on the company’s website with the web address disclosed in the newspaper publications. An electronic copy of the publication shall be filed with The Exchange on the same day as the publication.”

it added, “DFNs are usually to notify the companies of the infraction, and to grant them three days to provide the following information to the public through the medium of a press release, stating that the 2022 AFS had not been filed by the due date; a detailed explanation of the reason(s) for the delay; and the anticipated filing date, or state that the company is unable to indicate an anticipated filing date, and reasons for such inability to indicate the anticipated filing date.”

The NGX RegCo warned investors to be cautious when trading in the securities of the affected companies.

The stock market of the Nigerian Exchange Limited (NGX) yesterday extended prior day’s bullish performance on investors’ renewed interest in MTN Nigeria Communications (MTNN) Plc and 22 others.

The NGX All Share Index (ASI) rose by 809.41 basis points or 1.51 per cent to close at 54,413.21 basis points. Accordingly, investors gained N441 billion in value as market capitalisation went up to N29.642 trillion.

Market breadth closed positive as 23 stocks posted gains while 10 declined. Oando recorded the highest price gain of 9.98 per cent to close at N5.40, per share. SUNU Assurance followed with a gain 9.09 per cent to close at 48 kobo, while MTNN rose by 8.89 per cent to close at N240.00, per share.

Consolidated Hallmark Insurance went up by 8.77 per cent to close at 62 kobo, while Royal Exchange appreciated by 8.70 per cent to close at 75 kobo, per share. On the other hand, PZ Cussons Nigeria led the losers’ chart by 5.88 per cent to close at N11.20, per share. Chams Holding Company followed with a decline of 4.17 per cent to close at 23 kobo, while Unilever Nigeria went down by 3.57 to close at N13.50, per share.

Japaul Gold & Ventures lost 3.45 per cent to close at 28 kobo, while AIICO Insurance shed 3.33 per cent to close at 58 kobo, per share.

The total volume traded increased by 312.4 per cent to 973.643 million shares, worth N4.227 billion, and traded in 3,718 deals. Transactions in the shares of Transnational Corporation (Transcorp) topped the activity chart with 455.534 million shares valued at N669.227 million. LivingTrust Mortgage Bank followed with 254.769 million shares worth N775.165 million, while Fidelity Bank traded 143.347 million shares valued at N746.823 million.

United Bank for Africa (UBA) traded 16.090 million shares valued at N128.720 million, while Zenith Bank transacted 14.039 million shares worth N363.996 million.

Energy company, Oando Plc on Wednesday said its profit after tax rose to N34.7bn in the 2021 financial period.

The group disclosed in a statement on Wednesday on its audited results for the year ended December 31, 2021 that this was from a loss after tax of N140.7bn reported in 2020.

It also said its total group borrowings increased by 10 per cent to N460.8bn compared to N419.6bn recorded in 2020.

According to the statement, the firm grew its turnover by 51 per cent from N477.1bn as of the end of the 2020 financial period to N722.5bn in the corresponding period of 2021.

In its upstream operations, a 40 per cent production decrease was reported from 44,550boe/day in 2020 to 26,775boe/day in 2021.

Oil production was 8,849bbls/day (vs 15,912bbls/day in FYE 2020), natural gas production was 16,227boe/day (vs 26,881boe/day in FYE 2020) and NGL production of 1,699bbls/day (vs 1,757bbls/day in FYE 2020).

In the downstream operations, an eight per cent increase in traded crude oil volumes of 17.4 million (vs 16.1 million in FYE 2020) was recorded and a 39 per cent increase in traded refined petroleum products (962,370 MT compared to 694,653 MT in FYE 2020) was announced.

Speaking on the results, the Group Chief Executive, of Oando Plc, Wale Tinubu, said, “2021 was defined by contrasting themes for Nigerian oil producers, with buoyant oil prices tempered by an increasingly challenging local operating environment.

“Bullish oil prices throughout the year saw us record a 105 per cent increase in average realised oil sale price whilst a surge in militancy and sabotage across the Niger Delta resulted in a 40 per cent decline in average hydrocarbon production compared to 2020.

“Despite the challenges, a strong revenue performance, coupled with the refund of a longstanding receivable contributed to a net profit of N34.7bn.”

He added that, “As we continue to drive the growth of our existing businesses, while also exploring creative solutions towards curbing the incessant pipeline sabotage incidences that continue to plague our local industry, we are also committed to investing in climate-friendly and bankable energy solutions via Oando Clean Energy Limited, thus expanding our portfolio from Oil and Gas to include non-fossil energy solutions.”

In line with the National Insurance Commission (NAICOM) plans for the insurance sector in its third quarter (Q3) industry performance report of 2022, the industry has recorded 36.3 percent increase quarter on quarter (QoQ) in Gross Premium Income (GPI) and 17.8% year on year (YoY) in the fourth quarter (Q4) of the same year under review.

NAICOM’s quarterly report released by its Statistics department revealed that the industry made N726.2billion GPI in the last quarter of 2022, against N532.7billion it made in the third quarter of the same year. Equally, total claims payment for Q4 of the same year increased by 31.2percent to the sum of N318.2billion, against N242.6billion claims payment made in Q3 of the same year.

According to the regulator, the remarkable market situation compared to the real growth (3.5%) of Gross Domestic Product (GDP) over the same period was attributable to consistent regulatory measures being carried out by the Commission.

“Non-Life business as in the prior period continued its dominance, contributing about fifty-eight (57.4%) per cent relative to the share of the Life business (42.6%), keeping about same position in prior period. The proportional significance of Life in the industry sustained a positive course in recent times reflective of the consumer’s confidence and awareness.

“In-depth analysis of the Non-Life segment of market shows Oil & Gas business sustaining its market share dominance at 30.25percent, increasing by two point (2.4%) compared to the previous quarter. The figure posted by Fire Insurance came a distant second (22.2%) maintaining same pattern of contribution to the gross premium pool of the market while Motor Insurance (14.9%), Marine & Aviation (12.2%), General Accident (11.1%) and Miscellaneous (9.5%) followed in that order.

“On the other hand, Life business was driven by Individual Life portfolio (38.6%) even as its relative contribution fell by about (2.6%) compared to third quarter (41.6%). In contrast to the previous quarter, group life followed by about thirty-five (34.5%) percent while annuity business contributed gross premium income of about twenty-seven (26.9%) per cent during the period”

NAICOM report that despite operational challenges posed in domestic and global economies, the industry continues to post inspiring numbers in business retention, reflective of the market resilience and increasing capacity. “In the period under review, industry wide average retention ratio stood at about seventy-one per cent (71.3%), although, slightly a point lower than it held in the previous quarter and four points lower in comparison to same period (YoY).

It affirmed that Life business persistently retained about the same point of ninety-three (93.3%) from its prior position of 93.8 percent in quarter three. In the Non-Life segment which also took a similar pattern, Motor Insurance continued its lead as the highest retaining portfolio with a retention ratio of about ninety-four per cent (93.5%), also a point higher than its standing in the prior quarter.

“Oil & Gas recorded the least at about thirty -six per cent (35.9%). The oil and Gas portfolio lamentably remained a challenging angle in the market owing to its nature of enormous capital and professional requirements. Consequently, the retention performance in the current period sustained its prior position when compared to the third quarter as evidenced by the overall Non-Life business ratio of fifty-five per cent (55.0%), slipping from about fifty-seven per cent (56.6%) held in the prior period.

“Insurance premium retention of the market remains robust, above average and healthy except in the Oil & Gas business. The same is also true for the Life Insurance business during the period under review.

“The Insurance Claims reported during the fourth quarter stood at N318.2billion representing a thirty-one (31.2%) per cent QoQ growth. Possible attainment was as a result of growing awareness.