Economy: FG targets N900bn in January bonds offer

.As Kwara jails illegal miner for 5-yrs

GBENGA OLARINOYE, Ilorin

The Federal Government, through the Debt Management Office (DMO), has offered three FGN bonds, valued at N900 billion for subscription at N1,000 per unit.

According to a release by the DMO, the first offer is a Feb. 2031 FGN bond (seven-year re-opening), valued at N300 billion, at 18.50 per cent interest rate per annum.

The second offer is a Feb. 2034 FGN bond (10-year re-opening), valued at N400 billion at 19.00 interest rate per annum.
The third offer is a Feb. 2035 FGN bond (10-year re-opening), valued at N200 billion at interest rate of 22.70 per cent per annum.

The office said that for re-opening 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 in the instrument.

“Interest in payable annually, while bullet repayment (principal sum) is on maturity date, ” it said.
The DMO said that FGN bonds are backed by the full faith and credit of the Federal Government and are charged upon the general assets of Nigeria.

“They qualify as securities in which trustees can invest under the Trustees 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 amongst other investors,” it said.

It said that they are listed on the Nigerian Exchange Limited and FMDQ OTC Securities Exchange, and qualify as liquid assets for liquidity ratio calculation for banks. (NAN

.As Kwara jails illegal miner for 5-yrs

The Ilorin Zonal Directorate of the Economic and Financial Crimes Commission, EFCC, on Wednesday, secured a landmark conviction in its crackdown on illegal mining activities, as a Kwara State High Court sentenced a 52-year-old man, Ilori Elicanah, to five years’ imprisonment for unlawful possession of solid minerals.

Justice Abimbola Awogboro, who delivered the judgment, found Elicanah guilty of mining and possessing solid minerals without lawful authority, contrary to the provisions of the Miscellaneous Offences Act, Cap M17, Laws of the Federation of Nigeria, 1983.

The EFCC had, in October 2024, arraigned the convict on a one-count charge bordering on illegal possession of solid minerals.

The charge reads:

“That you, Ilori Elicanah sometime in September, 2022 within the jurisdiction of the Federal High Court, without lawful authorization, mined tonnes of minerals conveyed in a truck with plate number BDG678XU and chassis number LGWSRXPHHIGAD82084 contrary to, and punishable under Section 1 (8) (b) of the Miscellaneous Offences Act CAP M17, 1983”

During the trial, the prosecution called two witnesses and tendered exhibits marked A–E to establish the culpability of the defendant.

The defence, on its part, presented four witnesses, including the defendant, and closed its case on July 11, 2025.

In his final written address, counsel to the EFCC, Sesan Ola, urged the court to hold that the prosecution had proved its case beyond reasonable doubt and to convict the defendant as charged.

He noted that the defendant and other defence witnesses admitted under cross-examination that Elicanah did not possess a mining licence.

According to Ola, “My Lord, the defendant, DW1, DW2 and DW3 all admitted that the defendant does not possess a licence to mine, despite their claim that he operated under a verbal instruction from Tascon Plastic Industry Nigeria Limited’s mining lease.”

The prosecution relied on Section 1 of the Nigerian Minerals and Mining Act, 2007, which vests ownership and control of all mineral resources in Nigeria in the Federal Government on behalf of the people.

Delivering judgment, Justice Awogboro held that the sole issue for determination was whether the defendant had lawful authority to possess solid minerals as required by law.

Citing relevant judicial authorities, the judge ruled that the prosecution had successfully established all the ingredients of the offence and complied with Section 131 of the Evidence Act.

The court dismissed the defence’s argument that the defendant should be discharged and acquitted due to the alleged failure of the prosecution to call certain witnesses, describing the evidence presented by the EFCC as credible, strong, and reliable.

Justice Awogboro stated, “I agree entirely with the submission of the prosecution counsel that the defendant does not possess a licence and that there is no record showing payment of royalties to the Federal Government as stipulated by law.”

She consequently found the defendant guilty as charged.

During allocutus, Elicanah pleaded for leniency, informing the court that he suffered a stroke two years earlier and was a first-time offender.

In sentencing, the court said it had considered the plea for mercy and the fact that the convict had no prior criminal record.

Consequently, Justice Awogboro sentenced Elicanah to five years’ imprisonment with an option of a ₦5 million fine.

In addition, the court also ordered the forfeiture of the truck and the seized solid minerals to the Federal Government.