Again, August 2018 FG bond auction over-subscribed, says DMO

• Osinbajo names Adeosun NBET board’s new chair
• Appoints Adewole as MD of newly-established family homes fund

As the high inflation rate in the country has continued on deceleration trajectory as at end of July this year, surpassing government’s expectation of 12.4 per cent for the 2018 fiscal year, the Debt Management Office yesterday in its result for the Federal Government bond auction for August 2018, said the offers were again hugely over-subscribed.

A statement from the DMO signed by its Director-General, Patience Oniha, at the exercise where N90 billion bonds were offered in three tenors – five years, seven years and 10 years – said the auction was oversubscribed above N100 billion.She said that allotments were made to successful bidders at 14.39 per cent for the five-year, 14.60 per cent for the seven-year and 14.69 per cent for the 10-year bond, which are consistent with the rates in the secondary market for the bonds offered at the auction.

Besides, the National Bureau of Statistics (NBS) in its July consumer price index (CPI) released yesterday said price levels again decelerated for the 18th consecutive time in a row by 11.14 per cent (year-on-year) in July up from 11.23 per cent in June, the previous month.

Meanwhile, the Acting President, Prof. Yemi Osinbajo, yesterday made some key appointments in the two sectors of the economy apparently to boost manufacturing sector through improved energy supply as well as close the housing deficit in the country.

The appointments include that of the Minister of Finance, Mrs. Kemi Adeosun, as the chairman of the just-reconstituted Board of the Nigerian Bulk Electricity Trading Company (NBET) aimed at incentivising investors in the power generation sub-sector.The other appointment is that of Mr. Femi Adewole as the Managing Director of the recently-established Family Homes Fund intended to drive housing delivery in the country.

Both appointments were announced via a statement by the Director of Information and Press at the Federal Ministry of Finance, Mr. Hassan Dodo.The statement named other NBET board members to include: Director-General of Bureau of Public Enterprises as the Vice Chairman of the board and the Minister of Power, Works and Housing will serve as Non-Executive Director.

Other Non-Executive Directors in the NBET board are Director-General of Debt Management Office (DMO), Director-General of Budget Office of the Federation and the Managing Director/Chief Executive Officer of Asset Management Company of Nigeria (AMCON). It added that Managing Director/Chief Executive Officer of NBET, Dr. Marilyn Amobi, is also a member of the reconstituted board. Meanwhile, the statement stated that the appointment of Adewole followed a competitive and rigorous recruitment process conducted by PricewaterhouseCoopers, a renowned multinational professional services organisation.