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PANDEF’s mandate is to champion environmental justice for Niger Delta – National leader

PANDEF throws weight behind a South-South senate presidency

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CBN Cuts T-bill Rate Amid N3.63tn Demand Investors are increasingly positioning for longer-term returns in Nigeria’s fixed-income market, with the latest treasury bills auction showing an overwhelming preference for the one-year government security. At the Central Bank of Nigeria’s (CBN) primary market auction on Wednesday, investors submitted N3.63tn for the 364-day T-bill, representing 95.9 per cent of the N3.79tn total bids received across the three maturities. The demand came despite the CBN lowering the stop rate on the one-year instrument by 44 basis points to 17.15 per cent, from 17.59 per cent at the previous auction. The auction results point to a significant shift in investor appetite towards longer-dated government securities, even as demand for shorter-tenor instruments remained subdued. The CBN had offered N700bn across the three maturities, comprising N100bn each for the 91-day and 182-day bills and N500bn for the 364-day bill. However, total subscriptions reached approximately N3.79tn, more than five times the amount offered. The 364-day instrument was the clear outlier at the auction, receiving bids equivalent to 7.26 times the amount offered. The CBN ultimately allotted N638.19bn, exceeding the N500bn offer by N138.19bn. Despite the additional allotment, only about 17.6 per cent of total bids submitted for the instrument were accepted. Investors quoted yields between 16.00 per cent and 19.05 per cent, but the CBN settled at 17.15 per cent, suggesting that the level of demand allowed the regulator to reject more expensive bids. The development is significant because the CBN achieved a lower borrowing rate even after receiving exceptionally strong demand for the security. The contrast was stark at the shorter end of the curve. The 91-day bill attracted N103.32bn in subscriptions against N100bn offered. The CBN allotted N89.10bn at an unchanged stop rate of 16.30 per cent. The 182-day bill performed even more weakly, attracting only N52.93bn against N100bn on offer. The CBN allotted N35.59bn, while the stop rate remained at 16.50 per cent. Secondary-market yields for the three instruments stood above their respective auction stop rates, at 17.45 per cent for the 91-day bill, 17.05 per cent for the 182-day bill and 17.24 per cent for the 364-day bill. According to a financial sector analyst, Jimbe Asalor, the concentration of bids in the one-year instrument suggests investors may be placing greater value on locking in relatively attractive yields over a longer period rather than repeatedly rolling over shorter-term securities. He noted that the latest auction also demonstrates “the CBN’s ability to borrow more cheaply when demand is concentrated around a particular maturity.” He added that by accepting N638.19bn on the 364-day bill at 17.15 per cent, the CBN borrowed above its initial offer while simultaneously cutting the rate by 44 basis points. “The nine-basis-point difference between the auction stop rate and the 17.24 per cent secondary-market yield also indicates that the one-year segment is now trading relatively close to market expectations.” A Lagos-based consultant economist, Chukwunonso Iheoma, said if the preference for longer-dated treasury bills persists, the development could provide further support for a gradual decline in government borrowing costs while strengthening expectations of eventual interest-rate cuts.

 

The National Chairman of the Pan Niger Delta Forum (PANDEF), Godknows Igali, Thursday, clarified the role of the group.

Igali said that PANDEF’s mandate and vision is to champion environmental justice for a region long burdened by oil exploration, ecological degradation and advocate for fair resource allocation.

PANDEF national leader spoke at the inauguration of the Federal Capital Territory (FCT) chapter of the Forum.

In his speech, Igali said: “PANDEF is not merely a forum of protest-it is a platform of solutions, a partner in building a Nigeria that is inclusive, equitable, and prosperous.

Speaking of the historical emergence of PANDEF, Igali said that in the Fourth Republic, two distinct bodies emerged: the first was the South-South Constitutive Assembly.

“The second was the South-South People’s Congress, largely comprising elder statesmen such as Chief Dappa Biriye and Chief Edwin Clark.

“Both bodies were vibrant from the year 2000 onward, but their rivalry generated some unhealthy competition.

“The need to consolidate became evident, and eventually, in 2004, the two groups merged to form the South-South People’s Assembly (SSPA).

“With the former Edo State Governor, Chief Odigie Oyegun as Chairman and Chief Edwin Clark as Leader who passed earlier in 2025.

“This platform served as the authoritative voice of the South-South for over a decade.

“However, the SSPA began experiencing strains, partly due to partisan political tensions and the passing of some founding figures.

“The fallout from the 2015 elections weakened the body further,” he said.

He said: “Subsequent meetings resolved to revive the South-South People’s Assembly under a new identity.

“After deliberation, the name Pan Niger Delta Forum (PANDEF) was proposed by the late Mr. Tony Uranta”.

Igali noted that “We have always been one people. We remain one today, and we shall continue to be one.

“Attempts to divide us have failed before and will continue to fail. Today, as we inaugurate the FCT chapter of PANDEF, we do so in honour of our founding fathers.

“Many of whom are no longer with us and have passed the baton to this generation. The flag must not falter. PANDEF is here to stay, and its presence in the FCT is now firmly established.

“Let us therefore unite, not only as Niger Deltans but as Nigerians committed to justice and progress.

*Let us show that PANDEF is a force for national cohesion, a voice of reason, and a beacon of hope”.

Speaking on the inauguration of the FCT chapter of PANDEF, Igali said it gives approval, recognition, and full enablement “to our people here in the FCT to formally herald the birth of PANDEF.

“Although a liaison office already exists in Abuja, the importance of today’s ceremony lies in establishing a chapter that allows our citizens resident in the FCT to have their own voice and relate with one another in an organised, structured manner”.

In his speech, the pioneer, PANDEF, FCT Chairman, Mr Bello Premier thanked the
National Chairman of PANDEF for bringing out this idea of expanding the scope of PANDEF to Abuja and Lagos.

“As a matter of fact, for the past five months, I’ve been working tirelessly to see this day.

“We have nine states that make up the Niger Delta. The FCT chapter of PANDEF is a Nigeria project.

“We will work with the Federal Government to see that the dividend of the democracy get to the last man,” Premier said.

Also speaking, BOT Chairman of PANDEF, Alfred Diette Spiff, urged President Bola Tinubu to give the Niger Delta a boost to ensure the area’s development.

“This is so that they can build up the nature there. It’s a very interesting area. It’s a rich area and with the blue economy, more could be harnessed,” he said.

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CBN Cuts T-bill Rate Amid N3.63tn Demand Investors are increasingly positioning for longer-term returns in Nigeria’s fixed-income market, with the latest treasury bills auction showing an overwhelming preference for the one-year government security. At the Central Bank of Nigeria’s (CBN) primary market auction on Wednesday, investors submitted N3.63tn for the 364-day T-bill, representing 95.9 per cent of the N3.79tn total bids received across the three maturities. The demand came despite the CBN lowering the stop rate on the one-year instrument by 44 basis points to 17.15 per cent, from 17.59 per cent at the previous auction. The auction results point to a significant shift in investor appetite towards longer-dated government securities, even as demand for shorter-tenor instruments remained subdued. The CBN had offered N700bn across the three maturities, comprising N100bn each for the 91-day and 182-day bills and N500bn for the 364-day bill. However, total subscriptions reached approximately N3.79tn, more than five times the amount offered. The 364-day instrument was the clear outlier at the auction, receiving bids equivalent to 7.26 times the amount offered. The CBN ultimately allotted N638.19bn, exceeding the N500bn offer by N138.19bn. Despite the additional allotment, only about 17.6 per cent of total bids submitted for the instrument were accepted. Investors quoted yields between 16.00 per cent and 19.05 per cent, but the CBN settled at 17.15 per cent, suggesting that the level of demand allowed the regulator to reject more expensive bids. The development is significant because the CBN achieved a lower borrowing rate even after receiving exceptionally strong demand for the security. The contrast was stark at the shorter end of the curve. The 91-day bill attracted N103.32bn in subscriptions against N100bn offered. The CBN allotted N89.10bn at an unchanged stop rate of 16.30 per cent. The 182-day bill performed even more weakly, attracting only N52.93bn against N100bn on offer. The CBN allotted N35.59bn, while the stop rate remained at 16.50 per cent. Secondary-market yields for the three instruments stood above their respective auction stop rates, at 17.45 per cent for the 91-day bill, 17.05 per cent for the 182-day bill and 17.24 per cent for the 364-day bill. According to a financial sector analyst, Jimbe Asalor, the concentration of bids in the one-year instrument suggests investors may be placing greater value on locking in relatively attractive yields over a longer period rather than repeatedly rolling over shorter-term securities. He noted that the latest auction also demonstrates “the CBN’s ability to borrow more cheaply when demand is concentrated around a particular maturity.” He added that by accepting N638.19bn on the 364-day bill at 17.15 per cent, the CBN borrowed above its initial offer while simultaneously cutting the rate by 44 basis points. “The nine-basis-point difference between the auction stop rate and the 17.24 per cent secondary-market yield also indicates that the one-year segment is now trading relatively close to market expectations.” A Lagos-based consultant economist, Chukwunonso Iheoma, said if the preference for longer-dated treasury bills persists, the development could provide further support for a gradual decline in government borrowing costs while strengthening expectations of eventual interest-rate cuts.

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