We investigate by means of a GGA + U implementation of density functional theory the electronic and structural properties of magnetic nanotubes composed of an iron oxide monolayer and (n,0) boron nitride (BN) nanotubes, with n ranging from 6 to 14. The formation energy per FeO molecule of FeO covered tubes is smaller than the formation energy of small FeO nanoparticles, which suggests that the FeO molecules may cover the BN nanotubes rather than aggregating locally. Both GGA (PBE) and Van der Waals functionals predict an optimal FeO-BN interlayer distance of 2.94 Å. Depending on the diameter of the tube, novel electronic properties for the FeO covered BN nanotubes were found. They can be semiconductors, intrinsic half-metals or semi-half-metals that can become half-metals if charged with either electrons or holes. Such results are important in the spintronics context.