DMO offers subscription for two FGN bonds at N1000 per unit

3 months ago 5

By Guardian Editor

12 August 2024 | 3:13 pm

The Debt Management Office (DMO) has offered two Federal Government of Nigeria (FGN) savings bonds for subscription at N1,000 per unit.

The Debt Management Office (DMO) has offered two Federal Government of Nigeria (FGN) savings bonds for subscription at N1,000 per unit.

The DMO in a statement on Monday in Abuja, said the first offer is a two-year FGN savings bond due on 21 August 2026, at interest rate of 17.373 per cent per annum.

The second offer is a three-year FGN savings bond due on 21 August 2027, at interest rate of 18.373 per cent per annum.

The Opening date for the offer is 12 August, the closing date is 16 August, the settlement date is 21 August, while coupon settlement dates are 21 November, 21 February, 21 May and 21 August.

“They are offered at N1,000 per unit subject to a minimum subscription of N5,000 and in multiples of N1,000 thereafter, subject to a maximum subscription of N50 million,” the DMO said.

“Interest is payable quarterly while bullet repayment (principal sum) is on maturity date.”

It assured that FGN savings bonds are backed by the full faith and credit of the FGN, and charged upon the general assets of Nigeria.

“They qualify as securities in which trustees can invest under the Trustee Investment Act,” it noted, adding that they also 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.

The debt management office also added that they are listed on the Nigerian Exchange Limited, and qualify as liquid asset for liquidity ratio calculation for banks.

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The Debt Management Office (DMO) has offered two Federal Government of Nigeria (FGN) savings bonds for subscription at N1,000 per unit.

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