INTRODUCING FGN SAVINGS BOND OFFER FOR DECEMBER 2018

Must Read

List of Guaranty Trust Bank Sort Codes & Branches (with addresses) in Nigeria

The sort code is a number which usually identifies both the bank and the branch where an account is...

GTBank Extends Banking Hours Till 6pm

Guaranty Trust Bank, GTBank has announced the extension of its banking hours till 6 pm today, Monday, 20 January...

Top 10 Most Expensive Universities In Nigeria

For many Nigerians, high-quality higher education is a luxury. There are many private universities who are known not only...
- Advertisement -
- Advertisement -

This is to bring to the notice of the public that the Debt Management Office (DMO), on behalf of the Federal Government of Nigeria (FGN), wishes to introduce a retail savings product that will be accessible to all income groups – the FGN Savings Bond.

Kindly note that the FGN Savings Bond for December 2018 kicked off today.
For a clear understanding of what FBN Bonds is all about, please check here…
ISSUANCE
       MATURITY
2 Year FGN Savings Bond
December 12, 2020: Coupon  12.402% per annum
3 Year FGN Savings Bond
December 12, 2021: Coupon 13.402% per annum
Opening Date
Tuesday, December 3, 2018
Closing Date
Friday, December 7, 2018
Settlement Date
Wednesday, December 12, 2018 (this is the date the bonds will be credited into your CSCS Account domiciled with your broker).
Units of Sale
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 N50,000,000.
Interest Payment
Quarterly (Coupon rate divided by 4) 
Redemption
Bullet payment on the maturity date

 Purpose

Read:  Return To The Eurobond Market In Good Time
  • To deepen the national savings culture.
  • To provide an opportunity to all citizens irrespective of income level to contribute to National Development.
  • To enable all citizens to participate in and benefit from the favourable returns available in the capital market.
  • To diversify funding sources for the Government. 
 Benefits
  • Interest income is paid quarterly directly into the bond holder’s account.
  • The Bond is acceptable as collateral for loans by banks and can be sold for cash in the secondary market before maturity.
  • Good for savings towards retirement, marriage, school fees, house projects, etc.
  • Safety: backed by the full faith and credit of the Federal Government of Nigeria.

 Liquidity

  • The Bond will be listed on the Nigeria Stock Exchange for trading and provides liquidity for investors who want to exit before maturity.
Read:  Official Ceremony: DMO Lists Debut N10.69 Billion Green Bond on The Nigerian Stock Exchange (Pictures)
Read:  5 WAYS IN WHICH AIRPLANE MODE CAN HELP YOU

 Subscription Mode

  • Investors are to subscribe through stockbroking firms trading on the floor of The Nigerian Stock Exchange (NSE) and accredited by the DMO to act as Distribution Agents. (Please visit www.dmo.gov.ng for the list of accredited Stockbroking Firms).
- Advertisement -

Subscribe to BrandSpur Ng

Subscribe for latest updates. Signup to best of brands and business news, informed analysis and opinions among others that can propel you, your business or brand to greater heights.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Latest News

Citigroup Turns in an Excellent Q4 2019

Net Income of $5.0 Billion ($2.15 per Share) Revenues of $18.4 Billion Returned $6.2 Billion of Capital to...

Is the mystery Chinese Virus a cause for alarm?

"Never waste a good crisis" – Winston Churchill A virus outbreak has made an unexpected dent in the 2020 rally in China. The virus is...

Novel Coronavirus: Lagos alerts public, lists precautionary measures

…Says No Case Of Virus Reported In Nigeria The Lagos State Government has alerted the public to a new virus, the novel Coronavirus (nCoV) which...

African Development Bank President Akinwumi Adesina opens trading on London Stock Exchange

“My ringing of the bell here today marks the beginning of a new exciting, strategic, and impactful engagement.” – African Development Bank President Akinwumi...

More Articles Like This