September 2020 FGN Savings Bonds Offer for Subscription

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The Debt Management Office (DMO), on behalf of the Federal Government of Nigeria (FGN), has introduced a retail savings product that will be accessible to all income groups – the FGN Savings Bonds.

FGN Savings Bonds, Debt Management Office Meets with Project Managers

Kindly note that the FGN Savings Bonds for September opened on Monday, 7th September 2019.
For a clear understanding of what FGN savings Bonds is all about, please check here…
Details are as highlighted below for the FGN Savings Bonds: 
  • 2-Year FGN Savings Bond due September 16, 2022: 3.501% per annum 
  • 3-Year FGN Savings Bond due September 16, 2023: 4.501%  per annum 
Opening Date: September 7, 2020
Closing Date: September 11, 2020
Settlement Date: September 16, 2020
 
Coupon Payment Dates: December 16, March 16, June 16, September 16
Summary of the Offer 
Issuer 
Federal Government of Nigeria (“FGN”)
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 
Payable Quarterly
Redemption 
Bullet repayment on the maturity date
Status 
  1. Qualifies as securities in which trustees can invest under the Trustee Investment Act.
  2. Qualifies as Government securities within the meaning of Company Income Tax Act (“CITA”) and Personal Income Tax Act (“PITA”) for Tax Exemption for Pension Funds, amongst other investors.
  3. Listed on The Nigerian Stock Exchange.
  4. Qualifies as a liquid asset for liquidity ratio calculation for banks.
Security 
Backed by the full faith and credit of the Federal Government of Nigeria and charged upon the general assets of Nigeria. 
 

Interested investors should contact the stockbroking firms appointed as distribution agents by the debt management office.

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