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.
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 January 13, 2023: 2.197% per annum
- 3-Year FGN Savings Bond due January 13, 2024: 3.197% per annum
- Opening Date: January 4, 2021
- Closing Date: January 8, 2021
- Settlement Date: January 13, 2021
- Coupon Payment Dates: April 13, July 13, October 13, January 13
Summary of the Offer
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.
Bullet repayment on the maturity date
- Qualifies as securities in which trustees can invest under the Trustee Investment Act.
- 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.
- Listed on The Nigerian Stock Exchange.
- Qualifies as a liquid asset for liquidity ratio calculation for banks.
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.