The Debt Management Office (DMO) has commenced the subscription process for federal government of Nigeria (FGN) bonds, offering two-year and three-year tenures with annual interest rates of 11.031percent and 12.031percent, respectively.
This announcement was conveyed through a circular on the DMO’s official website. Prospective investors can participate in the subscription offer from September 4th to September 8th, 2023. The two-year bonds are set to mature on September 13, 2025, while the three-year bonds will mature on September 13, 2026.
The DMO, acting under the DMO (Establishment) Act 2003 and the Local Loans (Registered Stock and Securities) Act, CAP. L17, LFN 2004, is authorised to accept applications for FGN saving bonds on behalf of the federal government of Nigeria.
Interest rates for the two-year and three-year tenures are fixed at 11.031percent and 12.031 percent per annum, respectively. The settlement date for both bond offerings is September 13, 2023, with quarterly coupon payment dates on December 13, March 13, June 13, and September 13.
Investors can subscribe to these bonds in units of N1,000, with a minimum subscription of N5,000 and subsequent multiples of N1,000, up to a maximum subscription limit of N50,000,000.
Interested investors are advised to contact stock brokerage firms listed as authorised agents by the DMO.
Furthermore, these FGN bonds are listed on the NGX and backed by the federal government of Nigeria.
