Saturday, May 8, 2021

DMO: Two FG bonds open for subscription

According to the DMO, the first offer is a two-year federal government savings bond due on May 12, 2023, with an interest rate of 7.753 per cent per annum.

• May 4, 2021
Nigerian minister of finance Zainab Ahmed and Adeniyi Adebayo, Minister of Industry, Trade and Investment
Nigerian minister of finance Zainab Ahmed and Adeniyi Adebayo, Minister of Industry, Trade and Investment

The Debt Management Office has announced two federal government savings bonds for subscription at N1000 per unit.

According to the DMO’s website, investors are entitled to a minimum subscription of N5,000 and in multiples of N1,000 thereafter. 

These are subject to a maximum subscription of N50 million.

According to the DMO, the first offer is a two-year federal government savings bond due on May 12, 2023, with an interest rate of 7.753 per cent per annum.

The second offer is a three-year savings bond due on May 12, 2024, at an interest rate of 8.753 per cent per annum.

The opening date for the subscription is May 3, and the closing date is May 7, while the settlement date is May 12, and coupon payment dates are August 12 and November 12, 2021, and February 12 and May 12, 2022.

“They qualify as securities to which trustees can invest under the Trustee Investment Act.

“Qualify as government securities within the meaning of Company Income Tax Act and Personal Income Tax Act for tax exemption for pension, listed in the Nigerian Stock Exchange.

“It qualifies as a liquidity ratio calculation for banks,” DMO stated.

It added that the bonds were backed by the full faith and credit of the government and charged upon the general assets of Nigeria. 

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