August 2020 FGN Savings Bonds Offer for Subscription

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Monday, August 10, 2020 / 05:52 PM / DMO / Header Image Credit: The Financial Express


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Pursuant to the Debt Management Office (Establishment) Act 2003 and the Local Loans (Registered Stock and Securities) Act, CAP. L17, LFN 2004 Debt Management Office on behalf of the Federal Government of Nigeria Offers for Subscription and is authorized to receive applications for the Federal Government of Nigeria Savings Bond at the following interest rates

 

2-Year FGN Savings Bond due August  19, 2022: 3.61% per annum

 

3-Year FGN Savings Bond due August   19, 2023: 4.61%  per annum

 

Opening Date:                                  August   10, 2020

 

Closing Date:                                    August   14, 2020

 

Settlement Date:                              August   19, 2020

 

Coupon Payment Dates:                 November 19, February 19, May19, August   19

 

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 mul4iples 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.


Proshare Nigeria Pvt. Ltd.


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