January 2022 FGN Savings Bonds Offer for Subscription

Tuesday, January 11, 2022 / 08:40 AM / by DMO / Header Image Credit: Khanisorn Chaokla; iStock

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 January 19, 2024: 7.542% per annum

3-Year FGN Savings Bond due January 19, 2025: 8.542% per annum

Opening Date:                                  January 10, 2021

Closing Date:                                    January 14, 2021

Settlement Date:                              January 19, 2021

Coupon Payment Dates:                 April 19, July 19, October 19, January 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 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.

Related News

1. The Bulls Opened the Year's Performance as Average Yield Declines 1bp WoW to 4.39%
2. NGX Lists Two FGN Savings Bonds Issued in December 2021
3. NGX Lists Supplementary FGN Bonds Issued in December 2021
4. Quiet Activities as Secondary Market Shed 1bp WoW to Close at 4.48%
5. Target Comfortably Met by the DMO in the December 2021 Bond Auction
6. Summary of FGN Bond Auction Results for December 2021
7. Nigeria's Green Bond Market Exceeds N55bn Mark as NGX Targets More Issuances
8. Performance Turned Bullish Amidst PMA Results; Average Yield Dipped 2bps WoW to 4.49%
9. Invest in FGN Monthly Bond Auction - December 2021
10. Bearish Performance as Average Yield Advance 32bps WoW to 4.51%
11. December 2021 FGN Savings Bonds Offer for Subscription