November 2020 FGN Savings Bonds Offer for Subscription

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Monday, November 02, 2020  / 11:15 AM / by DMO/ Header Image Credit: Moneyweb

 

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 November 11, 2022: 1.759% per annum

 

3-Year FGN Savings Bond due November 11, 2023: 2.759%  per annum

 

Opening Date:                                  November 2, 2020

 

Closing Date:                                    November 6, 2020

 

Settlement Date:                              November 11,  2020

 

Coupon Payment Dates:                 February 11, May 11, August 11, November 11

 

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.


Proshare Nigeria Pvt. Ltd.


 

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