FGN Savings Bond April 2017 Offer

Proshare

Friday, March 24, 2017/ 11:57 AM /DMO

Opens: Monday, April 3rd

 

Closes: Friday, April 7th

The Debt Management Office, on behalf of the Federal Government of Nigeria invites all Nigerians to invest in the FGN Savings Bond, a retail savings product accessible to all income groups.

A.    Purpose

· Deepen the national savings culture.

· Diversify funding sources for the Government.

· Provide opportunity to all citizens irrespective of income level to contribute to National Development.

· Enable all citizens participate in and benefit from the favourable returns available in the capital market.

B.    Benefits

· Interest income is paid quarterly directly into bond holder’s account.

· The Bond is acceptable as collateral for loans by banks and can be sold for cash in the secondary market before maturity.

· Good for savings towards retirement, marriage, school fees, house projects, etc.

C. Features

· The product will be issued monthly in tenors of 2 and 3 years.

· Interest will be paid quarterly to investors.

· The FGNSB will be offered to investors through Offer for Subscription at an interest rate to be announced by the DMO.

· There will be no fees or charges for subscriptions.

· The Offer for subscription will be open for 5 days from the date of announcement.

· Minimum subscription amount is N5,000.00 with additions in multiples of N1,000.00, subject to a maximum of N50,000,000.00.

· Central Securities Clearing System (CSCS) Accounts of investors will be credited and text alerts will be sent to investors on Settlement Day.

· Listed on The Nigerian Stock Exchange.

· The Bond is backed by the full faith and credit of the Federal Government of Nigeria.

C.    Subscription Mode

Investors are to subscribe through stockbroking firms trading on the floor of The Nigerian Stock Exchange (NSE) and accredited by the DMO to act as Distribution Agents. Please visit www.dmo.gov.ng for the list of accredited Stockbroking Firms.



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