May 2018 FGN Savings Bonds Offer for Subscription

Proshare

Monday, May 07, 2018 /10:53 AM / DMO 

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 May 16, 2020: 9.48% per annum

3-Year FGN Savings Bond due May 16, 2021: 10.48% per annum

 

Opening Date:                                  May 7, 2018

Closing Date:                                    May 11, 2018

Settlement Date:                              May 16, 2018

Coupon Payment Dates:                 August 16, November 16, February 16, May 16

 

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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