RateCaptain
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
  • Contact Us
No Result
View All Result
Subscribe
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
  • Contact Us
No Result
View All Result
RateCaptain
No Result
View All Result
Home Corporates

Debt Management Office (DMO) Offers 2 FGN Savings Bond for Subscription, September 2022

Rate Captain by Rate Captain
September 6, 2022
in Corporates
Reading Time: 2 mins read
A A
0
DMO Offers Subscription by Auction for 3 Previously Issued FGN Bonds
Share on FacebookShare on TwitterShare on WhatsappShare on Telegram

The Debt Management Office of Nigeria (DMO) has on behalf of the federal government of Nigeria offered for subscription 2 Federal Government of Nigeria (FGN) Savings Bonds. The first is a 2-Year FGN Savings Bond at an 11.041 percent interest rate per annum and would be due on September 14, 2024. In the issuance also is a 3-Year FGN Savings Bonds at 12.041 percent interest rate per annum and would be due on September 14, 2025.

As disclosed by DMO in a publication on its website, the opening date for the bond sale is September 5, 2022, the closing date is September 9, 2022, and the settlement date is September 14, 2022. The Coupon payment dates as stated in the publication are December 14, March 14, June 14, and September 14.

AlsoRead

Surging Bond Issuances and Market Expansion: Nigerian Capital Market’s Phenomenal Rise.

Berger shareholders approve N202m as dividends.

Conoil PLC revenue hits N131 billion for the full year of 2022.

The offer comes at N1000 per unit price subject to a minimum subscription of N5000 and in multiples of N1000 thereafter, having a subscription ceiling of N50 million.

According to DMO, interest on the bond is payable quarterly while a bullet principal repayment will be made at the maturity of the bond.

DMO stated that the bond “qualifies as securities in which trustees can invest under the Trustee Investment Act”.

“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”.

“Listed on The Nigerian Stock Exchange”.

‘’Qualifies as a liquid asset for liquidity ratio calculation for banks”.

The DMO also said that the bond is backed by the full faith and credit of the Federal Government of Nigeria and charged upon the general assets of Nigeria. What this means is that it is a credit-worthy bond and therefore free from credit risk on the part of the investor.

Interested investors are required to contact the stockbroking firms appointed as distribution agents by the debt management office, and are to visit www.dmo.gov.ng for the list of distribution agents.

 

What You Need to Know

  • A bullet bond is a type of bond which has a one-time repayment of principal occurring at its maturity. What this means is that the redemption of the principal by an investor will only be possible at the maturity of the debt instrument. However, according to the DMO, interest will be accrued quarterly.
  • Sovereign government bonds are generally free from credit risk as they are backed by the full faith of the government.
Previous Post

Naira drops Further to N434.75/$1 at the I&E Window as Forex Supply Increase 6.5%

Next Post

Okonjo Iweala: trade policies are part of the climate-related support needed by vulnerable economies

Related News

Surging Bond Issuances and Market Expansion: Nigerian Capital Market’s Phenomenal Rise.

Surging Bond Issuances and Market Expansion: Nigerian Capital Market’s Phenomenal Rise.

by Rate Captain
May 30, 2023
0

The Nigerian capital market has experienced remarkable growth in recent years, with significant increases in corporate and subnational bond issuances....

Berger shareholders approve N202m as dividends.

Berger shareholders approve N202m as dividends.

by Rate Captain
May 25, 2023
0

Shareholders of the paints and allied products manufacturer, Berger Paints of Nigeria Plc, have approved the payment of N202,876,413 as...

Conoil PLC revenue hits N131 billion for the full year of 2022.

Conoil PLC revenue hits N131 billion for the full year of 2022.

by Rate Captain
May 25, 2023
0

Conoil PLC, a leading Nigerian petroleum marketing company, has announced its financial results for the year ended December 31, 2022....

Potential Debt Ceiling Deal Could Spur Rotation from Tech Stocks.

Potential Debt Ceiling Deal Could Spur Rotation from Tech Stocks.

by Rate Captain
May 19, 2023
0

The possibility of a deal to lift the U.S. debt ceiling is generating speculation among investors about potential shifts in...

Next Post
Okonjo Iweala: trade policies are part of the climate-related support needed by vulnerable economies

Okonjo Iweala: trade policies are part of the climate-related support needed by vulnerable economies

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

US Nation’s Employers Add 339,000 Jobs in May, Defying Market Expectations.

US Nation’s Employers Add 339,000 Jobs in May, Defying Market Expectations.

June 2, 2023
Ride-hailing Drivers in Nigeria Demand a Price Increase of 200%.

Ride-hailing Drivers in Nigeria Demand a Price Increase of 200%.

June 2, 2023

Popular Story

  • Providus Bank Plc Announces Graduate Management Trainee Program 2023/2024.

    Providus Bank Plc Announces Graduate Management Trainee Program 2023/2024.

    0 shares
    Share 0 Tweet 0
  • Ride-hailing Drivers in Nigeria Demand a Price Increase of 200%.

    0 shares
    Share 0 Tweet 0
  • Telcos issue banks disconnection notice over USSD debt

    0 shares
    Share 0 Tweet 0
  • US Nation’s Employers Add 339,000 Jobs in May, Defying Market Expectations.

    0 shares
    Share 0 Tweet 0
  • Telecom Operators Blame Communications Minister for Telecom Debt Crisis

    0 shares
    Share 0 Tweet 0
RateCaptain

RateCaptain

We bring you the most accurate in new and market data. Check our landing page for details.

  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
  • Contact Us

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.

No Result
View All Result
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
  • Contact Us

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.

?>