DMO announces first FGN bonds auction for January 2024

Date:

January 24, 2024.

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Azonuchechi Chukwu.

The Debt Management Office (DMO) has announced the first FGN bond auction of 2024.

 

According to the announcement seen by Nairametrics, the auction is set for January 29, 2024, with the settlement date being January 31, 2024.

Details of the offer

The bond offerings are:

N90 billion of the reopened 10-year 16.2884% FGN MAR 2027 bond

N90 billion of the reopened 10-year 14.55% FGN APR 2029 bond

N90 billion of the reopened 10-year 14.70% FGN JUN 2033 bond

N90 billion of the reopened 15-year 15.45% FGN JUN 2038 bond

The bonds are offered at a unit price of N1,000, with a minimum subscription requirement of N50,001,000 and subsequent increments in multiples of N1,000. Interest payments on FGN bonds are made semi-annually (twice a year).

The FGN bonds meet the criteria outlined in the Trustee Investment Act, allowing trustees to invest in them. Additionally, they qualify as Government securities under the Company Income Tax Act (CITA) and Personal Income Tax Act (PITA), ensuring they are tax-exempt for Pension Funds and other investors.

After the bonds are auctioned in the primary market to the primary dealer market makers, the bonds are then listed on both the Nigerian Exchange Limited and FMDQ OTC Securities Exchange, which are the secondary markets.(www.naija247news.com).

Azonuchechi Chukwu
Azonuchechi Chukwuhttps://gravatar.com/azonuchechivchukwu
Azonuchechi Chukwu - Business Journalist at Naija247news.com Azonuchechi Chukwu is a seasoned business journalist contributing to the insightful coverage of economic and financial news at Naija247news.com. With a passion for unraveling the complexities of the business world, Azonuchechi brings a wealth of expertise and dedication to his role. As a Business Journalist, Azonuchechi specializes in providing comprehensive analyses of market trends, corporate developments, and economic indicators. His in-depth reports offer Naija247news.com readers a nuanced understanding of the forces shaping the Nigerian and global business landscapes. Azonuchechi Chukwu's commitment to journalistic excellence is evident in his ability to translate complex financial information into accessible and engaging narratives. Whether exploring stock market fluctuations, corporate strategies, or economic policies, he strives to deliver content that empowers readers with valuable insights. With an educational background in business and a keen interest in the intersection of finance and technology, Azonuchechi stays at the forefront of industry dynamics. His coverage extends beyond traditional financial reporting, encompassing the dynamic realms of fintech, entrepreneurship, and sustainable business practices. Azonuchechi Chukwu's work goes beyond the surface, aiming to foster financial literacy and awareness among Naija247news.com's audience. By demystifying economic complexities and shedding light on emerging opportunities, he plays a pivotal role in keeping readers well-informed in the fast-paced world of business. As Naija247news.com's Business Journalist, Azonuchechi Chukwu continues to make meaningful contributions to the platform's mission of delivering timely, accurate, and relevant business news to its diverse audience. His dedication to journalistic integrity and his ability to navigate the intricacies of the business realm make him an invaluable asset to the Naija247news.com team.

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