DMO offers 2 savings bonds at N1,000 per unit

Date:

May 7, 2024.

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Azonuchechi Chukwu.

The Debt Management Office (DMO), on Monday listed two Federal Government of Nigeria (FGN) savings bonds at N1,000 per unit.

According to a statement from the debt office, the first offer is a two-year FGN savings bond due on May 15, 2026, at an interest rate of 17.407 per cent per annum.

The second offer is a three-year FGN savings bond due on May 15, 2027, at the rate of 18.407 per cent per annum.

The opening date for the subscription is May 6, and the closing date is May 10, the settlement date is May 15, and the coupon payment dates are Aug. 15, Nov. 15, Feb. 15 and May 15.

“They are offered at 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 million.

“Interest is payable quarterly, while bullet repayment (principal sum) is on the maturity date,” the DMO said.

It said that FGN savings bonds, like all other FGN securities, were backed by the full faith and credit of the Federal Government and charged upon the general assets of Nigeria.

“They qualify as securities in which trustees can invest under the Trustee Investment Act.

“They qualify as government securities within the meaning of Company Income Tax Act and Personal Income Tax Act for tax exemption for pension funds among other investors.

“They are listed on the Nigerian Exchange Limited and FMDQ.

“They qualify as liquid asset for liquidity ratio calculation for banks,” it said.(www.naija247news.com).


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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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