Connect with us

BUSINESS

DMO offers new FG bonds for subscription at N1000/ unit

Published

on

The Debt Management Office (DMO) on Monday offered additional Federal Government bonds for subscription at N1,000 per unit, according to information published on its website.

The DMO said that the offer was for the Federal Government of Nigeria Savings Bond with the following details:

“Two-year FGN Savings Bond due Aug. 11, 2023, at an interest rate of 8.864 per cent, per annum.

“Three-Year FGN Savings Bond due Aug. 11, 2024, at an interest rate of 9.864 per cent, per annum.”

It stated that the offer was opened on Monday, Aug. 2 to last until Aug. 6, while fixing coupon payment dates as Aug. 11, Nov. 11, 2021, Feb.11, May 11, Aug. 11, 2022.

“Subscribers are eligible to 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.

“It qualifies as securities in which Trustees can invest under the Trustee Investment Act.

“It also 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.

“It is listed on the Nigerian Stock Exchange and qualifies as a liquid asset for liquidity ratio calculation for banks,” DMO explained.

The DMO added that the offer was also backed by the full faith and credit of the Federal Government of Nigeria and charged upon the general assets of Nigeria.

Kadiri Abdulrahman

NEWSVERGE, published by The Verge Communications is an online community of international news portal and social advocates dedicated to bringing you commentaries, features, news reports from a Nigerian-African perspective.A unique organization, founded in the spirit of Article 19 of the Universal Declaration of Human Rights, comprising of ordinary people with an overriding commitment to seeking the truth and publishing it without fear or favour.The Verge Communications is fully registered with the Corporate Affairs Commission of the Federal Republic of Nigeria as a corporate organization.

Comments
JoinOurWhatsAppChannel