Business
THE Debt Management Office (DMO), has announced two Federal Government of Nigeria (FGN) savings bonds for subscription at N1,000 per unit in its March offer.
The first offer is a two – year FGN savings bond due on March 13, 2026 at interest rate of 15.097 per cent per annum.
The second offer is a three – year FGN savings bond due on March 13, 2027 at interest rate of 16.097 per cent per annum.
“Opening date is March 4, closing date is March 8, and settlement date is March 13, while coupon payment dates are June 13, Sept. 13, Dec 13 and March 13.
“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 N50million.
“Interest is payable quarterly and the bullet repayment (principal sum) is on the maturity date,” the DMO said.
It said that the savings bonds, like all other FGN securities, are backed by the full faith and credit of the Federal Government of Nigeria and charged upon the general assets of Nigeria.
“They qualify as securities in which trustees can invest under the Trustees 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 Nigeria Exchange Limited, and qualify as liquid asset for liquidity ratio calculation for banks,” it said.
The DMO urged interested investors to contact the stockbroking firms it appointed as distribution agents. (NAN)
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-March 05, 2024 @ 12:15 GMT|
Tags: DMO.
