The Debt Management Office of Nigeria has released details of the FGN Savings Bonds which opens on Monday March 5th, 2018.
Here are details of the issue.
When is it opening?
Opening Date: March 5, 2018
Closing Date: March 8, 2018
Settlement Date: March 14, 2018
Who is selling?
The Federal Government of Nigeria.
How much can I buy?
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.
Minimum amount I can buy?
Based on the above, the minimum you can buy is N5,000.
2-Year FGN Savings Bond due March 14, 2020 is 10.746% per annum
3-Year FGN Savings Bond due March 14, 2021 is 11.746% per annum
When will the interest be paid?
Interest payment dates are March 14, 2018 June 14, 2018, September 14, 2018, December 14, 2018 and March 14, 2019.
Interest is tax-free.
When will the principal be paid?
Bullet repayment on the maturity date
What about security for my money?
The loan is backed by the full faith and credit of the Federal Government of Nigeria and charged upon the general assets of Nigeria.
Where can I buy it from?
Contact your stockbroker if you want to buy it.