The Federal Government of Nigeria through the Debt Management Office (DMO) will start auction of the new Federal Government Bond Re-offer for the month of November on November 21st, to be closed on Friday, 23rd of November, 2018.
Here are details of the offer:
How much can I buy?
₦1,000 per unit, subject to a minimum subscription of ₦50,000,000 and in multiples of ₦1,000 thereafter.
What is the minimum amount I can buy?
Based on the above, the minimum amount you can buy is ₦50,000,000.
Interest rates
₦35,000,000,000 at 12.75% interest rate maturing on APR 2023 (5-Yr re-opening).
₦35,000,000,000 at 13.53% interest rate maturing on MAR 2025 (7-Yr re-opening).
₦45,000,000,000 at 13.98% interest rate maturing on FEB 2028 (10-Yr re-opening).
Interest is paid bi-annually – twice in a year.
What are the coupon payment dates?
April 2023, March 2025, and February 2028.
When will the principal be paid?
Bullet repayment on maturity dates.
How secure is 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 bank if you want to buy it. And remember that the re-offer opens on the 21st of November and closes on the 23rd of November.