The Debt Management Office (DMO) said on Tuesday the Federal Government’s savings bond recorded N13.44 billion investment since its establishment in March 2017.
In a data presented at the Retail Bond Workshop at the Nigerian Stock Exchange (NSE) in Lagos, 431 corporate firms invested N1.75 billion, while 15,822 individuals invested N11.75 billion, totaling N13.44 billion investment.
The Head of Market department at DMO, Monday Usiade, said individuals’ investments constituted 87.06% of the total investment.
He said the figures are not satisfactory and as a result, the DMO must devise ways to get more people to invest in the bond.
Usiade, who was represented at the event by one Ms. Bose Olafisoye, noted that geographical breakdown of the investors revealed the following: South West (77%), FCT 8%),South-south (8%), South East (4%),foreign investors (4%), North East (3%) and North Central (3%)
On the investors’ distribution on state-to-state basis, the DMO official said Jigawa and Yobe recorded zero subscription, while Lagos, Federal Capital Territory, Oyo, and Ogun contributed 75.54% of the total investment.
He said: “11 distribution agents have not remitted any amount to the DMO from inception. Such agents that are yet to submit subscriptions in all the auctions as well as other DAs with marginal returns till the end of the year may be de-registered.
“Given the analysis of the performance of the DAs, there is a need for them to improve on their performance in order to meet stated objectives.”
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