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Home Business News

DMO suspends April 2020 FGN savings bond offer

Chike Olisah by Chike Olisah
March 31, 2020
in Business News, Politics
FGN Bonds, bond, DMO set to auction N150 billion in FGN Bonds to investors , FGN Bond for February 2020 oversubscribed by investors, DMO suspends April 2020 FGN savings bond offer
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The Debt Management Office (DMO) has announced the suspension of the FGN Savings Bond Offer, which was slated for the month of April 2020.

This was disclosed in a press statement that was released by the DMO on Monday, March 30, 2020 and seen by Nairametrics.

Recall that President Muhammadu Buhari, during a nationwide broadcast on the Coronavirus disease (COVID-19), yesterday announced restriction of movement and shut down of public and private institutions in the Federal Capital Territory (FCT), Lagos and Ogun States. The restriction of movement was based on the need to keep Nigerians safe and contain the spread of the coronavirus disease.

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Part of the statement read, “The Debt Management Office (DMO) wishes to inform the general public that the FGN Savings Bond Offer for the month of April 2020, which was scheduled for April 6 – 10, 2020 has been suspended’’. ‘The DMO wishes to assure the general public that the FGN Savings Bond Offers will resume when the conditions change.”

[READ MORE: DMO backs Buhari’s lending policy, seeks increased revenue to service loans)

However, the DMO noted that the suspension of the April 2020 Offer would not affect Coupon Payments due to investors for already issued FGN Securities, as arrangements had been made to ensure that all Coupon Payments for and redemptions of FGN Securities were made as and when due to investors’ designated accounts.

DMO suspends April 2020 FGN savings bond offer
Director-General, DMO, Ms. Patience Oniha

The DMO also said that it wished to use the opportunity to call on the general public to adhere strictly to Mr President’s directives and cooperate with relevant Government Agencies that are working assiduously to contain the spread of the Covid-19.

About FGN Savings Bonds: They are debt securities of the Federal Government and issued by the Debt Management office for and on behalf of the Federal Government. They have no default risk, which means that the repayment of the principal and interest is assured.


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Tags: Covid-19Debt Management OfficeFGN Savings Bond OfferFGN securitiesPresident Muhammadu Buhari
Chike Olisah

Chike Olisah

Chike was a banker with over 11 years experience in retail and commercial banking, risk management, treasury portfolio management and relationship management. He also acquired some experience in financial management and do have some special interest in investment analysis and personal finance. He had stints with financial institutions like the former Intercontinental Bank and Fidelity Bank.

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Comments 1

  1. Michael Adeyemi Onaderu says:
    April 4, 2020 at 3:55 am

    What are the guidelines for participation in Federal Government Savings Bond? Is it to open to private/individual investors?

    Reply

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