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Home Business News Business

Investing: DMO says FGN savings bond offers best value for Nigerians

William Ukpe by William Ukpe
May 11, 2023
in Business, Business News
Investing: DMO says FGN Savings Bonds offers best value for Nigerians
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Article Summary

  • With as little as N5,000 Nigerians can invest in the FGN Savings Bond
  • Risk-free nature of FGN securities made them an attractive and secure investment option for Nigerians.
  • DMO offers FGN savings Bonds at the interest rate of 10.600% per annum.

The Nigerian Government has urged Nigerians to take advantage of the FGN Savings Bond offered by the Debt Management Office, as a safe investment tool for retail investors.

This was disclosed by the Director-General of the DMO, Patience Oniha, who gave the assurance on Thursday in Port-Harcourt, during the FGN Securities Issuance Awareness Programme in the Port-Harcourt, reported by NAN.

The DMO Chief was represented by Mr Alfred Ekiye, Deputy Director, Administration of the DMO, who called on Nigerians to take advantage of the opportunity in the FGN Securities to invest and earn regular income.

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Savings and Investments

The Debt Management Office (DMO) stated that its awareness programme was organised in collaboration with CSL Stockbrokers Ltd., the stockbroking firm for the Federal Government.

According to the report, Oniha stated that the products offered by FGN Securities provided a rare opportunity for all Nigerians to invest, based on their financial capacities, she said:

  • “ The risk-free nature of FGN securities made them an attractive and secure investment option for Nigerians.
  • “The different products provided by FGN Securities provided a rare opportunity for all Nigerians to invest based on their financial capacities.
  • “ The Federal Government had introduced additional products to make it more inclusive and to meet the aspirations and demands of investors.

FGN Savings Bonds

The report added that the DMO chief says Nigerians, irrespective of their financial status, were qualified to invest and get good and safe returns on their investments, citing that the the FGN Securities were attractive, because they provided citizens with the opportunity to contribute to national development.

“The purpose of this forum is to create more awareness on investment opportunities inherent in FGN Securities that the DMO offers to Nigerian investing public.

“It is particularly about the FGN Savings Bond, which is designed for retail investors.

“Investment in FGN Securities is one of the safest Naira investments that you can have; there is nothing to worry about in terms of security of the investment.”

DMO stated that the awareness programme would be taken round the country, to educate Nigerians on savings instruments offered by FG.

The Managing Director of CSL Stockbrokers Ltd., Mr Abiodun Fagbulu, revealed that the federal government issued various security instruments to raise funds to finance most of its projects.

He listed some of the products as FGN Bond, FGN Savings Bond, Nigerian Treasury Bills, FGN Sukuk and the Green Bond, adding that with as little of N5,000 you can invest in the FGN Savings Bond.

What you should know

Nairametrics reported the first savings bond of the DMO this year, one is a two-year FGN savings bond due on January 11, 2025, at the interest rate of 9.600% per annum.

The other is a three-year FGN savings bond due on January 11, 2026, at the interest rate of 10.600% per annum.

The DMO stated that the opening date would be January 3, the closing date would be January 6, and the settlement date, be January 11, while coupon payment dates would be April 11, July 11, October 11 and January 11, 2024.

  • “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 N50 million.
  • “Interest is payable quarterly while bullet repayment (principal sum) is on maturity,” the statement added.

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Tags: DMOPatience Oniha
William Ukpe

William Ukpe

For further inquiries about this article contact: Email: william.ukpe@nairametrics.com or outreach@nairametrics.com. Twitter: @_sirwilliam_ @nairametrics.

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Comments 1

  1. Abosede Odeniran says:
    May 11, 2023 at 7:14 pm

    How can I buy the FG bonds?

    Reply

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