The Debt Management Office (DMO), on behalf of the Federal Government, has announced the offering of N200 billion in bonds subscription by auction in September 2025.
The exercise is scheduled to take place on September 29, 2025, with settlement fixed for October 2, 2025.
This is according to a circular posted on DMO’s website on Thursday.
The offer comprises two bonds: N100 billion FGN AUG 2030, a five-year tenor re-opening, and N100 billion FGN JUNE 2032, a seven-year tenor re-opening.
Each bond unit is priced at N1,000, with a minimum subscription of N5,000 and additional investments in multiples of N1,000, allowing investors to subscribe for up to N50 million.
The interest rate for the bonds will be determined based on the yield-to-maturity bid that clears the total volume offered at auction, as these are re-openings of previously issued bonds. Interest payments will be made semi-annually, while the principal will be repaid in full through a bullet repayment at the bond’s maturity date.
Results from August 2025 auction
DMO announced the offering of N200 billion in bonds subscription by auction in August 2025.
The offer comprises two bonds: N100 billion FGN JUL 2030, a five-year tenor re-opening, and N100 billion 17.95% FGN JUNE 2032, a seven-year tenor re-opening.
According to figures released on the DMO website, the auction garnered N39.075 billion in total subscriptions for the 5-Year FGN APR 2029 bond and an impressive N261.597 billion for the 7-Year FGN JUN 2032 bond.
Out of these bids, the DMO allotted N13.430 billion for the APR 2029 bond and N172.502 billion for the JUN 2032 bond—amounting to a total allotment of N185.932 billion, well over the initial offer size.
The agency also announced the allotment of the September 2025 FGN Savings Bonds, totaling N3.05 billion across the two-year and three-year tenors.
According to the DMO, the two-year FGN Savings Bond due September 2027 was allotted at an interest rate of 15.541% per annum, raising N631.762 million from 793 successful subscriptions.
More insights
According to the DMO, the bond issuance was carried out in compliance with the Debt Management Office (Establishment) Act, 2003, and the Local Loans (Registered Stock and Securities) Act, CAP. L17, Laws of the Federation of Nigeria 2004.
The DMO advised interested investors to contact any of the authorised Primary Dealer Market Makers (PDMMs) for applications and further guidance.
These institutions include: Access Bank Plc. First Bank of Nigeria Ltd. Stanbic IBTC Bank Ltd. Citibank Nigeria Ltd. First City Monument Bank Plc. Standard Chartered Bank Nigeria Ltd. Coronation Merchant Bank Ltd. FSDH Merchant Bank Ltd. United Bank for Africa Plc. Ecobank Nigeria Ltd. FBNQuest Merchant Bank Ltd. Rand Merchant Bank Nigeria Ltd. Guaranty Trust Bank Ltd. Zenith Bank Plc.
