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NIGERIA: Debt Management Office set for November Savings Bond sale. This is how you can participate

FG floats new savings bond

The Debt Management Office (DMO) will on Monday, November 4, 2019, sell 2-year and 3-year Federal Government Savings Bond in its November 2019 issue.

The savings bond will attract 10.296% per annum for 2-year FGN Savings Bond due November 13, 2021, and 11.296% per annum 3-year FGN Savings Bond due November 13, 2022.

Closing date for the auction is Friday, November 8, 2019. The settlement date is Wednesday, November 13, 2019.

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Coupon payment dates are February 13, May 13, August 13, November 13. FGN Savings Bond coupon is the interest on the bond and it is payable quarterly.

FGN Savings Bond can be purchased through stockbrokers appointed as distribution agents with as little as N5,000 and in multiples of N1,000 thereafter, subject to a maximum subscription of N50 million.

The bond is a government security that is free of company and personal income tax.

The security is one of the safest ways to invest as it is backed by the full faith and credit of the Federal Government of Nigeria and charged upon the general assets of Nigeria.

The DMO often issue FGN bond and FGN savings bond once a month. FGN bond requires a minimum of N50 million to invest in it while FGN savings bond only requires a minimum of N5,000.

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