DMO Provides N225 Billion in Subscription Bonds

The Nigerian Debt Management Office (DMO) has made available for subscription three Federal Government Bonds with a value of N225 billion.
A notice was posted on the DMO’s office website announcing the new development.
Among the bonds are:14.55 percent for the FGN Bond in April 2029, 12.50 percent for the FGN Bond in April 2032, and 16.24 percent for the FGN Bond in April 2037.
The bonds would be offered at N1,000 per unit subject to a minimum subscription of N50 million, and in multiples of N1,000 thereafter, according to DMO, with initial tenors of 10 years, 10 years, and 20 years. Settlement would take place on October 19, according to DMO.
According to the Company Income Tax Act and the Personal Income Tax Act, they are considered government securities.and for an exemption from tax for investors as well as administrators of pension funds.”
They are listed on the NGX Limited and FMDQ OTC Securities Exchange because DMO disclosed that they are qualified as assets for the calculation of banks’ liquidity ratios.
“They are backed by the full faith and credit of the Federal Government and charged upon the general assets of the country,” the debt office continued.
DMO also said that the winning bidders would pay a price that was the same as the yield-to-maturity bid. This price would include the instrument’s accrued interest and the possibility of reopening the bonds that had been issued previously.