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DMO Offers Sept 2021 FGN Bond Subscription

September 9, 2021
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DEPT Management Office (DMO), has announced the offer for subscription of the September 2021 Federal Government Savings Bond to investors.

DMO disclosed the information through a circular issued by the DMO, published on its website. It stated that there are 2-year and 3-year savings bonds.

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A breakdown of the bonds shows that the 2-year FGN savings bond will be due on September 15, 2023, at 7.915% per annum and the 3-year FGN Savings Bond will be due on September 15, 2024, at 8.915% per annum.

Opening Date – September 6th 2021

Closing Date – September 10th, 2021

Settlement Date – September 15th 2021

Coupon Payment Dates – December 15th, March 15, June 15, and September 15

Unit of sale: 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 N50,000,000

A month on-month comparison shows that the rates for the two tranches are lower compared to 8.864% and 9.864% offered for the 2-year FGN savings bond due by August 11, 2023 and 3-year FGN Savings bond due by August 11, 2024 respectively.

According to the circular, the security is backed by the full faith and credit of the Federal Government of Nigeria and charged upon the general assets of Nigeria.

It also qualifies as Government securities within the meaning of Company Income Tax Act (“CITA”) and Personal Income Tax Act (“PITA”) for Tax Exemption for Pension Funds, amongst other investors.

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Kayode Shopekan

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