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October Sale of FGN Savings Bond Ends Today

By Modupe Gbadeyanka

The sale of the Federal Government of Nigeria Savings Bond for the month of October 2018 will close on Friday, October 5, 2018 (today).

The offering opened on Tuesday, October 2, 2018, giving low income earners in Nigeria to buy government debt instrument to fund some critical projects in the country.

The exercise, according to details released by the Debt Management Office (DMO), which is conducting the sale, will close at 12 noon today.

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According to the debt office, the Savings Bonds will have most of the features of the existing FGN Bond in addition with other benefits to the bondholder.

This form of investment is backed by the full faith of the Federal Government of Nigeria and is therefore deemed risk free.

Interest investors are always advised to approach an accredited issuing house to subscribe to the FGN Savings Bond.

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The DMO is offering two tenors; 2-year paper for 11.175 percent and the 3-year note for 12.175 percent and investor can decide to invest in one of the tenors or both tenors at the same time, with a minimum amount of N5,000 and in multiples of N1,000 and maximum of N50 million.

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Coupon will be paid quarterly while the principal will be paid at maturity (January 10, April 10, July 10, October 10) into their CSCS account.

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Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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