DMO Unveils First FGN Bonds Auction for January 2024

The Debt Management Office (DMO) has revealed the details of the first FGN bond auction for January 2024. The auction is scheduled for January 29, 2024, with the settlement date set for January 31, 2024.

Here are the bond offerings:

1. N90 billion of the reopened 10-year 16.2884% FGN MAR 2027 bond
2. N90 billion of the reopened 10-year 14.55% FGN APR 2029 bond
3. N90 billion of the reopened 10-year 14.70% FGN JUN 2033 bond
4. N90 billion of the reopened 15-year 15.45% FGN JUN 2038 bond

These bonds are available at a unit price of N1,000, with a minimum subscription requirement of N50,001,000 and subsequent increments in multiples of N1,000. Interest payments on FGN bonds are made semi-annually.

FGN bonds qualify as Government securities under the Trustee Investment Act, making them suitable for trustees’ investments. They are also tax-exempt for Pension Funds and other investors, as they fulfill the criteria outlined in the Company Income Tax Act (CITA) and Personal Income Tax Act (PITA).

After the primary market auction, where the bonds are sold to primary dealer market makers, they are listed on both the Nigerian Exchange Limited and FMDQ OTC Securities


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