FGN Savings Bond Offer for Subscription

The Debt Management Office (DMO) has announced that it has been authorised to receive applications for fresh Issues of the FGNSB on the following terms:

  • 2-Year FGN Savings Bond due January 16, 2021
    Interest Rate: 12.125%
  • 3-Year FGN Savings Bond due January 16, 2022
    Interest Rate: 13.125%
  • Opening Date: January 7, 2019
  • Closing Date: January 11, 2019
  • Settlement Date: January 16, 2019

Investors may apply for either or both of these maturities, as preferred.

Please find below additional information to guide your application:

Units of Sale: N1,000 per unit subject to a minimum subscription of N5,000.00 and in multiples of N1,000 thereafter, subject to a maximum subscription of N50,000,000.00

  • Coupon Payment: Payable every quarter with principal repayment at maturity
  • Coupon Payment Dates: April 16; July 16; October 16; January 16

Security: The FGNSB is backed by the full faith and credit of the Federal Government of Nigeria (FGN)

Status:

  • Qualifies as securities in which Trustees can invest under the Trustee Investment Act
  • 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
  • Will be listed on the Nigerian Stock Exchange
  • Qualifies as a liquid asset for liquidity ratio calculation for banks

Subscription Mode: Investors can subscribe through FBNQuest Securities Limited, for the FGNSB issues being offered by taking the following steps:

  • Open a CSCS stockbroking account with FBNQuest Securities Limited. Please click here to access our account opening forms for this purpose; (N.B: Existing stockbroking clients with CSCS account numbers will only need to provide their CSCS account details).
  • Obtain the FGNSB subscription form (form may be downloaded here)
  • Make payment for subscriptions with the beneficiary name clearly indicated to our account within the subscription period:
    Account Name: FBN Securities IPO Account
    Bank: First Bank of Nigeria Plc.
    Account Number: 2031788029
  • Immediately fill and submit the subscription form
    Investors should immediately contact their Relationship Manager or send an e-mail to customercare@fbnquest.com with evidence of payment for immediate confirmation of payment receipt.

The CSCS is expected to credit investors’ account with allotted FGNSB volume on the settlement date.

We will be happy to assist with any further enquiries about the subscription process or trading the FGN Savings Bond on the NSE.

For more information, kindly contact your Relationship Manager, email customercare@fbnquest.com or call 01-2702290.

For more information, let us contact you.