As Debt Management Office (DMO) set to auction N150 billion in FGN Bonds tomorrow, eight banks have been appointed as agents to interface with its prospective investors.

The banks are Access Bank Plc; First Bank of Nigeria Limited; Standard Chartered Bank Nigeria Limited;

Citi Bank Nigeria Limited and First City Monument Bank (FCMB)Plc. Others are United Bank for Africa (UBA)Plc; Coronation Merchant Bank Limited; FSDH Merchant Bank Limited and Zenith Bank Plc.The rest are Ecobank Nigeria Limited;Guaranty Trust Bank Plc; FBNQuest Merchant Bank Limited and Stanbic IBTC Bank Plc.

According to the offer circular released to the public, the Federal Government would on Wednesday, November 20, through the Debt Management Office (DMO), offer fresh Federal Government of Nigeria (FGN) Bonds valued at N150 billion for subscription. The Debt Office disclosed that the bonds to be offered would include a five-year N50 billion FGN Apr 2023 bond at 12.75 per cent, a 10-year N50 billion FGN Apr 2029 bond at 14.55 per cent and a 30-year N50 billion FGN Apr 2049 bond at 14.80 per cent. The settlement date for the subscription is scheduled for Friday.

The DMO disclosed that the FGN bonds, which qualify as securities, which trustees can invest under the Trustee Investment Act, also qualify as liquid assets for liquidity ratio calculation for banks. The bonds are to be listed on the Nigerian Stock Exchange and FMDQ OTC Securities Exchange.

Investments in FGN Bonds as stated in the circular by DMO qualify for tax exemption to pension funds and other investors.

“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,” DMO offer Circular stated.The bonds are to be offered at N1,000 per unit, subject to a minimum subscription of N50,001,000, and in multiples of N1,000, thereafter. The bonds’ interests are to be semi-annually, and bullet repayments made on the maturity date. The DMO reserves the right to alter the amount allotted in response to market conditions

However, the DMO will also make allotments on a non-competitive basis for the additional sum of N25 billion 12.75 per cent FGN Apr 2023; N20 Billion 14.55 per cent, FGN Apr2029 and N5 billion 14.80 per cent FGN Apr 2049.

A bond is a fixed income instrument that represents a loan made by an investor to a borrower (typically corporate or governmental). A bond could be thought of as an I owe you (I.O.U.) between the lender and the borrower that includes the details of the loan and its payments. A bond has an end date when the principal of the loan is due to be paid to the bond owner and usually includes the terms for variable or fixed interest payments that will be made by the borrower.

Small Manhood And Premature Ejaculation Made Me Stay Away from Love Making For 4yrs...But These Simple Solutions WORKED! Also, Your Enlarged Prostate Can Be Reversed Now! Click Here To See My Breakthrough!

"Casebook on Human Rights Litigation in Nigeria," This book painstakingly addresses the predicament of lawyers and judges in accessing relevant cases of interest. Call +2348033254471

Send your press release/articles to,, Follow us on Twitter at @Nigerialawyers and Facebook @

For Advert Inquiries Tele/+234 806 819 1709 E-mail:

Subscribe ToTheNigeriaLawyer News!