The Federal Government of Nigeria’s savings bond offer whose application opened on 3 July 2023 will close tomorrow, Friday 7 July 2023.
The offer comprises a 2-year FGN Savings Bond due July 12, 2025 with an interest rate of 9.07 percent per annum and another 3-year FGN Savings Bond due July 12 2026 with an interest rate of 10.07 percent per annum.
The federal government introduced a savings bond in order to enhance the savings culture among Nigerians while providing all the citizens irrespective of income level, an opportunity to contribute to national development. In addition, it is a channel that helps Nigerians to earn favourable returns from the nation’s capital market.
According to the offer document seen by the Nigerian Observer, the minimum subscription is N5000, and in multiples of N1000 thereafter subject to the maximum subscription of N50 million.
Coupon payment dates are October 12, January 12, April 12, July 12 and no charges or fees will be paid by the investors.
“For joint applications, information on the Applicants should be provided in the appropriate boxes. However, all correspondence will be addressed to the first named Applicant.
“An application by a firm, which is not registered under the Companies and Allied Matters Act, should be made either in the name of the proprietor or in the names of the individual partners. In neither case should the name of the firm be mentioned.
“An application from a corporation must bear the corporate body’s seal and be signed in accordance with the company’s signature mandate by duly authorized officials. A corporate stamp may be used where the corporate seal is not available,” the FGN stated in the offer document.
