“Save and Make Money”: NGX Invites Nigerians To Invest in FG’s Bonds, Subscriptions Starts From N5k Only
- The Federal government savings bonds have been listed on the Nigerian Exchange for trading
- This development means retail investors can choose to invest in FGN bonds with a starting price of N5,000
- Interest for the bonds will be paid every quarter, and the principal will be paid at maturity in two years' time
The federal government has listed two additional FGN Savings Bonds on the Nigerian Exchange Limited (NGX) trading platform.
This was disclosed in a notice by NGX Head of Listings Regulation Department, Godstime Iwenekhai.
According to the notice, the savings bonds issued to investors were admitted on the Exchange on Thursday, 31 August 2023.
Source: Facebook
The notice reads:
“Trading Licence Holders are hereby notified that the August 2023 Issue of the Federal Government of Nigeria (FGN) Savings Bonds was listed on the Nigerian Exchange Limited (NGX) on Thursday, 31 August 2023. This is for your information and necessary action, please”.
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What is FGN bonds
The FGN savings bond is an investment instrument targeted at retail investors with a minimum subscription of N5,000.
It encourages savings an allows investors to make more money than traditional savings accounts, with interest paid every quarter and the principal paid at maturity.
Details of the FGN bonds
According to details from the notice, the amount issued under the 9.634 percent FGNSB AUG 2025 was 421,763,000.00 at 421,763 units with 2-year tenor and maturity date at August 16, 2025.
Also, the amount issued under 10.634 per cent FGNSB AUG 2026 was 1,057,470,000.00 at 1,057,470 units with a 3-year tenor and maturity date at 16 August 2026.
It also stated that the coupon payment for the issued FGN Savings Bond will be August 16, February 16, May 16, November 16, Punch reports.
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Also, the statement stated that, the subscription offer will last for four days- between the 4th and 8th of September 2023.
The bonds are due on September 13, 2025, for the two-year bonds and September 13, 2026, for the three-year bonds.
Nigeria's oil savings account now in thousands
In another report showing how Nigeria's economy stretched, Legit.ng reported that Nigeria's oil savings have depleted.
ECA is a savings account retained by the Federal Government and is funded by crude oil sales higher than the budgeted oil price benchmark.
The report shows that the federal government has been unable to add a dollar to the account but has made consistent withdrawals.
Source: Legit.ng
