Author Topic: NSE Lists N2.067 Billion FGN Savings Bond On Platform  (Read 408 times)

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NSE Lists N2.067 Billion FGN Savings Bond On Platform
« on: March 31, 2017, 06:52:45 AM »
DMO assures stakeholders of sustaining issuance
The Daily official list of the Nigerian Stock Exchange (NSE) swelled on Wednesday with the listing of the N2.067 billion, series one, FGN Savings Bond with maturing period of 2019.
The Debt Management Office (DMO), upon the public offer for subscription on the March 13, 2017, which closed on the March 17, 2017, allotted N2.067 trillion with an interest of 13.01 per cent payable quarterly. The bond listing would enhance the savings culture among Nigerians, while providing all citizens irrespective of income level, an opportunity to contribute to national development; as well as returns available in the capital market.
Addressing stockbrokers at the listing of the bond on the floor of the NSE on Wednesday, the Director- General of DMO, Abraham Nwankwo, said the listing became imperative to guarantee liquidity of the bond.

According to him, the bond would provide retail investors and ordinary Nigerians the opportunity to partake in infrastructure development of the country as well as generate good returns on their investment.

He said the bond, with subscription units of 2,577, would be issued monthly in tenure of two and three years, with quarterly payment of interest to investors. He added that successful applicants have been allotted their units accordingly.
Nwankwo noted that the response to the bond has been huge as individuals made enquiries with interest to participate in the bond.He added that any interested investor needs to approach any of the accredited brokers and require only the sum of N5, 000 to subscribe with additions in multiple of N1, 000 subject to a maximum amount of N50 million.
?Over a year ago, the NSE mentioned the possibility of introducing a retail savings bonds and we started working on it with the team on NSE, Central Bank of Nigeria, Securities and Exchange Commission and other agencies that are relevant.
?The FGN bond is meant for every Nigeria both the grass roots and the common man. The objectives of the bond have been achieved from the beginning, as about 95 per cent of the subscriptions were from average individual Nigerians. This means the grassroots, commonman dominate the FGN Saving Bonds.
?This shows that the initiative taken by the financial system and the NSE and other players in the market including stock broking community is yielding fruits in terms of financial inclusiveness.?
Also commenting, the Executive Director, Capital Markets, NSE, Haruna Jalo-Waziri, said: ?We are pleased to list the series 1 of this innovative investment offering that caters to the retail segment of the Nigerian Capital Market.

?The off take of the first tranche underpins the efforts of the Federal Government to continue to work with stakeholders to deepen the Capital Market whilst delivering value to investors at all income levels. We look forward to continue the collaboration with DMO to list subsequent series of the Savings Bond.?


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NSE Lists N2.067 Billion FGN Savings Bond On Platform
« on: March 31, 2017, 06:52:45 AM »


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