Savings

DMO issues 2 savings bonds with high interest rates

The Debt Management Office (DMO) issued two new savings bonds redeemable after two and three years with an interest rate of 12.492% and 13.492%, respectively.

The DMO said in a statement yesterday that the bond offerings would begin on November 7 and end on the 11th while the settlement date is the 16th with expected coupon payment dates; February 16, May 16, August 16, November 16.

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He said the bond can be purchased with N1,000 per unit subject to a minimum subscription of N5,000 and in multiples of N1,000 thereafter, subject to a maximum subscription of N50,000,000 .

“The bond is considered securities in which trustees may invest under the Trustee Investment Act. Qualifies as government securities within the meaning of the Corporation Income Tax Act (CITA) and the Personal Income Tax Act (PITA) for the tax exemption of pension funds, among other investors. Listed on the Nigeria Stock Exchange. Qualified as a liquid asset for the calculation of the liquidity ratio for banks.

While specifying that it is payable quarterly, the redemption would be a bullet redemption at maturity.

He assured investors that he was backed by the full confidence and credit of the Federal Government and was charged with the general assets of Nigeria.

He invited interested investors to contact the brokerage firms designated as distribution agents by DMO.