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parkisgold-zz

DMO Savings Bond Hit N45.135 Billion

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DMO

CEM REPORT, FINANCE | Between its inception in 2017 and 2022, the Federal Government of Nigeria (FGN) Savings Bond has received a total subscription of N45.135 billion.

According to the Debt Management Office (DMO) the FGN Savings Bond which was introduced as part of market development initiatives had done well across the 6 geo-political zones of the country, going by the numbers.

Disclosing this at the unveiling and demonstration of the Securities subscription portal at a stakeholders meeting in Lagos, the Director General of DMO, Patience Oniha, added that the FGN Savings Bond is a product that the DMO introduced in March 2017 to enable retail investors to participate in the FGN securities market and promote financial inclusion.

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“This explains why the Primary Dealers Market Makers, Central Bank of Nigeria, Securities and Exchange Commission, Nigeria Exchange Limited, and stockbroking firms have been invited.

“The DMO believes that the product has more potential than what has been achieved so far, and has, for now, identified two ways to achieve much higher volumes and numbers of investors.’’

Oniha said that in 2022, the DMO embarked on investor sensitization programmes across a number of cities in Nigeria.

She said, “This strategy proved successful as total subscription almost doubled from N8.396 billion in 2021 to N16.589 billion in 2022.

“Given this outcome, the DMO plans more of such sensitization, as well as wider publicity.

“The other strategy is to deploy technology to the process to make the subscription fast, easy and overall, more convenient.’’

Recall that on January 2, 2023, the DMO announced 2 Federal Government of Nigeria (FGN) Savings Bonds for subscription as its first bond issuance for 2023.

It noted that they are offered at 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 million.

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